🕐30.07.12 - 18:27 Uhr
EL NINO VENTURES INC. ANNOUNCES A 10.34 % ZINC, 126.0 GPT SILVER, 0.29 % COPPER,
1.396 GPT GOLD AND 4.11% LEAD DRILL INTERSECTION OVER 13 METRES AT MURRAY BROOK POLYMETALLIC DEPOSIT, BATHURST MINING CAMP, NEW BRUNSWICK
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Re: News Releases - Monday, July 30, 2012
El Nino Ventures Inc.
announces a 10.34 % Zinc, 126.0 gpt Silver,
0.29 % Copper, 1.396 gpt Gold and 4.11% Lead drill intersection
over 13 Metres at Murray Brook Polymetallic Deposit, Bathurst
Mining Camp, New Brunswick
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Drilling highlights:
4.62% zinc, 1.82% lead, 0.521 gpt gold and 69.8 gpt silver over 84.6
metres in MB-012-117
Including 10.34% zinc, 4.11% lead, 1.396 gpt gold and 126 gpt
silver over 13 metres
3.45% zinc, 0.98% lead, 0.324 gpt gold and 46.5 gpt silver over 79.5
metres in MB-2012-114
Including 7.59% zinc, 2.48% lead, 0.557 gpt gold and 102.2 gpt
silver over 28 metres
2.42% zinc, 1.12% lead, 1.141 gpt gold and 55.5 gpt silver over 89.1
metres in MB-2012-121
Including 3.13% zinc, 1.19% lead, 2.213 gpt gold and 66 gpt
silver over 16 metres
July 30, 2012, Vancouver, Canada; El Nino Ventures Inc.
("ELN" and the
"Company") (TSX.V: ELN; OTCQX: ELNOF Frankfurt: E7Q) is pleased to
announce assay results from the latest round of drilling at the Murray
Brook polymetallic massive sulfide deposit, Bathurst Mining Camp, New
Brunswick (Figure 1).
The drill program commenced February 9, 2012 and
was completed June 17, 2012.
Ninety seven vertical holes have been
completed for a total of 18,470 metres drilled.
Results of the 2012 drill program have been successful in identifying
two distinct massive sulfide zones.
Holes MB-2012-114, MB-2012-115,
MB-2012-117 and MB-2012-118 reported herein were drilled in the Western
Zone (Figure 2), which is thicker and more Zn-Pb-Ag rich than the
Eastern Zone.
Holes MB-2012-116 and MB-2012-121 were drilled in the
Eastern Zone (Figure 2), which is thinner and more Cu-Au rich.
MB-2012-119 and MB-2012-120 were drilled to better delineate the
boundaries of the East and West Zones respectively (Figure 2).
The assay results for the Western Zone are better (Table 1).
Drill hole
MB-2012-117 intersected 84.6 metres of 4.62% zinc, 1.82% lead, 0.15%
copper, 0.521 gpt gold and 69.8 gpt silver (Table 1).
This interval
includes 13 metres grading 10.34% zinc, 4.11% lead, 0.29% copper, 1.396
gpt gold and 126.0 gpt silver from 170 metres down hole.
Drill hole
MB-2012-114 intersected 79.5 metres of 3.45% zinc, 0.98% lead, 0.53 %
copper, 0.324 gpt gold and 46.5 gpt silver.
This interval includes 28
metres grading 7.59% zinc, 2.48% lead, 0.18% copper, 0.557 gpt gold and
102.2 gpt silver from 98 metres down hole.
MB-2012-114 also intersected
mineralization 9.4 metres of 5.41% zinc, 2.30% lead, 0.12 % copper,
0.750 gpt gold and 71.0 gpt silver from 153.6 metres down hole.
2012-2013 Exploration Program
A minimum $3 million budget has been proposed for the 2012-2013
exploration program.
The budget includes $2.5 million for diamond
drilling work on the Murray Brook deposit and a $500,000 exploration
geophysical program on the Murray Brook property and the adjacent Camel
Back property (Figure 2).
The objective of this exploration program is
to explore for VMS deposits at depths of up to 200 metres below
surface.
The Camel Back property is located in the area between the
Murray Brook deposit to the west, which is one of the largest massive
sulfide deposits in the Bathurst Mining Camp (BMC), and the Caribou
deposit to the east which was recently acquired by Trevali Mining
Corporation.
The 2012 exploration program consists of:
$2.5 million budgeted for drill programs to develop the project
including;
- 18,470 metre drill program began February 2012
- Delineate the outer perimeter of the Murray Brook deposit and
advance the resources into the measured (highest confidence) category
$0.5 million budgeted for exploration of the Murray Brook and Camel
Back Properties
- Mapping and prospecting
- Ground gravity geophysics
- 2000 metres of drilling with bore-hole EM surveys
Metallurgical studies
Three holes were drilled to provide sample materials for metallurgical
tests on the Murray Brook deposit.
Metallurgical tests are in progress
in advance of a Preliminary Economic Assessment (PEA or Scoping Study)
study in Q1 2013.
The Exploration Agreement
Votorantim is the Operator of the Murray Brook Project.
In January
2011, ELN announced that it provided notice to Votorantim to enter into
a Participation Agreement on the Murray Brook polymetallic massive
sulfide deposit situated in the Bathurst Mining Camp in New Brunswick,
Canada.
Under Votorantimʹs Option and Joint Venture Agreement with Murray
Brook Minerals Inc.
and Murray Brook Resources Inc., both privately
held companies, Votorantim can earn a 50% interest in the properties by
funding $2,250,000 in exploration expenditures and making payments
totalling $300,000 over a three year period that commenced November 1,
2010.
Votorantim can earn an additional 20% interest in the properties
by funding an additional $2,250,000 in exploration expenditures over an
additional two year period.
ELN has elected to enter into a
participation agreement wherein it can earn 50% of Votorantims
interest by paying 50% of the costs incurred by Votorantim in the
Option and Joint Venture Agreement.
On May 10, 2012 ELN announced that Murray Brook Minerals Inc.
(MBM) has
been given formal notice by ELN and Votorantim Metals Canada
("Votorantim") of a 50% earned interest in the Murray Brook,
Polymetallic project, Bathurst, New Brunswick.
MBM has also been
provided with a valid notice that ELN and Votorantim are exercising
their option to acquire and become owner of an additional 20% (for a
total of 70%) beneficial interest in the Murray Brook mining claims.
Figures 1 & 2,and Table 1 referred on this news release can be found
at:
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=539551
Figure 1 - Land tenure map showing the location of the Murray Brook
Project in the northwest part of the Bathurst Mining Camp, New
Brunswick.
Figure 2 -- Contour map of Murray Brook showing massive sulfide
thickness contoured at 10 metre intervals (source: Votorantim Metals
Canada)
Table 1 - Composited Drill Hole Intercepts
*The composite assays provided are of massive sulfide intersections
only employing a 0% Zn cutoff
**The widths of the intersections are approximate to the true width of
the mineralized zone.
Qualified Persons Statement
This news release has been reviewed and approved for technical content
by Ali Hassanalizadeh M.Sc.
P.Geo.
a qualified Person under the
provisions of National Instrument 43-101.
About The Murray Brook Project
The Murray Brook Project is historically the 5th largest massive
sulfide deposit in the Bathurst Mining Camp and has excellent
infrastructure.
To date, more than 28,000 metres of drilling has been completed with
encouraging results.
The first NI 43-101 Mineral Resource Estimate for the Murray Brook
Zn-Cu-Pb-Ag-Au deposit, which includes explanatory footnotes, is
presented in the table below (see ELN press release dated February 28,
2012).
The resource estimate is based on various assumptions regarding
mining methods, processing and metal recoveries, payable metal NSR
credits and metal prices.
This estimate makes no provision for capital
costs to mine the deposit, nor mill the material mined, as resources
are not reserves.
Murray Brook Mineral Resource Estimate Summary
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=539551
Mineral resources which are not mineral reserves do not have
demonstrated economic viability.
The estimate of mineral resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
1.
The quantity and grade of reported Inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these Inferred resources as an Indicated or
Measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an Indicated or Measured mineral
resource category.
2.
The mineral resources in this news release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standard Committee on Reserve Definitions and
adopted by CIM Council
3.
The Dec 31, 2011 two year trailing average US metal prices used in
this estimate were $3.71/lb Cu, $1.03/lb Pb, $0.98/lb Zn, $1,397/oz Au,
$27.63/oz Ag.
The C$/US$ Exchange rate was 0.99.
4.
Overall payable metal in the NSR calculation were 81% Cu, 72% Pb,
64% Zn, 71% Au and 56% Ag.
5.
Mineral resources were determined within a Whittle pit shell with 45
degree slopes utilizing mining costs of C$2.50/tonne for mineralized
material and waste rock, and C$1.75/tonne for overburden.
6.
Costs used to determine the C$20/tonne NSR resource cut-off value
were processing at C$15/tonne and G&A C$5/tonne.
7.
The Murray Brook Mineral Resource Estimate was undertaken by Eugene
Puritch, P.Eng.
of P&E Mining Consultants Inc.
The Technical Report on the 2012 NI 43-101 Mineral Resource Estimate is
filed on SEDAR.com and is available on ELNs website.
Votorantim Metals Canada Inc.
Statement
Technical details in this news release were provided by Votorantim
whose professional geologists conduct operations consistent with
mineral industry best practices.
Votorantim accepts no responsibility
for this news release or any inferences made from the technical details
provided herein.
About Murray Brook Minerals Inc.
Murray Brook Minerals Inc.
is a privately owned mining exploration
company, owner of one of the largest deposits in the Bathurst Mining
Camp, (New Brunswick, Canada) the Murray Brook Deposit, as well as of
the Camel Back Property consisting of 215 claims.
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc.
is a subsidiary of Votorantim Metais; a
company that is part of the Votorantim Group that was founded in Brazil
in 1918 operates in over twenty countries and has forty thousand
employees.
Votorantim Metais is one of the five main zinc manufacturers
worldwide, the main electrolytic nickel manufacturer in Latin America,
and the Brazilian leader in the production of primary aluminum.
About El Nino Ventures Inc.
El Nio Ventures Inc.
is an international exploration company, focused
on exploring for lead, zinc, copper, gold and silver in New Brunswick,
Canada and copper in the Democratic Republic of Congo ("DRC").
On Behalf of the Board of Directors
"Harry Barr"
Harry Barr
Chairman & CEO
El Nino Ventures Inc.
Further Information: Tel: +1 604 685 1870 Fax: +1 604 685 8045
Email: 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.
Note: 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 Companys 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.
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Copyright (c) 2012 EL NINO VENTURES INC.
(ELN) All rights reserved.
For more information visit our website at
http://www.elninoventures.com/ or send mailto:
Message sent on Mon Jul 30, 2012 at 8:40:30 AM Pacific Time
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