El Nino Ventures Inc. announces a 10.34 % Zinc, 126.0 gpt Silver, 0.29 % Copper, 1.396 gpt Gold and 4.11% Lead drill intersecti
July 27 2012 - 10:06PM
PR Newswire (Canada)
-- Drilling highlights: o 4.62% zinc, 1.82% lead, 0.521 gpt gold
and 69.8 gpt silver over 84.6 metres in MB‐2012‐117 # Including
10.34% zinc, 4.11% lead, 1.396 gpt gold and 126 gpt silver over 13
metres o 3.45% zinc, 0.98% lead, 0.324 gpt gold and 46.5 gpt silver
over 79.5 metres in MB‐2012‐114 # Including 7.59% zinc, 2.48% lead,
0.557 gpt gold and 102.2 gpt silver over 28 metres o 2.42% zinc,
1.12% lead, 1.141 gpt gold and 55.5 gpt silver over 89.1 metres in
MB‐2012‐121 # Including 3.13% zinc, 1.19% lead, 2.213 gpt gold and
66 gpt silver over 16 metres VANCOUVER, July 30, 2012 /CNW/ - El
Nino Ventures Inc. ("ELN" and the "Company") is pleased to announce
assay results from the latest round of drilling at the Murray Brook
polymetallic massive sulfide deposit, Bathurst Mining Camp, New
Brunswick (Figure 1). The drill program commenced February 9, 2012
and was completed June 17, 2012. Ninety seven vertical holes
have been completed for a total of 18,470 metres drilled. Results
of the 2012 drill program have been successful in identifying two
distinct massive sulfide zones. Holes MB-2012-114,
MB-2012-115, MB-2012-117 and MB-2012-118 reported herein were
drilled in the Western Zone (Figure 2), which is thicker and more
Zn-Pb-Ag rich than the Eastern Zone. Holes MB-2012-116 and
MB-2012-121 were drilled in the Eastern Zone (Figure 2), which is
thinner and more Cu‐Au rich. MB-2012-119 and MB-2012-120 were
drilled to better delineate the boundaries of the East and West
Zones respectively (Figure 2). The assay results for the Western
Zone are better (Table 1). Drill hole MB-2012-117 intersected 84.6
metres of 4.62% zinc, 1.82% lead, 0.15% copper, 0.521 gpt gold and
69.8 gpt silver (Table 1). This interval includes 13 metres grading
10.34% zinc, 4.11% lead, 0.29% copper, 1.396 gpt gold and 126.0 gpt
silver from 170 metres down hole. Drill hole MB-2012-114
intersected 79.5 metres of 3.45% zinc, 0.98% lead, 0.53 % copper,
0.324 gpt gold and 46.5 gpt silver. This interval includes 28
metres grading 7.59% zinc, 2.48% lead, 0.18% copper, 0.557 gpt gold
and 102.2 gpt silver from 98 metres down hole. MB-2012-114 also
intersected mineralization 9.4 metres of 5.41% zinc, 2.30% lead,
0.12 % copper, 0.750 gpt gold and 71.0 gpt silver from 153.6 metres
down hole. 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 deposits in the Bathurst Mining Camp
(BMC), and the Caribou deposit to the east which was recently
acquired by Trevali Mining Corporation. The 2012 exploration
program consists of: -- $2.5 million budgeted for drill programs to
develop the project including; 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 and Camel Back Properties o Mapping and
prospecting o Ground gravity geophysics o 2000 metres of drilling
with bore-hole EM surveys -- Metallurgical studies 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. 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,
Polymetallic 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. 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=539551
Figure 2 - Contour map of Murray Brook showing massive sulfide
thickness contoured at 10 metre intervals (source: Votorantim
Metals Canada)
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=539551
Table 1 - Composited Drill Hole Intercepts*
________________________________________________________________ |
Hole ID |From | To |Interval**|Cu %|Pb %|Zn % |Au gpt|Ag gpt| | |
(m) | (m) | (m) | | | | | |
|___________|_____|_____|__________|____|____|_____|______|______|
|MB-2012-114|56.0 |135.5| 79.5 |0.53|0.98|3.45 |0.324 | 46.5 |
|___________|_____|_____|__________|____|____|_____|______|______|
| Including |98.0 |126.0| 28.0 |0.18|2.48|7.59 |0.557 |102.2 |
|___________|_____|_____|__________|____|____|_____|______|______|
| And |153.6|169.0| 15.5 |0.10|1.63|4.12 |0.525 | 51.9 |
|___________|_____|_____|__________|____|____|_____|______|______|
| Including |153.6|163.0| 9.4 |0.12|2.30|5.41 |0.750 | 71.0 |
|___________|_____|_____|__________|____|____|_____|______|______|
|MB-2012-115|23.0 |75.0 | 52.0 |0.59|0.24|1.55 |0.211 | 22.4 |
|___________|_____|_____|__________|____|____|_____|______|______|
|MB-2012-116|127.0|193.6| 66.6 |0.35|0.81|1.63 |0.906 | 42.8 |
|___________|_____|_____|__________|____|____|_____|______|______|
|MB-2012-117|100.4|185.0| 84.6 |0.15|1.82|4.62 |0.521 | 69.8 |
|___________|_____|_____|__________|____|____|_____|______|______|
| Including |170.0|183.0| 13.0 |0.29|4.11|10.34|1.396 |126.0 |
|___________|_____|_____|__________|____|____|_____|______|______|
|MB-2012-118|40.0 |59.0 | 19.0 |4.10|0.03|0.12 |0.115 | 12.0 |
|___________|_____|_____|__________|____|____|_____|______|______|
|MB-2012-120|14.0 |29.0 | 15.0 |3.40|0.08|0.51 |0.122 | 18.5 |
|___________|_____|_____|__________|____|____|_____|______|______|
|MB-2012-121|24.0 |113.1| 89.1 |0.43|1.12|2.42 |1.141 | 55.5 |
|___________|_____|_____|__________|____|____|_____|______|______|
| Including |42.0 |58.0 | 16.0 |0.33|1.19|3.13 |2.213 | 66.0 |
|___________|_____|_____|__________|____|____|_____|______|______|
*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. 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 The 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. To date,
more than 28,000 metres of drilling has been completed with
encouraging results. 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 over twenty countries and has forty thousand employees.
Votorantim Metais is one of the five main zinc manufacturers
worldwide, the main electrolytic nickel manufacturer in Latin
America, and the Brazilian leader in the production of primary
aluminum. 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.com
650-555West 12th Avenue, City Square, West Tower, Vancouver, B.C.,
Canada, V5Z3X7
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