|January 16, 2013|
Assay Results from Hawk Ridge Validate Historical Records
All holes report significant PGE+Au values
New results expand historical widths by up to 10 metres
Historical records to be incorporated into new resource model
FOR IMMEDIATE RELEASE
January 16, 2013
Nickel North Exploration Corp. (NNX -- TSX-Venture Exchange) ("Nickel North" or "the Company") is pleased to release the results of the final phase of its 2012 exploration program on the Company's 100% controlled Hawk Ridge Ni-Cu-PGE Project in northern Quebec. These results are based on the re-sampling and detailed analysis of 988 samples from 9 holes totalling 956 meters of historic drill core that was stored at Hawk Ridge in 1996-97 by the previous operator. The drill holes sampled include the following four zones Hopes Advance Main, Hopes Advance, North Gamma and the Schindler zone.
Core samples were subject to rigorous internal and external processing controls, as well as industry standard QA and QC protocols and are discussed below in further detail. Review of relevant correlative and quantitative factors clearly indicated sufficiently low levels of variance between the 1996-97 assay results and the new corresponding 2012 results, thereby validating the reliability of the historical records.
The new assays also recorded significant values of platinum group elements and gold (PGE+Au) in all 9 holes, which were not previously tested for. Additionally, modern sampling protocols and multi-element analysis has led to the detection of additional nickel and copper mineralization not previously recognized and has in some cases expanded the mineralized intersections by up to 10 metres (DH 96-55 returning 0.43 % Cu and 0.18% Ni over 74 meters).
2012 Re-assay Composites of 1996 and 1997 Core
*Note PGE + Au is in ppb (parts per billion).
** Sulphide % of the sample is calculated from the sulphur assay using the formula S%/37.5 X 100.
2012 PGE + Au Re-assay Composites of 1996 and 1997 Core
Validation of Historical Results
Detailed comparisons clearly demonstrated that when sampling density and intervals of the 1996, 1997 results are similar to those from the 2012 results, they returned average differences ranging from 0.28% to 2.83% for Ni (higher than the historical results) and 5.11% to 5.9% for Cu (lower than the historical results). These percentage (%) differences for Ni and Cu between the 1996-97 assays and their re-assayed in 2012 counterparts fall well within acceptable limits and validate the results of previous exploration programs on the Hawk Ridge Project. As a result the Company believes it will be able to incorporate much of the 1995-1997 drill data, (representing several million dollars) into a new resource calculation for Hawk Ridge, which will result in significant time and financial savings for the Company.
The resampling program was successful in meeting its primary objectives in that it confirmed the validity of the historical assays; identified new zones of elevated PGE+Au where no prior analysis was performed; and expanded existing Ni and Cu zones where previous sampling was incomplete. The results have provided further insights as to the genesis and controls of the mineralization at Hawk Ridge. Multi-element analysis has given us a much better idea of the distribution and potential Ni, Cu, Co, Au, Pt and Pd mineralization.
2013 Drill Program
To date, two new styles of mineralization at Hawk Ridge have been recognized based on detailed geochemical protocols, along with core analysis and field observations. In addition to expanding the large tonnage intermediate grade potential of the property the Company will target high-grade strata-bound Thompson-like nickel-copper mineralization beneath the floor of the intrusions. The high-grade telescoping Cu-Ni sulphide bodies at the extremities of the disseminated intermediate-grade large tonnage horizons will also be a priority target. These historic assay data further support our belief that Hawk Ridge has features in common with the prolific Thompson district of Manitoba. The Company intends to start the 2013 drilling program in May and continue throughout the summer exploration season.
The assay results summarized in Tables 1 and 2 below were analyzed by TSL Laboratories, Saskatoon. The drill core from the 1995-1997 campaign was found to be in good conditions and well-marked, however some intervals were missing and therefore it was not possible to resample some mineralized sections in their entirety. The analyses represent the concentrations determined on the remaining half of the 1996-97 historical BQ sized diamond drill core that was sampled in its entirety. The 2012 re-assaying program utilized a 41 element ICP-MS analytical package after a strong 4-acid digestion that dissolves most of the minerals. Over range (>10,000 ppm) samples for copper and nickel were analyzed by Atomic Absorption Spectrometry following an HNO3-HF-HClO4-HCl digestion. Platinum, palladium and gold analyses were conducted on 30g samples utilizing a Pb-fire assay followed by ICP-ES analyses. All analysis for the field programs performed in 1995-1997 was carried out by Chimitec Ltée, of Val d'Or, a laboratory that is now part of ALS Chemex. Sample preparation procedures are described in the laboratory reports. Copper, nickel and cobalt analyses were performed by atomic absorption after dissolution in hydrochloric and nitric acid in a ratio of 3:1. The detection limit for copper and cobalt is 1 ppm, and for nickel it is 2 ppm. Analyses for gold were carried out by fire assay with a detection limit of 5 ppb. Further details of the original 1995-1997 drill results are available in the 43-101 report by D. A. Beauchamp, April 30, 2012 available on Sedar.
The QA-QC protocol employed CANMET standard WPR1 for monitoring Ni, Cu, Co, Pt, Pd, Au and S concentrations in the samples. Blanks and duplicates were also utilized. All standards, blanks and duplicates fall within acceptable QA-QC tolerances.
About The Hawk Ridge Ni-Cu-PGE Project
The Hawk Ridge Ni-Cu-PGE Project (controlled 100% by Nickel North Exploration Corp) is situated in an established mining district within the Labrador Trough in northern Quebec (rated #1 mining jurisdiction in Canada and recently rated #5 in the world by the Fraser Institute). The project is ideally located on tidewater on the west coast of Ungava Bay. The mineral claims cover 18,700 hectares of a highly anomalous 50 km belt of mafic to ultramafic intrusive, volcanic and sedimentary rocks hosting widespread magmatic copper-nickel sulphide mineralization. The project area lies within the prolific Circum Superior Belt, which also hosts the world-class (producing) Raglan and Thompson mining districts. The property has an extensive exploration history dating back to 1961 (24,000 m drilling in 361 holes, approximately $20 million in expenditures) by several operators including Esso, SOGEM, Phelps Dodge and Falconbridge.
Other entities and projects active in the area include Goldcorp's Eleonore Mine which is presently under construction, as well as Oceanic Iron Ore Corp.'s iron deposit, currently under development -- along with proposed road and port facilities being considered under the Quebec government's $80 billion "Northern Mineral Development Initiative" supporting mining infrastructure in the province. Additionally, the Quebec government refunds (2012) 51% of all exploration and development expenditures in the northern portion of the Province.
About Nickel North Exploration Corp.
Nickel North Exploration Corp. is a Canadian based exploration company whose shares trade on the TSX Venture Exchange under the symbol NNX. The board of directors, advisory committee and management team feature highly experienced mining professionals and technical experts with an extensive history of mineral discovery and mine development; corporate finance and capital markets; as well as corporate mergers, acquisitions and take-overs. Nickel North Exploration Corp. is a conscientious corporate citizen, maintains good relations with First Nations, and is committed to sustainable development. The Company's corporate mission is to become a pre-eminent supplier of nickel, copper and platinum group elements for domestic and global export markets.
For more information, please visit www.nickelnorth.com or contact Corporate Communications at 604-609-6182 and/or email: [email protected]
ON BEHALF OF NICKEL NORTH EXPLORATION CORP.
Phillip Mudry, P.Geol., President and Chief Executive Officer
The technical information in this news release has been reviewed by Phillip Mudry, P.Geol, Nickel North's President and CEO, and a qualified person as defined by National Instrument 43-101. The Hawk Ridge NI 43-101 technical report has been filed on SEDAR and is available on the company's website.
Disclaimer for Forward-Looking Statements
All statements, other than statements of historical fact, included herein are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are often, but not always, identified by the use of words or phrases such as "validate", "clearly indicate", "clearly demonstrate", "intends", "expanded", "insights", "likely" and "intends" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements in this news release include statements results have provided further insights as to the genesis and controls of the mineralization at Hawk Ridge, and high-grade telescoping Cu-Ni sulphide bodies at the extremities of the disseminated intermediate grade large tonnage horizons will also be a priority target; historic assay data further support our belief that Hawk Ridge has features in common with the prolific Thompson district of Manitoba; Company intends to start the 2013 drilling program in May and continue throughout the summer exploration season. Forward looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
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