El Nino Ventures Inc. Announces High Grade Zinc, Lead and Silver on Phase II 18,000 metre Drill Program at Murray Brook Polymetallic Deposit, in the Bathurst Mining Camp, New Brunswick
17.05.2012 | CNW
- Significant drill results; including:-- 11.58% zinc, 4.55% lead, 1.53 gpt gold and 147.8 gpt silver over 24 metres in MB‐2012‐70
-- 6.43% zinc, 3.67% lead, 0.598 gpt gold and 85.5 gpt silver over 8.65 metres in MB‐2012‐70
- $2.5 million, 18,000 metres drilling program in progress
- 79 holes have been successfully completed for a total of 15,268 metres
- Measured and Indicated Resources: 18,684,000 tonnes grading 2.61% zinc, 0.95% lead, 0.42% copper, 39.3 gpt silver and 0.51 gpt gold at a $20 per tonne NSR*cut‐off
VANCOUVER, May 17, 2012 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; OTCQX:ELNOF Frankfurt: E7Q) is pleased to announce significant diamond drill results of the 2012 drill program on the Murray Brook massive‐sulfide deposit located in the Bathurst Mining Camp in New Brunswick, Canada.
2012 drilling commenced on February 9, 2012 and to date, 79 holes have been successfully completed for a total of 15,268 metres. The entire drill program is planned to be 18,000 metres, but could be expanded depending on results.
Votorantim Metals Canada Inc. (Votorantim) currently has two drill rigs operating on the property with the objective of upgrading the inferred and indicated resources to measured resources, defining additional near-surface resources at the northwest extension target (Figure 2) as well as completing preliminary metallurgical testing on selected portions of the deposit.
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 Murray Brook property and the adjacent Camel Back property (Figure 1). 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 the fifth largest in the Bathurst Mining Camp (BMC), and the Caribou deposit to the east (Figure 1), with total historic resources estimated to be 65 million tonnes, which is the second largest deposit in the camp.
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. (See news release dated January 20, 2011).
Under Votorantimʹs Option and Joint Venture Agreement with Murray Brook Minerals and Murray Brook Resources, 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 has been given formal notice by ELN and Votorantim Metals Canada ("Votorantim") of a 50% earned interest in the Murray Brook, polymetalic 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.
Table‐1 Composited drill intercepts
Hole ID From m To m Interval m Cu % Pb % Zn % Au ppm Ag ppm
MB-2012-65 17.50 23.90 6.40 0.09 0.89 2.75 0.558 31.4
MB-2012-65 43.00 47.00 4.00 0.29 1.10 2.05 1.015 47.4
MB-2012-65 51.00 54.00 3.00 0.28 1.75 2.92 1.103 62.7
MB-2012-65 57.00 73.00 16.00 0.11 1.09 2.79 0.503 41.8
MB-2012-66 32.00 48.50 16.50 0.37 1.50 3.03 1.412 65.2
MB-2012-66 51.00 62.00 11.00 0.17 1.69 3.40 1.216 65.4
MB-2012-67 15.00 41.00 26.00 0.32 1.41 3.35 1.071 62.0
MB-2012-67 77.65 83.00 5.35 0.11 1.26 2.92 0.604 61.8
MB-2012-68 207.22 216.00 8.78 0.06 2.24 7.29 0.163 62.5
MB-2012-68 220.00 236.00 16.00 0.10 2.34 6.83 0.643 85.3
MB-2012-69 17.00 19.15 2.15 0.31 1.03 2.13 1.631 53.5
MB-2012-70 141.75 150.40 8.65 0.16 3.67 6.43 0.598 85.5
MB-2012-70 181.00 184.00 3.00 0.22 2.82 6.60 0.310 69.4
MB-2012-70 191.00 195.75 4.75 0.05 0.86 3.08 0.222 24.2
MB-2012-70 201.00 211.00 10.00 0.09 1.59 4.07 0.610 54.7
MB-2012-70 211.00 235.00 24.00 0.40 4.55 11.58 1.533 147.8
MB-2012-71 56.00 61.25 5.25 1.18 1.29 2.59 0.790 50.3
MB-2012-71 65.30 76.00 10.70 0.41 1.57 2.80 0.966 56.1
MB-2012-72 82.00 93.00 11.00 0.43 1.24 2.59 0.923 51.2
MB-2012-74 55.00 62.00 7.00 0.96 1.42 2.52 0.816 58.0
**The composite assays provided are of massive sulfide intersections only employing a 0% Zn cutoff
To view Figure 1- Land tenure map showing the location of the Murray Brook Project in the Bathurst Mining Camp, New Brunswick, click here.
To view Figure 2- Plan view showing outline of the Murray Brook polymetallic massive sulfide deposit (red) projected to surface. The deposit is open to the northwest, click here.
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.
About El Niño Ventures Inc. Bathurst Projects
1. Bathurst Mining Camp Project: (Tri-Party Agreement)
Consists of an initial 4,712 claims in the Tri‐Party Agreement with Xstrata & Votorantim whereby Votorantim may incur exploration expenditures of $10 million over a period of 5 years to earn a 50% interest. Votorantim may further increase its interest to 70% by spending an additional $10 million over 2 years.
2. Murray Brook Project:
The Murray Brook project, which has an excellent infrastructure, is the fifth largest massive sulfide deposit in the Bathurst Mining Camp. Votorantim can earn up to a 50% interest in the Murray Brook Project by funding $2,250,000 of exploration expenditures over a period of 3 years. Votorantim may acquire a further 20% by incurring an additional $2.5 million in exploration costs over an additional two year period. ELN has elected to participate by paying 50% of Votorantim's exploration costs during the earn-in period.
In 2011, ELN and Votorantim spent $2.1 million on exploration; and completed 10,000 metres of drilling. Drill results to date have been encouraging.
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 and the reader should not presume economic viability.
Murray Brook Mineral Resource Estimate Summary
Category NSR Cut-Off $/t Tonnes Cu% Pb% Zn% Au g/t Ag g/t
Measured $20 1,620,873 0.27 1.19 3.53 0.5 44.1
Indicated $20 17,063,441 0.43 0.93 2.52 0.51 38.8
M + I $20 18,684,314 0.42 0.95 2.61 0.5 39.3
Inferred $20 3,020,893 0.62 0.75 1.83 0.75 35
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.
(1) 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.
(2) 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
(3) 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.
(4) Overall payable metal in the NSR calculation were 81% Cu, 72% Pb, 64% Zn, 71% Au and 56% Ag.
(5) 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.
(6) 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.
(7) The Murray Brook Mineral Resource Estimate was undertaken by Eugene Puritch, P.Eng. of P&E Mining Consultants Inc.
2012 NI 43-101 Mineral Resource Estimate is filed on SEDAR.com
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 the 5th largest deposit of 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 twenty countries and has over forty thousand employees. Votorantim Metais is the largest electrolytic‐nickel producer in Latin America and one of the world's leaders in the production of zinc, aluminum and nickel.
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
(signed)
Harry Barr, 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.
For further information:
Tel: +1 604 685 1870 Fax: +1 604 685 8045
Email: info@elninoventures.com or visit www.elninoventures.com
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