Category: Uncategorized
- Published: 29 November -0001
News Release: Good Nickel Intercepts at Puma
J. Michael Kenyon, President & CEO, Canico Resource Corp. (CI TSX-V) is pleased to report assay information received from another series of diamond drill holes in its ongoing program at the Onca-Puma nickel laterite project in Brazil. Please see the table accompanying this news release.
Nickel assays from the holes in this series, most of which have cut the zone, are again in line with or exceed expectations based upon historical work. The best hole in this 37-hole series yielded 23.40 meters grading 2.61% nickel. Most of the other holes in this series have intervals grading well in excess of 2.0% nickel over widths ranging up to 19.4 meters. As with earlier holes, virtually all of the reported mineralized intercepts start at, or very near, surface. Diamond drilling with 3 machines will continue Eastward on grid lines that are 200 meters apart, with drill hole spacing at about 100 meter intervals along these lines. The 76 holes reported to date from Canico's drill program extend along approximately 60% of the 6 kilometer strike length of, and are along the central portion of, the Puma ridge. The holes are located as shown on the map accompanying this news release. A complete tabulation of the composited nickel assays from Canico's programs, a site map for all drill holes and a description of Canico's analytical techniques and methodology may be found on the company's website at www.canico.com.
Drilling results continue to suggest that tonnage at Puma may be substantially greater than previously estimated.
'Onca-Puma was already ranked as a world class nickel project based on the resources identified in historical work, as described in our news release dated October 17, 2002,'said Michael Kenyon, President and CEO of Canico. 'We are getting a great deal of positive new data about the nature and extent of the mineralization at Puma, and we are very pleased with what we see so far.'
Approximately 230 holes in total are currently planned for Puma. Assays from the next series of holes are pending. A separate detailed drill program will start shortly on the nearby Onca deposit.
This News Release includes certain 'forward-looking statements'within the meaning of the Private Securities Litigation Reform Act of 1995 of the United States. Other than statements of historical fact, all statements in this release, including, without limitation, statements regarding potential mineralization and resources, estimated or potential future production, potential ranking amongst nickel producers, and future plans and objectives of the Company, are forward-looking statements that involve various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this announcement. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the ongoing results of current exploration activities, conclusions of any pre-feasibility or feasibility studies, changes in project parameters, and future metal prices, as well as those factors discussed under the heading 'Risk Factors'and elsewhere in the Company's documents filed from time to time with the TSX Venture Exchange, Canadian securities regulators and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.
Notes:
TABLE
Puma Deposit Drill Data
Hole Intercept (meters) Interval (meters) % Nickel % Cobalt
1040 2.50 - 8.95 6.35 2.29 0.017
1041 0.00 - 10.00 10.00 1.99 0.075
1042 12.70 - 22.05 9.35 2.36 0.153
1043 0.80 - 15.35 14.55 2.37 0.018
1044 0.00 - 14.10 14.10 3.51 0.026
1045 0.00 - 8.60 8.60 3.00 0.020
1046 2.00 - 25.40 23.40 2.61 0.057
1047 0.90 - 6.47 5.57 2.48 0.026
1048 2.50 - 10.50 8.00 2.37 0.043
1049 0.50 - 9.76 9.26 2.59 0.018
1050 1.90 - 13.40 11.50 2.44 0.027
1051 1.10 - 9.75 8.65 1.90 0.047
1052 0.00 - 16.75 16.75 2.77 0.030
1053 1.15 - 9.60 8.45 2.97 0.022
1054* 2.35 - 26.10 23.75 2.53 0.065
1055 0.00 - 8.60 8.60 2.16 0.024
1056 0.70 - 11.85 11.15 2.19 0.019
1058 0.00 - 7.70 7.70 2.77 0.019
1059 0.00 - 6.40 6.40 2.22 0.027
1060 0.00 - 6.30 6.30 2.09 0.068
1061* 1.50 - 15.90 14.40 2.60 0.131
1062 1.45 - 3.98 2.53 2.74 0.021
1063 1.60 - 4.10 2.50 1.57 0.017
1065 1.00 - 4.55 3.55 2.12 0.031
6.75 - 10.47 3.72 2.40 0.021
1066 2.15 - 7.30 5.15 2.56 0.019
1067 0.00 - 19.40 19.40 2.09 0.016
1068 0.00 - 6.10 6.10 1.95 0.039
1069 0.80 - 16.35 15.55 2.16 0.018
1070 2.00 - 17.90 15.90 2.31 0.020
1071 1.20 - 6.20 5.00 1.80 0.016
1072 0.90 - 3.30 2.40 2.21 0.042
All holes between 1001 and 1076 have been assayed. Holes 1001 - 1039 were reported under the News Release dated October 17, 2002. Historical cut-off grade employed on this property was 1.5% nickel. The above table shows intercepts at or above this grade, although it has not yet been determined what cut-off grade should be used. Holes 1057, 1064, and 1074 contain intercepts of at least 1%, but less than 1.5% nickel. *Holes 1054 and 1061 were twins of holes 1046 and 1038, respectively. Hole 1061 was stopped prematurely in above cut-off grade mineralization.
As required by National Instrument 43-101, the Company confirms that the foregoing data has been verified by a Qualified Person.
To view the map associated with this release, please follow the link below: http://www2.cdn-news.com/database/fax/2000/cni1028.jpg
CONTACT: TEL: (604) 669-9446 Canico Resource Corp.
FAX: (604) 669-9447 J. Michael Kenyon
Internet: www.canico.com
WEBSITE
