TORONTO, ONTARIO, Sep 02, 2008 (MARKET WIRE via COMTEX) -- Nuinsco Resources Limited ("Nuinsco")(TSX: NWI) (
www.nuinsco.ca) today announced that the first drill hole, SD-08-09, of its 2008 exploration program at the Berta copper-gold project in north-eastern Turkey, intersected over 459 metres of continuous copper-gold mineralization starting from only four metres below surface.
This significant result follows up on drilling in 2007 that returned over 700 metres grading 0.28% copper and 0.07 g/t gold (hole SD-07-08 see news release dated 25 April 2007), further highlighting the enormous potential of the essentially unexplored Berta Project.
"The first hole drilled this year (SD-08-09) and hole SD-07-08 drilled in 2007 were collared about 350 metres apart, and the combined results demonstrate the presence of a substantial volume of strongly mineralized rock within an essentially unexplored domain reputed to be the largest copper anomaly within the Turkish Pontides mineralized belt," said Paul Jones, President. "While it is still early days and there is much more work to do, the relative abundance of copper, zinc and lead mineralization, the distribution of alteration and the rock types encountered in earlier short drill holes all suggest that previous drilling has tested the upper, outer edges of a large porphyry system."
The first hole in this year's program, SD-08-09, returned 179.9 metres grading 0.31% copper and 0.31g/t gold within a longer interval of 459 metres grading 0.17% copper and 0.17g/t gold. Hole SD-07-08, drilled in 2007, returned a 710.9 metre interval grading 0.28% copper and 0.07g/t gold. Of particular note is the presence of mineralization at surface in both drill holes, while results from the 2008 diamond drill hole provide substantially higher gold values than those from the hole drilled in 2007. Results from hole SD-08-09 are tabulated below (analyses were conducted by ALS-Chemex through their preparation lab in Izmir, Turkey, all intercepts are core lengths, not true widths):
-----------------------------------------------------
From To Interval Cu Au Ag
m m m % g/t g/t
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4.0 463.0 459.0 0.17 0.17
Including
4.0 219.80 215.80 0.17 0.26 2.2
and
88.90 268.80 179.90 0.31 0.31
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Also of importance is DDH-06-07, also drilled in 2007, which was collared three kilometres to the south of the 2008 hole SD-08-09. This hole intersected a long interval of anomalous copper geochemistry with significantly elevated molybdenum values, peaking at 0.72% molybdenum over 1.25 metres, between approximately 600 metres and 813 metres down-hole, indicating a potentially enormous mineralized system.
The Berta Property is located approximately 50 kilometres south of the Black Sea in northeastern Turkey, within the prolifically mineralized Tethyan-Eurasian Metalogenic Belt which hosts numerous ore deposits in several countries including Iran's Sarcheshmeh Mine, one of the world's largest copper mines at 1.2 billion tonnes grading about 1% copper. The Berta porphyry is reputed to be the largest copper anomaly in the Turkish Pontides, covering 15 square kilometres and at least 1,000 metres of vertical elevation.
P.L. Jones, President, acts as Nuinsco's Qualified Person under National Instrument 43-101, and has reviewed this news release.
About Nuinsco Resources
Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada and Turkey. In addition to its property holdings, Nuinsco owns approximately 22% of the outstanding common shares of Victory Nickel Inc. (
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profile) . Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historical fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government authorities, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
