VANCOUVER, Jan. 16, 2018 /PRNewswire/ - Nevsun Resources Ltd. (TSX:NSU) (NYSE American:NSU) ("Nevsun" or the "Company") is pleased to announce new assay results from ongoing exploration drilling targeting new high grade Upper Zone-style mineralization at the Timok copper-gold project ("Timok Project") in Serbia.
Highlights
- 2.93% Cu and 2.54g/t Au (4.71% Cu equivalent) over 27.0 meters starting at 396 meters in TC170189
- 3.10% Cu and 0.80g/t Au (3.66% Cu equivalent) over 18.0 meters starting at 569 meters in TC170182R
- 3.91% Cu and 1.61g/t Au (5.04% Cu equivalent) over 7.5 meters starting at 474 meters in TC170188R
- Follow-up exploration electromagnetic surveying and drilling in 2018
- Cu equivalent calculated as 1g/t Au = 0.7% Cu
- Intersections estimated to be approximately 50-95% of true width
Drilling has intersected new high-sulphidation epithermal ("HSE" or "Upper Zone-style") copper-gold mineralization 500 meters to the east of the Upper Zone deposit at Timok. Mineralization occurs over a 250 by 250 meter area which is similar in plan size to the Timok Upper Zone. The new zone of mineralization has similar characteristics to the Upper Zone with massive, semi-massive and disseminated mineralization that is dominated by pyrite with lesser covellite and energite. Exploration drilling will continue in 2018 aided by downhole electromagnetic surveying and will focus on expansion of this new zone of mineralization.
Nevsun CEO, Peter Kukielski, commented, "The assay results reported today are part of the 2017 exploration program for new Timok Upper Zone style mineralization on the license covering the Upper and Lower Zone projects. While the quantum of this new discovery is still unknown, mineralization of a similar tenor could be processed at the Timok Upper Zone mill, further enhancing the already stellar project economics. These results demonstrate the tremendous upside potential of the Timok project area for additional new discoveries. At the Bor deposits five kilometers to the north, approximately144 million tonnes of HSE mineralization was mined from 27 separate bodies."
Detailed drill results, sections and a plan map of drill hole locations are attached to this news release. Hole TC170189 is a vertical Lower Zone hole and does not represent true width. The other reported holes, suffixed with R, are angled regional exploration holes targeting true width.
Timok Copper-Gold Project
The Timok Project is located in eastern Serbia near the Bor mining and smelting complex. The Timok Project is focussed on the Cukaru Peki ("Timok") deposit which includes the high grade Upper Zone (characterized by HSE-style massive and semi-massive sulphide mineralization) and the Lower Zone (characterized by porphyry-style mineralization).
This news release is solely about new Upper Zone mineralization. Please refer to the Company's news release dated October 26, 2017 highlighting the updated Preliminary Economic Assessment for the Upper Zone.
Geology of the Timok Upper Zone
The HSE mineralization in the Upper Zone comprises pyrite-covellite-enargite bearing massive, semi-massive and hydrothermal breccia matrix sulphides that transition to vein and stockwork dominated sulphides at depth. Mineralization is hosted by a strongly advanced argillic altered volcanic and volcaniclastic andesite sequence. The HSE mineralization forms a single coherent zone at depths ranging from 400 to over 800 metres below surface and underlies fresh andesite and Upper Cretaceous sediments. Pyrite is the dominant sulphide mineral and covellite the principal copper mineral with lesser enargite, bornite and chalcocite occurring in veins, hydrothermal breccias and disseminations. Gold correlates with the copper sulphides and occurs within the associated pyrite.
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 100% owner of the high-grade copper-gold Timok Upper Zone and 60.4% owner of the Timok Lower Zone in Serbia. The Timok Lower Zone is a partnership with Freeport-McMoRan Exploration Corporation ("Freeport"), which currently owns 39.6% and upon completion of any Feasibility Study, Nevsun Resources Ltd. will own 46% and Freeport will own 54%. Nevsun generates cash flow from its 60% owned copper-zinc Bisha Mine in Eritrea. Nevsun is well positioned with a strong debt-free balance sheet to grow shareholder value through advancing Timok to production.