-Drilling currently underway with one rig in the Bathurst Mining Camp
-Prospective DIAGNOS CARDS, geophysical and stratigraphic targets continue to be drill tested
February 25, 2014 , Vancouver, BC; El Nino Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; OTC Pink: ELNOF; Frankfurt: E7Q) is pleased to provide an update on the exploration program for the Bathurst Option Joint Venture Project (BOJV) with Votorantim Metals Canada Inc. and Glencore Canada Corporation (formerly Xstrata Canada Corporation). The BOJV area of interest covers much of the world-class Bathurst Mining Camp in north-central New Brunswick ( Figure 1 ). Votorantim Metals Canada Inc. is Project Operator.
2013 Exploration Program Results
During 2013, fifteen holes were drilled for a total of 4780.7 metres at a cost of roughly $1.5 million. The holes were drilled to test prospective DIAGNOS CARDS, airborne and ground geophysical and stratigraphic targets in the BOJV Project area ( Figure 2 ). The drill targets are distributed throughout the Bathurst Mining Camp.
Significant results were obtained from two diamond drill holes, MB-13-01 and SA-13-21, both of which intersected mineralization of interest. MB-13-01 was drilled to test a ground gravity target just to the west of the Murray Brook polymetallic massive sulphide property, in the northwest corner of the BOJV. The hole intersected 248 metres of weak mineralization consisting of pyrrhotite + pyrite ? chalcopyrite from 230 metres to end of hole at 578 metres, entirely in sedimentary rocks. As a result, the hole was extended from 578 metres to 821 metres. It remained in sedimentary rocks and commonly carried 5-10% disseminated pyrrhotite. The best assayed interval was 13 metres grading 0.18% Zn, 0.08% Pb, 0.10% Cu and 1.74 g/t Ag from 428 metres down hole ( Table 1 ). The hole was down-hole surveyed with an electromagnetic probe for off-hole conductors. The results indicated a couple of deeper responses which might reflect weak stringer mineralization. No off-hole response was received that could be interpreted as massive sulphide.
The other hole of interest, SA-13-21, was drilled to test a CARDs/geophysical target at Sevogle Airstrip in the south central part of the BOJV. The hole intersected felsic volcanics from 45 metres to 300 metres down hole, with several short intervals of quartz + chalcopyrite + sphalerite + galena mineralization between 60 metres and 300 metres down hole. The best assay result is 0.5 metres grading 2.9% Zn, 2.4% Pb and 0.04% Cu from 60 metres down hole ( Table 1 ).
Table 1: Assay results for 2013 BOJV Project Drill Program.
Click Image To View Full Size
Note: no significant assay results for the other 13 holes drilled in the 2013 program.
2014 Exploration Program Plans
After a holiday hiatus, drilling resumed on the BOJV with a single rig in January. The program planned is for up to thirteen holes to be drilled for a total of 3000 metres at a cost of approximately $350,000. Two holes are to be drilled at Sevogle Airstrip, and six holes in the area between the Murray Brook and Restigouche massive sulphide deposits and the remaining four or five holes to be drilled elsewhere. The drill program will be in two phases: a winter program to end in the second half of February where drill holes are close to existing infrastructure and the remainder in the spring. Subject to outcomes and results, the next steps in follow-up exploration could be continued direct drilling of targets, and ground and borehole geophysical surveys performed to optimize drill set-ups. The five year option earn-in period for Votorantim Metals Canada Inc. currently ends in July 2014.
Figure 1 . (Below) Land tenure map showing the location of properties in the Bathurst Option Joint Venture Project as of February 21, 2014. The BOJV includes 920 units in 26 claims totalling 20,019 hectares. The amount changes as some claims are dropped and others staked. El Nino maintains a 50% interest in another 1,177 units in 8 claims totalling 25,612 hectares.
Click Image To View Full Size
Figure 2. (Below) Collar locations for diamond drill holes drilled on the BOJV Project area in 2013 and 2014. Note the location of MB-13-1 in the northwest corner or the area, which is in the Mt. Fowler area near the Murray Brook Project, and SA-13-21 in the south central part of the area.
Click Image To View Full Size
Qualified Persons Statement
This news release has been reviewed and approved for technical content by William Stone, Ph.D., P.Geo. and a Qualified Person under the provisions of National Instrument 43-101.
About El Nino Ventures Inc. Bathurst Projects
El Nino Ventures Inc. has two active projects in the Bathurst Mining Camp: 1) the Bathurst Option Joint Venture (see below) and 2) Murray Brook (see company website);
About Bathurst Option Joint Venture Project
The BOJV Project is a Tri-Party Agreement with Xstrata Canada Corporation (now Glencore Canada Corporation) and Votorantim Metals Canada Inc. covering much of the area of the Bathurst Mining Camp in northeastern New Brunswick (Figure 1). The project commenced in July 2009. Votorantim Metals Canada Inc. can earn 50% by spending $10 million over 5 years and can further increase its interest to 70% by spending an additional $10 million over 2 more years. Exploration expenditures to date by Votorantim Metals Canada Inc. total about $6.8 million.
BOJV project originally consisted of 4712 claims owned 50% ELN and 50% Glencore Canada Corporation and 2907 claims owned 100% by Glencore Canada Corporation, together with an Area of Interest in which ELN and Glencore Canada Corporation hold equal interest. Due to the Area of Interest, the BOJV generates new projects for ELN at no initial cost. An example of such project generation for ELN is the Murray Brook Project.
Votorantim Metals Canada Inc. Statement
Technical details in this news release were provided by Votorantim Metals Canada Inc. whose professional geologists conduct operations consistent with mineral industry best practices. Votorantim Metals Canada Inc. accepts no responsibility for this news release or any inferences made from the technical details provided herein.
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metais, a company that is part of the Votorantim Group and was founded in Brazil in 1918. The Votorantim Group operates in twenty countries and has over 40,000 employees. Votorantim Metais is the largest electrolytic nickel producer in Latin America and one of the world's leaders in the production of zinc, aluminum and nickel. Votorantim Metals Canada Inc. is operator of the Bathurst Option and Joint Venture, which, in conjunction with Glencore Canada Corporation and El Nino Ventures, is actively exploring for base metal deposits within the Bathurst Mining Camp.
About El Nino Ventures Inc.
El Nino Ventures Inc. is an international exploration company, focused on exploring for zinc, copper, lead, and silver in New Brunswick, Canada and copper in the Democratic Republic of Congo ("DRC").
On Behalf of the Board of Directors,
Chairman & CEO
El Nino Ventures Inc.
Further Information: Tel: +1 604 685 1870 Fax: +1 604 685 8045
Email: email@example.com or visit www.elninoventures.com
650-555 West 12th Avenue, City Square, West Tower, Vancouver, B.C., Canada, V5Z 3X7
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements. This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as "continue", "efforts", "expect", "believe", "anticipate", "confident", "intend", "strategy", "plan", "will", "estimate", "project", "goal", "target", "prospects", "optimistic" or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company's ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
Copyright (c) 2014 TheNewswire - All rights reserved.
© 2018 Canjex Publishing Ltd. All rights reserved.