Nuuk, 2012-11-13 07:50 CET (GLOBE NEWSWIRE) -- Resume
- Discovery of potentially bulk minable gold mineralisation in South Greenland: At the Vagar licence within the Nanortalik Gold Province of South Greenland, initial reconnaissance drilling (1193 metres/6 holes) initiated in Q2-12, intersected wide gold mineralisation within granitic host rocks at Amphibolite Ridge. The drill results combined with surface mapping and sampling demonstrates gold mineralisation in three dimensions with good continuity and economically interesting grades. Four drill holes intersected gold mineralisation within a strike length of 600 metres. Scissor holes combined with surface samples yielding gold, including a chip sample returning 25 g/t over 8 metres, indicate a down dip extend of at least 270 metres for the gold mineralisation. One drill hole intersected 54.7 meters at 1.3 g/t gold. Granites and granodiorites with significant tonnage potentials host the gold mineralisation. The mineralisation remains open in all directions, with grades comparing favourably to those of existing producing mines in North America.
- The result before tax for the period was a loss of 6,388 tDKK after capitalisation of exploration and evaluation costs, which is in line with expectations.
- NunaMinerals A/S has invested 17,268 tDKK in exploration and evaluation during the first nine months of 2012, following the plans laid out in the Annual Report 2011.
- Cash and Cash Equivalents of 8,421 tDKK as of September 30, 2012.
- Before the end of 2012, NunaMinerals aims to increase the share capital with up to 9.99 % in a direct listing at market price, provided the market conditions and investor interest allows this. The proceeds from the direct listing will finance operations and explorations activities in 2013. The management continuously works on securing sufficient cash position, which can support further development of the company’s project portfolio. In this context and taking the cash position into account, several alternatives including a dual listing on an international stock exchange focusing on the mineral sector, entering partnerships, sale of projects and adaptation of the project portfolio and explorations activities are considered.
- At the Hugin licence within the Nanortalik Gold province in South Greenland, the company has discovered a new gold zone at Jokum’s Shear situated at the head of Danell Fjord. Several samples yielded more than 1 g/t gold including one rock chip sample yielding 3.1 metres @ 9.3 g/t gold as well as a composite sample yielding 2 metres @ 3.7 g/t gold.
- At the Inglefield licence, an early stage regional grass roots project with significant upside potential, a total of 685 samples have been collected. The sampling mainly tested the copper-gold potential of the north eastern part of Inglefield, an area with known porphyritic granites, skarn type copper mineralisation and copper-gold in supracrustal rocks.
- Minor work has been completed within the Storø Licence (micro bulk sampling of gold zones at Storø; discovery of gold bearing quartz filled late faults at Qussuk), the Qeqertaasaq Licence (portable XRF soil survey to test the rare earth and niobium potential of poorly exposed areas and prospecting for niobium, tantalum and other commodities) and the Qaamasoq Licence (prospecting for kimberlite around geophysical selected target areas).
- The Company still expects a negative EBITDA of 5-10 mDKK in 2012.
On behalf of the Board:
Birks Bovaird, Chairman of the Supervisory Board • Ole Christiansen, President and CEO
