VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 31, 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 three 2016 drill holes completed at the Mikissoq target in the Imiak Hill Complex (IHC) 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.
The initial 2016 drill hole (MQ-16-113) tested a borehole electromagnetic (BHEM) anomaly beneath existing drilling and intersected a wide new zone of norite-hosted nickel and copper sulphide mineralization. Two additional holes (MQ-16-117 & 118) intersected the down dip extension of the same zone.
- MQ-16-113: 53.25m @ 0.81% Ni and 0.36% Cu (1.04% Ni Eq)
- 5.15m @ 2.56% Ni and 0.37% Cu (2.92% Ni Eq)
- MQ-16-117: 74.05m @ 1.08% Ni and 0.54% Cu (1.44% Ni Eq)
- 13.65m @ 1.84% Ni and 0.64% Cu (2.30% Ni Eq)
- MQ-16-118: 47.00m @ 0.51% Ni and 0.25% Cu (0.71% Ni Eq)
- 15.00m @ 1.03% Ni and 0.32% Cu (1.30% Ni Eq)
NAN CEO, Keith Morrison, commented: “These exceptional new drill results at Mikissoq have transformed the target from a small area of near surface mineralization into a wide lens of high nickel tenor magmatic sulphides that extends to a vertical depth of 350 metres and remains open. The discovery of this new zone contributes to existing zones at both Imiak Hill and Spotty Hill, all located with 1.5 kilometres of each other. Defining the size of Mikissoq will be a priority for NAN next year.”
This release summarizes the results for three holes totalling 1,167 metres completed at the Mikissoq target in the IHC area which is located in central portion of the Greenland Norite Belt (Figure 1). One additional hole has been completed at Mikissoq for which assays are pending. Drill collar information and a summary of assays are provided in Tables 1 and 2, respectively. A drill plan and drill cross section are given in Figures 2 and 3, respectively. Figures may be viewed using the link provided with this release: http://media3.marketwire.com/docs/1074406_F1-3.pdf.
During the 2016 exploration program, 30 drill holes and two hole extensions totalling 9,596 metres were completed. Assay results have now been reported for 14 holes and one hole extension totaling 4,410 metres, including those reported herein.
Three holes completed at Mikissoq have intersected a new zone of norite-hosted mineralization located 130 metres below previously intersected shallow mineralization at Mikissoq. The new zone has been intersected over a dip extent of 105 metres and consists of coarse grained magmatic disseminations and blebs, locally with remobilized sulphide stringers and veins. The mineralization is characterized by high nickel tenors (percent nickel re-calculated to 100% sulphides) of typically between 8 and 11%. A fourth hole collared 45 metres along strike to the northeast intersected a wide interval of weakly disseminated sulphides in norite for which assays are pending. The zone remains open down dip and along strike to the southwest.
The new discovery at Mikissoq demonstrates the potential to identify significant new sulphide lenses which can be targeted by BHEM but have footprints significantly larger that the BHEM anomalies due to the electrically disconnected nature of the sulphides. The Company plans to carry out 3D modeling of the larger IHC area incorporating all exploration data, including the results of the 2016 induced polarization (IP) survey, to help define continuations of the mineralized norite stratigraphy and aid in future drill hole targeting.
Further details of the drilling are given below.
Table 1: Drill Collar Information, Mikissoq Target, IHC Area
|Notes: Collar coordinates in UTM WGS84 Zone 22N|
Table 2: Assay Results, Mikissoq Target, IHC Area
|Notes: Intervals represent core lengths; true thicknesses are estimated to be approximately 50% of drill intercepts.|
|*Ni EQ was calculated based on the following formula using London Metal Exchange prices for Ni, Cu and Co on October 28, 2016 and London Bullion Market Association metal prices for Au on October 18, 2016 (PM) and for Platinum and Palladium on October 27, 2016 (PM), assuming 100% metal recoveries:|
|*NiEQ = Ni% + (Cu% x 2.17/4.69) + (Co% x 12.81/4.69) + ((Pt g/t / 10000) x (970*14.5833/4.69)) + ((Pd g/t / 10000) x (617 *14.5833/4.69)) + (Au g/t / 10000) x (1273*14.5833/4.49))|
|(Metal prices are per pound and in $US).|
Hole MQ-16-113 tested a moderate conductance off-hole BHEM anomaly detected from previous hole MQ-15-074 and interpreted to be a possible off-set continuation of the shallow Mikissoq mineralization bounded along the northwest side by a mylonite zone (see Figure 3). MQ-16-113 intersected a norite body at depth hosting a wide interval of coarse sulphide disseminations, blebs and, locally remobilized stringers and veins that correlates with the targeted BHEM anomaly. The mineralization graded 0.81% nickel and 0.36% copper over 53.25 metres from 233.75 to 287.00 metres and included several higher grade intervals such as 2.56% nickel and 0.37% copper over 5.15 metres (Table 2). The new norite body and sulphide zone are interpreted to lie on the same side of a bounding mylonite zone as the shallow Mikissoq norite and mineralization.
Hole MQ-16-117 intersected the continuation of the new zone 55 metres down-dip of MQ-16-113 (Figure 3). The style of mineralization was similar but with a higher overall sulphide percentage yielding higher grades:
268.70 – 342.75m: 1.08% nickel and 0.54% copper over 74.05 metres including
- 2.10% nickel and 0.44% copper over 5.30 metres and
- 1.84% nickel and 0.64% copper over 13.65 metres
Hole MQ-16-118 intersected the zone 50 metres down dip of MQ-16-117, extending the zone over a total dip extent of approximately 105 metres. Widths and style of the mineralization were similar to the first two holes but with lesser amounts of sulphides returning 0.51% nickel and 0.25% copper over 47.00 metres from 322.00 to 369.00 meters. Once again the zone contained a higher grade interval which returned 1.03% nickel and 0.32% copper over 15.00 metres.
A fourth hole was collared 45 metres along strike to the northeast of MQ-16-118 and intersected a wide zone of weakly disseminated sulphides for which assays are pending. The weaker nature of the mineralization suggests this hole may lie near the northeast edge of the new zone.
Preliminary 3D modeling of the drilling and surface geological data indicate that the new zone is sub-vertical and hosted within a second deeper norite body situated on the same (southeast) side of a mylonite zone which bounds the shallow norite-hosted Mikissoq mineralization (Figure 3). The new sulphide zone lies approximately 130 metres below the shallow mineralization. Borehole EM surveys of all holes show the conductive response for the new zone to be centred on hole MQ-16-117 with the footprint of the zone extending beyond the margins of the interpreted BHEM plates.
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.
North American Nickel Inc.
Toll free: 1-866-816-0118