http://resourceinvestingnews.com/88747-drill-tracker-weekly-nevsun-bisha-asheli-eritrea.html
Drill Tracker Weekly: Nevsun Makes New VMS Discovery 20 Kilometers
from Bisha Mine
Tuesday June 23, 2015, 12:30pm PDT
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Drill Tracker Weekly is not exclusive to Resource Investing News and
is published with permission from Mackie Research Capital Corporation.
It highlights drilling results in context with our database of over
10,000 drilling and trenching results. The purpose of this report is
to highlight drilling and trenching results that stand out from the
pack and compare them to their peer group. This report does not
constitute initiation of coverage or a recommendation.
Nevsun Resources (TSX:NSU)
Price: $4.85
Market cap: $965 million
Working capital: $517 million
Project: Bisha/Asheli
Country: Eritrea
Ownership: 60 percent
Resources: New Brownfields Discovery
Project status: Brownfields Exploration
Nevsun Resources announced a new Volcanogenic Massive Sulphide (VMS)
discovery 20 kilometres to the southwest of its operating Bisha Mine
in Eritrea. The new discovery is part of a follow up programme based
on geological mapping and sampling, as well as airborne and ground EM
surveys carried out in 2014.
The new Asheli discovery holes were drilled beneath shallow historic
holes that failed to intersect sulphide mineralization beneath a gold
bearing gosson. Highlights include the discovery hole MX-044 which
intersected 9.30 metres grading 1.44% Cu, 4.00% Zn, 0.37 g/t Au, 27
g/t Ag starting at 202 metres. Additional assays from this section are
pending.
Step out drilling 100 metres to the northwest returned 20.90 metres
grading 1.26% Cu, 6.08% Zn, 0.28 g/t Au and 26 g/t Ag starting at 142
metres depth. An additional hole on the same section intersected 22.90
metres of 2.29% Cu, 4.50 % Zn, 0.45 g/t Au and 37 g/t Ag from 242
metres. Step out drilling at 100 metre spacing is being guided by the
TEM geophysical survey.
With the discovery of a fourth significant massive sulphide occurrence
on the Bisha property, the region is clearly developing into a
district scale exploration camp. On top of the new discovery at
Asheli, there are now three satellite deposits to the Bisha Mine with
43-101 resource in the Bisha area including the Harena, Northwest,
Hambok deposits. The Drill Tracker Chart plots the 2003 Bisha
discovery as a reference point for an early stage discovery hole.
The Company is well positioned with over $500 million in working
capital and strong cash flow from the current copper dominated
operation. As the mine continues deeper, Bisha will become a
significant zinc producer starting in 2016.
Exploration and Development History: Nevsun discovers Bisha in 2003 –
20 meters at 1.31 percent copper, 0.55 percent lead, 0.60 g/t silver
Historic drilling at Asheli intersects low grade oxide gold
Discovery Hole Asheli (June 2015): 8.30 meters at .144 percent
copper, 4.00 percent zinc, 0.37 g/t gold, 27 g/t silver;
22.9 meters at 2.29 percent copper, 4.50 at zinc, 0.45 g/t gold, 37 g/t silver;
20.9 meters at 1.26 percent copper, 6.08 percent zinc, 0.28 g/t gold,
26 g/t silver
Risk Analysis
Data contained in DRILL TRACKER WEEKLY is based on early stage
exploration activity. The results are obtained at the very early
stages of exploration and therefore, individual results may not be
reproducible with additional trenching or drilling, nor may the
results ultimately lead to the discovery of an economic deposit.
Delineation of a resource body requires an extensive data gathering
exercise according to guidelines set out in National Instrument 43-101
before investors can be reliably assured of a competent body of
mineralization that may be of economic interest. DRILL TRACKER WEEKLY
is designed to highlight individual trench or drill results, which
stand out as being materially anomalous and are particularly worth of
note – a type of early warning flag for a particular property that
warrants further attention. Hence, DRILL TRACKER WEEKLY does not
provide a recommendation to buy, sell or hold a specific equity – it
is an information reference source to help quantify the meaning and
relevance of early stage exploration results.
Relevant Disclosures Applicable to: Drill Tracker Weekly
The research analyst or a member of the research analyst’s household
owns and/or has options to acquire shares of the subject issuer. At
the date of this release the author, Wayne Hewgill, owns shares in the
following companies in this report: Fission Uranium Corporation
(TSX:FCU)
Analyst Certification
I, Wayne Hewgill certify that the information in this report is
sourced through public documents that are believed to be reliable but
accuracy and completeness as represented in this report cannot be
guaranteed. The author has not received payment from any of the
companies covered in this report. This report makes no recommendations
to buy, sell or hold. Each analyst of Mackie Research Capital
Corporation whose name appears in this report hereby certifies that
(i) the recommendations and opinions expressed in this research report
accurately reflect the analyst’s personal views and (ii) no part of
the research analyst’s compensation was or will be directly or
indirectly related to the specific conclusions or recommendations
expressed in this research report.
Received on Tue Jun 23 2015 - 21:17:32 EDT