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Nuinsco Resources Ltd (C-NWI) - News Release
Nuinsco's La Rocher resource at 1.19 million tonnes Ni
2006-12-27 18:21 ET - News Release
Shares issued 129,888,973
NWI Close 2006-12-27 C$ 0.84
Mr. Rene Galipeau reports
NUINSCO ANNOUNCES INITIAL NICKEL RESOURCE AT LAC ROCHER PROJECT
Nuinsco Resources Ltd. has completed a National Instrument 43-101-compliant resource estimate on its Lac Rocher nickel property in northwestern Quebec. Based on drilling to date and using a 0.5-per-cent nickel cut-off, the measured and indicated resource totals 1,190,288 tonnes grading 0.91 per cent nickel, for approximately 25 million pounds of in situ nickel, and is located between surface and 125 vertical metres. Mineralization remains open to the southwest and untested potential remains within the intrusion hosting the existing resource. Additional work is planned for 2007 to continue to examine the extent of mineralization, evaluate near-term production potential and assess other targets in the local area. Recent expansion of the forest access road network has significantly improved access to the project.
"We have had expressions of interest from companies interested in processing material from Lac Rocher," said Paul Jones, vice-president, exploration. "In addition to continuing to evaluate the potential to mine this near-surface mineralization and direct ship to a mill, we will reinterpret existing geophysics and conduct additional drilling in an effort to expand the resource to the southwest."
The Lac Rocher resource, using various nickel cut-off grades, is as follows:
Measured Indicated Inferred
Cut-off Nickel Nickel Nickel
grade grade grade grade QNi
(%) (wt%) Tonnes Ni (lb) (wt%) Tonnes QNi (lb)(wt%) tonnes (lb)
0.5 1.05 849,249 19,653,320 0.64 341,039 4,810,560 0.61 13,686 184,000
0.75 1.57 392,011 13,564,768 1.15 45,870 1,162,621 0.93 1,706 34,968
1 2.03 239,457 10,713,594 1.88 14,027 581,212 1.02 626 14,073
The mineral resource estimate was completed by the Mining Innovation, Rehabilitation and Applied Research Corporation (MIRARCO), located in Sudbury, Ont. All analyses were performed by Laboratoire Expert of Rouyn-Noranda, Que. Please refer to the news in Stockwatch dated Sept. 22, 2006, for the most recent drill results from Lac Rocher and the technical report entitled "Technical Report and Mineral Resource Estimate on the Lac Rocher Project," dated and filed on Dec. 27, 2006, for further information. The Lac Rocher project is under the supervision of Mr. Jones, Nuinsco's VP of exploration, who, under National Instrument 43-101, is Nuinsco's internal qualified person; the Lac Rocher technical report was written by Ted Goettel, PGeol, an independent qualified person under National Instrument 43-101.
"We're excited about the near-term production potential of this resource and the potential to find more nickel mineralization at Lac Rocher," said chief executive officer Rene Galipeau. "This new resource adds approximately 25 million pounds of near-surface contained nickel to our measured and indicated nickel inventory, which, along with the Minago and Mel properties, will provide a solid base for growth in a robust nickel market."
About Lac Rocher
The 100-per-cent-owned Lac Rocher property is located on the Frotet-Evans greenstone belt in northwestern Quebec, 140 kilometres northeast of the village of Matagami. The Lac Rocher nickel-sulphide discovery occurs in the zoned, unmetamorphosed discovery intrusion that is in sharp intrusive contact with the enveloping country rock. The 3.2-metre massive sulphide intersection at the footwall contact of the intrusion in drill hole NLR-99-01 returned a weighted average of 10.8 per cent nickel as part of a 61.5-metre interval grading 1.69 per cent nickel. Subsequent drilling further tested the discovery intrusion, as well as other targets, identifying a larger halo zone in excess of 1 per cent nickel surrounding the massive sulphide discovery.
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