VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 25, 2015) – North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP:65704T 108) (the “Company” or “NAN”) is pleased to provide an exploration update and summary of significant results on its 100% owned Maniitsoq nickel-copper-cobalt-PGM project in Southwest Greenland.
In 2015, the Company implemented an $8.3M exploration program consisting of 5,655m of diamond drilling in 30 holes, a 6,696 line km helicopter-borne geophysical survey, 61.7 line km of surface electromagnetic (EM) surveying, a gravity survey, a ground geology program and acquisition of state-of-the-art Worldview-3 satellite data across the entire property.
- Spotty Hill zone extended 80m down plunge and remains open down plunge
- Geophysical indication that Mikissoq zone continues down plunge
Six widespread regional Ni-Cu sulphide occurrences, P-013, P-030, P-032, P-053, P-058 and
- P-059, with significant 2015 drill intersections; four discovered by NAN
- Follow-up drilling at multiple mineralized norite intrusions and continued systematic exploration of Maniitsoq property planned for 2016
- Drilling and exploration targeting to benefit from robust dataset and new complimentary targeting tools
Vice President of Exploration, Patricia Tirschmann states, “We’ve reached an important point in the exploration of the Maniitsoq property in that we are now identifying multiple centers of significant Ni-Cu sulphide mineralization coupled with a better understanding of the geological and structural setting as well as the nature of the mineralization and related geophysical responses. This will allow NAN to progress to the next stage of follow-up drilling using robust targeting tools to help evaluate size potential.”
In 2015, the Company continued its systematic evaluation of the Maniitsoq property, significantly expanding the existing exploration database, advancing the understanding of both the geological setting and the nature of the sulphide mineralization, refining geophysical targeting tools and continuing to intersect nickel-copper sulphide mineralization at multiple locations.
Drilling expanded the Spotty Hill zone by 80 metres in a down plunge direction (News Release dated September 2, 2015) and resulted in the intersection of additional nickel-copper sulphides at six regional exploration targets including P-013, P-030, P-032, P-053, P-058 and P-059. Four of the mineralized intrusions, P-013, P-032, P-053 and P-059, were new discoveries made by NAN. Table 1 gives a summary of selected drilling highlights for each of these mineralized areas and a location map (Figure 1) may be viewed using the link provided with this release.
|TABLE 1:||Selected 2014 and 2105 Assay Results from Targets P-013, P-030, P-032, P-053, P-058, P-059 and Spotty Hill|
|Spotty Hill (IHC)|
|Intervals represent core lengths, not necessarily true widths.|
|*Ni EQ was calculated based on the following formula using London Metal Exchange and London Bullion Market Association metal prices as at Nov. 17th and assuming 100% metal recoveries:|
|*NiEQ = Ni% + (Cu% x 2.13/4.16) + (Co% x 10.89/4.16) + ((Pt g/t x10000) x (861*14.5833/4.16)) + ((Pd g/t x 10000) + (547 *14.5833/4.16))|
|(Metal prices are per pound).|
|Assays previously reported in news releases dated:|
|November 10, 2015; October 20, 2015; September 23, 2015; September 2, 2015; November 11, 2014; November 3, 2014; October 21, 2014; September 29, 2014; December 3, 2014|
The Maniitsoq mineralization typically consists of pyrrhotite, pentlandite, pyrite and chalcopyrite. Previous high definition mineralogical studies identified pentlandite as being the primary nickel-bearing phase hosting > 90% of the nickel and indicated potentially high nickel recoveries using convention mineral processing techniques (News Releases dated March 2, 2015 & June 11, 2013). Additional mineralized samples were collected in 2015 and recently submitted to SGS Canada Inc. of Burnaby, BC for similar analysis.
GEOLOGICAL SETTING, MAPPING AND 3D MODELLING
In July 2015, SRK Consulting (Canada) Inc. of Toronto, ON carried out a three week structural and lithological mapping program including review of 2015 drill core. This work led to a better understanding of the geological setting including the identification of a widespread sedimentary basin which was intruded by mafic to ultramafic intrusions of the Greenland Norite Belt (GNB) and later subjected to metamorphism and poly-phase deformation. These features are similar to those of the Thompson Nickel Belt.
NAN geologists completed detailed mapping over several mineralized norite intrusions in 2015. This information was used by SRK in conjunction with drilling data to carry out 3-D modeling of the deformed norites and related mineralization in order to aid in drill hole targeting and this methodology promises to be useful in future follow-up drilling.
NATURE OF MINERALIZATION AND GEOPHYSICAL RESPONSE
Maniitsoq mineralization comprises disseminated, blebby, net-textured, semi-massive and massive sulphides. Secondary structural processes have affected primary sulphides resulting in the formation of stringers, veins, fracture fillings and sulphide breccia veins. The sulphide zones are commonly represented by multiple discrete EM plates and this is interpreted to be due, at least in part, to the remobilization and disruption of primary magmatic sulphides. In 2015, step-out drilling which targeted the projected down plunge extents of mineralized zones, but not necessarily specific EM plates, continued to intersect mineralized norite.
EM methods have proven successful at identifying the higher grade, more sulphidic portions of a given zone but are not as effective at outlining the overall envelope of mineralization which can include significant accumulations of disseminated, blebby sulphides and/or less interconnected sulphides. In 2016, the company plans to carry out Induced Polarization (IP) test surveys to determine if this method is useful in defining the overall extents of mineralized zones.
The 2015 airborne survey completed the VTEM coverage over the GNB as defined on the Maniitsoq property. During the period extending from late July through to mid-September, DigitalGlobe of Longmont Colorado successfully collected high spatial resolution multi-spectral Worldview-3 satellite data across the entire property. Integrated with the Company’s other exploration datasets, this imagery provides the potential to directly target gossanous mineralization on the ground and to vastly improve on the level of mapping detail across the property.
In 2016, NAN plans to implement a large follow-up drilling program and continue the systematic exploration of the district scale Maniitsoq property. A key component of NAN’s evolving exploration strategy is the integration of conventional EM geophysical tools with new complementary targeting tools in order to define the extent of prospective norite stratigraphy and the full extents of mineralized zones.
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 by Patricia Tirschmann, P.Geo, who is the Qualified Person for the Company and Vice President Exploration, North American Nickel Inc.
About North American Nickel
North American Nickel 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 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.
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; ability to complete the port assignment, the ability of the Company to realize upon the benefit of owning the port, economics of production; 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, difficulties realized in completion of the assignment, barriers to the assignment, difficulties in development of the assets and suitability of the port in relation to development of the assets of the Company, 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 Figure 1, please visit the following link: http://media3.marketwire.com/docs/NAN_figure1.pdf
Jaclyn Ruptash, Corporate Communications
604-986-2020 or Toll free: 1-866-816-0118