Nuuk, 2012-09-03 07:50 CEST (GLOBE NEWSWIRE) -- Summary
The initial drilling program (1193 metres; 6 holes) tested the continuity over approximately 600 metres of several gold bearing quartz veins as well as the granitic host rocks. NunaMinerals believe that in addition to the high-grade quartz veins, there is potential in the Niaqornaarsuk Peninsula for low-grade bulk tonnage intrusion related gold mineralisation. Hence all drill core has been assayed, the majority in two-metre sections, in order to test the granitic host rocks
Gold bearing quartz veins were intersected in 4 out of the 6 holes. Visible gold was identified in VAG-12-02 at 83.1 metres and at 132 metres.
Drill hole VAG-12-02 intersected 54.7 metres at 1.3 g/t gold from 68 metres depth, including 23.3 metres at 2.3 g/t gold. The gold intersection is hosted by granodiorite and granite with frequent quartz veins or veinlets as well as variable sulphide impregnation.
Ole Christiansen, CEO of NunaMinerals stated: “We are very pleased with these excellent results from the first drilling programme to be carried out on this project. Four out of six holes intersected gold. Hole 2 discovered a wide zone of gold mineralisation, with the end of hole still mineralised. We are therefore planning additional drilling with the aim of getting a better understanding of the spatial distribution of the mineralisation”.
Drill hole information
| Hole ID | Azimuth (degree) | Dip (degree) | End of hole (metres) | Northing (degree) | Westing (degree) | Elevation (metres) |
| VAG-12-01 | 310 | 43 | 291.70 | 60.57206 | 45.02444 | 676 |
| VAG-12-02 | 139 | 45 | 151.00 | 60.57106 | 45.02945 | 837 |
| VAG-12-03 | 82 | 55 | 97.00 | 60.57106 | 45.02945 | 837 |
| VAG-12-04 | 310 | 45 | 311.00 | 60.56908 | 45.02638 | 750 |
| VAG-12-05 | 286 | 45 | 161.40 | 60.56951 | 45.02511 | 707 |
| VAG-12-06 | 135 | 45 | 181.00 | 60.56810 | 45.03291 | 685 |
Selected assay interval
| Hole ID | From (m) | To (m) | Interval (m) | Gold g/t |
|
VAG-12-01 including |
70.00 72.30 |
78.00 74.00 |
8.00 1.70 |
0.67 2.39 |
|
VAG-12-02 Including including |
68.00 78.70 78.80 |
147.00 133.40 102.00 |
79.00 54.70 23.30 |
0.91 1.26 2.32 |
|
VAG-12-03 Including |
62.00 62.00 |
76.00 64.00 |
14.00 2.00 |
0.70 3.74 |
|
VAG-12-04 Including including |
52.00 52.00 52.00 |
73.30 60.00 54.00 |
21.30 8.00 2.00 |
0.45 1.14 4.45 |
| VAG-12-05 | 94.00 | 96.00 | 2.00 | 0.68 |
| VAG-12-06 | 28.00 | 64.00 | 36.00 | 0.12 |
The Vagar gold project
The Vagar gold project lies within the highly prospective Nanortalik Gold Province that includes numerous +100 g/t gold occurrences known from surface exploration, and is located just 25 kilometres north of existing mining infrastructure at Angel Mining’s Nalunaq Gold Mine. NunaMinerals’ licence occupies the area between the Julianehåb Batholith (Niaqornaarsuk Peninsula) and the Psammite Zone (Nanortalik Peninsula). Sediment sampling within the Niaqornaarsuk Peninsula defines several high gold clusters. The Amphibolite Ridge cluster is roughly 3 by 4 km in size, with the as yet un-drilled southern extension of the ridge appearing particularly prospective.
Several surface samples from quartz veins at Amphibolite Ridge have returned gold values over 100 g/t with the highest being 1013 g/t. The host granodiorite is variably sulphidized and has returned gold values up to 12.1 g/t.
A total of 39 samples have been taken from representative drill core for petrological and lithogeochemical work. The samples are therefore being prepared for shipment for additional assays at Actlabs in Ancaster, Ontario. This work could yield a better understanding of the mineralisation and aid in a next planning of the drill program.
The information in this announcement has been reviewed by Dr. Denis M. Schlatter, EurGeol, a Qualified Person for the technical information in this press release under NI 43-101 standards.
About NunaMinerals
NunaMinerals A/S is Greenland's leading company in the exploration of precious and base metals as well as strategic metals. Firmly rooted in Greenland, the company is well positioned to exploit the mineral potential of one of the world’s few remaining unexplored regions. The geology of Greenland has a number of similarities with that of long-established mining countries such as Canada, South Africa and Australia, which all have substantial mineral deposits of gold, platinum, nickel and copper, among other commodities. Setting up partnerships that would bring further technical and financial expertise to the development of the company’s exploration prospects is a key element of NunaMinerals’ business model. NunaMinerals began operations in 1999 and is headquartered in Nuuk, Greenland. The company is listed on NASDAQ OMX Copenhagen A/S under the symbol “NUNA” (Reuters code: NUNA.CO; Bloomberg code: NUNA:DC). For more information, please visit our website: www.nunaminerals.com.
On behalf of the board
Ole Christiansen, CEO & Birks Bovaird, Chairman
Forward-looking statements contained in this announcement, including descriptions of NunaMinerals’ exploration and development projects, strategy and plans, as well as expectations for future revenue and earnings, reflect NunaMinerals’ current views and assumptions with respect to future events and are subject to certain risks, uncertainties and assumptions. There are many factors that may cause actual results achieved by NunaMinerals to differ materially from expectations for future results and expectations that may be expressed in or form an assumption of such forward-looking statements. Such factors include risks related to exploration, development and mining activities, uncertainties related to the results of NunaMinerals’ exploration and development projects, including risks of delays or closure of projects, price falls, currency fluctuations and changes in concession terms, legislation and administrative practices, as well as competition risk and other unforeseen factors. If one or more of such risks or factors of uncertainty were to materialise, or should one or more of the statements provided prove to be incorrect, actual developments may differ materially from the forward-looking statements contained in this announcement. NunaMinerals is not under any duty to update the forward-looking statements contained in this announcement or to adjust such statements to actual results, except as may be required by law.
CEO Ole Christiansen, phone +299 36 20 01, cellular +299 55 18 57, e-mail: oc@nunaminerals.com
Ole Christiansen; oc@nunaminerals.com; cellphone +299 55 18 57