El Nino Seeks Joint Venture Partner for Zinc-Lead Exploration Properties in Bathurst Mining Camp, New Brunswick
September 23, 2014 (Source: Marketwired) — – 2072 exploration claim units in proven, highly prospective zinc-lead VMS mining camp
– Seven base metal occurrence targets with historic resources estimates
– State-of-the-Art technical database, including 2013 Fugro airborne gravity dataset
– Greater than 100 DIAGNOS CARDS Targets
– Indicative $8 million program proposed to explore mineralized occurrences and other targets
El Nino Ventures Inc. (“ELN” and the “Company”) (TSX VENTURE:ELN) (OTCQX:ELNOF) (FRANKFURT:E7Q) is pleased to provide an update on its Bathurst Joint Venture Project (“Joint Venture”). The Joint Venture is a 50%:50% joint venture between ELN and Glencore Canada Corporation (GCC) in the prolific Bathurst Mining Camp of New Brunswick, Canada. The Joint Venture seeks a 3rd party partner to explore and develop its properties and, in addition, properties in the Bathurst Camp owned 100% by GCC. In return for funding 100% of a major, multi-year exploration budget, the partner would earn-in to a 50% equity position in the Joint Venture and the GCC 100% owned land. Expressions of Interest will be evaluated from credible and well-funded companies with experienced management and exploration teams, and preferably with experience in the Bathurst camp or other VMS camps elsewhere. A Partnership would provide low-risk access to exploration upside in a highly prospective base metal VMS mining camp, in the safe and secure mining jurisdiction of New Brunswick.
Get our daily investorintel update
Bathurst Joint Venture Project
The Joint Venture consists of 21 claims (1441 Claim Units) covering 29,830 hectares and owned 50%:50% by ELN and GCC in the prolific Bathurst Mining Camp. The GCC 100% owned land consists of 18 claims (631 claim units) covering approximately 13,560 hectares (Figure 1). The claims collectively overlie seven zinc-lead sulphide mineralized occurrences, all of which remain open to exploration. In addition, the joint venture recently received the results of a state-of-the-art airborne gravity survey by Fugro GeoServices Ltd. and a proprietary computer-aided (CARDS) targeting program conducted by DIAGNOS Inc. The majority of the 160 CARDS Targets remain to be explored. A multi-year indicative $8M exploration program is proposed for the exploring the mineralized occurrences for NI43-101 compliant resources and the CARDS Targets and other targets for new discoveries.
Qualified Persons Statement
This news release has been reviewed and approved for technical contents by William Stone, Ph.D., P.Geo. and a Qualified Person under the provisions of National Instrument 43-101.
About El Nino Ventures Inc.
El Nino Ventures Inc. is a base metal exploration and development company with zinc-lead properties in the Bathurst Mining Camp of New Brunswick and a copper project in Africa. In addition to the Bathurst Joint Venture Project with Glencore, ELN has a 35% interest in the Murray Brook Project, a near surface zinc-lead-copper deposit with a positive Preliminary Economic Assessment (for details see ELN’s website at www.elninoventures.com). The remaining 65% interest in Murray Brook is owned by Votorantim Metals Canada Inc., Project Operator and a wholly owned subsidiary of Votorantim Metais, a privately owned company and the second largest mineral resource company in Brazil. ELN also owns 70% of the Kasala copper property in the Democratic Republic of the Congo. In May 2014, ELN entered into an option agreement with MMG Limited whereby the later can acquire the Company’s 70% interest in the Kasala copper property for a total consideration of $6M.
An image is available at the following address: http://media3.marketwire.com/docs/969170a.pdf
About Glencore Canada Corporation
Glencore Canada Corporation is a Canadian subsidiary of Glencore plc, one of the world’s largest diversified natural resource companies. Employing over 200,000 people in 50 countries, Glencore is a globally integrated producer and marketer of commodities.
On Behalf of the Board of Directors,
Harry Barr, Chairman & CEO
El Nino Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements. This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>