updated 11/10/2010 1:47:24 AM ET 2010-11-10T06:47:24

NUUK, Denmark, Nov. 10, 2010 (GLOBE NEWSWIRE) -- NunaMinerals (Copenhagen:NUNA) is pleased announce that further to the stock exchange release in July 2010 concerning positive Phase 1 exploration results for its gold exploration program in South Greenland, additional follow-up results from Phase 2 exploration, notably:

  • Very high gold grades up to 1,013 g/t gold in multiple quartz veins
  • Host granitic rocks return values up to 12.1 g/t gold
  • Licence covers >1,500 km2 of prospective ground with numerous gold occurrences

Background

In July 2010 NunaMinerals announced the finding of gold-bearing granitic rocks carrying up to 7.5 g/t gold within the exclusively owned Vagar Exploration Licence. The company has subsequently conducted exploration focussed on the Niaqornaarsuk Peninsula in western South Greenland, approximately 25 km north of the producing Nalunaq Gold Mine, and at in Kangerluluk in eastern South Greenland, approximately 120 km northeast of the Nalunaq Gold Mine. Both prospects lie within a 175 km long regional gold prospective zone. The geology of the area is dominated by granitic rocks.

Commenting on these positive results, NunaMinerals CEO, Ole Christiansen said: "I am delighted to announce that the latter part of our 2010 exploration field season has provided excellent results across our gold prospects in South Greenland. Our work in the Amphibolite Ridge area confirms the presence of gold in a wide mineralised system. Our work now will focus on analysing the results in details as we prepare our follow-up exploration programs for 2011."

Drill targets identified

At least two drill targets have been identified within the >1500 km2 exclusive Nanortalik Gold Province licences.

At Amphibolite Ridge, Niaqornaarsuk Peninsula, which is a situated close to existing mining infrastructure (Nalunaq Gold Mine), several samples from quartz veins have returned gold values over 100 g/t with the highest being 1,013 g/t. Historic chip samples across one quartz vein and enclosing country rock returned 16.6 g/t gold over 12 metres. The gold occurs in granodiorite and quartz veins hosted by granodiorite and amphibolite. Two quartz veins with widths of approximately 0.5 metres and 50 metres apart can be traced intermittently over a strike length of  >500 metres. The host granodiorite has returned gold values up to 12.1 g/t.

At Kangerluluk, at the eastern end of the Nanortalik Gold Province, reconnaissance exploration was carried out and encouraging grades up to 17.5 g/t gold where returned in rock grab samples from an up to 20 metres wide silicified shear zone which has a strike length in excess of 500 metres. Historic samples returned up to 118 g/t gold.

A map showing these locations can be found at www.nunaminerals.com

2011 Exploration Program

NunaMinerals is sourcing a drill rig to be mobilised to the Amphibolite Ridge and Kangerluluk drill targets. Drilling is expected to commence in the spring of 2011 to test these highly prospective gold targets.

Further exploration within the >1500 km2 Nanortalik Gold Province is planned and could generate new discoveries and drill targets during 2011.

NunaMinerals is actively seeking partners for these South Greenland gold prospects.

The technical information contained in this release has been reviewed and confirmed by Dr Peter Brown, MIMMM, on behalf of the Company. Dr Brown is a qualified person with appropriate experience and qualifications and is the Chief Geologist of NunaMinerals.

Samples were analyzed by ActLabs Greenland, which follows the protocol for ISO 17025 with all data reviewed by ISO 17025 accredited Activation Laboratories Ltd, Ancaster, Canada. The rock samples were dried, crushed and pulped. Samples were crushed (90%) to approximately minus 10 mesh and split using a riffle splitter. An approximately 250 gram sub-sample split was pulverized using a ringmill to approximately minus 140 mesh. A 30.0 gram split from the resulting pulp was then analyzed for gold by fire assay with an ICP-OES finish. Gold results exceeding 10.0 g/t were re-run, where a subsequent 30.0 gram split was subjected to fire assay and a gravimetric finish. All coarse rejects and pulps are currently stored at Actlabs Greenland. Blanks and certified standards were inserted into sample shipments at a rate of 4.2% respectively as a quality control measure in addition to the internal quality control measures applied by the laboratory.

About NunaMinerals

NunaMinerals A/S is Greenland's leading company in the exploration of gold and other precious and base metals. Firmly rooted in Greenland, the company is well positioned to exploit the mineral potential of one of the world's few remaining unexplored regions. The geology of Greenland has a number of similarities with that of long-established mining countries such as Canada, South Africa and Australia, which all have substantial mineral deposits of gold, platinum, nickel and copper, among other commodities. The company has established partnerships with other mining and exploration companies, including leading global diversified miner Rio Tinto. In June 2009, NunaMinerals established a partnership with Vancouver-based Revolution Resources (formerly: Nuukfjord Gold Ltd) regarding the continued exploration and development of the Nuuk Gold Province, which includes two advanced exploration plays: the Storoe Gold Deposit and the Qussuk Gold Prospect. Setting up partnerships that may bring further technical and financial expertise to the development of the company's exploration prospects is a key element of NunaMinerals' business model. NunaMinerals began operations in 1999 and is headquartered in Nuuk, Greenland. The company is listed on NASDAQ OMX Copenhagen A/S under the symbol "NUNA" (Copenhagen:NUNA).

Disclaimer

Forward-looking statements contained in this announcement, including descriptions of NunaMinerals' exploration and development projects, strategy and plans, as well as expectations for future revenue and earnings, reflect NunaMinerals' current views and assumptions with respect to future events and are subject to certain risks, uncertainties and assumptions. There are many factors that may cause actual results achieved by NunaMinerals to differ materially from expectations for future results and expectations that may be expressed in or form an assumption of such forward-looking statements. Such factors include risks related to exploration, development and mining activities, uncertainties related to the results of NunaMinerals' exploration and development projects, including risks of delays or closure of projects, pricefalls, currency fluctuations and changes in concession terms, legislation and administrative practices, as well as competition risk and other unforeseen factors. If one or more of such risks or factors of uncertainty were to materialise, or should one or more of the statements provided prove to be incorrect, actual developments may differ materially from the forward-looking statements contained in this announcement. NunaMinerals is not under any duty to update the forward-looking statements contained in this annual report or to adjust such statements to actual results, except as may be required by law.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.91%
$30K home equity loan FICO 5.20%
$75K home equity loan FICO 4.57%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.40%
Cash Back Cards 17.92%
17.92%
Rewards Cards 17.13%
17.12%
Source: Bankrate.com