NEVSUN RESOURCES VANCOUVER, April 19, 2016 /PRNewswire/ - Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) (Nevsun or the Company) is pleased to announce new assay results from drilling at the Asheli prospect which is part of the ongoing 2016 Regional Exploration program at Bisha.
HIGHLIGHTS
-- New drilling demonstrates continuity of Asheli mineralization
-- New massive sulphide intersections at Asheli include:
-- MX-068: 44.0m @ 1.97% Cu, 9.13% Zn, 0.36g/t Au, 32g/t Ag, including
20.0m @ 2.76% Cu, 11.04% Zn, 0.43g/t Au, 43g/t Ag
-- MX-066: 22.2m @ 2.43% Cu, 9.98% Zn, 0.33g/t Au, 35g/t Ag, including
7.50m @ 2.20% Cu, 21.42% Zn, 0.30g/t Au, 37g/t Ag
-- MX-065: 29.2m @ 2.10% Cu, 4.85% Zn, 0.46 g/t Au, 40 g/t Ag
-- Drill intercepts are estimated to be approximately 70% of the true
width
-- Asheli mineralization open with further expansion potential possible
-- Numerous additional untested targets along the over 4 kilometres long
trend of similar stratigraphy
Nevsun CEO Cliff Davis commented, "We continue to have excellent results from our exploration programs at Bisha as demonstrated today by the assays reported from our drilling at Asheli. Asheli is a new greenfield discovery that we made on our Mogoraib River Exploration License a year ago. Attractive copper and zinc grades in massive sulphides continue to be intersected and the massive sulphide encountered in a recent hole is nearly twice as thick as our initial intercepts were. With over four kilometres of untested strike length with similar geology the potential for further discoveries on the Asheli trend looks very promising. Our exploration efforts continue to illustrate the high potential for the Bisha District to develop in a fashion similar to that of other large VMS camps worldwide".
Asheli
The Asheli deposit was discovered by Bisha Mining Share Company (BMSC) in April 2015 (see June 18, 2015 Press Release). The initial focus of exploration was a 700 metre long section of highly sericite and chlorite altered felsic volcanics with associated small, pod-shaped surface gossans within a five kilometre long horizon with similar geology. Limited historical drilling (ASD prefixed holes) had intersected only narrow stringer style mineralization with minor chalcopyrite and sphalerite but no massive sulphides.
BMSC's 2015 discovery hole MX-044 returned 8.30 metres of massive sulphide grading 1.44% Cu and 4.00% Zn. Follow-up drilling in hole MX-052 confirmed the new discovery with 22.90 metres of massive sulphide grading 2.29% Cu and 4.50% Zn and additional massive sulphide mineralization was intersected in hole MX-056 (20.90 metres grading 1.26% Cu, 6.08% Zn). Drilling was suspended in July for the rainy season in this part of Eritrea and to focus on other high priority targets elsewhere.
In April 2016, drilling resumed at Asheli with a goal of better defining the geometry of the massive sulphide deposit. Holes MX-065 (29.2 metres grading 2.10% Cu, 4.85% Zn; see table below) and MX-066 (22.2 metres grading 2.43% Cu, 9.98% Zn) confirmed the thickness and continuity of the massive sulphide zone, in addition to the high grade nature of the mineralization. Hole MX-068 targeted the projected down plunge extension of the mineralization approximately 100 metres below the known deposit. This hole successfully intersected 44.0 metres of massive sulphide grading 1.97% Cu and 9.13% Zn. Additional drilling is currently in progress to further extend this new thick zone of mineralization.
These new drill holes further highlight the prospectivity of the Asheli Trend to host high grade massive sulphide deposits. With only about one kilometre of the favourable trend having been drill tested so far, further drilling on this trend is planned once the definition of the Asheli deposit has been completed.
Quality Assurance
A Quality Assurance/Quality Control program was part of the assaying program at Bisha. This program includes chain of custody protocols as well as systematic use of standards, duplicates and blank samples into the flow of samples produced by the sampling. All samples were prepared and analyzed at Bisha's on-site laboratory independently operated by SGS.
Mr. Robert Foy P.Geo., BMSC's Exploration Manager, has been overseeing the drilling at Bisha and is a Qualified Person as defined by NI 43-101. Mr. Foy has reviewed the technical content of this press release and approved its dissemination.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is the 60% owner of the high grade Bisha Mine in Eritrea. Bisha has over 9 years of reserve life, generating revenue from both copper and zinc concentrates containing gold and silver by-products. Nevsun has a strong balance sheet with over US$400 million in cash, no debt and pays a peer leading quarterly dividend. Nevsun is well positioned to grow shareholder value through exploration at Bisha and acquisition of additional mining assets.
Forward Looking Statements
The above contains forward-looking statements or forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995, and applicable Canadian securities laws. Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimated," "potential," "possible" and similar expressions, or statements that events, conditions or results "will," "may," "could" or "should" occur or be achieved. Forward-looking statements are statements concerning the Company's current beliefs, plans and expectations about the future including but not limited to commercial production, future production of copper and related cash flows and are inherently uncertain. The actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, the risks that: (i) any of the assumptions in the historical resource estimates turn out to be incorrect, incomplete, or flawed in any respect; (ii) the methodologies and models used to prepare the resource and reserve estimates either underestimate or overestimate the resources or reserves due to hidden or unknown conditions, (iii) exploration activities or the mine operations are disrupted or suspended due to acts of god, internal conflicts in the country of Eritrea, unforeseen government actions or other events; (iv) the Company experiences the loss of key personnel; (v) the Company's operations or exploration activities are adversely affected by other political or military, or terrorist activities; (vi) the Company becomes involved in any material disputes with any of its key business partners, suppliers or customers; (vii) the Company is subjected to any hostile takeover or other unsolicited attempts to acquire control of the Company; (viii) the Company is subject to any adverse ruling in any of the pending litigation to which it is a party; (ix) the Company incurs unanticipated power interruptions or failures due to electrical circuit failures or inadequate fuel quality or supply required to effectively operate power generators for the plant or otherwise or unexpected costs or repairs to the plant; (x) the Company incurs unanticipated costs as a result of the transition from the supergene ore phase of the Bisha mine to the primary ore phase or experiences challenges with copper mineralogy or host pyrite minerals that impacts metallurgical recoveries and concentrate grades in the transition zone; or (xi) are associated with the speculative nature of exploration activities, periodic interruptions to exploration, failure of drilling, processing and mining equipment, the interpretation of drill results and the estimation of mineral resources and reserves, changes to exploration and project plans and parameters and other risks are more fully described in the Company's Annual Information Form for the fiscal year ended December 31, 2015, which is incorporated herein by reference. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future, except as required by law. For the reasons set forth above, investors should not place undue reliance on the Company's forward-looking statements.
Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2015, which is available on the Company's website (www.nevsun.com), filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F.
NEVSUN RESOURCES LTD.
"Cliff T. Davis"
Cliff T. Davis
President & Chief Executive Officer
2016 Asheli Drilling Results
HOLE From To Length Cu % Zn % Au g/t Ag g/t
ID (m) (m) (m)
--- --- --- ---
MX-
064 No Significant Values
--- ---------------------
MX-
065 274.50 280.50 6.00 2.34 1.05 0.51 29
--- ------ ------ ---- ---- ---- ---- ---
MX-
065 290.60 319.80 29.20 2.10 4.85 0.46 40
--- ------ ------ ----- ---- ---- ---- ---
includes 290.60 301.10 10.50 2.74 5.24 0.46 60
-------- ------ ------ ----- ---- ---- ---- ---
and 301.10 319.80 18.70 1.74 4.63 0.46 29
--- ------ ------ ----- ---- ---- ---- ---
also 294.55 300.50 5.95 3.82 2.96 0.54 65
---- ------ ------ ---- ---- ---- ---- ---
also 301.10 303.50 2.40 0.96 16.54 0.46 36
---- ------ ------ ---- ---- ----- ---- ---
also 317.10 319.40 2.30 3.27 7.59 0.60 41
---- ------ ------ ---- ---- ---- ---- ---
MX-
066 191.80 214.00 22.20 2.43 9.98 0.33 35
--- ------ ------ ----- ---- ---- ---- ---
includes 191.80 195.00 3.20 2.84 5.01 0.39 37
-------- ------ ------ ---- ---- ---- ---- ---
and 195.00 202.50 7.50 2.20 21.42 0.30 37
--- ------ ------ ---- ---- ----- ---- ---
and 202.50 214.00 11.50 2.46 3.90 0.35 34
--- ------ ------ ----- ---- ---- ---- ---
also 206.00 212.00 6.00 3.61 5.23 0.40 46
---- ------ ------ ---- ---- ---- ---- ---
MX-
067 Assays Pending
--- --------------
MX-
068 354.00 355.90 1.90 3.23 11.05 0.77 46
--- ------ ------ ---- ---- ----- ---- ---
MX-
068 361.00 363.30 2.30 1.11 12.96 0.50 25
--- ------ ------ ---- ---- ----- ---- ---
MX-
068 367.00 411.00 44.00 1.97 9.13 0.36 32
--- ------ ------ ----- ---- ---- ---- ---
includes 367.00 373.50 6.50 1.97 6.34 0.53 45
-------- ------ ------ ---- ---- ---- ---- ---
and 373.50 393.50 20.00 2.76 11.04 0.43 43
--- ------ ------ ----- ---- ----- ---- ---
and 393.50 400.50 7.00 1.71 3.72 0.27 24
--- ------ ------ ---- ---- ---- ---- ---
and 400.50 411.00 10.50 0.65 10.83 0.19 8
--- ------ ------ ----- ---- ----- ---- ---
and 411.00 418.50 7.50 0.57 1.57 0.59 26
--- ------ ------ ---- ---- ---- ---- ---
also 373.50 380.00 6.50 2.26 17.12 0.28 41
---- ------ ------ ---- ---- ----- ---- ---
also 380.00 393.50 13.50 3.00 8.11 0.50 44
---- ------ ------ ----- ---- ---- ---- ---
MX-
069 Assays Pending
--- --------------
MX-
070 154.00 162.80 8.80 2.68 3.86 0.55 35
--- ------ ------ ---- ---- ---- ---- ---
includes 154.00 158.30 4.30 4.50 1.14 0.82 57
-------- ------ ------ ---- ---- ---- ---- ---
and 158.30 162.80 4.50 0.94 6.46 0.29 14
--- ------ ------ ---- ---- ---- ---- ---
MX-
070 163.70 165.50 2.30 0.16 0.27 3.28 158
--- ------ ------ ---- ---- ---- ---- ---
Drill intercepts are estimated to be approximately 70% of the true width
2015 Asheli Drilling Results
HOLE ID From To L (m) Cu % Zn % Au ppm Ag ppm previously
reported
--- --------
MX-041 No Significant Values N
------ --------------------- ---
MX-042 No Significant Values N
------ --------------------- ---
MX-043 No Significant Values N
------ --------------------- ---
MX-044 202.20 210.50 8.30 1.44 4.00 0.37 27 Y
------ ------ ------ ---- ---- ---- ---- --- ---
includes 204.50 207.00 2.50 1.56 8.51 0.33 27 Y
-------- ------ ------ ---- ---- ---- ---- --- ---
MX-045 No Significant Values N
------ --------------------- ---
MX-046 No Significant Values N
------ --------------------- ---
MX-047 No Significant Values N
------ --------------------- ---
MX-048 309.80 325.00 15.20 0.44 0.47 0.37 44 N
------ ------ ------ ----- ---- ---- ---- --- ---
includes 315.00 317.50 2.50 1.56 1.69 0.72 69 N
-------- ------ ------ ---- ---- ---- ---- --- ---
MX-049 No Significant Values N
------ --------------------- ---
MX-050 318.00 321.60 3.60 0.12 0.09 2.39 159 N
------ ------ ------ ---- ---- ---- ---- --- ---
MX-051 No Significant Values N
------ --------------------- ---
MX-052 242.00 264.90 22.90 2.29 4.50 0.45 37 Y
------ ------ ------ ----- ---- ---- ---- --- ---
includes 242.70 250.10 7.40 3.67 8.04 0.68 50 Y
-------- ------ ------ ---- ---- ---- ---- --- ---
and 255.00 264.90 9.90 1.99 3.38 0.36 39 Y
--- ------ ------ ---- ---- ---- ---- --- ---
and 242.70 245.60 2.90 7.92 3.89 1.14 101 Y
--- ------ ------ ---- ---- ---- ---- --- ---
and 259.90 261.80 1.90 5.62 2.53 0.37 66 Y
--- ------ ------ ---- ---- ---- ---- --- ---
MX-053 No Significant Values N
------ --------------------- ---
MX-054 428.00 429.00 1.00 1.21 0.28 0.05 13 N
------ ------ ------ ---- ---- ---- ---- --- ---
MX-055 No Significant Values N
------ --------------------- ---
MX-056 142.10 163.00 20.90 1.26 6.08 0.28 26 Y
------ ------ ------ ----- ---- ---- ---- --- ---
includes 142.10 153.00 10.90 1.71 8.51 0.37 35 Y
-------- ------ ------ ----- ---- ---- ---- --- ---
and 153.00 161.50 8.50 0.84 3.91 0.20 16 Y
--- ------ ------ ---- ---- ---- ---- --- ---
MX-057 No Significant Values N
------ --------------------- ---
MX-058 482.20 485.00 2.80 0.40 0.21 0.05 4 N
------ ------ ------ ---- ---- ---- ---- --- ---
Drill intercepts are estimated to be approximately 70% of the true width
2016 - Drill Collar Locations
HOLE UTM UTM Elevation Depth Azimuth Dip
ID Easting Northing (m)
--- ------- -------- ---
MX-064 319634 1704084 671 272 120 -45
------ ------ ------- --- --- --- ---
MX-065 319557 1704132 674 419 120 -63
------ ------ ------- --- --- --- ---
MX-066 319632 1704086 671 350 120 -68
------ ------ ------- --- --- --- ---
MX-067 319643 1704174 671 350 120 -60
------ ------ ------- --- --- --- ---
MX-068 319523 1704219 673 500 120 -62
------ ------ ------- --- --- --- ---
MX-069 319645 1704025 675 200 120 -45
------ ------ ------- --- --- --- ---
MX-070 319596 1704006 674 266 120 -50
------ ------ ------- --- --- --- ---
MX-071 319556 1704031 672 in progress 120 -62
------ ------ ------- --- ----------- --- ---
MX-072 319501 1704159 674 in progress 120 -62
------ ------ ------- --- ----------- --- ---
Note: Collar coordinates are in UTM WGS84 Zone37N
2015 - Drill Collar Locations
HOLE UTM UTM Elevation Depth Azimuth Dip
ID Easting Northing (m)
--- ------- -------- ---
MX-041 319722 1704390 675 350 120 -50
------ ------ ------- --- --- --- ---
MX-042 319713 1704286 676 350 120 -60
------ ------ ------- --- --- --- ---
MX-043 319943 1704493 673 299 120 -55
------ ------ ------- --- --- --- ---
MX-044 319629 1704138 678 335 120 -55
------ ------ ------- --- --- --- ---
MX-045 320092 1704641 671 143 120 -55
------ ------ ------- --- --- --- ---
MX-046 319529 1704000 679 291 120 -55
------ ------ ------- --- --- --- ---
MX-047 320637 1705652 660 164 120 -55
------ ------ ------- --- --- --- ---
MX-048 319521 1704198 677 410 120 -55
------ ------ ------- --- --- --- ---
MX-049 319433 1704053 680 428 120 -60
------ ------ ------- --- --- --- ---
MX-050 319361 1703843 682 440 120 -58
------ ------ ------- --- --- --- ---
MX-051 319608 1704340 675 440 120 -60
------ ------ ------- --- --- --- ---
MX-052 319580 1704071 678 356 120 -63
------ ------ ------- --- --- --- ---
MX-053 319952 1704256 676 215 120 -58
------ ------ ------- --- --- --- ---
MX-054 319477 1704130 679 503 120 -62
------ ------ ------- --- --- --- ---
MX-055 320192 1704581 671 128 120 -55
------ ------ ------- --- --- --- ---
MX-056 319623 1704042 679 209 120 -55
------ ------ ------- --- --- --- ---
MX-057 319504 1704402 675 620 120 -68
------ ------ ------- --- --- --- ---
MX-058 319479 1704224 677 637 120 -68
------ ------ ------- --- --- --- ---
Note: Collar coordinates are in UTM WGS84 Zone37N
SOURCE Nevsun Resources Ltd.
