Nevsun Resources (NSU) Unit to Acquire Mogoraib Exploration License
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Nevsun Resources Ltd. (AMEX: NSU) is pleased to announce that the Bisha Mining Share Company ("Bisha"), a 60% owned subsidiary of Nevsun, has entered into an agreement (the "Agreement") to acquire the Mogoraib exploration license (the "Property") in Eritrea. Pursuant to the Agreement, Bisha will pay Sanu Resources, a subsidiary of NGEx Resources Inc. of Vancouver, US$5 million on closing and potentially an additional US$7.5 million contingent upon achieving commercial production from the Property. The Agreement is subject to approval of authorities in Eritrea.
The Mogoraib license is 97.4 square kilometers in area and includes the Hambok copper-zinc deposit. The Hambok deposit is located 16 km southwest of Nevsun's Bisha Mine (Figure 1). Hambok represents potential feed for Bisha that could impact the size and timing of the primary phase investment in a zinc flotation plant. A historical resource estimate for Hambok was filed in a NI 43-101 technical report on March 27, 2009 by Sanu Resources Ltd.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
While Bisha does not believe that Hambok is economic as a stand-alone deposit it plans to undertake further exploration on the deposit. With the Bisha plant a short distance away, Hambok could become additional feed for Bisha base metal operations. If additional exploration is successful and base metal reserves are identified, then Bisha may consider increasing capacity when the Bisha plant transitions from copper to zinc in 2015 or 2016.
The Hambok massive sulphide body is a steeply east dipping, lenticular body consisting of a series of lenses. The massive sulphide body extends for over 1000m along strike, approximately 350m down dip and is up to 75m thick in the center of the lens.
Local stringer sulphide vein mineralization lies within the footwall to the massive sulphide mineralization. The main sulphide minerals are pyrite, chalcopyrite, and sphalerite. There is also minor galena, tennantite, and digenite. The distribution of assayed base metal values within the sulphide body shows that the best grades occur at the top, bottom, and edges of the thickest accumulation of sulphides.
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The Mogoraib license is 97.4 square kilometers in area and includes the Hambok copper-zinc deposit. The Hambok deposit is located 16 km southwest of Nevsun's Bisha Mine (Figure 1). Hambok represents potential feed for Bisha that could impact the size and timing of the primary phase investment in a zinc flotation plant. A historical resource estimate for Hambok was filed in a NI 43-101 technical report on March 27, 2009 by Sanu Resources Ltd.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
While Bisha does not believe that Hambok is economic as a stand-alone deposit it plans to undertake further exploration on the deposit. With the Bisha plant a short distance away, Hambok could become additional feed for Bisha base metal operations. If additional exploration is successful and base metal reserves are identified, then Bisha may consider increasing capacity when the Bisha plant transitions from copper to zinc in 2015 or 2016.
The Hambok massive sulphide body is a steeply east dipping, lenticular body consisting of a series of lenses. The massive sulphide body extends for over 1000m along strike, approximately 350m down dip and is up to 75m thick in the center of the lens.
Local stringer sulphide vein mineralization lies within the footwall to the massive sulphide mineralization. The main sulphide minerals are pyrite, chalcopyrite, and sphalerite. There is also minor galena, tennantite, and digenite. The distribution of assayed base metal values within the sulphide body shows that the best grades occur at the top, bottom, and edges of the thickest accumulation of sulphides.
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