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Nevsun Resources Ltd.
Summary
| Project: | Timok | |
|---|---|---|
| Deposit: | Cukaru Peki Upper Zone | |
| Location: | Serbia | |
| Commodities: | Copper-Gold | |
| Date: | 10/17/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 17-10-2016: Nevsun Resources Ltd. announces an Exploration/Drilling Update report for its Cukaru Peki Upper Zone deposit at the Timok project. Drilling results incl. 300.0m @ 5.50% Cu, 3.32g/t Au from 445.0m. Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) | |
| Resources: | (Resource): 1.7Mt @ 13.5% Cu, 10.4g/t Au (Ind.) and 35.0Mt @ 2.9% Cu, 1.7g/t Au (Inf.) | |
| CP/QP: | [Overall Report]: Peter Manojlovic (Internal) | |
| ABSTRACT: | Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) (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 (“Timok Project”) which was part of the 2015 mineral resource up-grade program. 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 (“Timok”) deposit which includes the high grade Upper Zone (characterized by massive and semi-massive sulphide mineralization) and the Lower Zone (characterized by porphyry-style mineralization). 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 (“PEA”) 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 aftertax 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 (refer to the Company’s Information Circular dated May 18, 2016 for PEA details). | |
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