Nuinsco Resources Limited ("Nuinsco" or "the Company") today announced that it has begun a minimum of 1,500 metres of diamond drilling upon CBay Minerals Inc.'s ("CBay") landholdings in the Chibougamau mining camp area of north-central Quebec.
The 2013 drilling program follows a successful 18-hole, 1,683 metre diamond drilling program conducted by Nuinsco during the autumn of 2012. The 2012 drill program, the results of which have been previously reported, focused on evaluating known gold occurrences and newly-identified geophysical targets in the Portage Island area. Portage Island is located near to the Copper Rand mill and tailings facility (owned outright by CBay; CBay in turn is 50%-owned by Nuinsco) at the northeast end of the 96,000 acre CBay land package. Portage Island hosts the past-producing Henderson I, Henderson II and Portage copper/gold mines, and the McKenzie gold vein. In addition, the Portage Island claim group hosts numerous underexplored exploration 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.
This year's drill program will follow up on past results from Portage Island, will test geophysical and geological targets developed from the Company's field program which has been ongoing for much of 2013, and will validate results reported from historic work near the past-producing Joe Mann gold mine and at the advanced-stage high-grade Devlin copper project that was acquired by CBay earlier this year.
"This work program will contribute to Cbay's short-term goal of delineating a near-surface mineral inventory at CBay's partially-developed satellite deposits - Corner Bay, Devlin and Perch River - that are located within a short trucking distance of the Copper Rand mill and tailings facility and which might be brought into production relatively quickly and inexpensively," said Nuinsco's Chief Executive Officer, Paul Jones.
C.A. Wagg, P.Geo, acts as Nuinsco's Qualified Person under National Instrument 43-101 and has reviewed and approved the technical contents of this news release.
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares in Coventry Resources Limited (TSX-V:CYY) and Victory Nickel Inc.(TSX:NI),and a 50% interest in CBay Minerals Inc. (50% Nuinsco, 50% Ocean Partners Investments Limited), a private company that is a dominant player in Quebec's Chibougamau mining camp with assets including a permitted mill and tailings facility, eight past-producing copper/gold mines, three potential near-term copper producers and a 96,000 acre land position. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
Please visit the Company's website at www.nuinsco.ca. Should you wish to receive Company news via email, please email [email protected] and specify "Nuinsco Resources" in the subject line.
Source: http://www.nuinsco.ca/