Nuuk, 2012-11-05 07:50 CET (GLOBE NEWSWIRE) -- NunaMinerals (Copenhagen: NUNA.CO / NUNA:DC) is pleased to announce the discovery of strong gold mineralisation at Jokum’s Shear, situated within the Nanortalik Gold Province, approximately 90 km northeast of their Vagar Gold Prospect and 25 km southwest of their Kangerluluk Gold Project.
Promising samples for gold at Jokum’s Shear
During 2012 follow up work was conducted to test elevated gold anomalies at a prominent shear zone, the Jokum’s Shear, situated in the Danell Fjord area of South East Greenland. A total of 36 surface samples were taken over a strike of 1.5 km, between 650 metres and 1150 metres elevation to test the several tens of metres wide shear system. Several samples yielded more than 1 g/t gold including one rock chip sample yielding 9.3 g/t gold over a width of 3.1 metres as well as a composite sample with 3.7 g/t gold over a width of 2 metres.
Ole Christiansen, CEO of NunaMinerals stated: “This is an exciting development of our South Greenland gold projects. Earlier this year, our initial drilling program at Vagar Gold Project was very successful, defining wide gold intersects within granites and granodiorites. Now, the identification of gold within igneous rocks 90 km further to the northeast within the same gold province confirms our expectation that we are within a significant and poorly explored gold belt”.
Outcrops at Jokum’s Shear have previously been covered by a local glacier and have only recently become accessible due to its retreat. The shear zone strikes northeast and it is conceivable that the same shear structure also hosts the Kangerluluk Gold Project a further 25 km to the northeast, increasing the prospectivity of the region considerably. Both gold occurrences are within the company’s 100% owned 1074 km2 Hugin licence.
Drilling at the Vagar gold project demonstrates economically interesting grades
The Vagar gold project lies within the 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.
Ole Christiansen stated: “4 out of 6 drilled holes in summer 2012 intersected gold mineralisation. The drill results combined with surface mapping and sampling demonstrates a mineralisation in three dimensions with good continuity and economically interesting grades. Grades compare favourably to those of existing producing mines in North America”.
The drill intersections indicate a strike length of more than 600 metres. Scissor holes VAG-12-02 and VAG-12-04 combined with surface samples yielding gold indicate a down dip extend of at least 270 metres for the gold mineralisation. The mineralisation remains open in all directions.
Drill hole VAG-12-02 intersected 54.7 meters at 1.3 g/t gold. This interval contains two small quartz vein systems hosted within shear zones. Visible gold was identified in both quartz vein systems. A surface chip sample above this intersection yielded 8 metres at 25 g/t gold. Several surface samples from quartz veins at Amphibolite Ridge have returned gold values over 100 g/t with the highest being 1013 g/t. Significantly, the host granodiorites are also gold mineralised and variably sulphidised, returning gold values up to 12.1 g/t, hence opening up the potential for major tonnages at Vagar.
The wall rocks of the gold bearing quartz veins comprise granodiorite and feldspar-rich granite. The granitic rocks are variable altered and alteration is characterized by K-feldspar, silicification, quartz veining, pyrite and pyrrhotite (occurring in both patches and fine stringers), hydrobrecciation, calc-silicate, biotite and epidote. The alteration pattern is complex with narrow zones of strongly altered rocks and wider zones of less pervasive altered rocks. Preliminary geochemical results show that beside the gold the alteration zone includes elevated values of tellurium, silver, bismuth and gallium whereas base metals copper, zinc and lead are only slightly elevated.
Petrological and lithogeochemical studies have commenced, to aid interpretation and facilitate future exploration at Vagar and more regionally within the remainder of the gold province.
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
