Continental Nickel Reports New Assays Including 3.02% Nickel and 0.56% Copper Over 3.65 Metres at the St. Stephen Nickel-Copp...
03 Maio 2012 - 9:05AM
Marketwired Canada
Continental Nickel Limited (TSX VENTURE:CNI) ("Continental", "CNI" or the
"Company") is pleased to report that final assay results from its 2012 drilling
program on the St. Stephen Nickel-Copper project in New Brunswick Canada have
been received and confirm additional nickel sulphide mineralization at the G and
Hanson Brook zones as well as newly discovered nickel sulphide mineralization at
the Todd Mountain target. 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.
Highlights
-- G Zone: 1.17% nickel and 0.44% copper over 28.10 metres, including 2.50%
nickel and 0.55% copper over 3.50 metres and 3.02% nickel and 0.56%
copper over 3.65 metres.
-- Hanson Brook: 2.19% nickel and 1.12% copper over 1.30 metres and 2.28%
nickel, 0.69% copper over 1.90 metres.
-- Todd Mountain: 0.53% nickel and 0.33% copper over 2.15 metres and 0.80%
nickel and 0.24% copper over 1.95 metres.
All intersections reported here are core lengths and may not represent true widths
Patricia Tirschmann, Vice President Exploration for Continental, commented: "We
are very encouraged by the recent drilling results that have returned the
highest nickel grades intersected to date on the St Stephen Property. Our
exploration has confirmed that the St Stephen intrusion is sulphide-bearing at
numerous locations and that EM surveys are very effective at targeting the
highest conductance and most sulphidic portions of the intrusion. The best
nickel grades obtained so far are associated with mineralization occurring at or
near the northern gabbro-metasediment contact in the vicinity of the Hanson
Brook, G, Triple J and Roger's Farm zones and this area will be a focus of
future exploration programs at St Stephen."
The Company commenced a diamond drilling program in early December 2011 to test
newly defined electromagnetic ("EM") targets identified in the 2011 airborne EM
survey and to further test nickel- copper mineralization intersected at G zone
(see Press Release dated December 2, 2011). Five drill holes totalling 772
metres and borehole electromagnetic surveys ("BHEM") were completed in December
2011 and included the discovery of a previously unknown nickel copper sulphide
occurrence grading 2.35% nickel and 1.06% copper over 5.45 metres at Hanson
Brook (see Press Release dated January 25, 2012).
The drilling program resumed on January 17th, 2012 and seven holes totalling
893.5 metres were completed in January and February 2012 with BHEM surveys
completed in each of the holes. Assay results are reported herein for the seven
holes completed in 2012 (see Table I below). Location figures may be viewed
using the link provided with this release.
G Zone
Two holes, SSD12-018 and 019, were completed to test for continuity of
gabbro-hosted mineralization on an infill section between previous holes
SSD10-003 (1.0% nickel and 0.29% copper over 9.3 metres, Press Release dated
August 18, 2010) and SSD11-011 (0.68% nickel and 0.41% copper over 58.2 metres,
Press Release dated January 25, 2012).
Hole SSD12-018 was drilled 55 metres northwest of hole SSD10-003 and intersected
mineralized gabbro from 4.50 to 86.60 metres before ending at 118.0 metres in
metasedimentary rock. The hole collared in massive sulphides, from 4.50 to 5.00
metres and intersected a second massive sulphide zone from 5.50 to 6.70 metres.
Assay results returned 1.06% nickel, 0.26% copper, 0.10% cobalt over 2.20 metres
from 4.50 to 6.70 metres. A much wider interval of blebby, net-textured,
semi-massive and massive sulphide mineralization was intersected over 28.10
metres from 58.50 to 86.60 metres grading 1.17% nickel, 0.44% copper, and 0.08%
cobalt including 2.50% nickel, 0.55% copper, and 0.15% cobalt over 3.50 metres
and 3.02% nickel, 0.56% copper, and 0.24% cobalt over 3.65 metres. Individual
massive sulphide samples from this hole returned nickel grades of up to 3.43%
which are the highest grades obtained to date on the St Stephen Property. In
addition, one 0.60 metre long massive sulphide sample from 86.00 to 86.60 metres
returned 863 ppb palladium and 270 ppb platinum which represents the first
occurrence of significantly elevated platinum group metals seen on the St
Stephen Property.
Drill hole SSD12-019 was drilled 50 metres down-dip of hole SSD12-018 and
intersected intermixed metasedimentary rocks and very weakly mineralized gabbro
that did not return any significant assays.
Drilling to date has tested the G Zone over a strike length of 100 metres and a
plunge extent of 175 metres. This near surface, partially eroded, sulphide zone
trends north-south, dips 50 degrees to the west and plunges at 55 degrees to the
northwest. Additional ground electromagnetic surveys are planned to further
define the down-plunge extent of G zone to the north.
Hanson Brook Target
In late 2011, drill hole SSD11-013 intersected a previously undiscovered zone of
massive sulphide mineralization that graded 2.35% nickel and 1.06% copper over
5.45 metres (see Press Release dated January 25, 2012).
One hole, SSD12-020, was completed in January to follow-up the Hanson Brook
discovery. Hole SSD12- 020 was positioned to test the Hanson Brook target 50
metres along strike to the north of SSD11-013, and was targeted using both
airborne and borehole EM data. SSD12-020 intersected a mix of mineralized gabbro
and metasedimentary rock. Massive sulphides were intersected over 1.30 metres
from 46.55 to 47.85 metres grading 2.19% nickel, 1.12% copper, 0.15% cobalt at a
gabbro- metasediment contact. A second interval of remobilized massive sulphides
was intersected in metasediments over 1.90 metres from 61.00 and 62.90 metres
grading 2.28% nickel, 0.69% copper, 0.09% cobalt.
Borehole EM data indicates that main conductive target occurs at the
gabbro-metasediment contact and that an off-hole anomaly is located up-dip to
the east.
Todd Mountain Target
In late 2011, two holes, SSD11-014 and SSD11-015, were drilled to test a
previously untested, 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. 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.
SSD12-016 was drilled to test the strongest BHEM conductor, and targeted an area
50 metres to the south of SSD11-015. Drill Hole SSD12-016 intersected a mix of
mineralized gabbro and metasedimentary rock including narrow intervals of
net-textured, semi-massive and massive sulphides. A 34.15 metre long interval
from 17.35 to 51.50 metres returned elevated metal values averaging 0.21%
nickel, 0.12% copper and 0.03% cobalt including 0.53% nickel, 0.33% copper and
0.07% cobalt over 2.15 metres and 0.81% nickel, 0.30% copper and 0.10% cobalt
over 1.05 metres. An additional zone of mineralized gabbro containing
semi-massive sulphides was intersected from 67.40 to 69.35 metres and graded
0.80% nickel and 0.24% copper over 1.95 metres. The intersections in hole
SSD12-016 represent the first occurrence of nickel sulphide mineralization in
the south-western portion of the St Stephen intrusion.
The BHEM survey in hole SSD12-016 confirmed that the off-hole BHEM anomaly
targeted from previous holes was intersected and is interpreted to have a strike
length of approximately 80 metres.
However, airborne EM data identified spatially related EM anomalies which are
untested over an additional strike length of greater than 1 km in the Todd
Mountain area.
Target HT-C
Drill hole SSD12-017 was drilled to test a new airborne EM anomaly located 1.2
kilometres north of the Todd Mountain target in the south-western portion of the
St. Stephen intrusion. The drill hole intersected mineralized gabbro with
several narrow intervals of metasedimentary rock. Blebby sulphides occur in
varying concentrations within the gabbro but did not return any significant
assays. BHEM results indicate that a weak conductor was intersected, and that
two, more conductive, off-hole anomalies are located to the west and southwest
of the hole.
Target HT-N
Drill hole SSD12-021 was drilled to test a new airborne EM anomaly in the
central portion of the St. Stephen intrusion. Hole SSD12-021 intersected
mineralized gabbro throughout the hole, including disseminated, blebby and
narrow stringers of pyrrhotite mineralization but did not return any significant
assays. The BHEM survey confirmed that the original target was intersected but
also identified an off-hole anomaly.
Target HT-M
Drill hole SSD12-022 was drilled to target the northern, untested end of a
greater than 1 kilometre long airborne EM anomaly located in the central part of
the St. Stephen intrusion in area of mapped peridotitic rocks. The southern
portion of this airborne anomaly was tested by historic drilling which
intersected up to 0.43% nickel and 0.21% copper over 2.77 metres. SSD12-022
collared in peridotite containing variable amounts of disseminated to
net-textures sulphides between 3.85 and 111.25 metres and ended at 167.0 metres
in a mix of weakly mineralized gabbro and anorthosite. Hole SSD12-022 did not
return any significant assays and the mineralized peridotite typically contained
less than 0.2% nickel.
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
matching grants totalling $60,000 in support of its 2011-2012 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
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 measured and indicated mineral resources have been estimated
at 12.8 Mt grading 1.21% nickel and inferred mineral resources have been
estimated at 45 Mt grading 0.30% nickel (CNI press release March 2, 2012). 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 2010-2012 diamond drill
programs discovered new Ni-Cu sulphide zones.
As at the date of this release, the Company has 42,793,508 common shares issued
and outstanding (51,166,914 on a fully-diluted basis) and trades on the TSX
Venture Exchange under the symbol CNI. The Company had over $9.4 million in the
treasury as at December 31, 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
(SSD12-) (UTM - (m) (m) (m) (m)
WGS84)
----------------------------------------------------------------------------
G Zone
----------------------------------------------------------------------------
018 632247E, 103 / -58 118.0 4.50 6.70 2.20 1.06 0.26 0.10
5008047N
15.50 18.05 2.55 0.57 0.47 0.04
58.50 86.60 28.10 1.17 0.44 0.08
Incl.
73.90 77.40 3.50 2.50 0.55 0.15
82.95 86.60 3.65 3.02 0.56 0.24
----------------------------------------------------------------------------
019 632196E, 090 / -60 155.0 NSA NSA NSA
5008035N
----------------------------------------------------------------------------
Hanson Brook Target
----------------------------------------------------------------------------
020 631984E, 055 / -50 134.0 44.65 47.85 3.20 1.02 0.59 0.07
5008229N Incl.
46.55 47.85 1.30 2.19 1.12 0.15
61.00 63.40 2.40 1.94 0.88 0.07
Incl.
61.00 62.90 1.90 2.28 0.69 0.09
----------------------------------------------------------------------------
Todd Mountain Target
----------------------------------------------------------------------------
016 632220E, 060 / -60 91.0 17.35 51.50 34.15 0.21 0.12 0.03
5003260N Incl.
41.00 43.15 2.15 0.53 0.33 0.07
and
48.05 49.10 1.05 0.81 0.30 0.10
67.40 69.35 1.95 0.80 0.24 0.09
----------------------------------------------------------------------------
Target HT-C
----------------------------------------------------------------------------
017 632307E, 180 / -60 127.5 NSA NSA NSA
5004455N
----------------------------------------------------------------------------
Target HT-N
----------------------------------------------------------------------------
021 634496E, 270 / -60 101.0 NSA NSA NSA
5006900N
----------------------------------------------------------------------------
Target HT-M
----------------------------------------------------------------------------
022 634185E 90 / -60 167.0 NSA NSA NSA
5007551N
----------------------------------------------------------------------------
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/tonne a combined basis. NSA - No Significant Assays
To view the images associated with this press release, please visit the
following links:
http://media3.marketwire.com/docs/CNI050312_1.pdf
http://media3.marketwire.com/docs/CNI050312_2.pdf
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