Continental Nickel Limited (TSX VENTURE: CNI) ("CNI" or the
"Company") is pleased to report that assays are now starting to be
received from the drilling program that commenced in mid-June.
Highlights include drill hole NAD11-234 which intersected Sleeping
Giant mineralization grading 2.03% nickel and 0.42% copper over
31.5 metres from within a wider interval grading 1.62% nickel and
0.36% copper over 47.0 metres. This intersection represents one of
the best sulphide intersections to date at Ntaka Hill and is
located 200 metres south of the drill hole NAD10-220 which
intersected 2.58% nickel and 0.41% copper over 23.3 metres in 2010.
The project is a 75:25 joint venture between CNI and IMX Resources
Limited ("IMX") of Australia.
The Company is implementing a CDN$8.775 million work program on
the Nachingwea project in 2011, including CDN$5.525 million for
exploration and CDN$3.25 million for technical studies to 1) expand
the current Mineral Resource of the Sleeping Giant zone; 2) advance
the Ntaka Hill nickel-copper sulphide deposits towards mine
development and 3) generate and explore priority targets on the
regional land holdings. The work program includes approximately
14,000 metres of diamond drilling at Ntaka Hill to extend the
Sleeping Giant zone by step out drilling on 100 metre centres, test
several other priority targets within the Ntaka ultramafic
intrusion and provide metallurgical samples for the scoping
study.
The 2011 drilling program, utilizing two diamond drill rigs,
began on June 15th with 5,495 metres completed in seventeen holes
to late August. Sixteen holes have tested the Sleeping Giant zone
and one 2008 drill hole was deepened to test an exploration target
south of H zone. Initial drilling on the Sleeping Giant zone
experienced technical problems resulting in general delays and
several holes not reaching target depths. These issues have been
resolved.
Assay results have been received for the deepened hole south of
H zone and one of the Sleeping Giant drill holes. Partial assay
results have been received for three additional Sleeping Giant
holes. Assay results received to date, as well as location and
geological context for the seventeen holes noted above, are
reported herein and provided below in Table I. A drill hole
location figure may be viewed using the link provided with this
release.
Patricia Tirschmann, VP Exploration, commented on the drilling
program to date "Each new drill hole is providing valuable
information on the nature, extents and structural control of the
Sleeping Giant zone. The recent intersection in hole NAD11-234
further enforces our interpretation that a higher grade core to the
zone exists and can be traced over a strike length of at least 500
metres from drill hole NAD10-226 in the north to hole NAD11-238 in
the south. The 2011 drilling is expected to result in extensions to
both the higher grade and lower grade portions of the Sleeping
Giant zone. In addition, we continue to intersect zones of
disseminated sulphide mineralization which lie above the Sleeping
Giant zone within areas designated as "waste" in the pit shell
defined by the April 2011 Mineral Resource."
Sleeping Giant Zone
Section 3600N
Drill hole NAD11-227 was drilled 100 metres up-dip of hole
NAD10-225 and was stopped at 109.2 metres when the core barrel was
lost down hole. This hole did not reach the expected depth of the
Sleeping Giant zone and up-dip drill testing on the section is
still to be completed. Partial assays have been received as shown
in Table I.
Hole NAD11-230 was drilled 100 metres down-dip of hole NAD10-224
and intersected various zones of weakly disseminated sulphides
within the upper portion of the hole for which assays are pending.
A large unit of felsic gneiss was intersected near the bottom of
the hole at the anticipated depth of the Sleeping Giant zone.
Section 3500N
Drill hole NAD11-228 was drilled to test 100 metres down-dip of
hole NAD10-220 which intersected 2.58% nickel and 0.41% copper over
23.3 metres in 2010. NAD11-228 was stopped short of the Sleeping
Giant zone at 382 meters when the core barrel was lost down hole. A
number of zones of disseminated sulphide mineralization were
intersected including a 59 metre interval from 305 to 363 metres
which graded 0.40% nickel and 0.09% copper including 9.05 metres
grading 0.63% nickel and 0.12% copper. This wide zone of
mineralization may represent the Sleeping Giant zone intersected
more shallowly than expected.
Completion of hole NAD11-228 to target depth is planned and will
be attempted by setting a wedge near the bottom of the hole in
order to drill past the core barrel.
Section 3400N
Drill hole NAD11-229 was drilled 100 metres down-dip of hole
NAD10-211 which intersected 1.07 % nickel and 0.19% copper over
19.1 metres in 2010. NAD11-229 deviated off section with the end of
hole located approximately 80 metres to the north. Various zones of
disseminated sulphides were intersected throughout the hole, the
most significant of which were a 14.2 metre interval grading 0.73%
nickel and 0.14% copper from 264.2 to 278.4 metres and a 6.95 metre
interval grading 0.51% nickel and 0.15% copper from 287.05 to 294
metres. These two intersections are interpreted to correlate with
the Sleeping Giant zone, intersected more shallowly than expected
as seen in hole NAD11-228. Final assay results are pending for the
bottom portion of this hole.
Section 3300N
Drill hole NAD11-231 was drilled to test 100 metre down-dip of
drill hole NAD07-023EXT which intersected disseminated nickel
mineralization grading 0.64% nickel and 0.12% copper over 80 metres
in 2010. NAD11-231 intersected various metre scale intervals of
weakly disseminated sulphide mineralization throughout the hole,
the lowermost of which correspond to the Sleeping Giant zone.
Assays are pending.
Hole NAD11-234 was drilled to test 100 metres up dip of
NAD07-023EXT. This hole intersected a wide zone of Sleeping Giant
mineralization consisting of disseminated to blebby sulphides as
well as partially remobilized sulphide stringers which graded 1.62%
nickel and 0.36% copper over 47.0 meters including a higher grade
interval grading 2.03% nickel and 0.42% copper over 31.5 meters.
NAD11-234 is located 200 metres south of the hole NAD11-220 (2.58%
nickel and 0.41% copper over 23.3 metres) and 100 metres south of
hole NAD10-216 (1.22 % nickel and 0.21% copper over 15.9 metres).
The mineralization in hole NAD11-234 is one of best intersections
obtained to date at Ntaka Hill. Final assays are pending for the
upper portion of this hole.
NAD11-235 was drilled 100 metres up-dip of hole NAD11-234 and
intersected various metre scale zones of disseminated sulphides
including a 9 metre interval from 219 to 228 metres which
correlates with the Sleeping Giant zone. Assays are pending.
Sections 3200N
Drill holes NAD11-237, 238 and 242 were drilled 100 metres to
the south on section 3200N to test for the down-plunge extension of
the Sleeping Giant zone. NAD11-237 was lost at 19.65m and was
re-collared as hole NAD11-238. NAD11-238 intersected two separate
mineralized intervals, including a 15 metre interval from 360 to
375 metres and a 9 metre from 395 to 404 metres, consisting of
disseminated to net-textured to stringer sulphides as well as
narrow massive sulphide veins. These two intervals are similar in
appearance to the mineralization intersected in hole NAD11-234.
NAD11-242 was drilled 100 metres up-dip of NAD11-238 and
intersected an 18 metre interval of disseminated to locally
net-textured sulphides from 288 to 306 meters which correlates with
the Sleeping Giant zone.
Mineralization intersected in holes NAD11-238 and 242 represent
an additional 100 metre down plunge extension to the Sleeping Giant
zone. Assays are pending.
Section 3700N
Drill hole NAD11-232 was drilled to test 100 metres up-dip of
hole NAD11-226 which intersected 2.28% nickel and 0.57% copper over
17.25 metres in 2010. NAD11-232 intersected a 48 metre interval
from 143 to 191 metres consisting of disseminated, blebby and
stringer sulphides which is interpreted to represent the up-dip
extension of the Sleeping Giant zone.
Drill hole NAD11-233 was drilled to test 100 metres down-dip of
hole NAD11-226 and intersected a 7 metre interval of disseminated
to blebby sulphides from 282 to 289 metres corresponding to the
Sleeping Giant zone. This hole also intersected an additional 7
metre interval of disseminated to net-textured sulphides located
150 metres up-hole of the Sleeping Giant zone from 127 to 134
metres.
Hole NAD11-236 was drilled 100 metres down-dip of hole NAD11-223
and did not intersect significant widths of ultramafic rock or
mineralization.
Assays are pending.
Section 3800N
Drill hole NAD11-239 was drilled to test for the up-plunge
extension of the Sleeping Giant zone and, similar to hole
NAD11-233, intersected two separate zones of mineralization. The
upper zone consisted of 24 metres of disseminated sulphides from 32
to 56 metres and the lower zone comprised 12 metres of disseminated
to blebby sulphides from 212 to 224 metres. The lower zone is
interpreted to correlate with the Sleeping Giant zone.
Hole NAD11-241 was drilled to test 100 metres down-dip of
NAD11-239 and intersected several zones of disseminated sulphides
including a 7 metre interval from 303 to 310 metres which
represents the down-dip extension of the Sleeping Giant zone.
Assays are pending.
Sections 3875N
Drill hole NAD11-240 was drilled to test a bore hole EM anomaly
located down-dip of L zone and also to test for the up-plunge
extension of the Sleeping Giant zone. This hole intersected several
zones of disseminated sulphides between 83 and 105 metres which
explain the bore hole EM anomaly and may correlate with the upper
sulphide intersections in holes NAD11-233 and 239. Assays are
pending.
Exploration Target South of H Zone
Drill hole NAD08-171EXT was deepened by 74.5 meters from 212 to
286.5 meters in order to test for "Sleeping Giant-type"
mineralization south of H zone. In 2008, this hole intersected
0.63% Ni over 4.0m in mineralized peridotite occurring at the
former end of hole. This mineralization did not extend from the
point of hole deepening. However, the hole did intersect 2.85
metres of disseminated, net-textured and stringer sulphide from
259.40 to 262.25 metres which graded 1.57% nickel and 0.27%
copper.
Preliminary bore hole electromagnetic (BHEM) survey results
indicate that a weak in-hole anomaly detected at 260 meters is
associated with this mineralization. The conductor associated with
this anomaly is centered both down-dip and south of NAD08-171EXT
and is interpreted to lie on the same plane as mineralization
intersected in hole NAD08-119 (3.56% Ni & 0.61% Cu / 0.70
metres) at I Target located 300 metres up-dip to the east. The BHEM
results also show a building off-hole anomaly beyond the end of
hole NAD08-171EXT. This anomaly is interpreted to be caused by a
moderate to strong conductor located both down-dip and south of the
hole. Additional drilling will be required to more fully test these
new targets.
Qualified Persons
The quality control, technical information and all aspects of
the exploration program are supervised by Patricia Tirschmann, P.
Geo., Vice President, Exploration for CNI. Ms. Tirschmann is a
qualified person as defined by National Instrument 43-101. The
information in this release was prepared under the direction of
Dave Massola, President and CEO for Continental Nickel Limited.
Quality Control
The drilling was completed by Tandrill Limited of Tanzania.
Drill core samples (NQ) are cut in half by a diamond saw on site.
Half of the core is retained for reference purposes. Samples are
generally 1.0 metre intervals or less at the discretion of the site
geologists. Sample preparation is completed at the ALS Chemex
preparation lab in Mwanza, Tanzania. Sample pulps are sent by
courier to the ALS Chemex analytical laboratory in Vancouver,
Canada. Blank samples and commercially prepared and certified Ni
sulphide analytical control standards with a range of grades are
inserted in every batch of 20 samples or a minimum of one per
sample batch. Analyses for Ni, Cu and Co are completed using a
peroxide fusion preparation and ICP-AES finish (Analytical Code
ME-ICP81). Analyses for Pt, Pd, and Au are by fire assay with an
ICP-AES finish (Analytical Code PGM-ICP23).
About Continental Nickel Limited
Continental is focused on the exploration, discovery and
development of nickel sulphide deposits in geologically
prospective, but under-explored regions globally. The Company's key
asset is its 75% interest in the Nachingwea project in Tanzania,
where Mineral Resources (Measured and Indicated) have been
estimated at 60,900 tonnes of contained nickel, and an additional
131,000 tonnes of contained nickel in Inferred Mineral Resources
(CNI press release April 15, 2011). The project is a 75:25
exploration joint venture between the Company and IMX Resources
Limited.
The Company also has an option to joint venture on the St.
Stephen project in New Brunswick, Canada where the 2010 diamond
drill program discovered new Ni-Cu sulphide zones.
As at the date of this release, the Company has 42,713,508
common shares issued and outstanding (51,031,914 on a fully-diluted
basis) and trades on the TSX Venture Exchange under the symbol CNI.
The Company remains well funded with over C$8.7 million in the
treasury as at March 31, 2011.
On behalf of Continental Nickel Limited
Dave Massola, President and CEO
CAUTIONARY STATEMENT: 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,
potential or estimated metal recoveries, resources and reserves,
exploration results, future plans and objectives of Continental
Nickel Limited, is forward-looking information that involves
various risks and uncertainties. There can be no assurance that
such information will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such information. 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., who 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.
Table I: Summary of Holes Completed and Recent Assay Results
Ntaka Hill, Nachingwea Project, Tanzania.
----------------------------------------------------------------------------
Drill Location Az / Dip Length From To Interval % Ni % Cu % Co
hole East/ North (m) (m) (m) (m)
(NAD11-) UTM:WGS84
----------------------------------------------------------------------------
Sleeping Giant Zone, Ntaka Hill
----------------------------------------------------------------------------
227(ii) 450212mE 090 / -63 109.20 23.00 23.40 0.40 0.82 0.92 0.03
8883600mN
Hole not completed to target depth;
wedge or re-drill planned
----------------------------------------------------------------------------
228 449964mE 090 / 382.00 247.65 252.00 4.35 0.41 0.08 0.02
8883500mN -75.5
305.00 364.00 59.00 0.40 0.09 0.01
Incl.
354.95 364.00 9.05 0.63 0.12 0.02
Hole not completed to target depth;
wedge planned
----------------------------------------------------------------------------
229(ii) 449906mE 090 / -63 520.45 246.00 249.00 3.00 0.66 0.09 0.01
8883400mN
264.20 278.40 14.20 0.73 0.14 0.02
287.05 294.00 6.95 0.51 0.15 0.02
326.30 327.00 0.70 1.52 0.88 0.03
----------------------------------------------------------------------------
230 449960mE 090 / -68 385.55 (i) (i) (i)
8883600mN
----------------------------------------------------------------------------
231 449987mE 100 / -83 496.65 (i) (i) (i)
8883300mN
----------------------------------------------------------------------------
232 450167mE 095 / -66 217.60 (i) (i) (i)
8883700mN
----------------------------------------------------------------------------
233 449990mE 100 / -69 371.10 (i) (i) (i)
8883700mN
----------------------------------------------------------------------------
234(ii) 450150mE 100 / -79 388.85 309.00 356.00 47.00 1.62 0.36 0.03
8883300mN Incl.:
313.50 345.00 31.50 2.03 0.42 0.04
362.00 364.00 2.00 1.33 0.20 0.03
----------------------------------------------------------------------------
235 450198mE 100 / -71 364.50 (i) (i) (i)
8883300mN
----------------------------------------------------------------------------
236 449900mE 105 / -73 434.00 (i) (i) (i)
8883700mN
----------------------------------------------------------------------------
237 450154mE 090 / -79 19.65 Hole lost and re-collared as NAD11-238
8883200mN
----------------------------------------------------------------------------
238 450154mE 090 / -79 466.50 (i) (i) (i)
8883198mN
----------------------------------------------------------------------------
239 450096mE 095 / -73 253.00 (i) (i) (i)
8883800mN
----------------------------------------------------------------------------
240 450090mE 090 / -70 250.00 (i) (i) (i)
8883877mN
----------------------------------------------------------------------------
241 449946mE 090 / -55 328.00 (i) (i) (i)
8883800mN
----------------------------------------------------------------------------
242 450155mE 090 / -64 433.40 (i) (i) (i)
8883198mN
----------------------------------------------------------------------------
Exploration Target South of H Zone, Ntaka Hill
----------------------------------------------------------------------------
NAD08-171 450592mE 050 / -61 286.45 259.40 262.25 2.85 1.57 0.27 0.07
EXT 8883115mN (deep- Incl.:
ened by 259.65 260.30 0.65 3.84 0.79 0.08
74.50m)
----------------------------------------------------------------------------
Note:
(i) - Assays Pending
(ii) - Additional Assays Pending
Intervals represent core lengths, not necessarily true widths.
Pt, Pd and Au assay results are not reported because in general, they are
less than 1.0 g/t on a combined basis.
NSA - No Significant Assays
To view a drill hole location figure, please visit the following
link: http://media3.marketwire.com/docs/CNIfig1.jpg.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
Contacts: Continental Nickel Limited Dave Massola President and
CEO (905) 815-0533 (ext 228) (905) 815-0532 (FAX) Continental
Nickel Limited Patricia Tirschmann Vice President, Exploration
(905) 815-0533 (ext 224) (905) 815-0532 (FAX)
info@continentalnickel.com www.continentalnickel.com
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