Continental Nickel Commences Diamond Drilling at the St. Stephen Nickel-Copper Sulphide Project in New Brunswick
December 02 2011 - 8:05AM
Marketwired
Continental Nickel Limited (TSX VENTURE:CNI) ("Continental" or
"CNI" or the "Company") is pleased to announce that it has
commenced a diamond drilling program on the St. Stephen
nickel-copper sulphide project in New Brunswick. The project is
under option from Abitex Resources of Val d'Or, Quebec and the
Company can acquire up to a 75% interest in the project.
The 2011 drilling program will consist of approximately 1,000
metres of diamond drilling to test new EM targets identified in the
2011 airborne EM survey and also to follow-up nickel-copper
mineralization intersected in 2010 in the St. Stephen intrusion.
Logan Drilling Limited from Stewiacke, Nova Scotia has been
contracted to carry out this work.
In 2010, the Company reported the discovery of new nickel-copper
sulphide zones while drill testing EM anomalies at the Triple J and
G targets. Highlights included 2.00% nickel and 0.56% copper over
3.3 metres, within a wider interval grading 1.0% nickel and 0.29%
copper over 9.30 metres from diamond drill hole SSD10-003 drilled
at Target G (Press Release, August 18, 2010) and 21.4 metres
grading 0.63% nickel and 0.22% copper at the newly discovered
Triple J Zone (Press Release, September 15, 2010). These were the
first significant drill intersections obtained in the untested
western portion of the St. Stephen Intrusive Complex and were
discovered while testing EM anomalies identified in 2009 by the
first modern time domain ground EM surveys carried out over the
intrusion.
The 2011 drill targets include:
-- Untested, high conductance, electromagnetic ("EM") anomalies detected in
the new June 2011 airborne EM survey including three untested targets in
the western part of the intrusion.
-- Extension of the G target mineralization discovered in 2010, where both
BHEM and airborne EM results indicate that mineralization extends to the
north.
Dave Massola, President and Chief Executive Officer of
Continental Nickel Limited, reported "the 2010 drill program
achieved considerable success with the discovery three new
nickel-copper sulphide zones at Triple J, G and Billy's Brook while
drill testing new, high conductance, ground EM anomalies. The 2011
exploration will build on this success by further exploration of
the newly discovered sulphide zone at G zone, as well as other
unexplored targets. The St. Stephen intrusion is viewed as having
excellent potential to host additional nickel sulphide
deposits."
The Company would like to acknowledge the support it has
received from the New Brunswick Junior Mining Assistance Program,
under which it has been awarded a matching grant of $40,000 in
support of its 2011 exploration program at the St. Stephen Project
and a matching grant of $20,000 in support of its 2011 exploration
program at the Milltown Project.
Project Summary
A project summary on the St. Stephen Project is provided on the
Company's web site at www.continentalnickel.com.
Qualified Persons
The quality control, technical information and all aspects of
the exploration program are supervised by Patricia Tirschmann, P.
Geo., Vice President, Exploration for CNI. The information in this
release was prepared under the direction of Ms. Tirschmann for
Continental Nickel Limited. Ms. Tirschmann is a qualified person as
defined by National Instrument 43-101.
About Continental Nickel
Continental Nickel Limited is focused on the exploration,
discovery and development of nickel sulphide deposits in
geologically prospective, but under-explored regions globally. The
Company's key asset is its 75% interest in the Nachingwea project
in Tanzania, where NI 43-101 compliant Mineral Resources (Measured
and Indicated) have defined 60,900 tonnes of contained nickel, and
an additional 131,000 tonnes of contained nickel in Inferred
Mineral Resources. The project is a 75:25 Joint Venture between the
Company and IMX Resources Limited ("IMX") of Australia.
The Company also an option to earn up to a 75% interest in the
St. Stephen nickel project in New Brunswick, Canada, where it has
discovered new nickel-copper sulphide zones from its recently
completed 2010 diamond drill program.
As at the date of this release, the Company has 42,738,508
common shares issued and outstanding (51,156,914 on a fully-diluted
basis) and trades on the TSX Venture Exchange under the symbol CNI.
The Company remains well funded with over C$13.6 million in the
treasury as at June, 2011.
On behalf of Continental Nickel Limited
David Massola, 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,
resources 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.
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 Dave Massola President and
Chief Executive Officer (905) 815-0533 Ext. 228 (905) 815-0532
(FAX)info@continentalnickel.comwww.continentalnickel.com
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