VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 12, 2016) – North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP: 65704T 108) (the “Company” or “NAN”) is pleased to report that assays have been received from initial 2016 drill holes completed in the Fossilik area on their 100% owned Maniitsoq nickel-copper-cobalt-PGM sulphide project in southwest Greenland. The Company completed a total of 9,596 metres of drilling during the 2016 exploration program.
Two holes drilled to test the down dip extent of the P-058 mineralization intersected high grade zones of remobilized massive and breccia sulphide veins which have extended the mineralization by 150 metres in a down-dip direction. Highlights include:
|•||MQ-16-105:||10.20 metres of 3.41% Ni, 0.28% Cu, 0.10% Co and 0.13 g/t Pt+Pd+Au (3.85% Ni Eq)|
|•||4.10 metres of 4.85% Ni, 0.29% Cu, 0.14% Co and 0.13 g/t Pt+Pd+Au (5.42% Ni Eq)|
|•||MQ-16-111:||3.06 metres of 3.93% Ni, 0.25% Cu, 0.10% Co and 0.09 g/t Pt+Pd+Au (4.34% Ni Eq)|
NAN CEO, Keith Morrison, commented: “The new intersection in hole MQ-16-105 at P-058 is one of the best obtained to date on the Maniitsoq property. Importantly, the positive drilling and geophysical results indicate that the P-058 mineralization has vertical continuity, is improving in width and conductance with depth and is open at depth. They also support NAN’s prioritization of the Fossilik area which encompasses one of the largest surface expressions of mineralized norite in the Greenland Norite Belt. We will be reporting additional exploration results from the Fossilik area as assays become available.”
The drilling program was concluded in mid-September with a total of 9,596 metres completed in 30 holes and two hole extensions. Nine mineralized zones and several regional targets were tested as shown in Figure 1. Assay results continue to be received and collated and the Company plans to report additional results at regular intervals over the next six to eight weeks. Demobilization of exploration personnel and the camp was safely completed by late September.
This release summarizes the results for three holes totaling 1,260 metres completed in the Fossilik area, located in the central portion of the Maniitsoq property, and includes two holes at the P-058 target and one hole at the P-059 target (see Figures 2 and 3). Two additional holes have been completed at P-058 for which assays are pending. Drill collar information and a summary of assays are provided in Tables 1 and 2, respectively. Figures may be viewed using the link provided with this release.
Table 1: Drill Collar Information, Fossilik Area
Notes: Collar coordinates in UTM WGS84 Zone 22N
Table 2: Assay Results, Fossilik Area
|Notes: Intervals represent core lengths, not necessarily true widths.|
|NSA – No Significant Assays|
|BDL – Below Detection Limit of 0.001 g/t|
|*Ni EQ was calculated based on the following formula using London Metal Exchange prices for Ni, Cu and Co on October 10, 2016 and London Bullion Market Association metal prices for Pt, Pt and Au on October 10, 2016 (PM) and assuming 100% metal recoveries:|
|*NiEQ = Ni% + (Cu% x 2.17/4.67) + (Co% x 12.93/4.67) + ((Pt g/t x10000) x (967*14.5833/4.67)) + ((Pd g/t x 10000) + (667 *14.5833/4.67)) + (Au g/t x 10000) x (1259.50*14.5833/4.67))|
|(Metal prices are per pound).|
The P-058 target comprises a northeast striking and steeply northwest dipping panel of mineralized norite hosted in orthogneiss and cross-cut by parallel to sub-parallel mylonite zones. Mineralization consists predominantly of remobilized massive to breccia sulphide veins and stringers but locally includes disseminated to blebby magmatic sulphides. Drilling in 2014 intersected narrow massive nickel-copper sulphide veins at shallow depths and follow-up drilling down dip in 2015 intersected a wider zone of magmatic sulphides (see NAN News Releases dated September 29, 2014 and September 2, 2015). Based on drilling and geophysical results to date, the P-058 mineralization is interpreted to extend from near surface to a vertical depth of 350 metres.
The initial two 2016 drill holes, reported herein, were drilled to test for the down dip extension of the previously intersected mineralization. Both holes intersected high grade remobilized sulphides which are interpreted to extend the zone both down dip and along strike. A drilling plan map and inclined longitudinal section are given in Figures 2 and 3, respectively. Borehole electromagnetic (BHEM) surveys were completed in both holes.
Hole MQ-16-105 was designed to test the lower edge of a moderate conductance BHEM plate down dip of the previously defined P-058 mineralization and intersected a norite-hosted zone comprised mainly of remobilized massive sulphide veins and lesser amounts of disseminated and stringer sulphides. The zone graded 3.41% nickel, 0.28% copper and 0.10% cobalt over 10.20 metres from 323.55 to 333.75 metres. Included within this interval was a higher grade section grading 4.85% nickel, 0.29% copper and 0.14% cobalt over 4.10 metres with individual samples returning values of up to 6.79% nickel. A second (footwall) zone of norite-hosted disseminated sulphides was intersected from 348.40 to 357.30 metres which graded 0.73% nickel and 0.19% copper over 8.90 metres. The borehole EM survey detected a strong in-hole anomaly and long wavelength anomalies throughout the hole, including a significant off-hole build-up at the bottom of the hole which was interpreted to be a high conductance anomaly lying at a low angle to the hole and extending down-dip.
Hole MQ-16-111 was designed to test near the lower edge of the BHEM target detected at the end of hole MQ-16-105 and intersected a similar zone of remobilized massive and breccia sulphide veins grading 3.93% nickel, 0.25% copper and 0.10% cobalt over 3.06 metres from 392.09 to 395.15 metres. A narrow pyrite-rich massive sulphide vein was intersected a short distance up-hole and returned 0.95% nickel and 0.41% copper over 0.25 metres. A pentlandite-rich breccia sulphide vein grading 5.64% nickel and 0.50% copper over 0.60 metres was intersected approximately 35 metres down hole from the main remobilized sulphide zone.
The remobilized sulphide zone in MQ-16-105 lies 110 metres down dip and 40 metres along strike to the southeast of the nearest previous intersection in hole MQ-15-077. The remobilized sulphide zone in MQ-16-111 lies 40 metres down dip and 55 metres along strike to the southeast of the remobilized intersection in MQ-16-105. Collectively, these two holes extend the main P-058 mineralization by approximately 150 metres down dip.
The P-058 mineralization can be correlated with a series of BHEM plates which, in general, dip steeply to the northwest, and extend from surface to a vertical depth of 350 m. The overall zone can be represented by several large moderate conductance EM plates with multiple imbedded high conductance plates which are small in size near surface but increase in size with depth. This change in EM signature is significant because it demonstrates that the mineralization at P-058 has greater size and continuity at depth than near surface. Modeling of existing BHEM data also suggests that the zone remains open at depth.
Two additional holes, for which assays are pending, were completed at P-058 to test a large moderate conductance BHEM plate situated in an untested gap to the northeast of hole MQ-15-077.
MQ-16-108 was drilled to test a moderate conductance off-hole anomaly located down plunge of previously intersected P-059 mineralization (see NAN News Release dated September 2, 2015). Unmineralized norite was intersected at the target depth and the hole appears to have narrowly missed intersecting mineralization as indicated by the BHEM results. A moderate conductance off-hole anomaly was detected at the target depth and is interpreted to lie within 15 metres of the hole and extend in an up dip direction.
The drilling was completed by Boart Longyear Canada utilizing two Boart LF-70 diamond drill rigs. Drill core samples (40.54 mm BQTK and 47.6 mm NQ) are cut in half by a diamond saw on site. 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 the ALS Minerals preparation lab in Öjebyn, Sweden. Sample pulps are sent by air courier to ALS Minerals analytical laboratory in Loughrea, Ireland. Blank samples and commercially prepared and certified Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a minimum of one per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81). 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 Note Regarding Forward-looking Statements” for further details regarding risks facing the Company.
All technical information in this release has been reviewed and approved by Patricia Tirschmann, P.Geo, who is the Qualified Person for the Company and Vice President Exploration, North American Nickel Inc.
About the Company
NAN is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Sudbury, Ontario.
The Maniitsoq property in Greenland is a Camp scale project comprising 2,985 square km covering numerous high-grade nickel-copper 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 accessible from the existing Seqi deep water port (See NAN News Release dated January 19, 2015) with an all year round shipping season and abundant hydro-electric potential.
The Company’s 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 an interpreted extension of the Whistle Offset embayment structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
Cautionary Note Regarding Forward-looking Statements
This press release contains certain “forward-looking statements” and “forward-looking information” under applicable securities laws concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the success of exploration activities; impact of mineralogy, estimation of mineral resources at mineral projects of the Company; the future economics of minerals including nickel and copper; synergies and financial impact facilities; the benefits of the development potential of the properties of the Company and currency exchange rate fluctuations. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in metal grades, changes in market conditions, variations in recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry, including but not limited to the failure of plant, equipment or processes to operate as anticipated. The Company cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.
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.
Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term defined in the Private Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from the expected results.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Fedikow, President, North American Nickel Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view Figures 1, 2, and 3, please visit the following link: http://media3.marketwire.com/docs/nan1012figures.pdf.
North American Nickel Inc.
604-770-4334 or Toll Free: 1-866-816-0118