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Gold/Mining/Energy : Nuinsco Resources (NWI)
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To: Elizabeth Andrews who wrote (650)2/5/1999 6:49:00 PM
From: Brumell  Read Replies (1) of 5821
 
This may help a bit, Elizabeth.

As you note, looks like the company will be giving analysts an inside seat on this one. Note the meeting scheduled for them this coming Wednesday at the TSE after market closes. Too bad Nuinsco has chosen to go that route. Leaves the rest of us out in the cold.

The following was prepared by Canaccord Capital and speaks for itself. Their notations on the drill core are interesting and new to me.
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Canaccord has completed a review of the massive sulphide intercepts in Nuinsco's 99-1 hole. Starting at a depth of 164 m the core is characterized by disseminated and stringer sulphides with occasional massive zones in mantle-derived intrusive rocks. One zone at 166 m to 167.1 m averages 7.52% nickel with 520 ppm platinum and 608 ppm palladium. A felsic dike containing inclusions of dark intrusive rocks and disseminated sulphide crosses the section between 176 m and 179 m depth. The 3.5 m of pentlandite-rich sulphides, averaging over 10% nickel, lies at the base of the intrusion between 180.5 m to 183.7 m. This interval rests on dark-coloured intrusive rocks, which could be the intrusion's chill-margin at the footwall. Above the nickel-rich zone is approximately 1.5 m of massive and stringer chalcopyrite, perhaps the product of metamorphism-induced segregation, with grades from 1.31% to 5.5% copper. The extent of recrystallization and chalcopyrite segregation suggests a strong metamorphic overprint. Overall we consider the geology very favourable, with direct analogues to other magmatic nickel deposits.
Nuinsco has contracted the construction of a minimum 10 km road to the discovery site. It will then move two drills on the property. One drill will start with a 50 m step-out to the south, along line 10+50N. The second drill will continue to explore along the 11+00N line where Hole 99-1 is located. The Company has plans to survey the hole with a downhole electromagnetic system in order to map sulphides in the vicinity. Further drilling will likely start after February 11th when the recently announced financing is expected to close. Nuinsco will hold an information session for analysts at the Toronto Stock Exchange on Wednesday, February 10th at 4:15 pm.
Nuinsco's stock is in a drill-hole trading pattern. We expect it will strengthen once the second phase of drilling approaches. Canaccord considers this project to have strong geologic merit, but the risks remain high. We recommend the stock as a SPECULATIVE BUY.
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