Continental Nickel Announces the Commencement of Drilling on the Nachingwea Project, Tanzania
03 September 2009 - 10:00PM
Marketwired
Continental Nickel Limited (TSX VENTURE: CNI) ("Continental" or the
"Company") is pleased to announce that it has commenced a diamond
drilling program on its 70% owned Nachingwea nickel-copper project
in Tanzania.
Approximately 3,000 metres of drilling is planned, initially
focusing on drill testing a number of EM anomalies originally
highlighted by the 2007-2008 airborne VTEM surveys completed by the
Company and confirmed with subsequent ground and borehole TDEM
surveys. The drill program is expected to take six to eight weeks
to complete and results, including assays, will be reported on an
ongoing basis as they are received, compiled and verified.
The Nachingwea project is a 70:30 Joint Venture with IMX
Resources Limited ("IMX") of Australia and is comprised of
prospecting licenses and applications for prospecting licenses
covering a regionally extensive land position totalling 7,560
square kilometres, much of which has had only minimal exploration.
To date, six separate nickel-copper sulphide deposits have been
discovered by the Joint Venture at Ntaka Hill for which NI 43-101
compliant Mineral Resources have been calculated (see CNI press
release July 15, 2009). In 2009, Continental is conducting a
CAD$2.5 million exploration program at Nachingwea to continue the
search for nickel sulphide deposits in this emerging new nickel
district. Some twenty eight airborne VTEM anomalies have been
identified for further work as part of this program which includes
the 3,000 metre diamond drill campaign announced above. Continental
Nickel remains well funded with CAD$11.3 million in the
treasury.
Craig MacDougall, President & CEO of Continental Nickel
Limited, reported "the exploration team has identified and
confirmed a number of high quality EM targets for exploration and
we are now very pleased to see the 2009 exploration program
progress to the drill stage. Given the highly encouraging results
of our previous efforts at Ntaka Hill, which led to the discovery
and definition of Mineral Resources from multiple nickel sulphide
deposits, we are very hopeful that additional discoveries remain to
be made on this vast and largely unexplored property."
Qualified Persons
The quality control, technical information and all aspects of
the exploration program were supervised by Patricia Tirschmann, P.
Geo., Vice President, Exploration for CNI. The information in this
release was prepared under the direction of Craig MacDougall, P.
Geo., President and Chief Executive Officer for Continental Nickel
Limited. Both Ms. Tirschmann and Mr. MacDougall are qualified
persons as defined by National Instrument 43-101.
About Continental Nickel
Continental Nickel Limited is focused on the exploration and
discovery of nickel sulphide deposits in geologically prospective,
but under-explored regions globally. Current projects include its
70% controlling interest in the Nachingwea project in Tanzania,
where NI 43-101 Mineral Resources have been defined and an option
joint venture on the St. Stephen project in New Brunswick, Canada.
Continental Nickel has 30,132,395 shares issued and outstanding
(32,442,395 on a fully-diluted basis) and trades on the TSX Venture
Exchange under the symbol CNI.
On behalf of Continental Nickel Limited
Craig MacDougall, President & Chief Executive Officer
CAUTIONARY STATEMENT: No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein. This News Release includes certain
"forward-looking statements". All statements other than statements
of historical fact included in this release, including, without
limitation, statements regarding potential mineralization and
reserves, exploration results, future plans and objectives of
Continental Nickel Limited, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from Continental Nickel Limited's expectations
are the risks detailed herein and from time to time in the filings
made by Continental Nickel Limited with securities regulators.
Information in this announcement relating to exploration results
is based on data collected under the supervision of or compiled by
Patricia Tirschmann, P. Geo., holds the position of Vice President,
Exploration and is a full time employee of Continental Nickel
Limited. Ms. Tirschmann is a registered member of the Association
of Professional Geoscientists of Ontario and has sufficient
relevant experience to qualify as a Competent Person under the 2004
Edition of the Australasian Code for the Reporting of Exploration
Results, Mineral Resources and Ore Reserves. Ms. Tirschmann
consents to the inclusion of the data in the form and context in
which it appears.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Continental Nickel Limited Craig MacDougall, P. Geo.
President and CEO (416) 364-7111 (416) 364-8114 (FAX)
info@continentalnickel.com www.continentalnickel.com
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