Nuinsco Commences Radon Survey on the Diabase Peninsula Property
April 19, 2013 (Source: Marketwire) Toronto, ON — Nuinsco Resources Limited (“Nuinsco” or the “Company”) (TSX:NWI) (www.nuinsco.ca) today announced that a program of lake sediment and water sampling for radon gas has commenced on the Diabase Peninsula project in the Athabasca Basin, Saskatchewan. Historically radon surveys have been widely employed in the search for uranium mineralization. The current radon survey at Diabase Peninsula is the most recent program on the project where a succession of exploration programs has identified a host of geological, geochemical and geophysical characteristics indicative of a uranium mineralizing event in an environment that has been structurally prepared to host uranium deposits.
The radon gas survey, being conducted by RadonEx, will map the abundance of radium present in lake-bottom sediment and near-bottom lake-water over geophysical targets within the “Rowan Grid” area of the property. Radium distribution around a body of uranium mineralization occurs primarily due to groundwater circulation, develops subsequent to the formation of a uranium deposit and hence is a good indicator of the presence of uranium mineralization. The survey will also map out fault structures which provide conduits for groundwater migration upward and outward from such a deposit; faults which have a very high probability of having played an integral role in structurally controlling and localizing the precipitation of uranium from solution during depositional events.
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The “Rowan Grid” area is located in the northeastern portion of the Diabase Peninsula property where previous ground electromagnetic and gravity surveys indicate the presence of three alteration zones in sandstone, each with dimensions of approximately 500m by 200m, spaced along the length of a sheared graphite-rich and pyrite-bearing conductor which occurs within “basement” rock beneath the sandstone that fills the Athabasca Basin. Each target is considered highly prospective for the occurrence of uranium mineralization at and near the unconformity separating basement assemblage from the near flat lying sandstone. A drill hole completed in 2008 (DDH ND0808) tested one of the three targets and returned a very anomalous and highly encouraging analytical result of 240 parts-per-million (ppm) uranium (U) over a sample length of 0.3m.
Widespread anomalous uranium mineralization, peaking at 707 ppm U, has been measured over kilometres of strike length along the regionally significant Cable Bay Shear Zone that underlies the entire 35km length of the Diabase Peninsula property providing indication of the pervasive and substantial mineralizing event that has affected the rocks in the area.
The 21,959 hectare Diabase Peninsula Project is located approximately 5km north of the southern boundary of the Athabasca Basin in Saskatchewan.
Paul Jones, President, acts as Nuinsco’s Qualified Person under National Instrument 43-101 and has reviewed and approved the technical contents of this news release.
Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada and internationally. In addition to its property holdings, Nuinsco owns common shares in Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI), and a 50% interest in CBay Minerals Inc., a private company that is a dominant player in Quebec’s Chibougamau mining camp whose assets include a permitted mill, tailings facility, eight past producing copper/gold mines and a 96,000 acre land position. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
FORWARD-LOOKING STATEMENTS: This news release contains certain “forward-looking statements.” All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend” and statements that an event or result “may,” “will,” “can,” “should,” “could,” or “might” occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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