Alexander Nubia makes a new copper-gold porphyry/vein discovery and identifies several New Targets in the Abu Marawat Concession, Egypt.
Gold grades up to 470 g/t from a channel sampling program at Massaghat
* New Discovery - South Miranda: assayed up to 2.3 per cent copper and 0.195 g/t gold
* New Target - Massaghat: two samples assayed 470 g/t gold and 17.9 g/t gold
* New Target - Bohlog: assayed up to 18.65 g/t gold, 8 samples over 2.4 g/t gold
* New Target - Zeno: assayed up to 46.9 g/t gold, four samples over 5.1 g/t gold
Toronto, Ontario CANADA, August 15, 2012 /FSC/ - Alexander Nubia International Inc. (AAN - TSX Venture), is pleased to announce results from a surface program of two-metre chip-channel sampling on surface mineralisation within the Abu Marawat Concession. A successful surface sampling program identified three new targets and a new discovery, located within 20 kilometres of the Abu Marawat deposit. Majority of assay results contain significant gold, silver, or copper with a best value of 470 g/t gold. Some of the targets were historically mined for high-grade near-surface gold, but previous operators did no systematic exploration or drilling.
Alexander Massoud, Chief Executive Officer said "The results of this reconnaissance sampling program, combined with the results at the Hamama VMS deposit and a 396,000 oz gold-equivalent resource1 at the Abu Marawat vein system is an excellent indicator of the tremendous prospectivity of the Abu Marawat Concession." Mr. Massoud also commented "The Company remains focused on the Hamama VMS deposit, where we believe substantial corporate value will be generated in the near term."
Dr. John Payne, VP of Exploration, added, "Mineral districts commonly have one or two different mineral-deposit types, but the Abu Marawat Concession contains multiple deposit types along a 35-kilometre curvilinear corridor. The end members of the corridor are, in the northeast, the structurally hosted Abu Marawat mesothermal gold-silver-copper-zinc vein system, and, in the southwest, the Hamama zinc-copper-gold-silver VMS deposit (see Figure 1 below). Between these are a copper-gold porphyry/vein system (South Miranda), a sheeted gold-bearing quartz vein structure in granodiorite (Semna), high-level, gold-rich quartz veins (Massaghat), a gold-rich quartz vein showing (Zeno), non-parallel to radiating gold-rich quartz veins (Bohlog), an abandoned gold mine in a quartz vein in granodiorite (Sir Bakis), and several other gold occurrences in quartz veins. This widespread distribution of gold and associated metals coupled with the presence of several different deposits types suggests a prolonged, deep-seated heat source that mobilized metals and later deposited them into favourable host rock along the trend."
Table 1: Significant Results from Regional Channel Sampling Program
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Property Assay Tag* Length** Au(g/t) Ag(g/t) Cu (%)
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Massaghat 12195 2m 1.23 tr tr
Massaghat 12196 2m 17.9 tr tr
Massaghat 12197 2m 470 149 tr
Massaghat Re-assay 12197 475 126 tr
Massaghat 12198 2m 2.37 tr 0.1275
Massaghat 16892 N/A 4.10 tr tr
NE Eradia 11799 2m 1.92 tr tr
NE Eradia 11800 2m 2.02 tr tr
NE Eradia 12192 2m 1.91 tr tr
NE Eradia 12199 2m 0.32 tr tr
NE Eradia 12200 2m 2.00 tr tr
Zeno 12805 2m 0.62 tr tr
Zeno 12806 2m 14.75 tr tr
Zeno 12807 2m 46.90 tr tr
Zeno 12808 2m 0.52 tr tr
Zeno 12809 2m 14.55 tr tr
Zeno 12810 2m 0.88 tr 1.423
Zeno 12811 2m 1.96 tr 0.152
Zeno 12812 2m 0.38 tr tr
Zeno 12813 2m 5.18 tr tr
Zeno 12814 2m 1.66 tr tr
Bohlog 16893 2m 4.58 tr tr
Bohlog 16894 2m 3.05 tr tr
Bohlog 16895 0.37 tr tr
Bohlog 16896 2m 18.65 tr tr
Bohlog 16897 2m 2.99 tr tr
Bohlog 16898 2m 6.87 tr tr
Bohlog 16899 2m 0.52 tr tr
Bohlog 18593 2m 0.133 tr tr
Bohlog 18595 2m 0.710 tr tr
Bohlog 18597 2m 2.40 tr tr
Bohlog 18598 2m 0.62 tr tr
Bohlog 18599 2m 7.75 tr tr
Bohlog 18600 2m 2.72 tr tr
S. Miranda 18573 2m 0.195 tr 1.684
S. Miranda 18576 2m tr tr 0.185
S. Miranda 18578 2m tr tr 0.115
S. Miranda 18579 2m 0.198 tr 1.248
S. Miranda 18580 2m 0.175 10 2.257
S. Miranda 18581 duplicate of 18580 0.175 10 2.272
S. Miranda 18582 2m tr tr 0.21
S. Miranda 18583 2m tr tr 0.133
S. Miranda 18584 2m tr tr 0.128
S. Miranda 18585 2m tr tr 0.132
S. Miranda 18586 2m tr tr 0.386
S. Miranda 18589 2m 0.141 tr 0.731
S. Miranda 18590 2m tr tr 0.157
S. Miranda 18592 2m 0.137 tr 0.995
*No significant values: 12193, 16900, 18594, 18596, 18574, 18575, 18577, 18587, 18588 and 18591.
** All samples are chip-channel samples with exception of assay 16895 a select slag sample and 16892 a select dump sample.
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Exploration Highlights
New Discovery - South Miranda: copper-gold porphyry/vein discovery a few km south of the Abu Marawat vein deposit. Nineteen two-metre samples were collected from an area that contains an I.P. anomaly identified by AAN. Thirteen samples returned copper values over 1000 ppm, with three samples containing values from 1.25 to 2.26 % copper and 0.175-0.195 g/t gold.
New Target - Massaghat: Contains scattered quartz veins within weakly altered andesite along Wadi Massaghat 1.5 km east of a granitic batholith. Four two-metre samples were collected near old workings located down-dip of the vein s. One very high-grade sample returned 470 g/t gold and 149 g/t silver. Other samples collected returned grades of 1.23 to 17.9 g/t gold with negligible silver.
Re-assaying of the very-high grade sample from the pulp confirmed the original assay, and a third re-assay that included a test for metallic minerals (native gold) returned grades of 475 g/t gold and 126 g/t silver. The sample reject, has been sent to ALS Minerals for further assaying and will be reported upon receipt.
New Target - Bohlog: This site of a Roman gold mining settlement contains ruins of stone walls up to one metre high covering an area of one-half hectare. These are centred on a series of steeply dipping quartz veins up to one metre wide that have been traced over an area of one square kilometre and are concentrated at the Roman site. Historical extraction included surface removal (trenching) and shallow underground mining by drifting down-dip on the veins. Fifteen, two-metre samples were collected along the veins. Assay results range from 0.1 to 18.7 g/t gold, with eight samples containing over 2.4 g/t gold.
New Target - Zeno: This target is centred over the site of a small Roman gold mining settlement 3.6 km west of the abandoned Semna gold mine. Ten two-metre samples were collected from quartz veins and assays ranged from 0.3 g/t gold to 46.9 g/t gold. Six of the ten samples assayed greater than 1.65 g/t gold. One sample returned 0.88 g/t gold and 1.42 % copper.
NE Eradia: Located in a volcanic host rock near the edge of a granitic batholith. Six, two-metre samples were collected, four of which assayed 1.9-2.0 g/t gold.
All samples were taken as chips over a length of two metres, and are designated chip-channel samples. For narrow veins, samples were taken along the length of the vein.
AAN's policy is to re-assay all high-grade samples using sample rejects. In total, 36 sample rejects from samples referred to in this Press Release have been pulled from storage, riffle-split to 200 grams, and sent under new assay tag numbers to ALS Mineral in Romania for fire assay of gold and atomic absorption analysis for silver, copper and zinc. The results of the check assaying will be reported as soon as received.
Next Steps - Exploration Program for systematic development of these showing
Because of the high-grade gold values in so many of the samples collected on these historical targets, additional work is warranted. A program of geological mapping, systematic soil sampling, and additional detailed sampling of the vein structures, including the wall rocks, is planned in the coming months.
Research Coverage Initiated
The Company announces that Northland Partners UK has initiated research coverage on the Company. The research report is dated 11th June 2012 and is available by contacting Dr. Ryan D. Long at rlong@northlandcp.co.uk or by contacting Northland Partners at +44 (0)20 7796 8800.
Please note that any opinions, estimates, or forecasts regarding the Company's performance made by these analysts are theirs alone and do not represent opinions, forecasts, or predictions of the Company or its management. The Company does not, by its reference herein imply its endorsement of, or concurrence with, such information, conclusions, or recommendations. The Company does not provide analyst reports to persons outside of the company. Please contact the research analyst directly to obtain a report.
Figure 1: Plan View Map of Abu Marawat Concession Targets and Deposits
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1: Gold and Gold-Equivalent Calculation
The NI 43-101 inferred resource estimate on the Abu Marawat Deposit is 2.9 million tonnes at an average grade of 1.75 g/t Au, 29.3 g/t Ag, 0.77 % Cu and 1.15 % Zn; it contains 162 thousand ounces Au, 2.7 million ounces Ag, 49 million lbs Cu, and 73 million lbs Zn, which, using the metal prices in the NI 43-101 report, equates to 397,000 oz of (gold+gold equivalent). The gold equivalent value is calculated from the metal prices used in the NSR model as follows: gold US$1400/oz, silver US$26/oz, copper US$3.50/lb, zinc $1.15/lb.
Qualifying Person
The technical information contained in this news release was prepared or reviewed under the direct supervision of Mr. Ralph Gonzalez (P.Geo.), Alexander Nubia Inc.'s Project Manager for exploration in Egypt. Mr. Gonzalez is a qualifying person under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
QA/QC
Alexander Nubia employs an on-site sample preparation facility where core is diamond sawed into two equal halves; one half of the core is returned to its core box for permanent on-site storage and the other half, weighing approximately 2 kilograms, is crushed to minus 5 mm and riffle split to 500 g. The 500 g sample is pulverized to a nominal -75 mesh and divided into two halves. Rock and channel samples are processed similar to drill core samples except the diamond sawing stage is skipped. One half is delivered to the Egyptian Mineral Resource Authority for storage and the other half is shipped for analysis to the ALS Minerals laboratory in Romania. ALS Minerals is an internationally recognized and accredited analytical facility. ALS re-pulverizes all samples to insure the samples are homogenized and removes a one-assay/ton cut (approximately 30 grams) for gold analysis followed by an atomic absorption finish using industry accepted fire-assaying techniques. In addition, a 5-10 g sample is removed for Ag-Cu-Zn analysis by atomic absorption after digestion in aqua regia. Over-range copper (>10,000 ppm), zinc (>10,000 ppm) and silver (>100 ppm) are re-analyzed using readjusted atomic absorption spectrometry (AAS) techniques. Selected samples are determined by inductively coupled plasma spectrometry - atomic emission spectroscopy (ICP-AES) after a four-acid digestion for 'near total' digestion. This technique scans a total of 33 elements. A quality control program consisting of blanks and analytical control standards has been implemented to monitor laboratory performance; this is in addition to ALS's internal QA/QC program. Discrepancies have been few, and when discovered, the 'laboratory batch' (generally 20 samples in a batch) is re-analyzed.
All gold samples in excess of 10 g/t gold, or any sample that appears to be unusually high is flagged and original sample (sample reject) is used to prepare a new sample for re-submission to ALS Minerals for check assaying.
About Alexander Nubia International Inc.
Alexander Nubia International Inc. (TSX-V: AAN) is a Canadian exploration and development Company focused on the exploration of precious and base metals in the Eastern Desert of Egypt. The Company holds two exploration concessions: Abu Marawat (previously held by Centamin: TSX: CEE) and Fatiri, which cover a combined total area of 2,772 km2.
The Company is currently focused on exploration within the Abu Marawat concession where the Company's two main properties are situated. In this 1,027 km2 historical gold and copper mining district are numerous small workings including, historical small-scale mining at the Abu Marawat Deposit, Hamama - a volcanogenic massive sulphide deposit, and two past-producing gold mines (Semna and Sir Bakis). The principal projects, Abu Marawat and Hamama VMS, are located near excellent regional infrastructure. The projects are 35 km apart and are within 30 km of a highway, railway, and high-capacity electricity grid, and are near major cities: Qena, on the Nile River, and Safaga, on the Red Sea.
For more information on Alexander Nubia please contact:
A. Alexander Massoud
President and Chief Executive Officer
Egypt: +2 (0) 22 287 6914
Email: amassoud@alexandernubia.com
Donald M. Cameron, CA
CFO
Canada: +1 (877) 607-4747
Email: dcameron@alexandernubia.com
Investor Relations
Email: ir@alexandernubia.com
Cautionary Note Regarding Forward-Looking Statements
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 news release. The securities of Alexander Nubia International Inc. described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Source: Alexander Nubia International Inc. (TSX.V - AAN) http://www.alexandernubia.com
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