North American Nickel Commences Field Examinations of Drill Target Anomalies at its Maniitsoq Ni-Cu-PGE Project, Southwest Greenland
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/14/12 -- North American Nickel Inc. (TSX VENTURE: NAN)(OTCBB: WSCRF) (CUSIP: 65704T 108) North American Nickel ("NAN") is pleased to announce that it has commenced field work on its 100% owned Maniitsoq project. Field work is focusing on ground proofing conductive zones identified from helicopter-borne time domain EM surveys completed by NAN in 2011 and 2012 in preparation for a drill program scheduled to commence later in the month. It is anticipated that a minimum of 10 holes totalling 2,000 meters will be diamond drilled.
As described in NAN press release dated July 24, 2012, a recently completed VTEM survey over parts of the project area identified 50 conductive zones. These zones are in addition to 25 conductive zones previously identified by a SkyTEM survey flown by NAN in the fall of 2011. As described in a press release dated July 25, 2012, ground proofing conductive zones will involve geologists flying to the location of priority anomalies and conducting examinations of outcropping rocks in the area around the anomaly.
The field work will be conducted from a base camp on the property by a team of two geologists and two assistants supported by an AS350 B3 helicopter based at the camp. They will look for evidence of mineralization or any other explanation for the conductive anomaly. Also, where the conductor has no surface expression, which is often the case, geologists will be searching for occurrences of rocks such as norite, or other mafic-ultramafic intrusions, that are associated with nickel-copper deposits. Based on the results of the field examinations and detailed interpretation of the geophysical data, conductive zones will be prioritized and specific target anomalies selected for drilling.
Cartwright Drilling Inc., a drilling contractor with extensive experience working in Greenland, will mobilize a fly-portable drill rig and five-person crew to the camp later in the month. A bore hole electromagnetic (BHEM) system and operator from Crone Exploration & Geophysics Ltd. will arrive on site once drilling commences. The BHEM system will significantly increase the search radius of the holes and assist geologists in laying out follow-up drill holes in cases where the original holes do not intercept the target or, in cases where mineralized bodies are interested, help assess the size, direction and extent of the mineralized bodies and help guide further drilling.
The Company has granted incentive stock options to certain directors, officers, employees, consultants and advisors of the Company to purchase up to 2,015,000 common shares in the capital of the Company pursuant to the Company's stock option plan and subject to regulatory approval. The options are exercisable, on or before August 13, 2017 at an exercise price of $0.24 per share.
MANIITSOQ PROJECT BACKGROUND
The Maniitsoq area has seen relatively little exploration activity given the abundance of high grade nickel sulphide occurrences. Most of the nickel at Maniitsoq is associated with noritic intrusions that are concentrated in (but not restricted to) a belt that is over 70 km long and up to 15 km wide, referred to as the Greenland Norite Belt (GNB). Historical exploration records indicate drilling for nickel mineralization dates back to a period between 1965 and 1972 when 119 shallow drill holes were reported. The holes tested exposed sulphide mineralization and shallow electromagnetic (EM) anomalies directly associated with outcropping mineralization. All but a few were drilled to very shallow depths using small portable Winkie drills. The average hole length was just 53 meters.
Nevertheless, numerous significant intersections included:
- Imiak Hill: 9.85 meters @ 2.67% Ni, 0.60% Cu,
- Fossilik: 12.89 meters @ 2.24% Ni, 0.63% Cu, and
- Quagssuk: 4.95 meters @ 1.97% Ni, 0.43% Cu.
In 1995 Cominco Ltd, in conjunction with the Geological Survey of Denmark and Greenland (GEUS), flew a large portion of the GNB with a GeoTEM fixed wing, airborne EM system. Relatively few EM anomalies were detected. A review of this airborne survey data revealed that much of the survey was flown well above the minimum effective height needed to gather useful data and, therefore, detected few anomalies. Follow-up prospecting and limited surface geophysical surveys by Cominco in 1995 and 1996 and by Falconbridge Limited in 2000 did not lead to any drilling. Re-sampling of the drill core and surface showings by both Cominco and Falconbridge did, however, confirm the generally high nickel tenor of the sulphides (recalculated to approximately 8% nickel in 100% sulphide in the case of Falconbridge's work).
NAN acquired the project because it believes the area has the potential to host a major new nickel mining camp. By using modern, time-domain, helicopter-borne EM systems, exploration will be more effective at detecting nickel sulphide deposits in the rugged terrain at Maniitsoq than the fixed wing survey flown in 1995. Helicopter TDEM systems were not available in 1995 and their availability and improved sensitivity to buried and blind nickel deposits provides NAN with a significant advantage over previous explorers.
For previous press releases and more information on NAN and the Maniitsoq project please visit the company website at www.northamericannickel.com.
Qualified Person
All technical information in this release has been reviewed by Dr. Mark Fedikow, P.Geo, who is the Qualified Person for the Company and President and Chief Operating Officer, North American Nickel Inc.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland, Sudbury, Ontario, and the Thompson, Manitoba nickel belt. VMS Ventures Inc. (TSX VENTURE: VMS) owns 26M shares of NAN.
The Maniitsoq property in Greenland is a district scale project. It comprises a 4,983 square km mineral exploration licence covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions. The 70km plus long belt is situated along, and near, the southwest coast of Greenland, which is ice free year round.
The Post Creek/Halycon property in Sudbury is strategically located adjacent to the producing Podolsky copper-nickel-platinum group metal deposit of Quadra FNX Mining. 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.
The Company has 100% ownership in the high-grade Ni-Cu-PGE South Bay property near Thompson, Manitoba and the large grassroots Thompson North and Cedar Lake properties, which are part of the world-class Thompson Nickel Belt in Manitoba.
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.
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.
Contacts:
North American Nickel Inc.
Dr. Mark Fedikow, P.Geo.
President & Chief Operating Officer
604-986-2020 or Toll free: 1-866-816-0118
www.northamericannickel.com