Nevsun reports positive assay results at Serbia’s Timok gold prospect Upper Zone

Nevsun Resources reported the assay results from the on-going infill drilling of the Cukaru Peki Upper Zone of the company’s Timok copper-gold project in eastern Serbia are positive.

The assay programme discovered massive and semi-massive sulphide intersections of between 2.01 and 12.9 grammes per tonne (g/t) and copper grade came in at between 0.21% and 0.46% per tonne, the company said in a statement on Monday.

“This drilling is enabling the development of an improved geological and geotechnical model for the deposit that will be incorporated in our pre-feasibility study. This study is progressing well and is expected to be completed on schedule in September 2017,” CEO Cliff Davis said in the statement.

Earlier this month, Serbia’s energy ministry said Nevsun Resources plans to start drilling at the Cukaru Peki Upper Zone by the end of 2017.

The Timok project consists of the Cukaru Peki Upper Zone and Lower Zone. Nevsun Resources owns 100% of the Cukaru Peki Upper Zone. The Lower Zone is owned by a joint venture with Freeport – McMoRan Exploration Corporation.

The project is located within the central zone of the Timok Magmatic Complex (TMC), in the Serbian section of the East European Carpathian-Balkan Arc. The TMC has one of the highest concentrations of copper enrichment in the Tethyan Belt.

Nevsun Resources purchased the entire capital of Canada-based Reservoir Minerals, the company developing the Cukaru Peki Upper Zone for $365 million (344.8 million euro) in April 2016.