Nuinsco sizes up Ontario projects (May 03, 2004)

Nuinsco Resources (NWI-T) has tabled independent resource estimates for two of its gold deposits in northwestern Ontario.

In the Lake-of-the-Woods region, measured and indicated resources at the advanced Cameron Lake gold project total 567,000 tonnes grading 6.6 grams gold pert tonne. An additional 258,000 tonnes of inferred material grade 6 grams gold.

The resource was delineated above the 305-metre level by development on three levels and by extensive diamond drilling and bulk sampling via a ramp to the 260-metre level.

Below the 305-metre level, indicated resources total 5,000 tonnes averaging 5.6 grams gold, with 754,000 tonnes of inferred resources running 4.9 grams. Both estimates employ a cutoff grade of 3.5 grams gold, a grade cap of 50 grams, and a gold price of US$375 per oz.

Gold mineralization at Cameron Lake has been traced to a vertical depth of around 765 metres, where it remains open at depth. In all, the global resources amounts to 290,000 oz. of contained gold.

In the Rainy River region, indicated resources in the 17 Zone gold deposit amount to just more than 1.7 million tonnes grading 1.6 grams gold and 4 grams silver. Inferred resources total 11 million tonnes of 1.3 grams gold and 3.6 grams silver. The resource also includes minor copper and zinc credits. The figures are based on a cutoff grade of 0.7 gram gold and a gold price of US$375 per oz.

The resource has been outlined along 800 metres of strike to a vertical depth of around 200 metres. The zone averages 70 metres in width.

Meanwhile, Nuinsco is waiting for assay results from seven holes sunk on the nearby 34 Zone nickel-sulphide mineralization. The company is also reinterpreting borehole geophysical data and drill data.