Continental Nickel Limited (TSX VENTURE: CNI) ("Continental" or the
"Company") is pleased to report the final assay results from the
remaining eight drill holes of the twenty-two hole 2009 drilling
program at the Nachingwea Project in Tanzania. The Nachingwea
Project is a 70:30 Joint Venture between Continental Nickel and IMX
Resources Limited ("IMX") of Australia. Highlights include multiple
intervals of sulphide mineralization intersected in three drill
holes drilled along a 300 metre strike length of Anomaly C at Ntaka
Hill. Assay results include 1.54% nickel and 0.33% copper over 3.8
metres, within a wider 7.6 metre interval grading 1.06% nickel and
0.30% copper in drill hole NAD09-181. Narrow intervals of high
grade sulphide mineralization were also intersected, including 0.8
meters grading 3.05% nickel and 0.38% copper in NAD09-181 and 4.84%
nickel and 0.80% copper over 0.25 metres in drill hole NAD09-185.
Subsequent bore hole EM (BHEM) surveys completed in two of these
holes indicate that the drill holes intersected the edge of the
targeted conductor and associated sulphide mineralization.
In 2009, thirty-five airborne VTEM targets were evaluated by
ground geophysical EM surveying from 25 fixed loops, totalling 98.7
line kilometres of survey. Twenty eight targets and areas
(including six targets covered with ground EM surveys) were also
explored with geological mapping and soil and stream geochemical
sampling surveys (545 soil and 89 stream sediment samples
collected) for which assay results have yet to be received.
A drill program completed during September and October 2009
tested eleven EM anomalies with twenty-two drill holes totalling
3,922.9 metres. Results from fourteen drill holes, totalling
2,311.9 metres, were reported previously (see press release dated
November 24, 2009) and the remaining eight drill holes totalling
1,611.0 metres are reported herein (Table I). Drill hole and target
locations are shown on the attached figures.
Ntaka Hill
As reported previously, drill testing of a 500 metre long, high
conductance EM anomaly (referred to as Anomaly C) intersected
multiple zones of nickel-rich, sulphide mineralization highlighted
by drill hole NAD09-180 which intersected a 9.0 meter interval of
disseminated, net-textured to massive, sulphide mineralization
grading 1.64% nickel and 0.29% copper. Included within this
interval was a higher grade massive sulphide section grading 4.31%
nickel and 0.60% copper over 2.4 metres (see press release November
24, 2009).
Additional drilling along the strike of Anomaly C (drill holes
181, 182 and 185, reported herein) intersected various multiple
zones of disseminated, net textured, or semi-massive sulphides
along a 300 metre strike length of the anomaly. Drill hole 181,
drilled 200 metres south of drill hole NAD09-180 and near the
mid-point of the anomaly, intersected three zones of sulphide
mineralization including 7.6 metres grading 1.06% nickel and 0.30%
copper, which includes a 3.80 metre interval grading 1.54 % nickel
and 0.33% copper; 0.80 metres grading 3.05% nickel and 0.38% copper
and a lower 6.15 metre interval grading 0.57% nickel and 0.12%
copper. The drill hole is thought to have intersected the edge of
the sulphide body previously intersected by discovery drill hole
NAD09-180. A subsequent bore hole EM survey detected a strong off
hole EM anomaly centered to the south and west of the drill
hole.
Drill hole NAD09-182, drilled 50 metres south of drill hole
NAD09-180 and 150 metres north of hole NAD09-181, intersected
multiple zones of sulphide mineralization similar to that
intersected in drill hole NAD09-181. Assay results include 0.63%
nickel and 0.16% copper over 9.1 metres, including 1.91 % nickel
and 0.55% copper over 1.05 metres. A borehole EM survey of the
drill hole also indicates that the hole intersected the edge of the
sulphide body which is centered to the east and north of the drill
hole.
Drill hole NAD09-185 was drilled 100 metres south of drill hole
NAD09-181 and is the southernmost hole to test Anomaly C. This
drill hole also intersected numerous zones of nickel-bearing,
disseminated, net-textured to narrow semi-massive sulphide
mineralization similar to holes NAD09-180 and 181, including a
narrow zone of semi-massive sulphide grading 4.84% nickel and 0.80%
copper over 0.25 metres. Although this drill hole has yet to be
surveyed with bore hole EM, the style of mineralization is again
suggestive of an edge type intersection.
Two drill holes were also completed in the area of Anomaly B.
Drill hole NAD09-184 was drilled 50 metres up dip of drill hole
NAD09-177 which intersected a sulphide interval grading 1.64%
nickel and 0.29% copper over 3.0 metres (previously reported).
Drill hole NAD09-184 did not intersect any sulphide mineralization
up dip of drill hole NAD09-177. Drill hole NAD09-183 tested a
parallel conductor to the west of the sulphide zone intersected in
drill hole NAD09-177 and intersected a narrow sulphide zone grading
1.19% nickel and 0.50% copper over 2.0 metres. A bore hole EM
survey of this drill hole indicates that the hole intersected the
edge of a conductor centered south of the drill hole.
Lionja
As previously reported, drill hole NRD09-019 was drilled to a
depth of 392.3 metres to test a strong off-hole conductor at depth,
which was detected in the BHEM survey of drill hole NAD016. The
hole intersected numerous bands of graphitic gneiss with minor
amounts of pyrrhotite at the target depth for which assays were
pending at the time of the last press release. Assay results have
since been received and no significant concentrations of nickel or
copper were detected at the target depth. The drill hole did,
however, intersect some narrow zones of sulphide mineralization at
shallow depths including 1.05% nickel and 0.15% copper over 0.25
metres. This shallow mineralization is thought to be related to a
south dipping zone of sulphide mineralization intersected in a
number of previous drill holes as shown on the attached figure for
the Lionja area. This sulphide zone may be improving down dip at
depth as reflected by the sulphide intersection from drill hole
LID08-005EXT which graded 2.03% nickel and 0.41% copper over 2.25
metres (reported in press release dated November 24, 2009).
Regional Targets
Assay results from two final drill holes completed to test
regional targets have been received. At the Ntaka 10 target area, a
second drill hole, NAD09-020 was completed to test an off-hole BHEM
anomaly from a first hole (NAD09-015 previously reported) which
intersected a sulphide bearing ultramafic intrusion with only low
nickel and copper concentrations. Drill hole NAD09-020 also
intersected a 23.0 metre interval of ultramafic rock with
intermixed graphite and 1-10% pyrrhotite at the target depth. Assay
results confirmed only low concentrations of nickel and copper
associated with the ultramafic.
At the Mnero 1 target area, drill hole NRD09-016 was drilled to
a depth of 257.3 metres to test a deep conductive anomaly. The
drill hole intersected a 33 metre interval of semi-massive graphite
at the target depth. No significant assay results were
received.
Craig MacDougall, President & CEO of Continental Nickel
Limited, reported "we are very encouraged that wide step out
drilling to evaluate the Ntaka C anomaly along strike has continued
to intersect numerous zones of nickel bearing sulphide
mineralization in the central portion of the Ntaka intrusion. This
includes high grade massive sulphide mineralization as intersected
in the discovery drill hole NAD09-180. The latest drilling south of
the discovery hole appears to have intersected the edge of a
potential sulphide body and more drilling is planned in 2010 to
fully evaluate the size and grade of this zone. With the receipt of
these final drill results and soon the regional geochemical
sampling results, the exploration team will now begin work on new
target selection for exploration during the 2010 regional
exploration program, as well as continuing exploration on
identified targets to expand the defined Mineral Resources at Ntaka
Hill."
Qualified Persons
The quality control, technical information and all aspects of
the exploration program were supervised by Patricia Tirschmann, P.
Geo., Vice President, Exploration for CNI. The information in this
release was prepared under the direction of Craig MacDougall, P.
Geo., President and Chief Executive Officer for Continental Nickel
Limited. Both Ms. Tirschmann and Mr. MacDougall are qualified
persons as defined by National Instrument 43-101.
Quality Control
The drilling was completed by Tandrill Limited of Tanzania.
Drill core samples (NQ) are cut in half by a diamond saw on site.
Half of the core is retained for reference purposes. Samples are
generally 1.0 metre intervals or less at the discretion of the site
geologists. Sample preparation is completed at the ALS Chemex
preparation lab in Mwanza, Tanzania. Sample pulps are sent by
courier to ALS Chemex analytical laboratory in Vancouver, Canada.
Blank samples and commercially prepared and certified Ni sulphide
analytical control standards with a range of grades are inserted in
every batch of 20 samples or a minimum of one per sample batch.
Analyses for Ni, Cu and Co are completed using a peroxide fusion
preparation and ICP-AES finish (ME-ICP81). Analyses for Pt, Pd, and
Au are by fire assay with an ICP-AES finish (PGM-ICP23).
About Continental Nickel
Continental Nickel Limited is focused on the exploration and
discovery of nickel sulphide deposits in geologically prospective,
but under-explored regions globally. Current projects include its
70% controlling interest in the Nachingwea project in Tanzania,
where NI 43-101 Mineral Resources have been defined, and an option
joint venture on the St. Stephen project in New Brunswick, Canada.
Continental Nickel has 30,132,395 shares issued and outstanding
(32,799,895 on a fully-diluted basis) and trades on the TSX Venture
Exchange under the symbol CNI. The Company remains well funded with
over C$9.3 million in the treasury.
On behalf of Continental Nickel Limited
Craig MacDougall, President & Chief Executive Officer
CAUTIONARY STATEMENT: This News Release includes certain
"forward-looking statements". All statements other than statements
of historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and
reserves, exploration results, future plans and objectives of
Continental Nickel Limited, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from Continental Nickel Limited's expectations
are the risks detailed herein and from time to time in the filings
made by Continental Nickel Limited with securities regulators.
Information in this announcement relating to exploration results
is based on data collected under the supervision of or compiled by
Patricia Tirschmann, P. Geo., holds the position of Vice President,
Exploration and is a full time employee of Continental Nickel
Limited. Ms. Tirschmann is a registered member of the Association
of Professional Geoscientists of Ontario and has sufficient
relevant experience to qualify as a Competent Person under the 2004
Edition of the Australasian Code for the Reporting of Exploration
Results, Mineral Resources and Ore Reserves. Ms. Tirschmann
consents to the inclusion of the data in the form and context in
which it appears.
Table I: Summary of Recent Assay Results, Nachingwea Project,
Tanzania.
----------------------------------------------------------------------------
Drillhole Location Az / Dip Length From To Inter- % Ni % Cu %Co
(UTM - (m) (m) (m) val
WGS84) (m)
----------------------------------------------------------------------------
(NAD09) Ntaka Hill (Anomalies B & C)
----------------------------------------------------------------------------
181 450762E 270 / -85 188.0 111.4 119.0 7.60 1.06 0.30 0.05
8883798N Incl:
115.2 119.0 3.8 1.54 0.33 0.07
126.5 127.3 0.8 3.05 0.38 0.14
137.0 143.15 6.15 0.57 0.12 0.03
Incl:
139.9 141.0 1.1 1.42 0.28 0.07
----------------------------------------------------------------------------
182 450760E 90 / -75 152.3 39.0 44.75 5.75 0.52 0.23 0.03
8883950N Incl:
40.7 41.15 0.45 1.39 0.56 0.07
43.5 43.9 0.40 1.04 0.31 0.05
59.9 69.0 9.10 0.63 0.16 0.03
Incl:
65.05 69.0 3.95 0.97 0.27 0.04
67.95 69.0 1.05 1.91 0.55 0.08
118.35 125.25 6.90 0.55 0.21 0.03
----------------------------------------------------------------------------
183 450424E 270 / -65 116.3 72.85 74.85 2.00 1.19 0.50 0.03
8884100N Incl:
74.3 74.85 0.55 2.20 1.31 0.05
----------------------------------------------------------------------------
184 450513E 270 / -73 134.5 NSA NSA NSA
8884200N
----------------------------------------------------------------------------
185 450710E 270 / -85 200.3 43.0 53.75 10.75 0.55 0.10 0.02
8883701N Incl:
50.8 51.05 0.25 4.84 0.80 0.14
70.4 74.0 3.6 0.54 0.19 0.02
100.0 101.0 1.0 0.51 0.16 0.03
----------------------------------------------------------------------------
Lionja Target Area
----------------------------------------------------------------------------
NRD09-019 448900E 010 / -70 392.3 37.75 38.0 0.25 0.53 0.18 0.04
8876040N
39.35 39.6 0.25 1.05 0.15 0.07
----------------------------------------------------------------------------
Mnero 1 Target Area
----------------------------------------------------------------------------
NRD09-016 459369E 270 / -70 257.3 NSA NSA NSA
8857807N
----------------------------------------------------------------------------
Ntaka 10 Target Area
----------------------------------------------------------------------------
NRD09-020 454719E 90 / -75 170.3 NSA NSA NSA
8875196N
----------------------------------------------------------------------------
Note: Intervals represent core lengths, not necessarily true
widths.
Pt, Pd and Au assay results are not reported because in general,
they are less than 1.0 g/t on a combined basis.
NSA - No Significant Assays;
Please note: Figures 1, 2, and 3 are available at the following
links:
http://media3.marketwire.com/docs/cni1216figure1.pdf
http://media3.marketwire.com/docs/cni1216figure2.pdf
http://media3.marketwire.com/docs/cni1216figure3.pdf
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
Contacts: Continental Nickel Limited Craig MacDougall, P. Geo.
President and CEO (416) 364-7111 (416) 364-8114 (FAX)
info@continentalnickel.com www.continentalnickel.com
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