|November 10, 2014|
Nickel North intersects 7.01 metres at 2.11% Ni, 2.73% Cu and 0.62 grams PGEs per tonne on Hawk Ridge's Gamma prospect in northern Quebec.
|Vancouver, British Columbia -- (Marketwired -- November 10, 2014) -- Nickel North Exploration Corp. (TSX-V: NNX) ("Nickel North" or the "Company") is pleased to announce initial diamond drill results from the Company's 2014 exploration program at the Hawk Ridge Project, northern Quebec.|
Highlights from the initial drill results at Hawk Ridge include;
2 Calculated intervals use a 0.25% Cu per tonne cut-off value.
3 No top cut has been used on assay values.
4 Ni EQ calculations are based on London Metals Exchange 3 year trailing average metal prices as of July 6, 2012 at US$ 9.48/lb. nickel, US$ 3.56/lb. copper, US$ 16.23/lb. cobalt, US$1377.87/troy oz. gold, US$ 1587.97/troy oz. platinum, and US$ 581.28/troy oz. palladium.
Click here to view a Map of the Hawk Ridge Drill Hole Locations, and additional technical information.
The Gamma Zone
The Gamma Zone occurs in the central part of the Hawk Ridge property. On surface the mineralized horizon can be followed for at least 850m along strike, and expands in width from <10m in the extreme southern portion of the zone to approx. 30m in the north. The mineralized zone consists of medium-to- coarse-grained interstitial Cu-Ni-PGE magmatic sulphides and disseminated sulphides in a coarse-grained gabbro. Drilling in 2013 confirmed that the mineralized horizon maintains it mineralogical character and metal grades and widths down-dip for at least 380m. The 2013 deep resource holes were approximately 250 m east of the 2012 holes and confirmed the down-dip extension of the mineralization over a strike length of at least 570m.
Massive Ni-Cu-PGE sulphide concentrations are found flanking the southern end of the Gamma Zone. This mineralization is associated with surface gossans. In 2012 hole HR-2012-03 was drilled to investigate the surface gossanous material and intersected 1.86m grading 2.84% Ni, 4.67% Cu and 1.31 grams per tonne PGE's. HR-2014-50 was drilled approximately 50 m north of HR-2012-03.
The 7.01m mineralized intersection in HR-2014-50 averaged 2.11% Ni, 2.73% Cu, 0.62 grams PGE's per tonne (3.33% Ni EQ(4)). Included in this intersection is 3.35m of massive sulphide averaging 4.24% Ni, 4.70% Cu and 0.95 grams PGE's per tonne, (6.33% Ni EQ(4)). If one includes the semi-massive sulphide interval in the immediate footwall to the above, one gets 4.35m averaging 3.37% Ni, 4.28% Cu and 0.86 grams PGE's per tonne (5.26% Ni EQ(4)). These intersections are believed to be near true thicknesses.
Comparison of grade and thickness intersected in HR-2012-03 to the south demonstrates that both the Ni concentration and widths of the massive sulphide intersection in HR-2014-50 have increased considerably northwards.
Drill hole HR-2014-49 was collared 42m east and 10m south of HR-2014-50 and was drilled prior to HR-2014-50. HR-2014-49 intersected 8.50m of 0.13% Ni, 0.51% Cu, 0.147 grams PGE's per tonne, (0.36% Ni EQ(4)). Included in this intercept is 3.50m of 0.21% Ni, 0.71% Cu and 0.181 g/t grams PGE's per tonne, (0.52% Ni EQ(4)). This mineralization and host-rock is typical of the bulk of the Gamma Zone mineralization. HR-2014-50 was drilled to follow-up a highly conductive borehole geophysical response detected above, and to the north of the HR-2014-49.
Examination of geological and geophysical data together with the northward thickening massive sulphide intersections in holes HR-2012-03 and HR-2014-50 suggest the high-grade Ni-Cu-PGE massive sulphides are a lens-like concentrations of magmatic mineralization that plunges down the east side of the laterally extensive Gamma Zone mineralized horizon.
Assay results for the remaining drill holes completed as part of the 2014 exploration campaign are pending and will be disclosed as soon as they become available; however, it should be noted that weak disseminated magmatic sulphides were recorded in hole HR-2014-44 from 60m to 80m, and heavy disseminations and patchy semi-massive magmatic sulphides were logged in HR-2014-46 from 34m to 73m with the remainder of the hole hosting weak to moderate disseminated magmatic sulphides. Holes HR-2014-45 and HR-2014-47 contained no significant sulphides; whereas hole HR-2014-48 contains an intersection of what appears to be barren sedimentary sulphides from 64.8m to 70.30m
Quality Assurance and Quality Control
Drill core assay results are monitored and evaluated upon receiving each new assay certificate. Two certified international standards, two certified standards, two certified laboratory inserted standards, and two company inserted blanks, laboratory inserted blanks, company duplicates and laboratory repeats are monitored in each certificate using industry accepted protocols. The geochemical protocol for the project
in 2012, 2013 & 2014 includes sampling the entire length of the diamond drill-hole (half cut NQ core) for Ni, Cu and Pt, Pd, Au (Pb-fire assay) and a 39-element ICP-MS package following a 4 acid digestion. Core sample analysis was completed by TSL, Saskatoon, Saskatchewan.
Due to the extreme high-grade nature of the massive sulphides from HR-2014-50 representative splits of the eight (8) samples from the interval 60.5m to 64.85m (Table 1.) were submitted to two other laboratories for confirmation assays; ACME Analytical Laboratories, Vancouver, and and SGS (Assayers Canada Ltd.), Vancouver. Results from all three laboratories and the internal CANMET reference material were in good agreement.
In addition, the same samples re-assayed for Ni, Cu, Co were submitted to ACTLABS (Ancaster, Ontario) for full PGE (Pt, Pd, Rh, Ru, Ir, Os) and Au analyses by NiS fire assay followed by a Neutron Activation finish. These analyses will confirm the presence and concentration of the other platinum-group elements not analyzed by the Pb-fire assay technique and any concerns regarding the recovery of Pt, Pd, Au by Pb-fire assay of nickel and copper-rich massive sulphide material.
Technical information included in this news release was verified, reviewed and approved by Dr. Larry Hulbert, D.Sc., P.Geo, and Gabe Fortin, P.Geo., consultants engaged by the company to manage and oversee the 2014 Hawk Ridge exploration program. Both Dr. Hulbert and Gabe Fortin are Qualified Persons as defined by NI 43-101.
About Nickel North Exploration Corp.
Nickel North Exploration is a Canadian based explorer focused on defining a Ni-Cu-PGE resource at our Hawk Ridge Project in Northern Quebec. The board of directors, advisor committee and management team are experienced, successful mine finders. The property consists of a 50 km long belt of magmatic Ni-Cu-PGE occurrences covering 18,000 hectares. The project is located near tidewater. Quebec is a mining friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen, maintains good relations with first nations, and is committed to sustainable development. For more information on the company, please visit www.nickelnorthexploration.com.
On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo.,
Interim President and CEO
For further information contact:
Nickel North Exploration Corp.
Telephone +1 (604) 609-6182
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Nickel North as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nickel North to be materially different from those expressed or implied by such forward-looking information, including but not limited to: early exploration; the ability of Nickel North to find a development partner for the Hawk Ridge Project or identify any other corporate opportunities for the Company; the ability of Nickel North to acquire a mining license; mineral exploration and development; metal and mineral prices; availability of capital; accuracy of Nickel North's projections and estimates, including the initial mineral resource for the Hawk Ridge Project; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; foreign taxation risks; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined, as well as other risk factors. . Forward-looking statements are based on assumptions management believes to be reasonable; the price of nickel, copper, PGEs; the demand for nickel, copper, PGEs; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although Nickel North has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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. The Company does not update or revise forward-looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.
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.
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