Vancouver, British Columbia--(Newsfile Corp. - February 6, 2020) - North American Nickel Inc. (TSXV: NAN) (OTCBB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") is pleased to announce details of its 2020 exploration and drill program on the Loveland Nickel property ("Loveland") located 30km northwest of Timmins, Ontario. The property is 23.6 km2 in size and has year-round access.
The 2020 work program will include:
- A 3-hole program for 1,085m of diamond drilling, with borehole electromagnetic (BHEM) surveys to evaluate new and untested conductors identified in 2017.
The Loveland Nickel Property is underlain by a mineralized differentiated mafic-ultramafic intrusion that hosts the historic non 43-101 compliant Enid Creek historic resource estimate (Figure 1). The Enid Creek mineralization consists of two zones. The upper disseminated zone has a strike length of 250m with a calculated resource of 518,000 short tons at 0.41% Ni, 0.42% Cu, and 0.4 g/t Pd. The lower zone lies at the base of the intrusion and has a strike length of 600m with a calculated resource of 574,000 short tons at 0.65% Ni, 0.15% Cu and 0.3 g/t Pd (Ontario Geological Survey MRD100, March 2002).
The reader is cautioned that the above referenced "historic resource estimate" is historical in nature and based on prior data and reports prepared by previous property owners and published by the Ontario Geological Survey in March 2002. NAN notes that most of the historic drill core intervals from the 1960's were not routinely analyzed for precious metals (Au, Pt, and Pd). A recent review of assays from historic drill core sampled by the Ministry of Northern Development and Mines in Ontario documents 2.13% Ni, 0.19% Cu, 0.32 ppm Pt and 2.06 ppm Pd, indicating the potential for appreciable precious metal credits in the mineralization. NAN believes this historic data and the limited record of analysis indicates further work on the property is warranted and supports the contention that the historic work can be relied upon. The historic resources estimate does not use resource categories compliant with 43-101. However, NAN believes that their upcoming program will provide a basis for 43-101 compliant drill results and, if further drilling is justified from those results, a basis for further work that will give rise to a resource report on the property. A Qualified Person has not done sufficient work to qualify the historic estimate as a current resource or current reserve. NAN is not treating the historic estimate as current mineral resources or mineral reserves.
New interpretation work by NAN on a VTEMMAX survey completed in 2017 has identified additional untested conductive targets. One of the targets has a 950m strike length and is located southeast along strike from the Enid Creek mineralization. Newly identified untested anomalies are located along this conductive trend.
The program will include 1,085m of drilling in three holes targeting high grade mineralization located in an embayment structure at the base of the intrusion. The holes will provide a platform for borehole electromagnetic survey work.
All material contracts and personnel are now in place and the project mobilization has commenced. The Company expects to have the drill turning by February 10th. Work contracts have been awarded to NPLH Drilling of Timmins, Ontario and Crone Geophysics and Exploration Ltd., of Mississauga, Ontario.
"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 Statement Regarding Forward-Looking Information" for further details regarding risks facing the Company.
All technical information in this release has been reviewed and approved by Peter C. Lightfoot, Ph.D., P.Geo. (Consulting Chief Geologist), who is the Qualified Person for the Company.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada.
The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt 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 with an all year-round shipping season and hydroelectric power potential from a quantified watershed.
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.
The Company recently acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties are part of the company's strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.
ON BEHALF OF THE BOARD OF DIRECTORS
Keith Morrison
Chief Executive Officer
North American Nickel Inc.
For more information contact:
North American Nickel Inc.
Jaclyn Ruptash
Corporate Communications
+1 (604) 770-4334
Toll free: 1-866-816-0118
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information includes, but is not limited to, statements about the ability of the Company to access capital to satisfy the fees and expenditures under the earn-in agreement, the ability of the Company to complete the expenditures under the earn-in agreement, spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects, engagement and dialogue with First Nations groups and formalizing the scope of work. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents available at www.sedar.com. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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.
Figure 1: Loveland Nickel Property Map
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2081/52182_f00c0bec648a58c0_002full.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52182
