Nuinsco Resources Limited (TSX:NWI) today announced that its 50%-owned subsidiary CBay Minerals Inc. has enhanced its position in the Chibougamau mining camp by acquiring the Devlin copper project. Devlin is an advanced-stage, shallow, flat-lying, copper deposit located approximately 35 km southeast of the town of Chibougamau and easily accessible from the existing road network. Devlin has the potential to be a feed source for CBay’s Copper Rand mill in the near term.
The Devlin property covers a small high-grade copper deposit. The mineralization is primarily chalcopyrite in a brecciated zone with quartz/carbonate sulphide veins, about 50 to 80 metres below the surface. Access is via a 350 metre decline and over 600 metres of exploration drifts, developed in the 1980s. In 1982, a bulk sample of 18,000 tons grading 3.72% copper was processed at a mill in Chibougamau with recoveries reported in the mid-90% range (historic results reported by Watts Griffiths and McOuat Limited in 1995. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources; the issuer is not treating the historical estimate as current mineral resources). This WGM report also stated that proven and probable reserves were 161,000 tons at 3.38% copper, measured and indicated resources were 165,000 tons at 3.95% copper and inferred resources were 100,000 tons at 3.69% copper. The Devlin deposit has not been explored at depths below 125 metres.
“CBay’s plans are to assess the potential of the Devlin copper mineralization to provide feed for its Copper Rand mill and to supplement future production from CBay’s partially-developed, high-grade Corner Bay copper project located about 45 km south of Chibougamau which is also very close to the Devlin copper deposit,” said CBay’s CEO Roland Horst.
CBay has paid $363,000 to acquire 100% of the Devlin property from Lake Shore Gold Corp. (“Lake Shore”) and Rio Algom Exploration Limited (“Rio Algom”), a subsidiary of BHP Billiton. A 2% NSR (1.1% Lake Shore, 0.9% Rio Algom) has been retained by the vendors on the gross value of the mineral products from the Devlin property exceeding $60 million. Paul Jones, President of Nuinsco, acts as a Qualified Person under National Instrument 43-101 and has reviewed and approved the technical contents of this news release.
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares in Coventry Resources Limited (TSX:CYY) and Victory Nickel Inc. (TSX:NI), and a 50% interest in CBay Minerals Inc. (50% Nuinsco, 50% Ocean Partners Investments Limited), a private company that is a dominant player in Quebec’s Chibougamau mining camp with assets including a permitted mill and 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.
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