Nevsun Reports Lower Zone Drill Results at Timok

VANCOUVER, Nov. 22, 2016 /CNW/ - Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) ("Nevsun" or the "Company") is pleased to announce new assay results from drilling of the Lower Zone at the Company's Timok copper-gold project ("Timok Project"). 

HIGHLIGHTS

  • New porphyry copper intersections include:
    • TC150073 / TC160073B: 686.0m @ 0.89% Cu, 0.16g/t Au from 1,104m;
      • including 280.0m @ 1.11% Cu, 0.18g/t Au
      • and 102.0m @ 1.00% Cu, 0.17g/t Au
      • and 58.0m @ 1.26% Cu, 0.28g/t Au
      • and 60.0m @ 1.16% Cu, 0.16g/t Au
    • TC150075: 717.3m @ 0.65% Cu, 0.16g/t Au from 1,502m;
      • including 214.0m @ 1.00% Cu, 0.24g/t Au
      • and 24.0m @ 1.00% Cu, 0.30g/t Au
  • Example historic intersections include:
    • TC150060: 835.0m @ 0.92% Cu, 0.22g/t Au from 1,258m
    • TC140054/54A: 705.8 @ 0.91% Cu, 0.26g/t Au from 1,498m
  • Further drilling ongoing with a target of 67,000m of step-out and infill drilling
  • Drilling estimated to be completed in late 2017 with a maiden resource to follow
  • Near vertical holes designed to intersect the porphyry mineralization at 90 to 100% of true width

Nevsun CEO Cliff Davis commented, "The assays reported today demonstrate the tremendous potential of the Timok Lower Zone mineralization.  These holes were drilled prior to the Company acquiring its interest in the Timok Project and were recently assayed.  With our joint venture partner, Freeport-McMoRan, we have embarked on a $20 million drilling program focused on the Lower Zone porphyry.  The results from these holes will be used, along with historical and ongoing drilling, to generate a maiden resource for the Lower Zone."

Timok Copper-Gold Project

The Timok Copper-Gold 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. 

This news release is solely about the Lower Zone. For recent information on the Upper Zone, please refer to the Company's news release dated October 17, 2016.

Lower Zone

The Lower Zone consists of porphyry-type mineralization characterized by chalcopyrite-pyrite and occasional bornite and molybdenite occurring as disseminations and within quartz and quartz-magnetite stockwork veinlets. Anhydrite veins are common. Within the Lower Zone, porphyry-type potassic alteration is preserved locally but generally overprinted by sericite-clay, argillic and locally advanced argillic alteration. The latter overprinting also locally brings covellite-pyrite mineralization. The host rocks are predominantly volcanic andesite and andesite breccias. The geometry of the Lower Zone remains to be fully defined.  Its top is about 700 metres below surface and has been traced down to depths in excess of 2,000 metres.  The $20 million drill program is currently being undertaken to enable an initial resource to be calculated for portions of the zone. 

Table 1: 2015 Timok Lower Zone Drilling Results (reported in this release)

HOLE ID

From

To

Length
(m)

Cu %

Au g/t

TC150073 and TC150073B Extension

1,104.0

1,790.0

686.0

0.89

0.16

including

1,108.0

1,388.0

280.0

1.11

0.18

and

1,426.0

1,528.0

102.0

1.00

0.17

and

1,566.0

1,624.0

58.0

1.26

0.28

and

1,694.0

1,754.0

60.0

1.16

0.16

TC150075

1,502.0

2,219.3

717.3

0.65

0.16

including

1,744.0

1,958.0

214.0

1.00

0.24

and

2,050.0

2,074.0

24.0

1.00

0.30

TC150098

No significant values

 

Holes are drilled near vertically and approximately perpendicular to the top of the porphyry zone and are estimated to be between 90 and 100% of true thickness.

Table 2: Significant Historical Timok Lower Zone Drilling Results

HOLE ID

From

To

Length
(m)

Cu %

Au g/t

FMTC 1210

1,026.0

1,248.0

222.0

0.23

0.11

and

1,469.0

1,864.0

395.0

0.30

0.09

FMTC1214

1,082.0

1,286.0

204.0

1.49

0.24

FMTC1218

1,253.0

1,952.0

699.0

0.75

0.23

including

1,351.0

1,802.0

451.0

0.91

0.26

FMTC1219

839.0

1,572.9

733.8

0.75

0.10

including

987.5

1,219.0

231.5

1.16

0.11

FMTC1327

1,146.0

1,952.0

806.7

0.59

0.22

including

1,709.0

1,863.0

154.0

0.95

0.28

FMTC1328

766.0

1,668.0

902.0

0.65

0.14

including

1,130.0

1,361.0

231.0

1.07

0.18

FMTC1332

1,136.0

1,425.0

289.0

0.90

0.17

and

1,839.0

2,160.3

321.3

0.73

0.18

FMTC1334

866.6

1,475.3

608.7

0.68

0.16

FMTC1335

1,209.0

1,680.6

471.6

0.41

0.22

FMTC1340

705.0

1,144.0

439.0

0.71

0.14

TC140054/54A

1,498.0

2,203.8

705.8

0.91

0.26

including

1,826.0

2,012.0

186.0

1.20

0.35

TC150060

1,258.0

2,093.8

835.8

0.92

0.22

including

1,622.0

1,776.0

154.0

2.02

0.45

TC150060A

1,332.0

2,082.0

750.0

0.30

0.06

including

1,502.0

1,604.0

102.0

0.63

0.15

TC150066

750.0

1,108.0

358.0

0.51

0.08

and

1,128.0

1,196.0

68.0

0.45

0.09

 

Holes are drilled near vertically and approximately perpendicular to the top of the porphyry zone and are estimated to be between 90 and 100% of true thickness.   Results previously reported by Reservoir Minerals on April 14, 2016.

Table 3: Collar Details

HoleID

Easting (m)*

Northing (m)*

Elevation (m)*

Depth (m)

Dip (°)

Azimuth (°)

Section

FMTC1211

7591104.096

4876059.930

398.996

1167.4

-90

0

4876127N

FMTC1218

7590910.575

4875990.847

401.962

1952

-90

0

4876127N

FMTC1329

7591616.230

4876258.850

373.48

718.8

-90

0

4876127N

FMTC1336

7591609.140

4876252.810

373.89

849.3

-85

250

4876127N

IEBCP-1

7590926.524

4875970.157

402.412

250.2

-90

0

4876127N

IEBCP-2

7590927.877

4875994.736

402.638

281

-90

0

4876127N

TC130051

7590957.956

4875990.171

402.856

900

-53

132

4876127N

TC140052

7590957.954

4875990.174

402.855

750

-53

132

4876127N

TC140054

7590460.390

4876253.120

389.910

1548.3

-85.85

68.72

4876416N

TC150054A

7590460.390

4876253.120

389.910

2203.8

-85.85

68.72

4876416N

TC150073

7591093.578

4876071.859

400.095

1706.6

-81.336

55.395

4876127N

TC150075

7590794.497

4876309.910

409.228

2219.3

-81.26

33.53

4876416N

TC150098

7590587.395

4876530.458

413.722

2009.6

-82.18

239.39


TC160073B

7591093.578

4876071.859

400.095

1796.1

-81.336

55.395

4876127N

*MGI Balkans Zone 7 

Quality Assurance
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.

About Nevsun Resources Ltd.

Nevsun Resources Ltd. is the 60% owner of the high grade Bisha Mine in Eritrea.  Bisha has nine years of reserve life, generating revenue from both copper and zinc concentrates containing gold and silver by-products.  Nevsun has a strong balance sheet, no debt and pays a peer leading quarterly dividend.  Nevsun is well positioned to grow shareholder value through exploration at Bisha and the newly acquired Serbian assets that include the high-grade copper-gold Timok Project.

Forward Looking Statements
The above contains forward-looking statements or forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995, and applicable Canadian securities laws. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "hopes", "intends", "estimated", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved.  Forward-looking statements are statements concerning the Company's current beliefs, plans and expectations about the future including but not limited to statements and information made concerning: statements relating to the business, prospects and future activities of, and developments related to the Company, anticipated dividends, goals, strategies, future growth, planned future acquisitions and explorations activities, the adequacy of financial resources and other events or conditions that may occur in the future, and are inherently uncertain. The actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, the risks that are more fully described in the Company's Management Information Circular dated May 18, 2016, and the Company's Annual Information Form for the fiscal year ended December 31, 2015, which are incorporated herein by reference.  The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future, except as required by law.  For the reasons set forth above, investors should not place undue reliance on the Company's forward-looking statements.

Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2015, which is available on the Company's website (www.nevsun.com), filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F.

NEVSUN RESOURCES LTD.

"Cliff T. Davis"

Cliff T. Davis
President & Chief Executive Officer

Please click here http://files.newswire.ca/1269/Timok_Drill_Results.PDF to see Figures.

SOURCE Nevsun Resources Ltd.

PDF available at: http://stream1.newswire.ca/media/2016/11/22/20161122_C4574_PDF_EN_823933.pdf

For further information: Nevsun Investor Relations, Tel: +1 604 623 4700, Toll free: 1 888 600 2200, Email: IR@nevsun.com, Website: www.nevsun.com


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