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NITINAT ANNOUNCES RESULTS FROM ITS WORK PROGRAM AND COMMENCEMENT OF DRILLING PROGRAM
9/29/2011 10:08:34 AM - Market Wire
TORONTO, ONTARIO, Sep 29, 2011 (MARKETWIRE via COMTEX News Network) --
Nitinat Minerals Corporation (TSX VENTURE: NZZ) ("Nitinat") is pleased to announce the results from the initial phase of the 2011 field work program on its 100% owned Jasper Property. The work program was designed to follow up on the positive results from the 2010 program.
The Jasper Property is located on west-central Vancouver Island, British Columbia, and consists of 10 mineral claims covering 6,615 hectares. Historical and recent exploration work from 1956 to 2010 has discovered numerous occurrences of stringer and massive base metal sulphide minerals including chalcopyrite, sphalerite and galena within a co-incident quartz-sericite-pyrite alteration zone.
The geochemistry results have been received for 12 rock samples taken from outcrops from five (5) targets at the Jasper Main Grid area. The results for key elements are as follows:
Based on these results, Nitinat will commence a drilling program of approximately three (3) holes in October, 2011. The drilling program is designed to follow up on the positive results from the 12 rock samples.
All rock samples were taken by, or under the supervision of, Jacques Houle, P.Eng. and sent to, and analyzed by, Inspectorate Mining and Exploration Services Ltd. of Richmond, B.C. using 4-acid digestion and 50 element ICPMS, ore grade assay AA for over limit Cu, Pb, Zn, and 1AT fire assay AAS for Au.
All five (5) targets are known from previous work on the Jasper Property documented in previous reports and news releases by Inspiration Mining Corporation.
The Upper Camp Creek Road Target consist of several steeply-dipping, narrow (0.1-1.0 m. thick) quartz-sulphide veins containing varying amounts of pyrite, chalcopyrite and bornite hosted by altered volcanic rocks exposed in blasted and mechanically trenched outcrops along logging roads. The Log Sort Target consists of a gently north-dipping, 2 m. thick zone siliceous, sulphidic and chloritic volcanic breccia containing varying amounts of pyrite, chalcopyrite and malachite exposed over 2 m. length in a mechanically trenched outcrop. Neither is considered a high priority target at this time.
The Pan North Target consists of fault-bound segments of gently west-dipping to flat-lying semi-massive sulphides containing pyrite, chalcopyrite, sphalerite, and bornite hosted by sericitic and siliceous volcanics, exposed in blasted and mechanically trenched outcrops along logging roads. The Upper Pan Target consists of chloritic and sulphidic volcanics containing pyrite and chalcopyrite in a 0.5 m. thick steeply west-dipping shear zone, exposed over 2 m. in a hand-trenched outcrop. The Pan South Target consists of a gently northwest-dipping, 0.5 - 1.25 m. thick quartz-calcite-sericite-sulphide vein containing pyrite, chalcopyrite, sphalerite and galena hosted by chloritic volcanics and exposed over 6 m. in a mechanically trenched outcrop along a logging road. Three representative chip samples taken across the vein structure averaged 0.063 ppm gold, 12.07 ppm silver, 0.61% copper, 10.91% lead and 7.51% zinc over 0.9 m. thickness. The three Pan targets together are considered a priority target for diamond drilling initially by three 50-100 m. steep, east-trending holes at 50 m. spacing from the Caycuse Main Road, requiring a $50,000 budget. Additional drilling may be proposed conditional upon the results of the initial drilling.
The field work program is being supervised by Jacques Houle, P.Eng., a Qualified Person pursuant to National Instrument 43-101. Mr. Houle has reviewed the contents of this news release.
This update contains "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward looking statements can be identified by the use of forward looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Nitinat is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward looking statements and Nitinat assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Nitinat Minerals Corporation Herb Brugh Secretary of the Corporation 416-842-9000 Investor Relations 604-221-7604 604-221-7606 (FAX) [email protected] www.nitinatminerals.com
SOURCE: Nitinat Minerals Corporation
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