NEVSUN RESOURCES VANCOUVER, Nov. 22, 2016 /PRNewswire/ - Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) ("Nevsun" or the "Company") is pleased to announce new assay results from drilling of the Lower Zone at the Company's Timok copper-gold project ("Timok Project").
HIGHLIGHTS
-- New porphyry copper intersections include:
-- TC150073 / TC160073B: 686.0m @ 0.89% Cu, 0.16g/t Au from 1,104m;
-- including 280.0m @ 1.11% Cu, 0.18g/t Au
-- and 102.0m @ 1.00% Cu, 0.17g/t Au
-- and 58.0m @ 1.26% Cu, 0.28g/t Au
-- and 60.0m @ 1.16% Cu, 0.16g/t Au
-- TC150075: 717.3m @ 0.65% Cu, 0.16g/t Au from 1,502m;
-- including 214.0m @ 1.00% Cu, 0.24g/t Au
-- and 24.0m @ 1.00% Cu, 0.30g/t Au
-- Example historic intersections include:
-- TC150060: 835.0m @ 0.92% Cu, 0.22g/t Au from 1,258m
-- TC140054/54A: 705.8 @ 0.91% Cu, 0.26g/t Au from 1,498m
-- Further drilling ongoing with a target of 67,000m of step-out and infill
drilling
-- Drilling estimated to be completed in late 2017 with a maiden resource
to follow
-- Near vertical holes designed to intersect the porphyry mineralization at
90 to 100% of true width
Nevsun CEO Cliff Davis commented, "The assays reported today demonstrate the tremendous potential of the Timok Lower Zone mineralization. These holes were drilled prior to the Company acquiring its interest in the Timok Project and were recently assayed. With our joint venture partner, Freeport-McMoRan, we have embarked on a $20 million drilling program focused on the Lower Zone porphyry. The results from these holes will be used, along with historical and ongoing drilling, to generate a maiden resource for the Lower Zone."
Timok Copper-Gold Project
The Timok Copper-Gold Project is located in eastern Serbia near the Bor mining and smelting complex. The Project is focussed on the Cukaru Peki ("Timok") deposit which includes the high grade Upper Zone, characterized by massive and semi-massive sulphide mineralization and the Lower Zone, characterized by porphyry-style mineralization.
This news release is solely about the Lower Zone. For recent information on the Upper Zone, please refer to the Company's news release dated October 17, 2016.
Lower Zone
The Lower Zone consists of porphyry-type mineralization characterized by chalcopyrite-pyrite and occasional bornite and molybdenite occurring as disseminations and within quartz and quartz-magnetite stockwork veinlets. Anhydrite veins are common. Within the Lower Zone, porphyry-type potassic alteration is preserved locally but generally overprinted by sericite-clay, argillic and locally advanced argillic alteration. The latter overprinting also locally brings covellite-pyrite mineralization. The host rocks are predominantly volcanic andesite and andesite breccias. The geometry of the Lower Zone remains to be fully defined. Its top is about 700 metres below surface and has been traced down to depths in excess of 2,000 metres. The $20 million drill program is currently being undertaken to enable an initial resource to be calculated for portions of the zone.
Table 1: 2015 Timok Lower Zone Drilling Results (reported in this release)
HOLE ID From To Length Cu % Au g/t
(m)
--- ---
TC150073 and TC150073B Extension 1,104.0 1,790.0 686.0 0.89 0.16
-------------------------------- ------- ------- ----- ---- ----
including 1,108.0 1,388.0 280.0 1.11 0.18
--------- ------- ------- ----- ---- ----
and 1,426.0 1,528.0 102.0 1.00 0.17
--- ------- ------- ----- ---- ----
and 1,566.0 1,624.0 58.0 1.26 0.28
--- ------- ------- ---- ---- ----
and 1,694.0 1,754.0 60.0 1.16 0.16
--- ------- ------- ---- ---- ----
TC150075 1,502.0 2,219.3 717.3 0.65 0.16
-------- ------- ------- ----- ---- ----
including 1,744.0 1,958.0 214.0 1.00 0.24
--------- ------- ------- ----- ---- ----
and 2,050.0 2,074.0 24.0 1.00 0.30
--- ------- ------- ---- ---- ----
TC150098 No significant values
-------- ---------------------
Holes are drilled near vertically and approximately perpendicular to the top of the porphyry zone and are estimated to be between 90 and 100% of true thickness.
Table 2: Significant Historical Timok Lower Zone Drilling Results
HOLE ID From To Length Cu % Au g/t
(m)
--- ---
FMTC 1210 1,026.0 1,248.0 222.0 0.23 0.11
--------- ------- ------- ----- ---- ----
and 1,469.0 1,864.0 395.0 0.30 0.09
--- ------- ------- ----- ---- ----
FMTC1214 1,082.0 1,286.0 204.0 1.49 0.24
-------- ------- ------- ----- ---- ----
FMTC1218 1,253.0 1,952.0 699.0 0.75 0.23
-------- ------- ------- ----- ---- ----
including 1,351.0 1,802.0 451.0 0.91 0.26
--------- ------- ------- ----- ---- ----
FMTC1219 839.0 1,572.9 733.8 0.75 0.10
-------- ----- ------- ----- ---- ----
including 987.5 1,219.0 231.5 1.16 0.11
--------- ----- ------- ----- ---- ----
FMTC1327 1,146.0 1,952.0 806.7 0.59 0.22
-------- ------- ------- ----- ---- ----
including 1,709.0 1,863.0 154.0 0.95 0.28
--------- ------- ------- ----- ---- ----
FMTC1328 766.0 1,668.0 902.0 0.65 0.14
-------- ----- ------- ----- ---- ----
including 1,130.0 1,361.0 231.0 1.07 0.18
--------- ------- ------- ----- ---- ----
FMTC1332 1,136.0 1,425.0 289.0 0.90 0.17
-------- ------- ------- ----- ---- ----
and 1,839.0 2,160.3 321.3 0.73 0.18
--- ------- ------- ----- ---- ----
FMTC1334 866.6 1,475.3 608.7 0.68 0.16
-------- ----- ------- ----- ---- ----
FMTC1335 1,209.0 1,680.6 471.6 0.41 0.22
-------- ------- ------- ----- ---- ----
FMTC1340 705.0 1,144.0 439.0 0.71 0.14
-------- ----- ------- ----- ---- ----
TC140054/54A 1,498.0 2,203.8 705.8 0.91 0.26
------------ ------- ------- ----- ---- ----
including 1,826.0 2,012.0 186.0 1.20 0.35
--------- ------- ------- ----- ---- ----
TC150060 1,258.0 2,093.8 835.8 0.92 0.22
-------- ------- ------- ----- ---- ----
including 1,622.0 1,776.0 154.0 2.02 0.45
--------- ------- ------- ----- ---- ----
TC150060A 1,332.0 2,082.0 750.0 0.30 0.06
--------- ------- ------- ----- ---- ----
including 1,502.0 1,604.0 102.0 0.63 0.15
--------- ------- ------- ----- ---- ----
TC150066 750.0 1,108.0 358.0 0.51 0.08
-------- ----- ------- ----- ---- ----
and 1,128.0 1,196.0 68.0 0.45 0.09
--- ------- ------- ---- ---- ----
Holes are drilled near vertically and approximately perpendicular to the top of the porphyry zone and are estimated to be between 90 and 100% of true thickness. Results previously reported by Reservoir Minerals on April 14, 2016.
Table 3: Collar Details
HoleID Easting (m)* Northing (m)* Elevation (m)* Depth (m) Dip (°) Azimuth (°) Section
------ ----------- ------------ ------------- -------- ------ ---------- -------
FMTC1211 7591104.096 4876059.930 398.996 1167.4 -90 0 4876127N
-------- ----------- ----------- ------- ------ --- --- --------
FMTC1218 7590910.575 4875990.847 401.962 1952 -90 0 4876127N
-------- ----------- ----------- ------- ---- --- --- --------
FMTC1329 7591616.230 4876258.850 373.48 718.8 -90 0 4876127N
-------- ----------- ----------- ------ ----- --- --- --------
FMTC1336 7591609.140 4876252.810 373.89 849.3 -85 250 4876127N
-------- ----------- ----------- ------ ----- --- --- --------
IEBCP-1 7590926.524 4875970.157 402.412 250.2 -90 0 4876127N
------- ----------- ----------- ------- ----- --- --- --------
IEBCP-2 7590927.877 4875994.736 402.638 281 -90 0 4876127N
------- ----------- ----------- ------- --- --- --- --------
TC130051 7590957.956 4875990.171 402.856 900 -53 132 4876127N
-------- ----------- ----------- ------- --- --- --- --------
TC140052 7590957.954 4875990.174 402.855 750 -53 132 4876127N
-------- ----------- ----------- ------- --- --- --- --------
TC140054 7590460.390 4876253.120 389.910 1548.3 -85.85 68.72 4876416N
-------- ----------- ----------- ------- ------ ------ ----- --------
TC150054A 7590460.390 4876253.120 389.910 2203.8 -85.85 68.72 4876416N
--------- ----------- ----------- ------- ------ ------ ----- --------
TC150073 7591093.578 4876071.859 400.095 1706.6 -81.336 55.395 4876127N
-------- ----------- ----------- ------- ------ ------- ------ --------
TC150075 7590794.497 4876309.910 409.228 2219.3 -81.26 33.53 4876416N
-------- ----------- ----------- ------- ------ ------ ----- --------
TC150098 7590587.395 4876530.458 413.722 2009.6 -82.18 239.39
-------- ----------- ----------- ------- ------ ------ ------
TC160073B 7591093.578 4876071.859 400.095 1796.1 -81.336 55.395 4876127N
--------- ----------- ----------- ------- ------ ------- ------ --------
*MGI Balkans Zone 7
Quality Assurance
Drill core samples were collected in accordance with protocols that are compatible with accepted industry procedures and best practice. The Company conducts its own analysis of QAQC generated by the systematic inclusion of certified reference materials, blank samples and duplicate samples. The analytical results from the quality control samples have been evaluated and have been demonstrated to conform to best practice standards.
Mr. Peter Manojlovic, P.Geo., Nevsun's VP Exploration, is a Qualified Person as defined by NI 43-101. Mr. Manojlovic 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 nine years of reserve life, generating revenue from both copper and zinc concentrates containing gold and silver by-products. Nevsun has a strong balance sheet, no debt and pays a peer leading quarterly dividend. Nevsun is well positioned to grow shareholder value through exploration at Bisha and the newly acquired Serbian assets that include the high-grade copper-gold Timok Project.
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", "hopes", "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 statements and information made concerning: statements relating to the business, prospects and future activities of, and developments related to the Company, anticipated dividends, goals, strategies, future growth, planned future acquisitions and explorations activities, the adequacy of financial resources and other events or conditions that may occur in the future, 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 are more fully described in the Company's Management Information Circular dated May 18, 2016, and the Company's Annual Information Form for the fiscal year ended December 31, 2015, which are 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
Please click here http://files.newswire.ca/1269/Timok_Drill_Results.PDF to see Figures.
SOURCE Nevsun Resources Ltd.
