Continental Nickel Extends Sleeping Giant Zone at Ntaka Hill Project, Tanzania
14 Dezembro 2011 - 10:00AM
Marketwired Canada
Continental Nickel Limited (TSX VENTURE:CNI) ("CNI" or the "Company") is pleased
to report that additional assays have been received from the recently completed
drilling program at Ntaka Hill. Highlights include drill hole NAD11-243 which
intersected Sleeping Giant mineralization grading 0.52% Ni and 0.13% Cu over
53.0m including 1.04% Ni and 0.27% Cu over 13.0m. This intersection extends the
Sleeping Giant zone an additional 150 metres down plunge to the south. The
project is a 75:25 joint venture between CNI and IMX Resources Limited ("IMX")
of Australia.
The Company completed a step-out drilling program at Ntaka Hill in early
December. This program was being carried out to expand the current Mineral
Resource of the Sleeping Giant and to test selected other targets within the
Ntaka intrusion. A total of 13,336 metres of diamond drilling was completed in
thirty-eight holes and three deepened holes. Results for ten 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. Results
for fourteen additional holes are pending and will be reported as results are
received and compiled.
Highlights
-- Sleeping Giant zone extended 150 metres down plunge to the south.
-- Sleeping Giant zone extended 70 to 100 metres up dip to the east.
-- Numerous additional intersections of disseminated nickel sulphide
mineralization grading between 0.2 and 0.9% nickel over wide widths
intersected in the hanging wall of the Sleeping Giant zone within the
pit shell.
Mr. David Massola, President and CEO, commented "We are pleased to have
concluded a successful in-fill drilling program which has confirmed extensions
to Sleeping Giant, particularly in the up-plunge, up-dip and down plunge
directions. The confirmation and expansion of the hanging wall disseminated
sulphide zones is also a significant development for the project and is expected
to positively impact potential nickel production and lower stripping ratios. We
are now focussing our efforts on delivering an updated and expanded Mineral
Resource in early 2012".
Drilling Results
Assay results for ten 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
("SLG") as well as various hanging wall ("HW") and footwall ("FW") zones.
Significant results are given in more detail below.
Extension of Sleeping Giant Down Plunge to South on Section 3100N
Drill holes NAD11-243, 249 and 251 were drilled on section 3200N, 150 metres to
the south of hole NAD11-238 which intersected 2.66% nickel and 0.60% copper over
14.3 metres (Press Release November 2, 2011). NAD11-243 intersected a wide zone
of disseminated sulphides which graded 0.52% nickel and 0.13% copper over 53.0m
from 488 to 541 metres including a higher grade section which assayed 1.04%
nickel and 0.27% Cu over 13.00 meters. This hole deviated 50 metres off section
to the south and extends the Sleeping Giant zone and additional 150 metres down
plunge to the south from previous drilling.
NAD11-249 was drilled 100 meters up dip and approximately 50 metres up plunge of
NAD11-243 and intersected narrow widths of heavily disseminated to net-textured
to semi-massive sulphides interpreted to correlate with the Sleeping Giant zone.
This mineralization graded 1.23% nickel and 0.71% copper over 4.65 metres from
355.35 to 360 meters. A similar looking, but more pyrrhotite-rich, footwall zone
returned 0.51% nickel and 0.17% copper over 12.8 metres from 436.2 to 449
metres.
NAD11-251 was drilled 100 metres down-dip and approximately 50 metres up plunge
of NAD11-243 and intersected disseminated Sleeping Giant mineralization grading
0.52% nickel and 0.09% copper over 12.0 metres from 485 to 497 metres.
Up Dip Extension of Sleeping Giant on Sections 3600N and 3700N
Drill hole NAD11-245 was a re-drill of abandoned hole NAD11-227 on section 3600N
and tested for the extension of the Sleeping Giant zone 70 metres up-dip of hole
NAD10-225. NAD11-245 intersected disseminated, bleb and net-textured sulphides
grading 0.51% nickel and 0.17% copper over 18.0 metres from 188 to 206 metres.
This mineralization is located near the down hole edge of a much wider halo of
weakly disseminated sulphides which returned 0.23% nickel and 0.06% copper over
98.0 metres from 131 to 229 metres.
A NAD013 zone drill hole completed in 2008 (NAD08-127) was deepened to test for
the extension of the Sleeping Giant zone 100 metres up-dip of hole NAD11-232.
NAD08-127EXT intersected two zones of disseminated and bleb sulphides which
graded 0.52% nickel and 0.07% copper over 8.7 metres from 141.3 to 150 metres
and 0.53% nickel and 0.09% copper over 15.10 metres from 188 to 206 metres,
respectively. This hole was collared on section 3650N but was drilled at an
azimuth of 050 degrees and intersected Sleeping Giant between sections
3700-3725N.
These holes will extend the Sleeping Giant zone by an additional 70 to 100
metres up dip to the east in the immediate vicinity of the NAD013 zone.
Hanging Wall Disseminated Sulphide Mineralization
Disseminated nickel sulphides were intersected in the hanging wall of Sleeping
Giant on all drill sections reported herein and represent mineralization
identified as being potentially economic in the recently released Preliminary
Economic Assessment (Press Release October 5, 2011). Similar to previously
reported results, the new intersections typically returned values ranging from
0.2 to 0.6% nickel over widths of 5 to 55 metres. These hanging wall zones lie
within the pit shell used to define the 2011 Mineral Resource estimate and will
be included in the updated Mineral Resource estimate to be completed in early
2012.
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 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 (51,156,914 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.
Table I: Summary of Assay Results
Sleeping Giant Zone, Ntaka Hill
----------------------------------------------------------------------------
Drill Location Inter-
hole East/ North Length From To val % %
(NAD11-) UTM:WGS84 Az / Dip (m) (m) (m) (m) Ni Cu Zone
----------------------------------------------------------------------------
Section 3100N
----------------------------------------------------------------------------
243 450005mE 100 / -64 559.75 395.00 541.00 146.00 0.31 0.08 HW/
8883098mN Incl. SLG
488.00 541.00 53.00 0.52 0.13
Incl.
517.00 530.00 13.00 1.04 0.27
----------------------------------------------------------------------------
249 450213E 095 / -79 457.85 202.00 207.00 5.00 0.87 0.17 HW
8883098N
239.00 249.00 10.00 0.28 0.08 HW
318.00 327.00 9.00 0.26 0.09 HW
355.35 360.00 4.65 1.23 0.71 SLG
436.20 449.00 12.80 0.51 0.17 FW
----------------------------------------------------------------------------
251 450003E 098 / -75 550.75 293.00 347.00 54.00 0.31 0.05 HW
8883094N Incl.
309.15 330.00 20.85 0.50 0.10
389.00 404.00 15.00 0.27 0.04 HW
459.00 507.95 48.95 0.30 0.06 SLG
Incl.
485.00 497.00 12.00 0.52 0.09
----------------------------------------------------------------------------
Section 3200N
----------------------------------------------------------------------------
242 450155E 090 / -64 433.40 235.00 244.00 9.00 0.20 0.04 HW
8883198N
262.00 269.45 7.45 0.22 0.03 HW
287.00 308.25 21.25 0.29 0.07 SLG
Incl.
289.75 297.70 7.95 0.57 0.12
417.75 429.25 11.50 0.37 0.13 FW
----------------------------------------------------------------------------
247 449963E 095 / -82 547.75 259.00 269.00 10.00 0.22 0.02 HW
8883198N
296.00 344.00 48.00 0.20 0.04 HW
399.00 399.40 0.40 2.13 0.14 SLG
----------------------------------------------------------------------------
Section 3400N
----------------------------------------------------------------------------
244 449906E 95 / -65 495.75 199.00 218.00 19.00 0.23 0.04 HW
8883389N
241.90 350.00 108.10 0.38 0.10 HW/
Incl. SLG
247.00 258.00 11.00 0.54 0.15
and
272.20 291.00 18.80 0.51 0.10
and
303.00 311.00 8.00 1.31 0.31
and
343.40 346.10 2.70 1.27 0.29
----------------------------------------------------------------------------
Section 3500N
----------------------------------------------------------------------------
228W 449964mE 090 / 478.10 478.10 NSV NSV
8883500mN -75.5
----------------------------------------------------------------------------
Section 3600N
----------------------------------------------------------------------------
245 450211E 095 / -65 232.38 25.55 55.00 29.45 0.22 0.04 HW
8883597N
105.00 114.55 9.55 0.21 0.07 HW
131.00 229.00 98.00 0.23 0.06 SLG
Incl.
188.00 206.00 18.00 0.51 0.17
----------------------------------------------------------------------------
Section 3650/3700N
----------------------------------------------------------------------------
127EXT 450263E 050 / -50 217.40 141.30 150.00 8.70 0.52 0.07 HW
8883655N Extended
by 102m 171.00 186.10 15.10 0.53 0.09 SLG
----------------------------------------------------------------------------
Section 3800N
----------------------------------------------------------------------------
241 449946mE 090 / -55 379.50 164.00 167.55 3.55 0.46 0.14 HW
8883800mN
231.50 244.00 12.50 0.26 0.05 HW
303.10 311.20 8.10 0.21 0.05 SLG
----------------------------------------------------------------------------
Notes:
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
SLG = Sleeping Giant Zone
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.
To view the figure associated with this press release, please visit the
following link:
http://media3.marketwire.com/docs/752805_Sleeping_Giant_Drill_Plan.pdf
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