Continental Nickel Reports New Nickel Sulphide Discovery Grading 2.35% Nickel and 1.06% Copper Over 5.45 Metres at the St. St...
25 Janvier 2012 - 1:05PM
Marketwired Canada
Continental Nickel Limited (TSX VENTURE:CNI) ("Continental" or "CNI" or the
"Company") is pleased to announce the assay results from its 2011 drilling
program on the St. Stephen Nickel-Copper project in New Brunswick which have
confirmed the discovery of new nickel-copper sulphide mineralization. Highlights
include: 2.35% nickel and 1.06% copper over 5.45 metres from drill hole
SSD11-013 at the new Hanson Brook target, and 0.68% nickel and 0.41% copper over
58.2 metres, including 0.85% nickel and 0.48% copper over 20.8 metres from drill
hole SSD11-011 at G zone. Continental can acquire up to a 75% interest in the
project under the terms of an option agreement with Abitex Resources of Val
d'Or, Quebec.
The Company commenced a diamond drilling program in early December to test new
electromagnetic ("EM") targets identified in the 2011 airborne EM survey and to
further test nickel-copper mineralization intersected in 2010 in the St. Stephen
intrusion (see Press Release dated December 2, 2011). Five drill holes totalling
772 metres were completed in December and borehole electromagnetic surveys
("BHEM") were also carried out in each of the holes. The drilling program was
suspended on December 15th due to wet ground conditions and resumed on January
17th. Assay results are reported herein for the five completed holes (see Table
I below). A location figure may be viewed using the link provided with this
release.
Patricia Tirschmann, VP Exploration of Continental Nickel Limited, commented "We
are very encouraged by the recent drilling results, particularly the new
nickel-copper sulphide discovery at Hanson Brook and the expansion of
mineralization at G zone, both located along the western side of the St. Stephen
intrusion. EM geophysical surveys and drilling are proving very effective at
identifying new mineralization and we look forward to both evaluating the new
discoveries and to testing additional new targets. St Stephen is shaping up to
be a high quality exploration project which complements our flagship Nachingwea
Project in Tanzania."
G Zone
In 2010, drill hole SSD10-003 intersected disseminated to massive sulphide
mineralization within gabbro at G zone located near the north western edge of
the St. Stephen intrusion. This mineralization graded 1.0% nickel and 0.29%
copper over 9.3 metres from 47.0 to 56.3 metres including a semi-massive to
massive sulphide interval grading 2.0% nickel and 0.56% copper over 3.3 metres
(see Press Release dated August 18, 2011).
Two holes (SSD11-011 and 012) were completed in late 2011 to follow-up the G
zone discovery. Hole SSD11-011 was drilled 140m along strike to the northwest of
hole SSD10-003 to test for the northern extension of G zone and was targeted
based on both airborne and borehole geophysical data. The hole intersected a
wide zone of mineralization in gabbro between 113.80 and 172.0 metres,
consisting of heavily disseminated sulphides transitioning down hole into
net-textured and semi-massive sulphides. The entire interval graded 0.68% nickel
and 0.41% copper over 58.2 metres and included 0.85% nickel and 0.48% copper
over 20.8 metres from 151.20 to 172.0 metres.
Hole SSD11-012 was drilled to test 50m down-dip of hole SSD11-003 and
intersected intermixed metasedimentary rocks and gabbro. The gabbro contained
minor disseminated sulphides which returned a best value of 0.45% nickel and
0.19% copper over 0.95m from 29.50 to 30.45 metres.
Results of the BHEM surveys in holes SSD11-011 and SSD11-012 have been received
and will be used to target additional drilling to further define the extents of
G zone.
Hanson Brook Target
One hole, SSD11-013, was drilled to test a new airborne EM anomaly located 350
metres northwest of SSD10-003 (G Zone). SSD11-013 intersected a zone of massive
sulphides grading 2.35% nickel and 1.06% copper over 5.45 metres from 45.5 to
50.95 metres. The sulphides are hosted in metasedimentary rocks and are
interpreted to be remobilized from the mafic rocks of the St. Stephen intrusion.
BHEM data indicates that the conductor was intersected near its southern edge
and additional drilling is planned to further test the Hanson Brook Target.
Todd Mountain Target
Two holes, SSD11-014 and SSD11-015, were drilled to test a new, greater than 1
kilometre long airborne EM anomaly located in the south-western portion of the
St. Stephen intrusion where no previous drilling has been carried out. SSD11-014
was drilled near the southern extent of the airborne EM anomaly and hole
SSD11-015 was drilled near the northern extent. Both holes intersected intrusive
gabbroic rocks but failed to intersect an EM conductor and did not return any
significant assays. Borehole EM surveys were conducted and strong off-hole
anomalies were detected in the immediate vicinity of both holes. The BHEM
results indicate the presence of multiple conductors and complex geometry when
compared to the airborne EM data. Additional drilling is planned to more fully
test the Todd Mountain target.
The Company would like to acknowledge the support it has received from the New
Brunswick Junior Mining Assistance Program, under which it has been awarded a
matching grant of up to $60,000 in support of its 2011 drill program at the St.
Stephen Project.
Project Summary
A project summary on the St Stephen Project is provided on the Company's web
site at www.continentalnickel.com.
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.
Quality Control
The drilling was completed by Logan Drilling Limited of Nova Scotia. Drill core
samples (NQ) are cut in half by a diamond saw and half of the core is retained
for reference purposes. Samples are generally 1.5 metre intervals or less at the
discretion of the site geologist. Core samples are placed in individual samples
bags with unique sample ID tags and shipped in sealed batches to the SGS
Minerals Services Laboratory in Toronto, Ontario for sample preparation and
analyses. 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 ICP90Q). Analyses for Pt, Pd, and Au are by fire assay with an ICP-AES
finish (Analytical Code FAI313).
About Continental Nickel
The Company has an option joint venture on the St. Stephen project in New
Brunswick, Canada where it discovered new nickel-copper sulphide zones during
the 2010 diamond drilling program.
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.
As at the date of this release, the Company has 42,738,508 common shares issued
and outstanding (50,244,414 on a fully-diluted basis) and trades on the TSX
Venture Exchange under the symbol CNI. The Company remains well funded with over
C$11.8 million in the treasury as at September 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 Recent Assay Results, St. Stephen Project, New
Brunswick.
----------------------------------------------------------------------------
Drill hole Location Az / Dip Length From To Interval % Ni % Cu % Co
(SSD11-) (UTM - (m) (m) (m) (m)
WGS84)
----------------------------------------------------------------------------
G Zone
----------------------------------------------------------------------------
011 632166E, 090 / -60 260.0 113.80 172.00 58.20 0.68 0.41 0.05
5008084N Incl.
151.20 172.00 20.80 0.85 0.48 0.07
----------------------------------------------------------------------------
012 632214E, 090 / -60 140.0 29.50 30.45 0.95 0.45 0.19 0.07
5007999N
----------------------------------------------------------------------------
Hanson Brook Target
----------------------------------------------------------------------------
013 631992E, 090 / -60 95.0 45.50 50.95 5.45 2.35 1.06 0.16
5008204N Incl.
45.50 46.00 0.50 0.61 1.71 0.05
46.00 47.00 1.00 2.50 0.56 0.17
47.00 48.00 1.00 2.61 1.04 0.18
48.00 49.00 1.00 2.47 1.34 0.16
49.00 50.00 1.00 2.52 1.20 0.17
50.00 50.95 0.95 2.55 0.84 0.17
----------------------------------------------------------------------------
Todd Mountain Target
----------------------------------------------------------------------------
014 632348E, 270 / -60 140.0 NSA NSA NSA
5003016N
----------------------------------------------------------------------------
015 632245E, 270 / -60 137.0 NS NS NS
5003317N
----------------------------------------------------------------------------
Note: 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;
NS - No sampling
To view the location figure associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/CNI2501map.pdf.
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