Nuinsco to Begin Drilling at Diabase Peninsula Uranium Project
Program Will Follow-Up on Strong Uranium Anomalies and Deposit Indicators from Past Work
TORONTO, ONTARIO--(Marketwire - Feb. 14, 2012) - Nuinsco Resources Limited ("Nuinsco" or the "Company") (TSX:NWI) (www.nuinsco.ca) today announced that drilling is planned for early March at its Diabase Peninsula uranium project. The drill program will follow up on past exploration that identified all the elements indicative of a uranium mineralizing event, including up to 707 parts per million (ppm) uranium (U).
"We have all the signs," said Paul Jones, President of Nuinsco. "Our objective now is to drill to find the uranium deposit."
To date Nuinsco has drilled 38 holes on the project, totalling 15,787m. Of these a remarkable 13 holes have returned samples with very substantial uranium content exceeding 50ppm (greater than 10ppm uranium in sandstone is evidence of a mineralised system and proximity to concentrations of high-grade mineralisation). In total 26 drill holes have returned values greater than 10ppm uranium - serving to further reinforce and highlight the outstanding scale of anomalous mineralization at Diabase.
"Such a high proportion of drill holes intersecting strongly anomalous uranium mineralisaton suggests that the potential for a deposit in the immediate vicinity is a distinct possibility," added Mr. Jones.
The Diabase Peninsula project is located in the south-central part of Saskatchewan's Athabasca Basin, home to the highest grade uranium deposits in the world. A combination of uranium-arsenic-nickel-cobalt-magnesium oxide is typical of the mines in the Athabasca basin. The widespread presence this combination of elements in the holes drilled by Nuinsco indicates the influence of a mineralizing system in the area.
The upcoming drill program, designed after consultation with several experts familiar with uranium exploration in the Athabasca Basin, will target the contact between the sandstone layer and underlying graphite-bearing basement rocks (the "Unconformity") - the prime site for the occurrence of uranium deposits in the Athabasca Basin.
The 21,959 hectare Diabase Peninsula Project is located approximately five kilometres north of the southern boundary of the Athabasca Basin. It encompasses a 35 km strike length above the regional-scale Cable Bay Shear Zone deformation zone in the basement rock units below the basin sandstone.
Nuinsco is the operator, currently owns an approximate 89% interest in the property and is partnered with Trend Mining Company. C.A. Wagg, Manager, Canadian Exploration for Nuinsco, who acts as a QP for the project under National Instrument 43-101, has reviewed the technical contents of this press release.
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada, Turkey and Egypt. In addition to its property holdings, Nuinsco owns common shares in Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
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