Nevsun and its subsidiaries are collectively referred to as “Nevsun” or the “Company” is pleased to announce new assay results from drilling of the Upper Zone at the Company’s Timok copper-gold project which was part of the 2015 mineral resource up-grade program.
Drilling continues to confirm continuity and the high-grade nature of the Upper Zone
New massive and semi-massive sulphide intersections include:
TC150099: 248.0m @ 6.37% Cu, 3.19g/t Au, including 87.0m @ 11.95% Cu, 5.35g/t Au
TC150078: 300.0m @ 5.50% Cu, 3.32g/t Au, including 40.0m @ 18.83% Cu, 10.61g/t Au
TC150105: 220.0m @ 3.12% Cu, 3.83g/t Au, including 42.0m @ 11.11% Cu, 16.70g/t Au
TC150094: 188.0m @ 4.03% Cu, 4.24g/t Au, including 27.0m @ 12.21% Cu, 15.26g/t Au
Vertical holes designed to intersect the high grade upper portion of the mineralization at near perpendicular orientation
Additional 30,000m of drilling in progress to further improve confidence in the resource
Nevsun CEO Cliff Davis commented, “The assays reported today continue to demonstrate the high grade nature of the Timok mineralization. These holes were drilled prior to the Company acquiring its interest in the Timok Project and were recently assayed after the ownership changed. In addition to the 30,000 metres of ongoing drilling, the results from these holes will be included in the model used to generate a new resource for the pre-feasibility study due in September 2017.”
The Timok Project is located in eastern Serbia near the Bor mining and smelting complex. The Project is focussed on the Cukaru Peki deposit which includes the high grade Upper Zone and the Lower Zone. The Upper Zone has an extremely high copper and gold content consisting of 1.7 million tonnes of indicated resource grading 13.5% copper and 10.4 g/t gold and 35.0 million tonnes of inferred resource grading 2.9% copper and 1.7 g/t gold.
A Preliminary Economic Assessment on the Upper Zone was completed by the prior owner in March, 2016, without having the assay results in this news release included in the assessment. Using a 1.0% copper cut-off grade, the PEA indicated an after-tax NPV8 of US$1.63 billion and after-tax IRR of 106%, using US$3.00 per pound copper and US$1,200 per ounce gold.
Drill core samples were collected in accordance with protocols that are compatible with accepted industry procedures and best practice. The Company conducts its own analysis of QAQC generated by the systematic inclusion of certified reference materials, blank samples and duplicate samples. The analytical results from the quality control samples have been evaluated and have been demonstrated to conform to best practice standards.
Mr. Peter Manojlovic, P.Geo., Nevsun’s VP Exploration, is a Qualified Person as defined by NI 43-101. Mr. Manojlovic has reviewed the technical content of this press release and approved its dissemination.