North American Nickel Announces Results from Loveland Nickel Exploration Program
Vancouver, British Columbia--(Newsfile Corp. - April 30, 2020) - North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") is pleased to report that results have been received from four drill holes completed at its Loveland Nickel property ("Loveland") located 30km northwest of Timmins, Ontario. The property is 23.6 km2 in size and has year-round access.
The Loveland Nickel Property is underlain by a mineralized differentiated mafic-ultramafic intrusion that hosts the historic non-NI 43-101 compliant Enid Creek historic resource estimate (See news release dated February 6, 2020). The 2020 exploration program was designed to evaluate a series of conductors identified from the VTEMMAX survey completed in 2017 to establish whether the mineralizing system had a continuous zone of high-grade mineralization associated with conductive plates or prospective geology. The Company completed a 4-hole program for 1086m of diamond drilling, with borehole electromagnetic (BHEM) surveys.
NAN CEO, Keith Morrison, commented: "NAN's strategy has placed a strong focus on the development of a pipeline of quality nickel, copper, cobalt projects in North America. The NAN team has been instrumental at evaluating each project to test and prioritize the best targets that demonstrate exploration potential. The exploration strategy is designed to establish whether a property has the potential to contain an ore deposit of sufficient size and grade to warrant development under reasonable economic conditions. The Loveland Project is an important part of this strategy, and our work was designed to establish whether the footprint of mineralization is large enough to warrant further exploration."
LN25-20-002 was designed to test the potential expansion of the mineral zone down-dip of Enid Creek after LN25-20-001 was abandoned due to poor ground conditions. Hole LN25-20-002 intersected gabbroic rocks of the Enid Creek Gabbro Complex (ECGC), and narrow intervals of mineralization with up to 0.18% Cu, 0.13% Ni, and 0.23g/t Pd over 0.7m. A subsequent borehole EM survey indicated that the center of conductivity is located up-dip towards the known historic mineralization.
LN25-20-003 tested a priority conductive plate along the interpreted southeast margin of the intrusion in a previously unexplored area covered by overburden. LN25-20-003 did not intersect mafic intrusive rocks of the ECGC. The conductivity is interpreted to be caused by thin semi-massive stringers of pyrrhotite in volcanic rocks of intermediate composition. This hole was not surveyed with BHEM because of a blockage at 75m. No significant assays were reported.
LN25-004 targeted a conductive EM plate to the north of the Enid Creek Deposit. The hole encountered altered volcanic rocks of intermediate composition with narrow pyrrhotite veins but did not intersect the ECGC. A conductive plate modelled from the BHEM results indicates a plunge to the northeast. No significant assays were reported.
Drill Collar Information
|Hole ID||UTM East||UTM North||Elevation (m)||Length||Azimuth||Dip||Target|
|LN25-20-002||454595||5389078||287||381||267||-71||175m down dip ECGC|
The drilling was completed by NPLH Drilling (Canada) utilizing a Marcotte HTM 2500 diamond drill rig. Drill core was logged in Timmins, ON, Canada and samples were transported to Sudbury, ON and were cut in half by a diamond saw at the Companies facility in Sudbury. Half of the core is retained for reference purposes. Samples are generally 1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation is completed at ALS Global (Sudbury). Sample pulps are sent by air to the ALS Analytical laboratory in Vancouver, BC, Canada. Blank samples and commercially prepared and certified Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 drill core samples or a minimum of one per sample batch. Analyses for Ni, Cu and Co are completed using a sodium peroxide fusion with ICP-AES finish and four acid near total digestion (ME-ICP81/ME-ICP61a). Analyses for Pt, Pd, and Au are by fire assay (30 grams nominal sample weight) with an ICP-AES finish (PGM-ICP23).
"Technical Information; Qualified Person"
The Company is not aware of any legal, political, environmental or other risks that could materially affect the potential development of the project other than those set out in its annual information form filed on www.sedar.com. Please see below under the heading "Cautionary Statement Regarding Forward-Looking Information" for further details regarding risks facing the Company.
All technical information in this release has been reviewed and approved by Peter C. Lightfoot, Ph.D., P.Geo. (Consulting Chief Geologist), who is the Qualified Person for the Company.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada.
The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi deep water port with an all year-round shipping season and hydroelectric power potential from a quantified watershed.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-platinum group metal deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
The Company acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties is part of the company's strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
North American Nickel Inc.
For more information contact:
North American Nickel Inc.
+1 (604) 770-4334
Toll free: 1-866-816-0118
Neither 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 release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information includes, but is not limited to, statements about the ability of the Company to access capital to satisfy the fees and expenditures under the earn-in agreement, the ability of the Company to complete the expenditures under the earn-in agreement, spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects, engagement and dialogue with First Nations groups and formalizing the scope of work. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents available at www.sedar.com. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. 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, except as required by law.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55192