VANCOUVER, Dec. 4, 2017 /CNW/ - Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) ("Nevsun" or the "Company") is pleased to announce new assay results from ongoing drilling of the Lower Zone at the Timok copper-gold project ("Timok Project") in Serbia.
HIGHLIGHTS
- New drilling expands Lower Zone footprint to the northwest by approximately 350 meters by 750 meters and continues to confirm the high grade, continuity and thickness of the mineralization
- Fourteen new porphyry copper intersections of greater than 1.0% Cu including:
- 1.08% Cu and 0.27g/t Au over 747.4m in TC170168 (1.27% Cu equivalent)
- Including 2.27% Cu and 0.59 g/t Au over 90.0 m (2.68% Cu equivalent)
- Including 2.27% Cu and 0.59 g/t Au over 90.0 m (2.68% Cu equivalent)
- 1.21% Cu and 0.21g/t Au over 546.0m (1.36% Cu equivalent) and
1.14% Cu and 0.20 g/t Au over 411.7m (1.28% Cu equivalent) in TC170175- Including 1.85% Cu and 0.30g/t Au over 78.0 m (2.06% Cu equivalent)
- Including 1.85% Cu and 0.30g/t Au over 78.0 m (2.06% Cu equivalent)
- 1.08% Cu and 0.27g/t Au over 747.4m in TC170168 (1.27% Cu equivalent)
- Intersections estimated to be approximately 50 – 60% of true width
- Cu equivalent calculated as 1g/t Au = 0.7% Cu
- Drilling targeted completion in early 2018
Nevsun CEO, Peter Kukielski, commented, "The Lower Zone assays reported today are part of the ongoing $20 million drilling program with our joint venture partner Freeport-McMoRan Exploration Corporation ("Freeport"). The program is expected to be complete in early 2018 and is designed to further define the large footprint of the Timok Lower Zone mineralization. The results released today continue to demonstrate the potential of the Lower Zone mineralization with numerous intervals of greater than 1.0% copper. The latest drilling has further extended the porphyry deposit to the northwest, and now identifies mineralization over a roughly 1,000 by 1,500 meter footprint."
Detailed drill results, sections and a plan map of drill hole locations are attached to this news release. Holes are near vertical and are intersecting a mineralized zone which is plunging to the northwest at approximately 50 degrees.
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 massive and semi-massive sulphide mineralization) and the Lower Zone (characterized by porphyry-style mineralization).
This news release is solely about the Lower Zone. 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 Lower Zone
The Lower Zone consists of porphyry-type mineralization characterized by chalcopyrite-pyrite and minor 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 advanced argillic alteration. The latter overprinting also brings occasional covellite-pyrite mineralization. The host rocks are predominantly volcanic andesite, andesite breccia and andesitic porphyry. 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.
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, 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.
