Nickel North Confirms High-Grade Ni-Cu Sulfide Mineralization up to 400m Long at Gamma Zone and Grants Stock Options
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2022) - Nickel North Exploration Corporation (TSXV: NNX) ("Nickel North" or the "Company") is pleased to announce the 2022 Rock Sampling and Backpack Drilling program confirms the high-grade Ni-Cu Sulfide mineralization at Gamma Zone of the Hawk Ridge Project in Northern Quebec.
The Gamma Zone occurs in the central part of the Hawk Ridge Project (Figure. 1) and is one of five predefined high-grade massive sulphide mineralization zones. On surface the mineralized horizon can be followed for >1000m along strike and expands in width from <10m to >30m (Figure 2). Historical drilling has found a high-grade massive Ni-Cu-PGE sulphide body at the southern part of the Gamma Zone (Table 1, Figures, 2, 4). Up to 7.01m mineralized intersection averaging 2.11% Ni, 2.73% Cu, 0.07% Co, 0.50 g/t Pd and 0.12 g/t Pt were reported at hole HR-2014-50 in 2014. These intersections are believed to be near true thicknesses. There has been no follow up drilling since 2014.
Surface outcrop rock samples and shallow backpack drilling holes were completed in September of 2022. The surface outcrop rock samples reported up to 1.65% Ni, 4.11% Cu and 526 ppm Co, tested with a portable XRF analyzer (Figure 6, Table 2). Two 2-meter backpack drilling holes from GABH-22-01 and GABH-22-02 returned 1.05% Ni, 2.00% Cu and 0.38% Ni, 0.93% Cu, respectively, tested with a portable XRF analyzer (Figure 3, Table 2). These results confirm the high-grade, up to 400m-long Ni and Cu sulfide body (Table 2, Figures 2-6).
The strong Ni and Cu in soil anomalies tested with a portable XRF analyzer also reported in this high-grade massive sulphide mineralization area in the south section of the Gamma Zone (Figure 5).
Tony Guo, President and CEO of the Company, commented, "The 2022 summer program confirms the exploration model that the high-grade sulphide body was lens-like in form and raking down the flank of the Gamma Zone horizon would produce drill holes that would overshoot or undershoot the body. The example of this model is there was no high-grade massive sulphide body at Hole HR-2013-41. However, the high-grade massive sulphide body on the surface is there, indicated by sample S786356. Nickel North is now setting out to drill/test the scope and scale of these multiple high-grade "Raglan Type" Ni-Cu sulphide targets such as Gamma Zone in the summer and fall of 2023 while continuing to advance the other targets on its ~179km2, 50km long, 100% owned property in Northern Quebec."
Stock Option Grant
The Company announces it has granted 5,600,000 incentive stock options (the "Options") to certain of its directors, officers, consultants and an investor relations service provider, pursuant to the terms of the Company's stock option plan and subject to the approval of the TSX Venture Exchange. Each Option will allow the holder to purchase one common share of the Company at an exercise price of $0.06 per share for a period of two years. The Options are subject to a one-year vesting period with 25 percent of the Options vesting three months following the date of the grant and 25 percent vesting every three months thereafter. The Company has 10,043,550 common shares available for issuance under its stock option plan.
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Table 1. High-grade massive sulphide intercepts from historical drilling holes at Gamma Zone at Hawk Ridge Project
(Y or N)
|HR-2012-03||10m @ 0.59% Ni, 1.11% Cu & 383ppm PGE||1.86m @ 2.84% Ni, 4.67% Cu & 1314ppm PGE||y|
|62-06||8.87m @ 0.23% Ni, 0.83% Cu||8.87m @ 0.23% Ni, 0.83% Cu||y|
|HR-2014-50||10m @ 1.5% Ni, 1.95% Cu & 473ppm PGE||4.85m @ 2.97% Ni, 3.81% Cu & 783ppm PGE||y|
|62-07||10.85m @ 1.31% Ni, 3.28% Cu||10.85m @ 1.31% Ni, 3.28% Cu||y|
|97-101||14.84m @ 0.23% Ni, 0.54% Cu & 251ppm PGE||5.8m @ 0.28% Ni, 0.72% Cu & 298ppm PGE||n|
|HR-2013-41||11.8m @ 0.17% Ni, 0.49% Cu & 240ppm PGE||4.5m @ 0.21% Ni, 0.57% Cu & 236ppm PGE||n|
|HR-2014-49||6.5m @ 0.16% Ni, 0.58% Cu & 193ppm PGE||4m @ 0.2% Ni, 0.7% Cu & 223ppm PGE||n|
Table 2. 2022 High-grade massive sulphide rock samples and drill cores from Gamma Zone at Hawk Ridge Project1
|Sample ID||UTM_N||UTM_E||Sample Type||Units||Ni||Cu||Co||Fe|
Note 1. Ni, Cu, Co and Fe grades by portable XRF analyzer
QAQC, Sampling and Analytical Procedures
Soil samples were analyzed with a PXRF (portable X-Ray fluorescence) for Ni, Cu, As, Zn, Pb, Fe, etc., prior to being sent to the assay lab.
Rock samples were taken by certificated geologists either on the mineralization zones or based on the lithology types over five defined mineralization zones at Hawk Ridge Project. A total of 110 rocks samples have been collected.
Rock samples were analyzed with a PXRF (portable X-Ray fluorescence) for Ni, Cu, As, Zn, Pb, Fe, etc., by a certified geologist in the field. 54 of 110 rock samples have been shipped to Bureau Veritas in Vancouver, BC for further assaying.
Six QAQC samples including four standards from OREAS and two SiO2 blanks from Olympus have been tested as references.
The Shaw Tool backpack (https://backpackdrill.com/index.html) tool was used to sample 41 mm diameter near surface core samples by a qualified geologist in the field.
The technical information in this news release has been reviewed and approved by Tony Guo, P.Geo., Nickel North Exploration Corp's President and CEO, who is a Qualified Person as defined by National Instrument 43-101.
John Guo, a P.Geo. registered in the province of Quebec, an independent geologist consultant from Eco-Goldex Inc and a Qualified Person as defined by National Instrument 43-101, participated and supervised the field work program, reviewed the scientific and technical information and verified the data supporting such scientific and technical information contained in this news release.
About Nickel North Exploration
Nickel North Exploration is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE mineral resource at its Hawk Ridge Project in Northern Quebec. The board of directors, advisory committee and management team are experienced, successful mine finders. The property consists of a 50 km long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 179.67 km2. The project is located near tidewater. Quebec is a mining friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen maintains good relations with local Inuit communities and is committed to sustainable development. For more information on the company, please visit www.nnexploration.com.
Nickel North Exploration Corp. has been identified as a key player in the Critical and Strategic Minerals value chain by Quebec's Ministry of Economics and Innovation (MEI) in 2021 (Quebec Plan for the Development of Critical and Strategic Minerals 2020-2025 (quebec.ca), which is part of Quebec's Plan for the Development of Critical and Strategic Metals (QPDCSM) and aims to stimulate the exploration and mining of SCMs, their transformation and recycling.
Per: "Tony Guo"
Nickel North Exploration Inc.
Tony Guo. P. Geo, Chief Executive Officer (Tel: +1-778-877-5480)
North America IR / PR Jemini Capital
Jorge Galindo firstname.lastname@example.org
Tel: +1 (647) 725-3888
For further information please visit http://www.nnexploration.com
This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations 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.
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