Nevsun Expands on 2013 Exploration Plans at Bisha
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- Nevsun
Resources Ltd. (TSX:NSU)(NYSE MKT:NSU) today provides details on 2013
exploration plans on Eritrean properties.
2013 Exploration Objectives
-- Spend $9 million on exploration
-- Drill test new high potential exploration targets in the Bisha area
-- Announce maiden resource estimate for Northwest Zone in Q3
Cliff Davis, Nevsun CEO commented, "A fresh review of the exploration
potential for our mining and exploration licenses has been completed
recently. This has highlighted a large number of high quality
untested targets both in the immediate Bisha Mine area and on our
surrounding properties. We have formulated a strategy to assess this
excellent potential and will begin testing these targets immediately.
These are exciting prospects."
2013 Exploration Program
Bisha's $9 million exploration budget this year will fund
approximately 18,400 metres of drilling, data evaluation and resource
Bisha Mine Area Exploration
Bisha recently completed a review of the geophysical and geochemical
database for the immediate Bisha Mine area. This review highlighted a
substantial number of shallow high quality ground and borehole
transient electromagnetic (EM) anomalies that had not been tested or
were inadequately tested prior to the commencement of mine
development. Many of these targets are immediately along strike of
Bisha and have the potential to provide near term new resources for
the Bisha operations (Figure 1). Bisha will begin drill testing these
high priority targets with an initial 2,400 meters of drilling.
The Northwest Zone, located 1.2 kilometers northwest of the Bisha
Mine, was discovered in 2003 by the diamond drilling of an airborne
EM anomaly. Follow-up ground geophysics, soil sampling and drilling
from 2004 to 2006 defined a 600 meter long zone of massive and
stringer sulphide mineralization. The mineralization is associated
with altered felsic volcanic rocks and is complex with multiple
zones. Further work was deferred from 2007 to 2010 while the Bisha
deposit was being prepared for mining. A program of in-fill drilling
began in 2011 and remains in progress.
In 2013, 14,000 meters of drilling is planned to complete the in-fill
program at the Northwest Zone and to explore for additional
mineralization to the north, south and southeast. It is anticipated
that a new NI43-101 compliant resource will be completed in the
latter half of 2013 that will form the basis for a preliminary
economic assessment of the deposit.
Hambok Resource Estimate and Further Drilling
Hambok is a copper-zinc massive sulphide deposit located 16
kilometers southwest of the Bisha mill. Hambok is a steeply east
dipping, lenticular body consisting of a single massive sulphide
lens. The massive sulphide body extends for over 1,000 meters along
strike. The distribution of assayed base metal values within the
sulphide body shows that the best grades occur near surface along the
top and outer edges of the body.
Hambok has a historical NI43-101 compliant resource completed by the
previous owner in 2009 on 57 historical diamond holes totalling
13,245 meters. Between 2010 and 2012 an additional 33 holes totaling
10,923 meters of in-fill diamond drilling and 42 holes totaling 2,675
meters of RC (reverse circulation) drilling targeting near surface
gold potential was completed to further define the deposit by the
previous owner. Bisha is currently completing the assaying work from
this drilling. Bisha's objective is to determine if there are
sufficient economic resources to truck to the Bisha mill.
Bisha also believes there is good evidence that Hambok is
structurally dismembered and that there is significant resource
expansion potential. Compilation of a significant amount of
historical ground EM, IP (induced polarization) and soil geochemical
data has highlighted possible extensions to the deposit along strike
and to the immediate west of the deposit. These targets have not been
previously drill tested and Bisha has budgeted 2,000 meters of
drilling to be completed at Hambok to evaluate these high potential
targets (Figure 2).
Mogoraib Regional Exploration
Preliminary analysis of historical data across the Mogoraib license
has highlighted a number of primary targets of interest for
additional exploration. These areas were selected based on coincident
ground and airborne EM anomalies, soil geochemistry and interpreted
hydrothermal alteration systems. Two of the areas have not been
drilled and one area has seen only limited drilling with positive
results. Although Bisha does not plan to drill test the areas in
2013, ground evaluation will begin in 2013 with a plan to pursue
target testing in 2014.
Mr. Peter Manojlovic, PGeo, and Vice President Exploration of Nevsun
Resources Ltd. is a Qualified Person under the terms of NI 43-101 and
has reviewed the technical content of this press release and approved
This news release contains forward-looking statements regarding
planned exploration work, future resource estimates and potential
mining activity. Forward-looking statements are frequently, but not
always, identified by words such as "expects," "anticipates,"
"believes," "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 about the future and are
inherently uncertain, and 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 (i) any of the assumptions in the
historical resource estimates turn out to be incorrect, incomplete,
or flawed in any respect; (ii) the methodologies and models used to
prepare the resource and reserve estimates either underestimate or
overestimate the resources or reserves due to hidden or unknown
conditions, (iii) the mine operations are disrupted or suspended due
to acts of god, internal conflicts in the country of Eritrea, or
unforeseen government actions; (iv) the Company experiences the loss
of key personnel; (v) the mine operations are adversely affected by
other political or military, or terrorist activities; (vi) the
Company becomes involved in any material disputes with any of its key
business partners, lenders, suppliers or customers; (vii) the Company
is subjected to any hostile takeover or other unsolicited attempts to
acquire control of the Company; (viii) the Company is subject to any
adverse ruling in any of the pending litigation to which it is a
party; or (ix) the Company incurs unanticipated costs as a result of
the transition from the oxide phase of the Bisha mining operations to
the copper phase in 2013. Other risks are more fully described in the
Company's most recent Management Discussion and Analysis, which is
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 forward-looking
Please see the Company's Annual Information Form for the fiscal year
ended December 31, 2011 and the Company's Management Discussion and
Analysis for the quarter ended September 30, 2012 for a more complete
discussion of the risk factors associated with our business.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is a Vancouver-based mining company with an
operating mine in Eritrea. Nevsun's 60%-owned Bisha Mine commenced
gold production in February 2011 and is scheduled to transition to
copper/gold production in 2013. The Bisha Mine ranks as one of the
highest grade open pit base metal deposits in the world.
NEVSUN RESOURCES LTD.
Cliff T. Davis, President & Chief Executive Officer
To view Figures 1 and 2, click on the following link:
604 684 6730 or Toll Free: 1 866 684 6730
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