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Re: News Releases - Tuesday, April 24, 2012
Exploration Update on the Bathurst Mining Camp (BMC) Base Metals
Project, Tri-Party Agreement, New Brunswick
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- The BMC project initially comprised of 4,712 claims owned 50% ELN,
50% Xstrata, 2907 claims owned 100%by Xstrata Zinc, together with an
Area of Interest in which ELN and Xstrata Zinc hold equal interest
- Votorantim Metals Canada (VMC) completed an $859,000 exploration
program in H2-2011consisting of airborne and surface geophysical
surveys, geological mapping, compilation of historical data and
research into advanced exploration technologies suitable for
application in the Bathurst Mining Camp
- VMC can earn 70% interest in the Bathurst Mining Camp (BMC) project
by incurring exploration expenditures of $20 million over a period of
seven years
- The aim of the JV partners is to use advanced exploration
techniques to identify hitherto undiscovered mineral deposits
April 24, 2012, Vancouver, Canada; El Nio Ventures Inc.
("ELN" and the
"Company") (TSX.V: ELN; OTCQX: ELNOF Frankfurt: E7Q) is pleased to
provide an update of the exploration work performed during the period
July 1 to December 31, 2011 for its Bathurst Mining Camp (BMC) Base
Metals Tri-Party agreement between El Nino, Votorantim Canada (VMC) and
Xstrata Zinc Joint venture project in Bathurst, New Brunswick.
VMCs work on the Xstrata-El Nino-Votorantim lands during this period
included diamond drilling and ground EM surveys.
A Time Domain EM
survey was completed by Eastern Geophysics Ltd.
on two third party
optioned properties; and a combined borehole and surface TDEM survey
was performed southeast of the BM&S No.6.
The following table
summarizes the work completed during the period July 1 to December 31,
2011.
Click on the hyperlink below to view Table-1 Exploration Activities
Performed from July to December 31, 2011
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=520268
Diamond Drilling:
As of December 31, 2011 a total of 16 holes, totaling 5,011 metres,
have been completed on the Bathurst Mining Camp project (Figure 1).
This Phase of exploration drilling campaign focused on geophysical and
geochemical targets in the Brunswick Belt, two third party optioned
properties in the Brunswick Belt and two optioned properties in the
southwestern part of the BMC.
The only hole drilled in the Camel Back
project intersected widespread alteration with common traces of
sphalerite.
Ground Geophysics- Large Loop Pulse EM:
A large grid was cut over the two third party optioned properties in
Brunswick Belt and adjoining parts of Xstratas claims.
Four loops were
laid out and readings were measured in-loop and out-of-loop.
Only a few
weak areas of low resistivity were detected.
Deep drilling, which
subsequently tested the at depth extent of a narrow zone of subeconomic
base metal mineralization, did not intersect any significant sulphide
or base-metal mineralization.
Borehole Geophysics:
Borehole and surface Pulse EM surveys were performed southeast of
Nepisiguit Dam in and around two drill holes completed in 2010 that
intersected stockwork style copper-iron.
Only a small off-hole response
was found from the Pulse EM survey at Nepisiguit Dam and no further
work is planned.
Please click on the hyperlink below to view the following figures:
Figure 1 --Drill Holes Location Map
Figure 2 --Airborne Gravity Gradiometry Survey
Figure 3 - Land tenure map showing the location of optioned properties
in the Bathurst Mining Camp
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=520268
Airborne Geophysics -- Airborne Gravity Gradiometry (AGG):
Fugro Airborne Surveys completed the Phase 1 AGG survey over two large
areas in the Bathurst Mining Camp in May 2011.
This was the first ever
commercial survey using the Falcon Gravity Gradiometer in a
helicopter platform.
Figure 2 shows the outlines of the surveyed areas.
A decision to proceed with Phase 2 and 3 will be contingent upon
results obtained in Phase 1.
Final results have now been received and
are being interpreted in conjunction with Votorantims HeliTEM magnetic
and EM data and other historical data, with the objective of
identifying targets for drill testing in 2012.
2012-2013 Exploration Plans
2012-Q1: Three drill holes were completed on third party options, in
the Brunswick Belt, for a total of 1975 metres to test for base metal
mineralization at depth.
No significant mineralization was intersected.
These three drill holes as well as three holes completed in Q4 2011
were tested by borehole pulse EM, however no anomalies were detected.
2012-Q2 to Q4 and 2013 Q1: It is planned to drill-test airborne gravity
gradiometer targets throughout the remainder of 2012.
Ground
geophysical surveys will be performed if necessary to refine some
gravity targets.
About Bathurst Mining Camp Project-Tri Party Agreement
Bathurst Mining Camp (BMC) project consists of an initial 4,712 claims
in the Tri‐Party Agreement with Xstrata & VM Canada.
In January
2009, Votorantim Metals Canada Inc.
(VMC) entered into a binding MOU
with Xstrata Canada Corporation and El Nino Ventures Inc.
to pursue an
Option-Joint Venture Agreement, whereby VMC may earn up to a 70%
interest in those properties by making exploration expenditures of
$20,000,000 over a period of seven years.
Following a six-month period
of due diligence, the companies entered negotiations to reach a final
Option-JV Agreement which was concluded in July 2010.
Meanwhile, VMC
commenced exploration in August 2009 with a program of airborne and
surface geophysical surveys, geochemistry, geological mapping,
compilation of historical data and research into advanced exploration
technologies suitable for application in the Bathurst Mining Camp
(BMC).
In the early part of 2010, VMC made application to the
Government of New Brunswick (GNB) for financial assistance in applying
new exploration methods.
An Advanced Exploration Agreement between the
GNB and VMC was executed in late September, 2010 regarding the
implementation of a program that would match VMCs exploration
expenditures with GNB contributions.
These expenditures are to be no
less than $1,000,000 and no more than $2,500,000 per year for three
years, for a maximum, total, GNB contribution of up to $7,500,000.
GNB
expenditures together with VMCs expenditures would therefore result in
exploration expenditures of up to $15,000,000 over the life of the
Agreement.
The effective date for this agreement is April 1, 2010.
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 El Nio Ventures Inc.
Bathurst Projects
Bathurst Mining Camp Project: (Tri-Party Agreement)
Consists of an initial 4,712 claims in the Tri‐Party Agreement
with Xstrata & VM Canada whereby VM Canada may incur exploration
expenditures of $10 million over a period of 5 years to earn a 50%
interest.
VM Canada may further increase its interest to 70% by
spending an additional $10 million over 2 years.
Murray Brook Project:
The Murray Brook project, which has an excellent infrastructure, is the
fifth largest, massive-sulfide deposit in the Bathurst Mining Camp.
VMC
can earn up to a 50% interest in the Murray Brook Project by funding
$2,250,000 of exploration expenditures over a period of 3 years.
ELN
has elected to participate by paying 50% of VMCs exploration costs.
VMC and ELN have a second option to acquire a further 20% by incurring
an additional $2.5 million in exploration costs.
In 2011, ELN and VMC spent $2.1 million on exploration; and completed
10,000 meters of drilling.
Drill results to date have been very
encouraging.
A recently completed (February 2012) NI 43‐101 Mineral Resource
Estimate for the Murray Brook Zn‐Cu‐Pb‐Ag‐Au
deposit, which includes explanatory footnotes, is presented below.
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 and the reader should not presume economic viability.
Murray Brook Mineral Resource Estimate Summary can be viewed at:
http://www.elninoventures.com/s/NewsReleases.asp?ReportID=520268
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.
Votorantim Metals Canada Statement:
Technical details in this news release were provided by VM Canada whose
professional geologists conduct operations consistent with mineral
industry best practices.
VM Canada accepts no responsibility for this
news release or any inferences made from the technical details provided
herein.
About VM Canada (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 twenty countries and has over forty thousand
employees.
Votorantim Metais is the largest electrolytic‐nickel
producer in Latin America and one of the worlds leaders in the
production of zinc, aluminum and nickel.
About El Nio 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
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.
This email should not be construed as an offer to buy or sell
securities of El Nio Ventures Inc.
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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 Tue Apr 24, 2012 at 5:55:35 AM Pacific Time
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