VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 26, 2014) - Nickel North Exploration Corp. (TSX VENTURE:NNX) (the "Company" or "Nickel North") is pleased to announce the initiation of the Phase II exploration drill program at its 100% owned Hawk Ridge Nickel-Copper-Platinum Group Element (Ni-Cu-PGE) Project in Northern Quebec.
The $1.4M Phase II work program will include 1,000 metres of diamond drilling, ground geophysical and geochemical surveys in addition to ongoing Niton surveys, prospecting and geological mapping of key target areas.
The objective of the second phase of exploration is to drill test priority, high-grade Ni-Cu-PGE targets that have been previously identified or discovered during the first phase of the 2014 exploration program.
Phase I Results:
Work completed in the first phase of the 2014 exploration program has consisted of systematic Niton portable XRF (Niton) prospecting, sampling and mapping to further assess and define Ni-Cu-PGE prospects within the Hawk Ridge property. To date, 2788 Niton stations have been collected on a number of VTEM conductors, showings and intrusions along a 126 square kilometre area of interest in the central portion of the property. This work is partially complete, with current investigations being expanded to previously unsurveyed portions of the property. Initial results have provided some new insight as the key criterion for identifying and prioritizing high-grade Ni-Cu-PGE mineralization at Hawk Ridge.
The highest grade nickel readings from the Niton survey have been returned from mineralization associated with magmatic settings and have affirmed the geological concept that high-grade Ni-Cu-PGE deposit(s) with a metallogenic setting similar to Raglan and "Raglan South" are likely present on the property and should be the focus of further exploration.
To date, this style of mineralization at Hawk Ridge has been identified as both disseminated and massive varieties. These narrow mineralized horizons display good lateral and down dip continuity have significance as components of a magmatic system that potentially includes substantial accumulations and thicknesses of similar high-grade material.
Exploration work has also identified new Ni-Cu-PGE showings of importance. The recently discovered "Brad Zone", is a Ni-rich Zone with magmatic affinity and is spatially associated with the enigmatic high-grade Pio Lake Ni-Cu-PGE deposit. The newly discovered zone is 500m east of the Pio deposit and is defined by a 1.0 to 1.2 km long trend of massive and sheared ultramafic rocks contain disseminated magmatic sulphides.
The mineralized zone is characterized by areas of malachite staining containing extreme Ni and Cu concentrations as recorded by the Niton PXRF. The northern portion of the Brad Zone is associated with VTEM conductors with high conductivities characteristic of nickel sulphide conductors. Ground pulse electromagnetic surveys (PEM) over this zone and the Pio deposit are about to commence in preparation for drilling.
The Lucille prospect is a previously unexplored 2.3 kilometre long, 400 metre thick north trending peridotite-gabbro intrusive complex in the extreme southwestern portion of the property. It is noticeably different than all other peridotite bodies on the property in its lithological, geochemical, and geophysical character.
Outcrops have a pronounced iron-stained fractured appearance, and anomalous disseminated magmatic sulphides. Routine property wide Niton analyses on the Lucille prospect returned initial Ni and Cu concentrations several orders of magnitude greater than that found elsewhere (other than at known Ni-Cu-PGE deposits). Follow-up grid based Niton analyses on lines 25 m apart with 20 m sample stations (408 stations) returned a pronounced Ni anomaly on the southern most peridotite-gabbro body.
A detailed ground magnetic and VLF survey (50 m line spacing) has been conducted at Lucille and has confirmed coincidental geophysical anomalies associated with areas of anomalous nickel from the Niton survey. Strong VTEM geophysical conductors are known to flank this body. Currently ground based Pulse EM surveys is in progress over the complex.
Phase II Exploration
The Brad Zone and Lucille prospect, along with other magmatic and high-grade Ni dominant occurrences, are priority exploration targets which the Phase II program is been designed to test with geophysics and a limited amount of drilling.
Conditional on successful completion of the geophysical surveys and further target prioritization, the drilling program is expected to test subsurface mineralization at; the Brad Zone, the recently discovered Lucille Ni-Cu-PGE prospect, the Hopes Advance North high-grade Ni-Cu-PGE rich occurrence and down-dip extension potential, and the Gamma Zone high grade massive Ni-Cu-PGE sulphide body and its possible down-dip extension.
Andrew Lee Smith (P. Geo.) has reviewed the contents of this release. Mr. Smith is a qualified person, as defined by National Instrument 43-101 ("NI 43-101").
About Nickel North Exploration Corp.
Nickel North Exploration is a Canadian based explorer focused on defining a Ni-Cu-PGE resource at our Hawk Ridge Project in Northern Quebec. The board of directors, advisor committee and management team are experienced, successful mine finders. The property consists of a 50 km long belt of magmatic Ni-Cu-PGE occurrences covering over 30,658 hectares. The project is located near tidewater. Quebec is a mining friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen, maintains good relations with Communities and Aboriginal people, and is committed to sustainable development. For more information on the company, please visit www.nickelnorthexploration.com.
|On behalf of Nickel North Exploration Corp.
|Andrew Lee Smith, Interim President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Statements
All statements, other than statements of historical fact, included herein are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements in this news release include statements regarding the Company's intention to complete the Offering and the expected use of proceeds from the Offering. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.