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Continental Nickel Intersects 15.96% Nickel and 1.33% Copper Over 2.45 Metres and 5.71% Nickel and 0.92% Copper Over 7.2 Metres at the Nachingwea Project
TORONTO, ONTARIO--(MARKET WIRE)--Jan 5, 2009 -- Continental Nickel Limited (CDNX:CNI.V - News) is pleased to report additional assay results from drilling on its 70% owned Nachingwea nickel sulphide project in Tanzania. The Nachingwea project is a 70:30 Joint Venture with IMX Resources NL ("IMX") of Australia. Continental Nickel completed a CAD$7.0 million exploration program at Nachingwea in 2008 and is well funded with over CAD$13 million remaining in the treasury.
In 2008, one hundred and nineteen drill holes totalling 15,573 metres were completed on the Nachingwea Project. One hundred and nine of those drill holes were completed on targets in the Ntaka intrusion. The objective of the drilling in the Ntaka intrusion is to delineate nickel-copper resources in five separate sulphide zones. This press release describes the results of twenty-four diamond drill holes (see attached Table and Figures). The results of seventy-four (including those reported herein) have been reported to date. The remaining assay results will be reported as soon as they are received and verified.
The results reported herein continue to expand the L, H, NAD013 and M zones and confirm the previously reported high grades of mineralization at those zones. Highlights include: 7.2 metres grading 5.71% nickel and 0.92% copper, including 14.11% nickel and 1.74% copper over 2.6 metres, from drill hole NAD08-130 at the L sulphide zone; 15.96% nickel and 1.33% copper over 2.45 metres, from drill hole NAD08-121 at the H sulphide zone; and 8.35 metres grading 2.84% nickel and 0.64% copper, including 3.35 metres grading 3.96% nickel and 0.83 % copper, from drill hole NAD08-137 at the M sulphide zone.
L Zone:
In 2008, sixteen drill holes, totalling 1,858 metres, were completed on sections spaced 25 metres apart. This drilling has traced the zone 175 metres along strike and it remains open at depth along a shallow southerly plunge. The zone displays a moderate to steep dip to the west with a dip extent of 50 to 75 metres.
Additional drill results reported herein are highlighted by drill hole NAD08-130 which intersected 7.2 metres grading 5.71% nickel and 0.92% copper, including 14.11% nickel and 1.74% copper, over 2.6 metres.
H Zone:
Sixteen drill holes, totalling 2,195 metres, were completed on 25 metre spaced sections at the H Zone in 2008. The zone has been traced for 150 metres along strike and the zone is open to the south. Mineralization consists of remobilized massive sulphide veins which pinch and swell from less than 1 metre to several metres thick. The zone varies from single to multiple closely spaced veins, the latter occurring over widths of up to 9.5 metres. The zone has a moderate to shallow dip to the southwest.
Assay results reported herein continue to confirm previous high grades of nickel including 15.96% nickel and 1.33% copper over 2.45 metres from drill hole NAD08-121; 14.0 metres grading 1.25% nickel and 0.13% copper (including 7.87% nickel and 0.36% copper over 1.25 metres) from drill hole NAD08-118, and 10.75 metres grading 1.50% nickel and 0.11% copper (including 14.70% nickel and 0.06% copper over 0.55 metres) from drill hole NAD08-152.
M Zone:
In 2008, twenty-six drill holes, totalling 3,607 metres, were completed on 25 metre spaced drill sections at the M zone. The zone has been traced for 225 metres along strike and displays a moderate plunge to the south. The zone dips east and has a dip extent of 75 to 100 metres.
Mineralization consists of disseminated, net textured, and locally semi-massive sulphides similar in appearance to the J Zone. Assay results reported herein include: 2.84% nickel and 0.64% copper over 8.35 metres, including 3.35 metres grading 3.96% nickel and 0.83% copper from NAD08-137, and 2.28% nickel and 0.57% copper over 9.3 metres from drill hole NAD08-132.
Craig MacDougall, President & CEO of Continental Nickel Limited, reported "the ongoing results from the 2008 drill program continue to return highly encouraging drill intersections from the five zones tested in the Ntaka intrusion. All of the zones tested have demonstrated continuity of mineralization and have returned high grades of nickel at very shallow depths. The Company plans to initiate resource studies on all five zones from the Ntaka intrusion once the remaining assay results have been received."
Quality Control
The drilling was completed by Tandrill Limited of Tanzania. Drill core samples (NQ) are cut in half by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally 1.0 metre intervals or less at the discretion of the site geologists. Sample preparation is completed at the ALS Chemex preparation lab in Mwanza, Tanzania. Sample pulps are sent by courier to ALS Chemex analytical laboratory in Vancouver, Canada. Blank samples and commercially prepared and certified Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a minimum of one per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81). Analyses for Pt, Pd, and Au are by fire assay with an ICP-AES finish (PGM-ICP23).
The quality control, technical information and all aspects of the exploration program were supervised by Patricia Tirschmann, P.Geo., Vice President, Exploration for CNI, and a qualified person as defined by National Instrument 43-101.
About Continental Nickel
Continental Nickel Limited is an exploration company focused on the exploration and discovery of nickel sulphide deposits in geologically prospective, but under explored regions globally. Current projects include its 70% controlling interest in the Nachingwea project in Tanzania and an option joint venture on the St Stephen project in New Brunswick, Canada. Continental Nickel has 30,062,395 shares issued and outstanding (33,285,916 on a fully-diluted basis) and trades on the TSX Venture Exchange under the symbol CNI.
On behalf of Continental Nickel Limited
Craig MacDougall, President & Chief Executive Officer
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, future plans and objectives of Continental Nickel Limited, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Continental Nickel Limited's expectations are the risks detailed herein and from time to time in the filings made by Continental Nickel Limited with securities regulators.
Information in this announcement relating to exploration results is based on data compiled by Patricia Tirschmann, P. Geo., who is a registered member of the Association of Professional Geoscientists of Ontario and who is a full-time employee of the company. Patricia Tirschmann has sufficient relevant experience to qualify as a Competent Person under the 2004 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Patricia Tirschmann consents to the inclusion of the data in the form and context in which it appears.
Table I: Summary of Recent Assay Results, Nachingwea Project, Tanzania.
----------------------------------------------------------------------------
Location
Drillhole (local Az / Dip Length From To Interval % Ni % Cu % Co
(NAD08-) grid) (m) (m) (m) (m)
----------------------------------------------------------------------------
L Zone
----------------------------------------------------------------------------
110 1100N 98 / -51 103.75 42.35 43.00 0.65 1.71 0.65 0.06
114E 59.0 69.75 10.75 0.59 0.10 0.01
----------------------------------------------------------------------------
123 1075N 98 / -62 163.8 36.8 39.45 2.65 1.11 0.17 0.02
073E 36.8 37.1 0.3 7.52 0.82 0.12
----------------------------------------------------------------------------
124 1075N 98 / -51 149.6 91.0 97.0 6.0 0.56 0.09 0.02
073.5E
----------------------------------------------------------------------------
125 1075N 98 / -51 136.6 80.0 82.0 2.0 0.84 0.15 0.02
105.6E
----------------------------------------------------------------------------
130 1100N 98 / -51 151.7 107.1 114.3 7.2 5.71 0.92 0.10
083.6E Incl.
111.7 114.3 2.6 14.11 1.74 0.23
----------------------------------------------------------------------------
H Zone
----------------------------------------------------------------------------
118 4050N 50 / -82 124.9 92.0 106.0 14.0 1.25 0.13 0.03
2771E Incl.
100.75 106.0 5.25 2.61 0.21 0.03
100.75 102.0 1.25 7.87 0.36 0.09
----------------------------------------------------------------------------
121 4125N 50 / -59 115.7 37.3 39.75 2.45 15.96 1.33 0.20
2825E 66.25 72.0 5.75 0.79 0.17 0.02
----------------------------------------------------------------------------
129 4050N 50 / -61 201.3 125.8 126.0 0.2 3.03 17.0 0.10
2703E 135.0 138.0 3.0 2.45 0.19 0.04
Incl.
135.0 135.5 0.5 10.89 0.25 0.16
----------------------------------------------------------------------------
152 4025N 50 / -67 172.9 106.35 118.0 11.65 0.52 0.10 0.02
2715E 129.25 140.0 10.75 1.50 0.11 0.03
Incl.
129.25 134.15 4.90 2.75 0.12 0.04
129.25 129.8 0.55 14.70 0.06 0.18
----------------------------------------------------------------------------
NAD013 Zone
----------------------------------------------------------------------------
122 4500N 50 / -50 118.7 69.0 73.0 4.0 1.81 0.54 0.05
2725E Incl.
70.65 72.0 1.35 4.20 1.28 0.10
----------------------------------------------------------------------------
M Zone
----------------------------------------------------------------------------
132 5275N 230 / -50 118.5 72.7 82.0 9.3 2.28 0.57 0.04
3512E
----------------------------------------------------------------------------
136 5250N 230 / -69 158.6 121.0 135.6 14.6 1.21 0.20 0.03
3515E Incl.
130.0 135.6 5.6 2.03 0.27 0.05
----------------------------------------------------------------------------
137 5250N 230 / -55 158.7 106.0 114.35 8.35 2.84 0.64 0.05
3515E Incl.
111.0 114.35 3.35 3.96 0.83 0.07
----------------------------------------------------------------------------
138 5250N 230 / -58 140.6 76.8 80.15 3.35 0.44 0.21 0.05
3480E
----------------------------------------------------------------------------
142 5300N 230 / -67 128.7 89.0 98.0 9.0 1.32 0.22 0.03
3549E
----------------------------------------------------------------------------
145 5225N 230 / -58 148.7 NSA NSA NSA
3470E
----------------------------------------------------------------------------
146 5225N 230 / -58 150.15 122.0 129.0 7.0 1.97 0.45 0.04
3500E
----------------------------------------------------------------------------
163 5350N 230 / -64 62.65 44.0 57.0 13.0 0.89 0.17 0.02
3584E
----------------------------------------------------------------------------
170 5350N 230 / -67 126.1 99.85 100.4 0.55 0.80 0.20 0.05
3609E
----------------------------------------------------------------------------
J Zone
----------------------------------------------------------------------------
153 1400N 100 /-75 142.8 NSA NSA NSA
075E
----------------------------------------------------------------------------
156 1280N 100 / -65 64.7 NSA NSA NSA
151E
----------------------------------------------------------------------------
158 1275N 100 / -65 88.9 NSA NSA NSA
121E
----------------------------------------------------------------------------
Miscellaneous Ntaka Area Drill Holes
----------------------------------------------------------------------------
139 4200N 50 / -68 191.6 112.0 114.0 2.0 0.55 0.19 0.05
3708E 150.0 153.0 3.0 0.49 0.12 0.02
----------------------------------------------------------------------------
140 4200N 50 / -67 185.7 145.6 150.2 4.6 0.57 0.24 0.06
3613E 168.6 169.4 0.8 0.98 0.25 0.09
----------------------------------------------------------------------------
Note: Intervals represent core lengths, not necessarily true widths. Pt, Pd
and Au assay results are not reported because in general, they are less than
1.0 g/t on a combined basis.
NSA - No Significant AssaysTo view the "Total Field Magnetics and TDEM Targets", please visit the following link: http://media3.marketwire.com/docs/cni01051.pdf
To view the "Drill Plan - L Zone", please visit the following link: http://media3.marketwire.com/docs/cni01052.pdf
To view the "Drill Plan - H Zone", please visit the following link: http://media3.marketwire.com/docs/cni01053a.pdf
To view the "Drill Plan - M Zone", please visit the following link: http://media3.marketwire.com/docs/cni01054.pdf
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release. No stock exchange,
securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Contact:
Contacts:
Continental Nickel Limited
Craig MacDougall, P. Geo.
President and CEO
(416) 364-7111
(416) 364-8114 (FAX)
Email: info@continentalnickel.com
Website: http://www.continentalnickel.com
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