Nuinsco Resources Limited ("Nuinsco" or "the Company") today announced that it is continuing with additional induced polarization and magnetic geophysical surveys over CBay Minerals Inc.'s ("CBay") Portage Island properties in the Chibougamau mining camp in northern Quebec.
This work follows a program conducted in the autumn of 2012 from which extremely encouraging near-surface (between 9.0 metres and 122.5 metres depth) diamond drilling results were obtained, (see releases dated December 20, 2012, January 15, 2013 and February 26, 2013). The work announced here is being conducted to provide continuous grid control and geophysical coverage across Portage Island along the interpreted trend of the McKenzie Vein gold mineralization.
"This new geophysics continues our work program in Chibougamau, begun in the autumn of 2012, which will see methodical exploration conducted on CBay's properties. We are beginning at Portage Island because of the very good potential to return new, exciting near-surface gold results. However the program is camp-wide in scope and will examine the exceptional potential of this underexplored opportunity in Nuinsco's project portfolio," said Paul Jones, President. "The most recent exploration conducted at Portage Island dates from the early 1990s when gold traded between US$330 and US$400."
Originally identified in 1903, the McKenzie Vein is the Chibougamau camp's original gold showing. However, it has not been explored extensively at surface or along strike. Its strike length is interpreted to be at least 250m and potentially up to 1.6 kilometres across Portage Island. The historic gold-bearing structure was only partially mined at depth (starting at 200m) from the nearby Portage Mine (operated between 1959 and 1997), where it was estimated to have graded 0.24 ounces of gold per ton. Here is a clear opportunity to define and develop not only this structure but also, to investigate the other prospective gold targets on the island.
Portage Island is located at the northeast end of the 96,000 acre CBay land package and hosts the past-producing Henderson I, Henderson II and Portage copper/gold mines. In addition to these past producers, CBay's Portage Island claim group hosts numerous underexplored targets, including the Baie du Commencement copper/gold zone, Hematite Bay gold and copper zones and two magnetite bodies - the Magnetite North and Magnetite South zones.
Source: http://www.nuinsco.ca