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: Buckey who wrote (2541)	3/30/1999 10:33:00 AM
From: Just G	Read Replies (2) \| Respond to of 5821

Release is out, the release looks good to me, let me know what you guys think, they have repeated the first hole!!!!

To: Buckey who wrote (2541)	3/30/1999 10:34:00 AM
From: Brumell	Read Replies (1) \| Respond to of 5821

Press Release Disclaimer NUINSCO RESOURCES LTD. NUINSCO REPORTS FURTHER LAC ROCHER ASSAY RESULTS NEAR DISCOVERY Nuinsco Resources Limited today announced the latest assays from the 100%-owned Lac Rocher property 120 kilometers northeast of Mattagami, Quebec. Highlights from the recent drilling include Hole 99-06, which intersected 47.07 metres grading 1.59% nickel and 0.57% copper, including a high-grade intercept of 2.57 metres grading 11.24% nickel and 0.76% copper. (Full results are tabulated below.) Company President H. Douglas Hume said that "Hole No. 99-06 reflects both the high-grade component with massive sulphides, and the wide, lower-grade, intercepts that we have seen in earlier drill holes. The results are promising because nickel-bearing sulphide mineralization occurs in virtually every hole that has been assayed." The Company considers developments to date to be typical of the early stages of a major new exploration undertaking. For this phase of the program the Company has budgeted up to $3.2 million in funds. Objectives of this work will be to: (1) interpret the host rock geology in order to determine which phase of the layered intrusion is associated with the nickel-copper sulphide mineralization; (2) resolve the structural setting and geometry of the discovery zone to determine the down-plunge direction of the massive sulphides; and (3) determine the sense of displacement across faulting on Line 10+50 N. Significant mineralized intercepts from recently assayed holes include the following: HOLE FROM TO LENGTH Ni Cu Co Pt Pd Ag No. (m) (m) (m) (%) (%) (ppm)(ppb)(ppb) (ppm) ----------------------------------------------------------------- #99-05 154.55 159.40 4.85 1.48 0.74 410 * * 6.80 #99-06 96.65 141.15 44.50 1.03 0.60 257 152 90 4.37 141.15 143.72 2.57 11.24 0.76 2434 416 267 5.80 96.65 143.72 47.07 1.59 0.57 376 166 100 4.45 #99-07 20.45 31.75 11.30 1.05 0.22 248 539 303 2.64 23.25 28.00 4.75 1.82 0.31 387 863 477 3.64 #99-08 Inter- granite Gneiss - - - - - - sected and #99-09 36.07 102.40 66.33 0.70 0.28 198 * * 2.60 91.50 102.40 10.90 1.08 0.45 285 * * 3.57 *Assays pending. Diamond drilling completed in 1999 has been sited to better define the original discovery area, identified in previously reported holes, 99-01, the extension of 98-09 and 99-04. Thick intervals of gabbro and particularly pyroxenite have been obtained from most drill holes and continue to be intersected in the most recently drilled holes. Disseminated and massive sulphide zones at the base of the host layered gabbro-pyroxenite intrusion indicate the nickel-copper mineralization may be widespread. Massive sulphide intervals have been encountered at the contact between the layered intrusion and the enveloping feldspathic gneiss and as bands within the pyroxenite above the footwall contact in drill holes 98-09 extension, 99-04 and 99-06. Results of 1999 drilling received to date cover only 150 metres of strike of the host gabbro-pyroxenite intrusion; magnetic surveys indicate that the host body is more than one kilometre in length. Diamond drilling is currently continuing with two drill rigs. The drill hole spacing will be increased so that the host intrusion can be tested further away from the discovery area. Numerous geophysical responses (IP, EM and magnetic) will also be tested. Down-hole pulse EM surveys in Holes 99-17 and 99-18 have detected an off-hole anomaly, which the Company is optimistic will result in locating additional massive sulphide mineralization. Borehole Pulse EM geophysics will be consistently used as a tool to guide future drilling. The following table summarizes drill hole locations, dip, direction and depth of holes completed to date. Assays are pending for holes 99-10 through 99-18. Drill Location Angle Azimuth Depth Comments hole# (deg- (deg- (m) rees) rees) ---------------------------------------------------------------- 99-05 Line 10+50N at 1+75W -90 Vertical 197.0 Targeted on sulphide trend 99-06 Line 11+00N at 1+65W -90 Vertical 155.0 as above 99-07 Line 11+00N at 1+15W -90 Vertical 148.3 as above 99-08 Line 10+50N at 2+00W -90 Vertical 200.0 In Gneiss - no significant assays 99-09 Line 11+50N at 1+50W -90 Vertical 125.0 Targeted on sulphide trend 99-10 Line 10+50N at 1+50W -90 Vertical 209.0 as above 99-11 Line 11+50N at 1+75W -90 Vertical 113.0 as above 99-12 Line 10+50N at 1+25W -90 Vertical 217.0 as above 99-13 Line 10+00N at 0+50W -80 225 247.0 as above 99-14 Line 10+50N at 0+75W -90 Vertical 34.0 Aborted at 34m in fault 99-15 Line 10+50N at 0+74W -90 Vertical 230.0 Targeted on sulphide trend 99-16 Line 10+00N at 0+50W -50 45 149.0 as above 99-17 Line 10+00N at 0+55W -50 225 243.0 Testing gabbro contact 99-18 Line 10+00N at 2+50W -85 225 218.0 Testing SW gabbro contact A drill plan and longitudinal sections are being updated for posting on the Company's website. Nuinsco Resources Limited is an exploration and development company with projects in northwestern Ontario (Rainy River) and northwestern Quebec (Lac Rocher). Both properties are 100% owned by Nuinsco. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI. U.S. S.E.C. exemption: 12g3-2(b)#821846. -30- FOR INFORMATION PLEASE CONTACT: H. Douglas Hume, President or George Archibald, VP of Exploration and Designated Qualified Person Nuinsco Resources Limited: (416) 626-0470 Cathy Hume or Olav Svela Hume, Kieran Inc., Investor Relations: (416) 868-1079 This release is available at nuinsco.ca.