Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Nuinsco Resources (NWI) -- Ignore unavailable to you. Want to Upgrade?

To: Murray Jensen who wrote (42)	3/31/1998 1:35:00 PM
From: BLZBub	Respond to of 5821

News Release: March 31 NUINSCO STARTS DRILL PROGRAM ON LAC ROCHER, QUEBEC NICKEL/COPPER DISCOVERY: EXPLORATION CONTINUES FOR GOLD AND NICKEL AT RAINY RIVER TORONTO, ONTARIO-- Nuinsco Resources Limited reports commencement of exploration drilling under an option agreement with prospectors covering a new mineral discovery near Lac Rocher, about 70 air miles north of Mattagami, Quebec. The original claim group encompassed 20 claim units measuring about 320 ha. (790 acres). Additional claims are being staked in the region. Prospecting disclosed a bedrock exposure of gabbroic to ultramafic rocks with disseminated nickel-copper mineralization. Two channel samples measuring a total of 46 feet taken with a diamond saw over the exposed mineralization produced values up to 0.71% Ni and 0.38% Cu with an overall average of 0.53% Ni and 0.30% Cu. Rock specimens sent to the University of Toronto for thin section study confirmed the host rock to be a norite intrusion containing high ratios of pentlandite (Ni) and chalcopyrite (Cu) to pyrrhotite. A recently completed IP geophysical survey directed by the Company identified an anomalous zone measuring 900 by 200 meters over the known mineralization. Several other IP anomalies were located in the area. A number of diamond drill targets are to be tested in the drill program now in progress. Terms and conditions of the first year of the option agreement are $25,000 cash plus a payment of 50,000 treasury shares and a commitment to spend not less than $50,000 in work. The option can run up to three years upon further option payments and work commitments to earn a 100% undivided interest in the property. In the event of a mineable discovery the prospectors earn a royalty of $0.50 (fifty cents) per ton of ore mined and milled from the property. Encouraging geochemical and geophysical results continue to provide drill targets for both gold and nickel-copper PGE mineralization in Richardson Township in the continuing exploration effort on the Company's Rainy River project. Nuinsco Resources Limited is an exploration and development company with projects in northwestern Ontario and northwestern Quebec. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI. U.S. S.E.C. exemption: 12g3-2(b)#82-1846. -30- FOR FURTHER INFORMATION PLEASE CONTACT: H. Douglas Hume, President, Nuinsco Resources Limited (416) 626-0470 Cathy Hume or Jon W. Kieran, Hume, Kieran Inc., Investor Relations (416) 868-1079