Nuuk, 2013-11-25 07:00 CET (GLOBE NEWSWIRE) --
NUNAMINERALS’ ANNOUNCES NI 43-101 TECHNICAL REPORT FOR THE COMPANYS VAGAR GOLD PROSPECT, SOUTH GREENLAND
NunaMinerals A/S (COPENHAGEN: NUNA.CO / NUNA.DC) is pleased to announce the completion of a NI 43-101 Technical Report on the company’s exclusively owned Vagar Gold Project in South Greenland, prepared by independent consultants, SRK Consulting (Sweden) AB. A copy of the technical report titled ‘A 43-101 Technical Report on the Vagar Gold Project, South Greenland’, and dated 22nd November 2013 is available to download on NunaMinerals’ website (http://www.nunaminerals.com).
The independent report was prepared by Johan Bradley (CGeol, EurGeol) of SRK Consulting (Sweden) AB (hereafter referred to as ‘SRK’), who is a Qualified Person as defined by the CIM definitions. Mr Bradley completed site inspections within NunaMinerals’ Vagar licence area on two occasions, 22nd September 2011 and most recently on 3rd July 2012 in order to access the geological information used within the technical report. Exploration data from NunaMinerals’ field campaigns at Vagar during 2010, 2012 and 2013 are compiled and reviewed within the Technical Report, in addition to a summary of historical data. SRK also completed independent Quality Assurance and Quality Control (QAQC) on drillcore from the 2012 drilling campaign at Vagar. The gold content of the samples analysed by the primary laboratory (ActLabs Greenland) and QA-QC laboratory (SGS Toronto) as reported by NunaMinerals, were verified by SRK’s independent check analyses (ALS Chemex, Vancouver), and confirmed the presence of elevated gold grades in the drill cores.
Highlights of the Technical Report include:
- The drill tested ‘Vein 2’ (1916 meters, 8 drill holes) demonstrates reasonable continuity of mineralisation in three-dimensions over a strike length of roughly 600 metres, and that this mineralised structure remains open along strike and at depth;
- The mineralisation identified has economically interesting grades (e.g. 13 meters at 70 g/t gold in channel samples at Vein 2; 79 meters at 0.96 g/t gold, including 54.7 meters at 1.3 g/t gold in the discovery drill hole, DDH-12-02; and up to 2533 g/t gold in surface grab samples);
- Surface sampling (hard rock and sediment) indicates a significant strike length to the gold mineralisation over several kilometres;
- Similarities exist between the nature of gold mineralisation at Greater Amphibolite Ridge (within the Vagar licence) and Intrusion Related Gold Systems (IRGS) of the Tintina Gold Province of the northern North American Cordillera as described by Hart (2007; refer to references in technical report), which hosts several large active gold mines.
- NunaMinerals has identified multiple new gold targets within the licence that warrant further work (refer to Figures 7-4 and 7-5 in the Technical Report).
Significantly SRK conclude that the potential demonstrated by the successful exploration completed to date indicates that the Vagar Gold Project justifies an extensive drill program, and thereby endorses NunaMinerals’ plans for a 10,000-meter drill program and concurrent surface work during 2014. The report remarks that NunaMinerals have proven ‘extensive experience of undertaking early stage exploration programmes in Greenland’, testament to the company’s systematic approach to exploration within the Vagar licence, and rigorous field and sampling procedures.
Commenting on the Ole Christiansen, CEO of NunaMinerals stated: “The NI-43-101 report is an important step in our efforts to continue developing our flagship Vagar Gold Project and we are delighted that this independent report has validated our plans”.
The information in this announcement has been reviewed by Dr Denis M. Schlatter, MSc., Ph.D., EurGeol, a Qualified Person for the technical information presented under National Instrument 43-101 standards, and a consulting geologist to NunaMinerals A/S.
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 at NASDAQ OMX Copenhagen A/S under the symbol “NUNA” (Copenhagen: NUNA.CO). For more information, please visit our website: www.nunaminerals.com.
On behalf of NunaMinerals
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.
For further information:
Ole Christiansen, CEO, phone: +299 36 20 01, mobile: +299 55 18 57 oc@nunaminerals.com
