Continental Nickel Intersects 2.66% Nickel and 0.60% Copper Over 14.3 Metres and Extends High Grade Zone at Ntaka Hill Projec...
02 November 2011 - 11:30PM
Marketwired Canada
Continental Nickel Limited (TSX VENTURE:CNI) ("CNI" or the "Company") is pleased
to report that additional assays have been received from the on-going drilling
program that commenced in mid-June at Ntaka Hill. Highlights include drill hole
NAD11-238 which intersected Sleeping Giant mineralization grading 2.66% nickel
and 0.60% copper over 14.3 metres and 2.0% Ni and 0.24% Cu over 9.65 metres from
within a wider interval grading 1.40% nickel and 0.29% copper over 43.95 metres.
This intersection is located 100 metres south of previously reported drill hole
NAD10-234 which intersected 2.03% nickel and 0.42% copper over 31.5 metres
(September 13, 2011 Press Release). The project is a 75:25 joint venture between
CNI and IMX Resources Limited ("IMX") of Australia.
The Company is implementing a 14,000 metre drilling program at Ntaka Hill to
expand the current Mineral Resource of Sleeping Giant and to test selected other
targets within the Ntaka intrusion. A total of 8,703 meters have been completed
in twenty-three drill holes and two deepened holes to the end of September.
Results for fourteen drill holes at Sleeping Giant are reported herein and
provided below in Table I. A drill hole location figure may be viewed using the
link provided with this release.
Highlights
-- Sleeping Giant extended up plunge to the north as well as up-dip to the
east.
-- High grade core of Sleeping Giant extended an additional 100 metres down
plunge to the south and remains open to the south.
-- Numerous intersections of disseminated nickel sulphide mineralization
grading between 0.2 and 0.6% nickel over 5-45 metres intersected in the
hanging wall of Sleeping Giant zone within the pit shell used to define
the 2011 Mineral Resource estimate.
Patricia Tirschmann, VP Exploration, commented on the recent drilling results
"On-going drilling has extended Sleeping Giant and, in particular, has confirmed
the continuity of the high grade core down plunge to the south. Continuity of
the high grade core has been demonstrated over a 500 metre strike extent and it
remains open to the south beyond the pit shell used to define the 2011 Mineral
Resource estimate. The drilling has also significantly improved our
understanding of the extent of the disseminated hanging wall sulphide
mineralization which was identified as having the potential to add significant
value to the project in the recently released Preliminary Economic Assessment.
This new information will form the basis of a Mineral Resource estimate update
which we expect to complete in the second quarter of 2012."
Drilling Results
Assay results for fourteen holes are given in Table I. Drill holes are arranged
by drill section starting from the south end of Sleeping Giant and progressing
north. The table includes a summary of intersections for the Sleeping Giant zone
("SGL") as well as various hanging wall ("HW") and footwall ("FW") zones.
Significant results are given in more detail below.
Extension of the High Grade Core to Section 3200N
Drill holes NAD11-237, 238 and 242 were drilled on section 3200N, 100 metres to
the south of hole NAD11-234 which intersected 2.03% nickel and 0.42% copper over
31.5 metres (Press Release September 13, 2011). NAD11-237 was lost at 19.65m and
was re-collared as hole NAD11-238. NAD11-238 intersected a strong and wide zone
of disseminated to net-textured to stringer sulphides which graded 1.40% nickel
and 0.29% copper over 43.95 metres from 359.8 to 403.75 metres. Included within
this zone were two higher grade intervals which returned values of 2.66% nickel
and 0.60% copper over 14.3 metres and 2.00% nickel and 0.24% copper over 9.65
metres.
NAD11-242 was drilled 100 metres up-dip of NAD11-238. As previously reported,
this hole intersected an 18 metre interval of disseminated to locally
net-textured sulphides from 288 to 306 meters which appears to correlate with
the intersection in NAD11-238. Assays are still pending.
The mineralization intersected in holes NAD11-238 and 242 extends the high grade
core of Sleeping Giant by 100 metres down plunge to south and beyond the pit
shell used to define the 2011 Mineral Resource estimate. The high grade core of
the zone remains open to the south and will be the target of future drilling
programs.
Up-Plunge Extension of Sleeping Giant on Section 3800N
Drill holes NAD11-239 and NAD11-241 tested for the up-plunge extension of
Sleeping Giant on section 3800N. NAD11-239 intersected 0.31% nickel and 0.06%
copper over 73.40 metres from 31.7 to 105.10 metres and 0.84% nickel and 0.21%
copper over 5.20m from 212.15 to 217.35 metres.
Drill hole NAD11-241, located 100 metres down-dip of NAD11-239, intersected a
7-10 metre long interval of disseminated sulphides for which assays are still
pending.
These holes will extend Sleeping Giant by an additional 100 metres up plunge to
the north.
Up-Dip Extension of Sleeping Giant on 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 disseminated nickel sulphides grading 0.26% nickel and
0.05% copper over 21.0 metres from 62 to 83 metres and 0.44% nickel and 0.10%
copper over 22.5 metres from 90 to 112.5 metres as well as disseminated, blebby
and stringer sulphides grading 0.41% nickel and 0.11% copper over 56.30 meters
from 136 to 192.3 metres.
Drill hole NAD11-233 was drilled to test 100 metres down-dip of hole NAD11-226
and intersected disseminated nickel sulphides grading 0.67% nickel and 0.13%
copper over 23.25 metres from 124.0m to 147.25 metres and disseminated to blebby
sulphides grading 1.13% nickel and 0.22% copper over 11.85 metres from 279.8 to
291.65 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.
Drilling on this section confirms the extension of Sleeping Giant 100 metres
up-dip and down-dip of the 2010 drilling and the zone remains open up-dip to the
east.
Hanging Wall Disseminated Sulphide Mineralization
Disseminated nickel sulphides have been intersected in the hanging wall of
Sleeping Giant on all drill sections and represent mineralization identified as
being potentially economic in the recently released Preliminary Economic
Assessment (Press Release October 5, 2011). These intersections typically
returned values ranging from 0.2 to 0.6% nickel over widths of 5 to 45 metres
and lie within the pit shell used to define the 2011 Mineral Resource estimate.
These intersections will be included in the updated geological interpretation
and Mineral Resource estimate to be carried out at the conclusion of the 2011
drilling program.
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 42,738,508 common shares issued
and outstanding (50,956,914 on a fully-diluted basis) and trades on the TSX
Venture Exchange under the symbol CNI. The Company remains well funded with over
C$13.6 million in the treasury as at June 30, 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 Assay Results
Sleeping Giant Zone, Ntaka Hill
----------------------------------------------------------------------------
Location
East/
Drill North
hole UTM: Length From To Interval % %
(NAD11-) WGS84 Az /Dip (m) (m) (m) (m) Ni Cu Zone
----------------------------------------------------------------------------
Section
3200N
----------------------------------------------------------------------------
237 450154mE 090 / -79 19.65 Hole lost
8883200mN and
re-collared
as
NAD11-238
----------------------------------------------------------------------------
238 450154mE 90 / -79 466.50 293.40 339.00 45.60 0.29 0.08 HW
8883198mN 359.80 403.75 43.95 1.40 0.29 SGL
Incl.
359.80 374.10 14.30 2.66 0.60
389.00 398.65 9.65 2.00 0.24
Incl.
396.90 398.65 1.75 7.90 0.93
443.20 458.00 14.80 0.38 0.07 FW
Incl.
448.00 454.00 6.00 0.58 0.09
----------------------------------------------------------------------------
242 450155mE 090 / -64 433.40 (i) (i) HW/
8883198mN SGL
----------------------------------------------------------------------------
Section
3300N
----------------------------------------------------------------------------
231 449984mE 100 / -83 496.65 225.00 239.00 14.00 0.47 0.06 HW
8883300mN Incl.
226.50 229.70 3.20 1.37 0.19
280.00 285.00 5.00 0.45 0.08 HW
289.00 292.75 3.75 0.71 0.14 HW
307.30 322.00 14.70 0.32 0.12 HW
357.00 361.00 4.00 0.39 0.08 SGL
384.10 390.50 6.40 0.48 0.11 SGL
----------------------------------------------------------------------------
234 450151mE 100 / -79 388.85 242.00 279.00 37.00 0.33 0.07 HW
8883300mN Incl.
260.00 274.00 14.00 0.55 0.11
----------------------------------------------------------------------------
235 450199mE 100 / -71 364.50 159.80 173.00 13.20 0.33 0.07 HW
8883300mN Incl.
163.00 168.00 5.00 0.61 0.11
218.60 226.45 7.85 0.37 0.11 SGL
Incl.
218.60 219.10 0.50 0.82 0.30
224.20 226.45 2.25 0.61 0.20
----------------------------------------------------------------------------
Section
3400N
----------------------------------------------------------------------------
229 449906mE 090 / -63 520.45 362.00 365.35 3.35 0.89 0.32 HW
8883400mN Incl.
362.00 362.65 0.65 3.40 1.15
420 422 2.00 0.51 0.16 SGL
----------------------------------------------------------------------------
Section
3500N
----------------------------------------------------------------------------
228 449964mE 090 / 478.10 Wedge (i) (i) HW/
8883500mN -75.5 completed SGL
----------------------------------------------------------------------------
Section
3600N
----------------------------------------------------------------------------
227 450212mE 090 / -63 109.20
(iii) 8883599mN 26.00 36.00 10.00 0.29 0.06 HW
----------------------------------------------------------------------------
230 449960mE 090 / -68 385.55 121.40 127.00 5.60 0.52 0.12 HW
8883600mN 138.20 178.00 39.80 0.28 0.05 HW
232.00 249.00 17.00 0.26 0.07 HW
262.00 303.00 41.00 0.32 0.10 SGL
Incl.
262.00 274.00 12.00 0.46 0.11
294.00 301.00 7.00 0.50 0.17
----------------------------------------------------------------------------
Section
3700N
----------------------------------------------------------------------------
232 450167mE 095 / -66 217.60 62.00 83.00 21.00 0.26 0.05 HW
8883700mN 90.00 112.50 22.50 0.44 0.10 HW
Incl.
90.00 98.00 8.00 0.81 0.17
136.00 192.30 56.30 0.41 0.11 SGL
Incl.
169.20 192.30 23.10 0.53 0.16
209.00 214.00 5.00 0.55 0.10 FW
----------------------------------------------------------------------------
233 449990mE 100 / -69 371.05 103.70 113.30 9.60 0.39 0.10 HW
8883700mN 124.00 147.25 23.25 0.67 0.13 HW
Incl.
127.00 137.00 10.00 1.13 0.22 SGL
279.80 291.65 11.85 1.13 0.22
Incl.
281.50 287.50 6.00 1.72 0.32
----------------------------------------------------------------------------
236 449900mE 105 / -73 434.00 NSA NSA HW
8883700mN NSA NSA SGL
----------------------------------------------------------------------------
Section
3800N
----------------------------------------------------------------------------
239 450096mE 095 / -73 253.6 17.40 23.00 5.60 0.32 0.09 HW
8883800mN 31.70 105.10 73.40 0.31 0.06 HW
Incl.
31.70 55.10 23.40 0.57 0.10
162.50 176.00 13.50 0.23 0.05 HW
180.00 185.00 5.00 0.60 0.10 HW
212.15 217.35 5.20 0.84 0.21 SGL
----------------------------------------------------------------------------
241 449946mE 090 / -55 328.00 (i) (i) HW/
8883800mN SGL
----------------------------------------------------------------------------
Section
3875N
----------------------------------------------------------------------------
240 450090mE 090 / -70 250.50 16.95 32.10 15.15(ii) 0.46 0.04 HW
8883877mN 32.10 57.60 25.50 0.30 0.05 HW
79.00 108.00 29.00 0.29 0.08 HW
NSA NSA SGL
----------------------------------------------------------------------------
Notes:
(i) Assays Pending
(ii) Mineralized Zone Oxidized
(iii) Attempts to recover hole failed, re-drill planned
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
HW = Hanging Wall
FW = Foot Wall
SGL = Sleeping Giant Zone
To view the figure associated with this release, please visit the following
link: http://media3.marketwire.com/docs/CNIfigure1102.pdf.
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