Resource World Magazine

44 www.resourceworld.com a u g u s t / s e p t e m b e r 2 0 1 5 miNiNg nevsun DiscOvers neW Massive sulphiDe DepOsiT near bisha nevsun Resources Ltd. [NSU-TSX; NYSE MKT] has announced assay results from a new massive sulphide discovery at the grassroots Asheli prospect on the Mogoraib River Exploration License located 20 km southwest of the Bisha processing plant. Nevsun's producing Bisha copper-gold-sil- ver mine is located 40 km from Akudet, in west Eritrea, Africa. The mine transitioned from producing gold to copper in 2013. The Asheli drilling is part of the 2015 Bisha regional exploration program which builds on the highly successful 2014 pro- gram. Highlights include: • New greenfield volcanogenic massive sulphide discovery at Asheli • High grade massive sulphide intersec- tions include: • MX-052: 2.29% Cu, 4.50% Zn, 0.45 g/t Au, 37 g/t Ag over 22.9 m, including 3.67% Cu, 8.04% Zn, 0.68 g/t Au, 50 g/t Ag over 7.4 m and 7.92% Cu, 3.89% Zn, 1.14 g/t Au, 101 g/t Ag over 2.9 m • MX-056: 1.26% Cu, 6.08% Zn, 0.28 g/t Au, 26 g/t Ag over 20.9 m including 1.71% Cu, 8.51% Zn, 0.37 g/t Au, 35 g/t Ag over 10.9 m • Deposit is associated with highly altered felsic volcanics and is open to expansion • Numerous untested geophysical targets along 4 km of similar stratigraphy Nevsun CEO, Cliff Davis, said, "We continue to have excellent results from our exploration programs at Bisha. The assays reported demonstrate that the Bisha District hosts numerous deposits like other classic volcanogenic massive sulphide (VMS) camps worldwide. silver phOenix resOurces TO Drill river JOrDan prOJecT silver Phoenix Resources inc. [SP-CSE] has arranged a non-brokered private place- ment of 2.5 million flow-through units of the company at a subscription price of 10¢ per unit for a total of $250,000. Each flow- through unit consists of one share and one non-flow-through common warrant good to buy one non-flow-through share for one year at 15¢. Proceeds from the financing are intended for a 1,000-metre diamond drill program on the company's 100%-owned River Jordan zinc-lead-silver property, located 18 km from Revelstoke, south-east British Columbia, and the Trans-Canada Highway. Drill targets are the anomalous conduc- tors identified by the airborne survey and later resolved by the ground survey, and are considered highly prospective drill tar- gets due to their association with known sulphide exposures. Conductor EM1 has the strongest conductivity response and is located downdip of the Cliff Zone, where sulphide thickness and grades reach 3.0 metres and 55% combined lead-zinc, respectively. This target may represent thickening and/or higher grades of the sulphide zone at depth, with positive implications for improving the economic potential and geo- logical model of the deposit. The property has a historical resource of 2.6 million tonnes from 11 drill holes totaling 15,874 feet, drilled in 1963, 1965 and 1966. This historical estimate predates NI 43-101 legislation. The goals of Silver Phoenix are to add and make the historical resource NI 43-101 compliant.. n MasOn GRaPhIte advancing lac-Guerêt Project in Québec Mason Graphite inc. [LLG-TSXV; MGPHF-OTCQX] is developing the 100%-owned Lac-Guerêt deposit in Québec. One of the highest grade graph- ite deposits in the world, the company is looking to begin construction in early 2016. Unlike other mining projects, in the case of Mason, the mining aspect is only 10% of the Capex. It is also the same for the labour: 10% of the jobs will be at the mine and 90% will be at the plant in Baie Comeau. The value is added in the processing of the raw material and in the distribution where having direct access to clients is paramount. Products need to meet exact client requirements and specifications, which is easier said than done. The customer base is very fragmented where even the largest buyers in the world will repre- sent a small part of the production of a single producer. The team behind Mason Graphite has graphite experience as it is composed of the key members of the team who built and operated Stratmin Graphite, which became Timcal Canada and is known today as Imerys Graphite. Being located in Québec favors devel- opment of the project. The low hydro power cost, when combined with the very high-grade deposit, is expected to make Mason one of the lowest cost pro- ducers in the world. The project will also benefit from the province's Plan Nord, which brings support at many levels, including construction financ- ing from different partners, notably Ressource-Québec, already an important shareholder. Mason has also launched a feasibility study on large scale production of value added products, including coated spher- ical graphite for lithium-ion batteries. The management team commissioned a similar plant in 2002. More recently, Mason Graphite announced an agree- ment with the City of Baie-Comeau for the acquisition of the land where the first processing plant will be established. Many important aspects, like infrastruc- ture and water access, have already been negotiated. Another important development is a partnership with the Pessamit First Nation. Mason Graphite has developed a good relationship with this community, having been in communication early in the project which resulted in the signing of a Cooperation Agreement that was announced last summer. n

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