Nevsun Resources Ltd. (TSX: NSU / NYSE MKT: NSU) (“Nevsun: or the “Company”) is pleased to announce the maiden open pit mineral resource estimates for the Hambok and Northwest Zone deposits and the updated mineral reserve estimates for the Bisha Main and Harena open pit mines. Hambok and the Northwest Zone are satellite deposits to the Bisha Main pit and, in addition to Harena, are expected to provide additional feed to the Bisha mill, extending mine life.
The total indicated mineral resource estimate of the combined Bisha Mining Share Company (“BMSC”) property tenements has increased 29% from the previous total indicated mineral resource estimate of May 31, 2012, by an additional 9.3 million combined oxide gold, supergene copper and primary copper-zinc zone tonnes. This results in an additional 247 million pounds of in-situ copper for a 22 percent increase in contained copper and an additional 47 million pounds of in-situ zinc for a 1 percent increase in contained zinc. Tables 1.1 to 1.5 contain the complete mineral resource estimates for each deposit.
Highlights
- Bisha tenements indicated resources of contained copper increases by 22% to 1.4 billion pounds
- Bisha tenements indicated resources of contained zinc increases to 3.2 billion pounds
- Bisha pit supergene contained copper increases 1% in probable reserve, even after 2013 depletion
- All deposits remain open to further resource expansion
Using a Net Smelter Return (NSR) cut-off of US$39.55 per tonne at $2.90 and $0.92 per pound copper and zinc respectively, the updated Bisha Main pit probable mineral reserve estimate consists of supergene copper ore of 7.4 million tonnes grading at 3.57 % copper, 0.61 g/t gold and 27 g/t silver and primary copper-zinc ore of 18.4 million tonnes grading at 1.02 % copper, 5.66 % zinc, 0.68 g/t gold and 46 g/t silver. See Table 2.1 to 2.3 for details.
Cliff Davis, Nevsun CEO commented,
“Despite mining depletion and cost inflation since our last reserve report in mid-2012, Bisha base metal mine life is 11 years, demonstrating the robust nature of the high grade Bisha Main ore body.”
The maiden open pit Hambok indicated mineral resource estimate includes 6.9 million tonnes grading at 1.14% copper and 1.86% zinc for 172 million pounds copper and 281 million pounds zinc. The maiden open pit Northwest Zone indicated mineral resource estimate includes 1.0 million tonnes of supergene material grading 1.47% copper and 2.5 million tonnes of primary material grading at 1.04% copper and 1.08% zinc for a combined 92 million pounds copper and 60 million pounds zinc. (See detailed tables for the Indicated and Inferred minerals deposit here).
CEO Cliff Davis further commented, “The addition of new resources at Hambok and the Northwest Zone is an exciting first step to expanding the resource base at Bisha. All four Bisha deposits are open with extensions that we have yet to define. We also look forward to further exploration success and unlocking the potential in the Bisha VMS camp.”
The associated NI 43-101 Technical Report further detailing and supporting the Mineral Resources and Mineral Reserves highlighted below in this release will be filed on SEDAR no later than 45 days from today’s date.
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