Mining Stock Alert: $2 Million Exploration Program Approved for Bathurst Option Joint Venture Project, New Brunswick
$2 Million exploration program approved for the Bathurst Option Joint Venture Zinc-Lead-Copper-Silver project (BOJV), New Brunswick
Program focus to be drill testing of priority DIAGNOS exploration targets
DIAGNOS delivered 160 targets to Votorantim Canada , operator of the BOJV, of which 13 are ranked as priority targets
Field work on the priority targets is underway, to be followed by ground geophysical and geochemical surveys to optimize drill set-ups
Pending outcomes and results, drill testing to commence in late summer or early fall
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Vancouver, BC - September 10, 2013 (Investorideas.com Mining stocks newswire) El Nino Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; OTCQX: ELNOF Frankfurt: E7Q) is pleased to provide an update on the exploration program planned in 2013 for the Bathurst Option Joint Venture Project (BOJV) with Votorantim Metals Canada Inc. (VMC) and Glencore (formely Xstrata Zinc Canada). The area of the BOJV covers much of the world-class Bathurst Mining Camp in north-central New Brunswick.
2013 Exploration Program
The BOJV management committee has approved a $2 million exploration program for the BOJV as proposed by VMC, who is the project operator.
The exploration program is focused on testing the exploration targets generated by DIAGNOS and validated by VMC. DIAGNOS was retained by VMC in September 2013 to use their proprietary Computer Aided Resources Detection System (CARDS) to identify target areas with a high statistical probability of being associated with base metal mineralization. DIAGNOS delivered 160 targets to VMC in March 2013.
Field checking of the DIAGNOS target areas is currently underway. The target areas are distributed throughout the Bathurst Mining Camp. The next steps in follow-up could be direct drilling of the targets or ground geophysical and geochemical surveys carried out to optimize drill set-ups. Pending outcomes and field work results, drill testing is slated to commence in late summer.
Qualified Persons Statement
This news release has been reviewed and approved for technical content by William Stone, Ph.D., P.Geo. who is a Qualified Person under the provisions of National Instrument 43-101.
Bathurst Option Joint Venture Project
The BOJV project is a Tri-Party Agreement with Xstrata Zinc Canada (now Glencore) and VMC covering much of the area of the Bathurst Mining Camp in northeastern New Brunswick (Figure 1). The project commenced in July 2009. VMC can earn 50% by spending $10 million over 5 years. VMC can further increase its interest to 70% by spending an additional $10 million over 2 more years. Exploration expenditures to date by VMC total about $6.7 million.
BOJV project originally consisted of 4712 claims owned 50% ELN and 50% Xstrata Zinc and 2907 claims owned 100% by Glencore, together with an Area of Interest in which ELN and Glencore 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.
Figure 1. Historical Land tenure map showing the location of properties, projects and mines in the Bathurst Mining Camp circa 2009
Votorantim Metals Canada Inc. Statement
Technical details in this news release were provided by VMC whose professional geologists conduct operations consistent with mineral industry best practices. VMC accepts no responsibility for this news release or any inferences made from the technical details provided herein.
About Votorantim Metals Canada Inc.
VMC is a subsidiary of Votorantim Metais a company that is part of the Votorantim Group that 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. VMC is operator of the Bathurst Option and Joint Venture which is actively exploring for base metal deposits within the Bathurst Mining Camp.
About El Nino Ventures Inc.
El Niņo Ventures Inc. is an international exploration company, focused on exploring for lead, zinc, copper, silver and gold in New Brunswick , Canada and copper in the Democratic Republic of Congo ("DRC").
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 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.
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