- Drilling highlights:
- 4.27% zinc, 1.35% lead, 0.237 gpt gold and 54.0 gpt silver over 81.0 metres in MB‐2012‐124
- Including 7.39% zinc, 2.55% lead, 0.278 gpt gold and 114.8 gpt silver over 10 metres
- 3.65% zinc, 0.89% lead, 0.379 gpt gold and 38.5 gpt silver over 71.5 metres in MB‐2012‐126
- Including 7.10% zinc, 2.13% lead, 0.441 gpt gold and 87.6 gpt silver over 11.5 metres
- Metallurgical test work is in progress in advance of a Preliminary Economic Assessment
VANCOUVER, Aug. 14, 2012 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; OTCQX: ELNOF Frankfurt: E7Q) is pleased to announce high grade assay results for an additional 9 holes from the latest round of drilling at the Murray Brook polymetallic massive sulfide deposit, Bathurst Mining Camp, New Brunswick. The drill program commenced February 9, 2012 and was completed June 17, 2012. Ninety seven vertical holes have been completed for a total of 18,470 metres drilled.
Drill holes MB-2012-124 and MB-2012-126 were collared in the Western Massive Sulfide Zone, which is thicker and more Zn-Pb-Ag rich than the Eastern Massive Sulfide Zone (Figure 1). These holes were planned to infill gaps in the previous drilling. MB-2012-124 intersected 81.0 metres of 4.27% zinc, 1.35% lead, 0.237 gpt gold and 54.0 gpt silver from 29 metres down hole, including 10 metres of 7.39% zinc, 2.55% lead, 0.278 gpt gold and 114.8 gpt silver (Table 1). MB-2012-126 intersected 71.5 metres of 65% zinc, 0.89% lead, 0.379 gpt gold and 38.5 gpt silver from 22.5 metres down hole, including 11.5 metres of 7.10% zinc, 2.13% lead, 0.441 gpt gold and 87.6 gpt silver (Table 1).
All other holes reported herein were drilled to better delineate the southwest boundary of the mineralized Western Zone (Figure 2).
Figure 1 - Cross Section of Murray Brook deposit; looking northeast. Location of the section is highlighted in the index map at the left top corner. Murray Brook Massive sulfide deposit is shown in gray1.
2012-2013 Exploration Program
A minimum $3 million budget has been proposed for the 2012‐2013 exploration program. The budget includes $2.5 million for diamond drilling work on the Murray Brook deposit and a $500,000 exploration geophysical program on the Murray Brook property and the adjacent Camel Back property (Figure 2). The objective of this exploration program is to explore for VMS deposits at depths of up to 200 metres below surface. The Camel Back property is located in the area between the Murray Brook deposit to the west, which is one of the largest massive sulfide deposits in the Bathurst Mining Camp (BMC), and the Caribou deposit to the east which was recently acquired by Trevali Mining Corporation.
The 2012 exploration program consists of:
- $2.5 million budgeted for drill programs to develop the project including;
- 18,470 metre drill program began February 2012
- Delineate the outer perimeter of the Murray Brook deposit and advance the resources into the measured (highest confidence) category
- $0.5 million budgeted for exploration of the Murray Brook and Camel Back Properties
- Mapping and prospecting
- Ground gravity geophysics
- 2000 metres of drilling with bore-hole EM surveys
- Metallurgical studies
Three holes were drilled to provide sample materials for metallurgical tests on the Murray Brook deposit. Metallurgical tests are in progress in advance of a Preliminary Economic Assessment (PEA or Scoping Study) study in Q1 2013.
Table 1 - Composited Drill Hole Intercepts*
|Hole ID||From m||To m||Interval||Cu %||Pb %||Zn %||Au gpt||Ag gpt|
*The composite assays provided are of massive sulfide intersections only employing a 0% Zn cutoff
The widths of the intersections are approximate to the true width of the mineralized zone.
Figure 2 - Drill Hole Location on contour map of Murray Brook showing massive sulfide thickness contoured at 10 metre intervals (source: Votorantim Metals Canada)
The Exploration Agreement
Votorantim is the Operator of the Murray Brook Project. In January 2011, ELN announced that it provided notice to Votorantim to enter into a Participation Agreement on the Murray Brook polymetallic massive sulfide deposit situated in the Bathurst Mining Camp in New Brunswick, Canada.
Under Votorantimʹs Option and Joint Venture Agreement with Murray Brook Minerals Inc. and Murray Brook Resources Inc., both privately held companies, Votorantim can earn a 50% interest in the properties by funding $2,250,000 in exploration expenditures and making payments totalling $300,000 over a three year period that commenced November 1, 2010. Votorantim can earn an additional 20% interest in the properties by funding an additional $2,250,000 in exploration expenditures over an additional two year period. ELN has elected to enter into a participation agreement wherein it can earn 50% of Votorantim's interest by paying 50% of the costs incurred by Votorantim in the Option and Joint Venture Agreement.
On May 10, 2012 ELN announced that Murray Brook Minerals Inc. (MBM) has been given formal notice by ELN and Votorantim Metals Canada ("Votorantim") of a 50% earned interest in the Murray Brook, Polymetallic project, Bathurst, New Brunswick. MBM has also been provided with a valid notice that ELN and Votorantim are exercising their option to acquire and become owner of an additional 20% (for a total of 70%) beneficial interest in the Murray Brook mining claims.
About The Murray Brook Project
The Murray Brook Project is historically the 5th largest massive sulfide deposit in the Bathurst Mining Camp and has excellent infrastructure (Figure 3)
To date, more than 28,000 metres of drilling has been completed with encouraging results. The first NI 43‐101 Mineral Resource Estimate for the Murray Brook Zn‐Cu‐Pb‐Ag‐Au deposit, which includes explanatory footnotes, is presented in the table below (see ELN press release dated February 28, 2012). The resource estimate is based on various assumptions regarding mining methods, processing and metal recoveries, payable metal NSR credits and metal prices. This estimate makes no provision for capital costs to mine the deposit, nor mill the material mined, as resources are not reserves.
The Technical Report on the 2012 NI43-101 Mineral Resource Estimate is filed on SEDAR.com and is available on ELN's website.
Murray Brook Mineral Resource Estimate Summary
|Category|| NSR Cut-
|Tonnes||Cu%||Pb%||Zn%||Au gpt||Ag gpt|
|M + I||$20||18,684,314||0.42||0.95||2.61||0.5||39.3|
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
- The mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standard Committee on Reserve Definitions and adopted by CIM Council
- The Dec 31, 2011 two year trailing average US metal prices used in this estimate were $3.71/lb Cu, $1.03/lb Pb, $0.98/lb Zn, $1,397/oz Au, $27.63/oz Ag. The C$/US$ Exchange rate was 0.99.
- Overall payable metal in the NSR calculation were 81% Cu, 72% Pb, 64% Zn, 71% Au and 56% Ag.
- Mineral resources were determined within a Whittle pit shell with 45 degree slopes utilizing mining costs of C$2.50/tonne for mineralized material and waste rock, and C$1.75/tonne for overburden.
- Costs used to determine the C$20/tonne NSR resource cut-off value were processing at C$15/tonne and G&A C$5/tonne.
- The Murray Brook Mineral Resource Estimate was undertaken by Eugene Puritch, P.Eng. of P&E Mining Consultants Inc.
Figure 3 - Land tenure map showing the location of the Murray Brook Project in the northwest part of the Bathurst Mining Camp, New Brunswick
Qualified Persons Statement
This news release has been reviewed and approved for technical content by Ali Hassanalizadeh M.Sc. P.Geo. a qualified Person under the provisions of National Instrument 43‐101.
Votorantim Metals Canada Inc. Statement
Technical details in this news release were provided by Votorantim whose professional geologists conduct operations consistent with mineral industry best practices. Votorantim accepts no responsibility for this news release or any inferences made from the technical details provided herein.
About Murray Brook Minerals Inc.
Murray Brook Minerals Inc. is a privately owned mining exploration company, owner of one of the largest deposits in the Bathurst Mining Camp, (New Brunswick, Canada) the Murray Brook Deposit, as well as of the Camel Back Property consisting of 215 claims.
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metais; a company that is part of the Votorantim Group that was founded in Brazil in 1918 operates in over twenty countries and has forty thousand employees. Votorantim Metais is one of the five main zinc manufacturers worldwide, the main electrolytic nickel manufacturer in Latin America, and the Brazilian leader in the production of primary aluminum.
About El Nino Ventures Inc.
El Niño Ventures Inc. is an international exploration company, focused on exploring for lead, zinc, copper, gold and silver in New Brunswick, Canada and copper in the Democratic Republic of Congo ("DRC").
On Behalf of the Board of Directors
Chairman & CEO
El Nino Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements. Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as "continue", "efforts", "expect", "believe", "anticipate", "confident", "intend", "strategy", "plan", "will", "estimate", "project", "goal", "target", "prospects", "optimistic" or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company's ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
1 Figure is provided for illustrative purposes only as the deposit as currentlydefined comprises mineral resources which have no demonstrated economic viability.
SOURCE: El Nino Ventures Inc.
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