Filed by Avantafile.com - Nevsun Resources Ltd. - Exhibit 99.1
February 21, 2013
Nevsun Expands on 2013 Exploration Plans at Bisha
Nevsun Resources Ltd. (TSX:
NSU / NYSE MKT: NSU) today provides details on 2013
exploration plans on Eritrean properties.
2013 Exploration Objectives
- Spend
$9 million on exploration
- Drill
test new high potential exploration targets in the Bisha area including Hambok
- Announce
maiden resource estimate for Northwest Zone in Q3
Cliff Davis, Nevsun CEO commented, “A fresh review
of the exploration potential for our mining and exploration licenses has been
completed recently. This has highlighted a large number of high quality
untested targets both in the immediate Bisha Mine area and on our surrounding
properties. We have formulated a strategy to assess this excellent potential
and will begin testing these targets immediately. These are exciting prospects.”
2013 Exploration Program
Bisha’s $9 million exploration budget this
year will fund approximately 18,400 metres of drilling, data evaluation and
resource estimation.
Bisha Mine Area Exploration
Bisha recently completed a review of the
geophysical and geochemical database for the immediate Bisha Mine area. This
review highlighted a substantial number of shallow high quality ground and
borehole transient electromagnetic (EM) anomalies that had not been tested or
were inadequately tested prior to the commencement of mine development. Many
of these targets are immediately along strike of Bisha and have the potential
to provide near term new resources for the Bisha operations (Figure 1). Bisha
will begin drill testing these high priority targets with an initial 2,400 meters
of drilling.
Northwest Zone
The Northwest Zone, located 1.2 kilometers
northwest of the Bisha Mine, was discovered in 2003 by the diamond drilling of
an airborne EM anomaly. Follow-up ground geophysics, soil sampling and
drilling from 2004 to 2006 defined a 600 meter long zone of massive and
stringer sulphide mineralization. The mineralization is associated with
altered felsic volcanic rocks and is complex with multiple zones. Further work
was deferred from 2007 to 2010 while the Bisha deposit was being prepared for
mining. A program of in-fill drilling began in 2011 and remains in progress.
In 2013, 14,000 meters of drilling is planned
to complete the in-fill program at the Northwest Zone and to explore for
additional mineralization to the north, south and southeast. It is anticipated
that a new NI43-101 compliant resource will be completed in the latter half of 2013
that will form the basis for a preliminary economic assessment of the deposit.
Hambok Resource Estimate and Further Drilling
Hambok is a copper-zinc massive sulphide deposit
located 16 kilometers southwest of the Bisha mill. Hambok is a steeply east
dipping, lenticular body consisting of a single massive sulphide lens. The
massive sulphide body extends for over 1,000 meters along strike. The
distribution of assayed base metal values within the sulphide body shows that
the best grades occur near surface along the top and outer edges of the body.
Hambok has a historical NI43-101 compliant
resource completed by the previous owner in 2009 on 57 historical diamond holes
totalling 13,245 meters. Between 2010 and 2012 an additional 33 holes totaling
10,923 meters of in-fill diamond drilling and 42 holes totaling 2,675 meters of
RC (reverse circulation) drilling targeting near surface gold potential was
completed to further define the deposit by the previous owner. Bisha is currently
completing the assaying work from this drilling. Bisha’s objective is to
determine if there are sufficient economic resources to truck to the Bisha
mill.
Bisha also believes there is good evidence
that Hambok is structurally dismembered and that there is significant resource
expansion potential. Compilation of a significant amount of historical ground
EM, IP (induced polarization) and soil geochemical data has highlighted
possible extensions to the deposit along strike and to the immediate west of
the deposit. These targets have not been previously drill tested and Bisha has
budgeted 2,000 meters of drilling to be completed at Hambok to evaluate these
high potential targets (Figure 2).
Mogoraib Regional Exploration
Preliminary analysis of historical data across
the Mogoraib license has highlighted a number of primary targets of interest
for additional exploration. These areas were selected based on coincident
ground and airborne EM anomalies, soil geochemistry and interpreted
hydrothermal alteration systems. Two of the areas have not been drilled and
one area has seen only limited drilling with positive results. Although Bisha
does not plan to drill test the areas in 2013, ground evaluation will begin in
2013 with a plan to pursue target testing in 2014.
Quality Assurance
Mr.
Peter Manojlovic, PGeo, and Vice President Exploration of Nevsun Resources Ltd.
is a Qualified Person under the terms of NI 43-101 and has reviewed the
technical content of this press release and approved its dissemination.
Forward
Looking Statements
This
news release contains forward-looking statements regarding planned exploration
work, future resource estimates and potential mining activity. Forward-looking
statements are frequently, but not always, identified by words such as
“expects,” “anticipates,” “believes,” “intends,” “estimated,” “potential,”
“possible” and similar expressions, or statements that events, conditions or
results “will,” “may,” “could” or “should” occur or be achieved.
Forward-looking statements are statements about the future and are inherently
uncertain, and actual achievements of the Company or other future events or
conditions may differ materially from those reflected in the forward-looking
statements due to a variety of risks, uncertainties and other factors,
including, without limitation, the risks that (i) any of the assumptions in the
historical resource estimates turn out to be incorrect, incomplete, or flawed
in any respect; (ii) the methodologies and models used to prepare the resource
and reserve estimates either underestimate or overestimate the resources or
reserves due to hidden or unknown conditions, (iii) the mine operations are
disrupted or suspended due to acts of god, internal conflicts in the country of
Eritrea, or unforeseen government actions; (iv) the Company experiences the
loss of key personnel; (v) the mine operations are adversely affected by other
political or military, or terrorist activities; (vi) the Company becomes
involved in any material disputes with any of its key business partners,
lenders, suppliers or customers; (vii) the Company is subjected to any hostile
takeover or other unsolicited attempts to acquire control of the Company;
(viii) the Company is subject to any adverse ruling in any of the pending
litigation to which it is a party; or (ix) the Company incurs unanticipated
costs as a result of the transition from the oxide phase of the Bisha mining
operations to the copper phase in 2013. Other risks are more fully described
in the Company’s most recent Management Discussion and Analysis, which is
incorporated herein by reference. The Company’s forward-looking statements are
based on the beliefs, expectations and opinions of management on the date the
statements are made and the Company assumes no obligation to update such
forward-looking statements in the future, except as required by law. For the
reasons set forth above, investors should not place undue reliance on
forward-looking statements.
Please
see the Company’s Annual Information Form for the fiscal year ended December
31, 2011 and the Company’s Management Discussion and Analysis for the quarter
ended September 30, 2012 for a more complete discussion of the risk factors
associated with our business.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is a Vancouver-based
mining company with an operating mine in Eritrea. Nevsun’s 60%-owned Bisha
Mine commenced gold production in February 2011 and is scheduled to transition
to copper/gold production in 2013. The Bisha Mine ranks as one of the highest
grade open pit base metal deposits in the world.
NEVSUN
RESOURCES LTD.
“Cliff
T. Davis”
Cliff T.
Davis
President & Chief Executive Officer |
For
further information, Contact:
Kin Communications
Tel: 604 684 6730
Toll free: 1 866 684 6730
Email: nsu@kincommunications.com
Website:
www.nevsun.com
|
