El Nino Ventures Inc. Drills 9.23 % Zinc, 108.7 gpt Silver, 0.18 % Copper, 0.336 gpt gold and 2.58% Lead Over 31 Metres at Murr
July 17 2012 - 7:30AM
PR Newswire (Canada)
-- Significant drill results include: o 5.89% zinc, 1.82% lead,
0.323 gpt gold and 79.9 gpt silver over 57.2 metres in MB‐2012‐107
# Including9.23% zinc,2.58% lead, 0.336 gpt gold and108.7gpt silver
over 31 metres o 4.56% zinc, 1.27% lead, 0.604 gpt gold and 47.1
gpt silver over 125 metres in MB‐2012‐110 # Including7.92%
zinc,1.64% lead, 0.241 gpt gold and 61.88 gpt silver over 37 metres
-- Metallurgical tests in progress VANCOUVER, July 17, 2012 /CNW/ -
El Nino Ventures Inc. ("ELN" and the "Company") (OTCQX: ELNOF) is
pleased to announce assay results for results for the latest round
of drilling from the 18,467 metre drill program at the Murray Brook
deposit, in the Bathurst Mining Camp of New Brunswick, Canada
(Figure 1). The drill program commenced on February 9, 2012 and was
completed on June 17, 2012, 97 vertical holes have been completed
for a total of 18,470 metres drilled (Figure 2). The assay results
for 12 holes are reported here (Table 1). Drill hole
MB-2012-110 intersected 125 metres of 4.56% zinc, 1.27% lead, 0.604
gpt gold and 47.1 gpt silver. This interval includes 37 metres
grading 7.92% zinc, 1.64% lead, 0.14% copper, 0.241 gpt gold and
61.88 gpt silver from 108 metres down hole. Drill hole MB-2012-107
intersected 57.2 metres of 5.89% zinc, 1.82% lead, 0.323 gpt gold
and 79.9 gpt silver from 54.8 metres down hole. This interval
includes 31 metres grading 9.23% zinc, 2.58% lead, 0.18% copper,
0.336 gpt gold and 108.7 gpt silver from 62 metres down hole. Drill
hole MB-2012-102 intersected 50.2 metres of 4.15% zinc, 1.05% lead,
0.83% copper, 0.324 gpt gold and 42.5 gpt silver from 83 metres
down hole. This interval includes 21 metres of 6.12% zinc,
1.56% lead, 1.07% copper, 0.269 gpt gold and 60.8 gpt silver from
83 metres down hole. 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.
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
deposit in the Bathurst Mining Camp (BMC), and the Caribou deposit
to the east. The 2012 Program consists of -- $2.5 million budgeted
for drill programs for measured resources o 18,470 metre drill
program began February 2012 o 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 Property o Mapping and prospecting
o Ground gravity geophysics o 2000 metres of drilling with
bore-hole EM surveys -- Metallurgical studies 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,
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. 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. Figure 1- Land tenure map showing the location
of the Murray Brook Project in the northwest part of the Bathurst
Mining Camp, New Brunswick.
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=537143
Figure 2 - Plan view of the drill hole collar locations at the
Murray Brook Project site.
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=537143
Table‐1 Composited drill hole intercepts*
_________________________________________________________________ |
Hole ID | From | To |Interval**|Cu% |Pb% |Zn% |Au gpt|Ag gpt|
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-102|68.00 |118.20| 50.20 |0.83|1.05|4.15|0.324 | 42.5 |
|___________|______|______|__________|____|____|____|______|______|
| Including |83.00 |104.00| 21.00 |1.07|1.56|6.12|0.269 | 60.8 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-102|122.50|174.00| 51.50 |0.09|0.89|3.39|0.199 | 34.7 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-103|133.10|150.30| 17.20 |0.79|1.06|2.24|1.379 | 47.8 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-103|159.00|162.25| 3.25 |0.32|1.25|2.11|1.308 | 30.2 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-104|165.00|182.00| 17.00 |1.37|0.65|1.32|0.584 | 33.7 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-104|183.00|241.00| 58.00 |0.44|1.06|1.89|1.382 | 49.3 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-104|246.51|254.57| 8.06 |2.52|0.10|0.18|0.375 | 17.3 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-106|93.95 |104.45| 10.50 |0.33|1.57|3.86|1.302 | 74.2 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-106|129.00|149.50| 20.50 |0.32|1.23|2.99|1.108 | 54.5 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-107|54.80 |112.00| 57.20 |0.15|1.82|5.89|0.323 | 79.9 |
|___________|______|______|__________|____|____|____|______|______|
| Including | 62 | 93 | 31 |0.18|2.58|9.23|0.336 |108.7 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-109|128.00|202.95| 74.95 |1.29|0.27|0.67|0.668 | 22.3 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-110|108.00|233.00| 125.00 |0.26|1.27|4.56|0.604 | 47.1 |
|___________|______|______|__________|____|____|____|______|______|
| Including | 108 | 145 | 37 |0.14|1.64|7.92|0.241 |61.88 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-111|145.30|162.50| 17.20 |0.91|0.13|0.38|0.249 | 16.1 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-112|167.20|220.15| 52.95 |0.49|0.87|1.96|0.847 | 45.7 |
|___________|______|______|__________|____|____|____|______|______|
|MB-2012-113|53.00 |94.25 | 41.25 |0.61|0.26|1.24|0.357 | 16.4 |
|___________|______|______|__________|____|____|____|______|______|
*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. 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 is
historically the 5(th) largest massive sulfide deposit in the
Bathurst Mining Camp and has excellent infrastructure. 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. Murray
Brook Mineral Resource Estimate Summary
_________________________________________________________________
|Category |NSR Cut-Off $/t| Tonnes |Cu% |Pb% |Zn% |Au gpt|Ag gpt|
|_________|_______________|__________|____|____|____|______|______|
|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. The Technical Report on the 2012 NI 43-101 Mineral
Resource Estimate is filed on SEDAR.com and is available on ELN's
website 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 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. El Nino Ventures
Inc. CONTACT: Tel: +1 604 685 1870 Fax: +1 604 685 8045Email:
info@elninoventures.com or visit www.elninoventures.com650-555 West
12th Avenue, City Square, West Tower, Vancouver,B.C., Canada, V5Z
3X7
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