Continental Nickel Limited (TSX VENTURE:CNI) ("CNI" or the
"Company") is pleased to report that additional assays have been
received from the on-going drilling program that commenced in
mid-June at Ntaka Hill. Highlights include drill hole NAD11-238
which intersected Sleeping Giant mineralization grading 2.66%
nickel and 0.60% copper over 14.3 metres and 2.0% Ni and 0.24% Cu
over 9.65 metres from within a wider interval grading 1.40% nickel
and 0.29% copper over 43.95 metres. This intersection is located
100 metres south of previously reported drill hole NAD10-234 which
intersected 2.03% nickel and 0.42% copper over 31.5 metres
(September 13, 2011 Press Release). The project is a 75:25 joint
venture between CNI and IMX Resources Limited ("IMX") of
Australia.
The Company is implementing a 14,000 metre drilling program at
Ntaka Hill to expand the current Mineral Resource of Sleeping Giant
and to test selected other targets within the Ntaka intrusion. A
total of 8,703 meters have been completed in twenty-three drill
holes and two deepened holes to the end of September. Results for
fourteen drill holes at Sleeping Giant are reported herein and
provided below in Table I. A drill hole location figure may be
viewed using the link provided with this release.
Highlights
-- Sleeping Giant extended up plunge to the north as well as up-dip to the
east.
-- High grade core of Sleeping Giant extended an additional 100 metres down
plunge to the south and remains open to the south.
-- Numerous intersections of disseminated nickel sulphide mineralization
grading between 0.2 and 0.6% nickel over 5-45 metres intersected in the
hanging wall of Sleeping Giant zone within the pit shell used to define
the 2011 Mineral Resource estimate.
Patricia Tirschmann, VP Exploration, commented on the recent
drilling results "On-going drilling has extended Sleeping Giant
and, in particular, has confirmed the continuity of the high grade
core down plunge to the south. Continuity of the high grade core
has been demonstrated over a 500 metre strike extent and it remains
open to the south beyond the pit shell used to define the 2011
Mineral Resource estimate. The drilling has also significantly
improved our understanding of the extent of the disseminated
hanging wall sulphide mineralization which was identified as having
the potential to add significant value to the project in the
recently released Preliminary Economic Assessment. This new
information will form the basis of a Mineral Resource estimate
update which we expect to complete in the second quarter of
2012."
Drilling Results
Assay results for fourteen holes are given in Table I. Drill
holes are arranged by drill section starting from the south end of
Sleeping Giant and progressing north. The table includes a summary
of intersections for the Sleeping Giant zone ("SGL") as well as
various hanging wall ("HW") and footwall ("FW") zones. Significant
results are given in more detail below.
Extension of the High Grade Core to Section 3200N
Drill holes NAD11-237, 238 and 242 were drilled on section
3200N, 100 metres to the south of hole NAD11-234 which intersected
2.03% nickel and 0.42% copper over 31.5 metres (Press Release
September 13, 2011). NAD11-237 was lost at 19.65m and was
re-collared as hole NAD11-238. NAD11-238 intersected a strong and
wide zone of disseminated to net-textured to stringer sulphides
which graded 1.40% nickel and 0.29% copper over 43.95 metres from
359.8 to 403.75 metres. Included within this zone were two higher
grade intervals which returned values of 2.66% nickel and 0.60%
copper over 14.3 metres and 2.00% nickel and 0.24% copper over 9.65
metres.
NAD11-242 was drilled 100 metres up-dip of NAD11-238. As
previously reported, this hole intersected an 18 metre interval of
disseminated to locally net-textured sulphides from 288 to 306
meters which appears to correlate with the intersection in
NAD11-238. Assays are still pending.
The mineralization intersected in holes NAD11-238 and 242
extends the high grade core of Sleeping Giant by 100 metres down
plunge to south and beyond the pit shell used to define the 2011
Mineral Resource estimate. The high grade core of the zone remains
open to the south and will be the target of future drilling
programs.
Up-Plunge Extension of Sleeping Giant on Section 3800N
Drill holes NAD11-239 and NAD11-241 tested for the up-plunge
extension of Sleeping Giant on section 3800N. NAD11-239 intersected
0.31% nickel and 0.06% copper over 73.40 metres from 31.7 to 105.10
metres and 0.84% nickel and 0.21% copper over 5.20m from 212.15 to
217.35 metres.
Drill hole NAD11-241, located 100 metres down-dip of NAD11-239,
intersected a 7-10 metre long interval of disseminated sulphides
for which assays are still pending.
These holes will extend Sleeping Giant by an additional 100
metres up plunge to the north.
Up-Dip Extension of Sleeping Giant on Section 3700N
Drill hole NAD11-232 was drilled to test 100 metres up-dip of
hole NAD11-226 which intersected 2.28% nickel and 0.57% copper over
17.25 metres in 2010. NAD11-232 intersected disseminated nickel
sulphides grading 0.26% nickel and 0.05% copper over 21.0 metres
from 62 to 83 metres and 0.44% nickel and 0.10% copper over 22.5
metres from 90 to 112.5 metres as well as disseminated, blebby and
stringer sulphides grading 0.41% nickel and 0.11% copper over 56.30
meters from 136 to 192.3 metres.
Drill hole NAD11-233 was drilled to test 100 metres down-dip of
hole NAD11-226 and intersected disseminated nickel sulphides
grading 0.67% nickel and 0.13% copper over 23.25 metres from 124.0m
to 147.25 metres and disseminated to blebby sulphides grading 1.13%
nickel and 0.22% copper over 11.85 metres from 279.8 to 291.65
metres.
Hole NAD11-236 was drilled 100 metres down-dip of hole NAD11-223
and did not intersect significant widths of ultramafic rock or
mineralization.
Drilling on this section confirms the extension of Sleeping
Giant 100 metres up-dip and down-dip of the 2010 drilling and the
zone remains open up-dip to the east.
Hanging Wall Disseminated Sulphide Mineralization
Disseminated nickel sulphides have been intersected in the
hanging wall of Sleeping Giant on all drill sections and represent
mineralization identified as being potentially economic in the
recently released Preliminary Economic Assessment (Press Release
October 5, 2011). These intersections typically returned values
ranging from 0.2 to 0.6% nickel over widths of 5 to 45 metres and
lie within the pit shell used to define the 2011 Mineral Resource
estimate. These intersections will be included in the updated
geological interpretation and Mineral Resource estimate to be
carried out at the conclusion of the 2011 drilling program.
Qualified Persons
The quality control, technical information and all aspects of
the exploration program are supervised by Patricia Tirschmann, P.
Geo., Vice President, Exploration for CNI. Ms. Tirschmann is a
qualified person as defined by National Instrument 43-101. The
information in this release was prepared under the direction of
Dave Massola, President and CEO for Continental Nickel Limited.
Quality Control
The drilling was completed by Tandrill Limited of Tanzania.
Drill core samples (NQ) are cut in half by a diamond saw on site.
Half of the core is retained for reference purposes. Samples are
generally 1.0 metre intervals or less at the discretion of the site
geologists. Sample preparation is completed at the ALS Chemex
preparation lab in Mwanza, Tanzania. Sample pulps are sent by
courier to the ALS Chemex analytical laboratory in Vancouver,
Canada. Blank samples and commercially prepared and certified Ni
sulphide analytical control standards with a range of grades are
inserted in every batch of 20 samples or a minimum of one per
sample batch. Analyses for Ni, Cu and Co are completed using a
peroxide fusion preparation and ICP-AES finish (Analytical Code
ME-ICP81). Analyses for Pt, Pd, and Au are by fire assay with an
ICP-AES finish (Analytical Code PGM-ICP23).
About Continental Nickel Limited
Continental is focused on the exploration, discovery and
development of nickel sulphide deposits in geologically
prospective, but under-explored regions globally. The Company's key
asset is its 75% interest in the Nachingwea project in Tanzania,
where Mineral Resources (Measured and Indicated) have been
estimated at 60,900 tonnes of contained nickel, and an additional
131,000 tonnes of contained nickel in Inferred Mineral Resources
(CNI press release April 15, 2011). The project is a 75:25
exploration joint venture between the Company and IMX Resources
Limited.
The Company also has an option to joint venture on the St.
Stephen project in New Brunswick, Canada where the 2010 diamond
drill program discovered new Ni-Cu sulphide zones.
As at the date of this release, the Company has 42,738,508
common shares issued and outstanding (50,956,914 on a fully-diluted
basis) and trades on the TSX Venture Exchange under the symbol CNI.
The Company remains well funded with over C$13.6 million in the
treasury as at June 30, 2011.
On behalf of Continental Nickel Limited
Dave Massola, President and CEO
CAUTIONARY STATEMENT: This News Release includes certain
"forward-looking statements". All statements other than statements
of historical fact included in this release including, without
limitation, statements regarding potential mineralization,
potential or estimated metal recoveries, resources and reserves,
exploration results, future plans and objectives of Continental
Nickel Limited, is forward-looking information that involves
various risks and uncertainties. There can be no assurance that
such information will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such information. Important factors that could cause actual results
to differ materially from Continental Nickel Limited's expectations
are the risks detailed herein and from time to time in the filings
made by Continental Nickel Limited with securities regulators.
Information in this announcement relating to exploration results
is based on data collected under the supervision of or compiled by
Patricia Tirschmann, P. Geo., who holds the position of Vice
President, Exploration and is a full time employee of Continental
Nickel Limited. Ms. Tirschmann is a registered member of the
Association of Professional Geoscientists of Ontario and has
sufficient relevant experience to qualify as a Competent Person
under the 2004 Edition of the Australasian Code for the Reporting
of Exploration Results, Mineral Resources and Ore Reserves. Ms.
Tirschmann consents to the inclusion of the data in the form and
context in which it appears.
Table I: Summary of Assay Results
Sleeping Giant Zone, Ntaka Hill
----------------------------------------------------------------------------
Location
East/
Drill North
hole UTM: Length From To Interval % %
(NAD11-) WGS84 Az /Dip (m) (m) (m) (m) Ni Cu Zone
----------------------------------------------------------------------------
Section
3200N
----------------------------------------------------------------------------
237 450154mE 090 / -79 19.65 Hole lost
8883200mN and
re-collared
as
NAD11-238
----------------------------------------------------------------------------
238 450154mE 90 / -79 466.50 293.40 339.00 45.60 0.29 0.08 HW
8883198mN 359.80 403.75 43.95 1.40 0.29 SGL
Incl.
359.80 374.10 14.30 2.66 0.60
389.00 398.65 9.65 2.00 0.24
Incl.
396.90 398.65 1.75 7.90 0.93
443.20 458.00 14.80 0.38 0.07 FW
Incl.
448.00 454.00 6.00 0.58 0.09
----------------------------------------------------------------------------
242 450155mE 090 / -64 433.40 (i) (i) HW/
8883198mN SGL
----------------------------------------------------------------------------
Section
3300N
----------------------------------------------------------------------------
231 449984mE 100 / -83 496.65 225.00 239.00 14.00 0.47 0.06 HW
8883300mN Incl.
226.50 229.70 3.20 1.37 0.19
280.00 285.00 5.00 0.45 0.08 HW
289.00 292.75 3.75 0.71 0.14 HW
307.30 322.00 14.70 0.32 0.12 HW
357.00 361.00 4.00 0.39 0.08 SGL
384.10 390.50 6.40 0.48 0.11 SGL
----------------------------------------------------------------------------
234 450151mE 100 / -79 388.85 242.00 279.00 37.00 0.33 0.07 HW
8883300mN Incl.
260.00 274.00 14.00 0.55 0.11
----------------------------------------------------------------------------
235 450199mE 100 / -71 364.50 159.80 173.00 13.20 0.33 0.07 HW
8883300mN Incl.
163.00 168.00 5.00 0.61 0.11
218.60 226.45 7.85 0.37 0.11 SGL
Incl.
218.60 219.10 0.50 0.82 0.30
224.20 226.45 2.25 0.61 0.20
----------------------------------------------------------------------------
Section
3400N
----------------------------------------------------------------------------
229 449906mE 090 / -63 520.45 362.00 365.35 3.35 0.89 0.32 HW
8883400mN Incl.
362.00 362.65 0.65 3.40 1.15
420 422 2.00 0.51 0.16 SGL
----------------------------------------------------------------------------
Section
3500N
----------------------------------------------------------------------------
228 449964mE 090 / 478.10 Wedge (i) (i) HW/
8883500mN -75.5 completed SGL
----------------------------------------------------------------------------
Section
3600N
----------------------------------------------------------------------------
227 450212mE 090 / -63 109.20
(iii) 8883599mN 26.00 36.00 10.00 0.29 0.06 HW
----------------------------------------------------------------------------
230 449960mE 090 / -68 385.55 121.40 127.00 5.60 0.52 0.12 HW
8883600mN 138.20 178.00 39.80 0.28 0.05 HW
232.00 249.00 17.00 0.26 0.07 HW
262.00 303.00 41.00 0.32 0.10 SGL
Incl.
262.00 274.00 12.00 0.46 0.11
294.00 301.00 7.00 0.50 0.17
----------------------------------------------------------------------------
Section
3700N
----------------------------------------------------------------------------
232 450167mE 095 / -66 217.60 62.00 83.00 21.00 0.26 0.05 HW
8883700mN 90.00 112.50 22.50 0.44 0.10 HW
Incl.
90.00 98.00 8.00 0.81 0.17
136.00 192.30 56.30 0.41 0.11 SGL
Incl.
169.20 192.30 23.10 0.53 0.16
209.00 214.00 5.00 0.55 0.10 FW
----------------------------------------------------------------------------
233 449990mE 100 / -69 371.05 103.70 113.30 9.60 0.39 0.10 HW
8883700mN 124.00 147.25 23.25 0.67 0.13 HW
Incl.
127.00 137.00 10.00 1.13 0.22 SGL
279.80 291.65 11.85 1.13 0.22
Incl.
281.50 287.50 6.00 1.72 0.32
----------------------------------------------------------------------------
236 449900mE 105 / -73 434.00 NSA NSA HW
8883700mN NSA NSA SGL
----------------------------------------------------------------------------
Section
3800N
----------------------------------------------------------------------------
239 450096mE 095 / -73 253.6 17.40 23.00 5.60 0.32 0.09 HW
8883800mN 31.70 105.10 73.40 0.31 0.06 HW
Incl.
31.70 55.10 23.40 0.57 0.10
162.50 176.00 13.50 0.23 0.05 HW
180.00 185.00 5.00 0.60 0.10 HW
212.15 217.35 5.20 0.84 0.21 SGL
----------------------------------------------------------------------------
241 449946mE 090 / -55 328.00 (i) (i) HW/
8883800mN SGL
----------------------------------------------------------------------------
Section
3875N
----------------------------------------------------------------------------
240 450090mE 090 / -70 250.50 16.95 32.10 15.15(ii) 0.46 0.04 HW
8883877mN 32.10 57.60 25.50 0.30 0.05 HW
79.00 108.00 29.00 0.29 0.08 HW
NSA NSA SGL
----------------------------------------------------------------------------
Notes:
(i) Assays Pending
(ii) Mineralized Zone Oxidized
(iii) Attempts to recover hole failed, re-drill planned
Intervals represent core lengths, not necessarily true widths.
Pt, Pd and Au assay results are not reported because in general, they are
less than 1.0 g/t on a combined basis.
NSA - No Significant Assays
HW = Hanging Wall
FW = Foot Wall
SGL = Sleeping Giant Zone
To view the figure associated with this release, please visit
the following link:
http://media3.marketwire.com/docs/CNIfigure1102.pdf.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
Contacts: Continental Nickel Limited Dave Massola President and
CEO (905) 815-0533 (ext 228) (905) 815-0532
(FAX)info@continentalnickel.comwww.continentalnickel.com
Continental Nickel Limited Patricia Tirschmann Vice President,
Exploration (905) 815-0533 (ext 224)
Continental Nickel Limited (TSXV:CNI)
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