Nickel North Exploration Corp.
TSX VENTURE : NNX

Nickel North Exploration Corp.

April 06, 2016 09:00 ET

Nickel North Provides Exploration Update for the Hawk Ridge Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 6, 2016) - Nickel North Exploration Corp. (TSX VENTURE:NNX) (the "Company" or "Nickel North") announces that, in Q4, 2015, the Company completed a strategic review of the exploration potential of the company's Hawk Ridge geology with the objective to provide a clear direction for ongoing work at its 100% owned Ni-Cu-PGE Project in Northern Quebec.

Due to the unfavourable financial markets in the resource sector, the short field program planned for July 2015 was cancelled and activity reprioritized to advance exploration targeting and the development of a detailed exploration model as a framework to advance the project towards discovery of a large volume, high-grade Ni-Cu-PGE deposit.

In 2014, Nickel North completed a $1.4M work program that included 1,000 metres of diamond drilling and was designed to test priority, high-grade Ni-Cu-PGE targets. These targets included the previously identified Gamma Zone which returned an intercept of 7.01 m of 2.11% Ni, 2.73% Cu and 0.62 g/t Pt+Pd, including 3.35 m @ 4.24 % Ni, 4.70 % Cu and 0.95 g/t Pt+Pd (see Press Release; August 26, 2014).

In Q4, 2015, the Company completed a strategic review of the Hawk Ridge Property in order to evaluate the results of the successful 2014 program. This review was engaged with the objective to provide direction for ongoing work at Hawk Ridge and systematically rank all of the exploration targets on the property.

This strategic review concluded the following with respect to future exploration targeting:

  • The large regional gravity anomaly located at Hopes Advance is interpreted to represent a fractionated, layered intrusion; potential source rocks for the Ni-Cu-PGE mineralization identified at Hawk Ridge
  • Large volumes of low grade Cu-rich mineralization may represent distal phases related to prospective targets for high-grade Ni-Cu-PGE mineralization.
  • Previously identified zones of Cu-rich sulphides are likely to represent residual Cu-rich liquids, after crystallization of an Fe-Ni-rich massive sulphides
  • If confirmed, large volumes of Ni-rich massive sulphides which crystallized before the Cu-rich liquids should be associated with the mineralizing system, as evidenced at Hopes Advance North, where drill hole 97 - 112 intersected 3.5m @ 3.4% Ni and 2.45% Cu in massive pentlandite rich sulphide
  • The preferred model, as stated by numerous authors working on Hawk Ridge, is Ni-Cu-PGE rich massive sulphide deposits within intrusive conduits.
  • Four areas of known ultramafic intrusions with strong field evidence for complex feeder structures, are, in order of importance: Hopes Advance, Fold and Bay, Horseshoe, and Mag #2, with numerous large sill-like bodies also providing evidence for flow through (Schindler).

Nickel North believes the Hawk Ridge property represents a valuable asset for the Company. However, further exploration will await improved financial markets.

The board together with the management are actively assessing new opportunities to create value for the Company and its shareholders.

Qualified Person

Andrew Lee Smith, P.Geol., has reviewed the contents of this news release and is a Qualified Person as defined by NI 43-101.

Québec is a mining friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen maintains good relations with local Inuit communities and is committed to sustainable development.

About Nickel North Exploration Corp.

Nickel North Exploration is a Canada-based exploration company focused on defining a Cu-Ni-PGE mineral resource at its Hawk Ridge Project in Northern Québec. The board of directors, advisor committee and management team are experienced, successful mine finders. For more information on the company, please visit www.nickelnorthexploration.com.

On behalf of Nickel North Exploration Corp.

"SIGNED"

Andrew Lee Smith, Interim President and CEO

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 future exploration targeting, including the statements that large volumes of low grade Cu-rich mineralization may represent distal phases related to prospective targets for high-grade Ni-Cu-PGE mineralization; previously identified zones of Cu-rich sulphides are likely to represent residual Cu-rich liquids, after crystallization of an Fe-Ni-rich massive sulphides; and if confirmed, large volumes of Ni-rich massive sulphides which crystallized before the Cu-rich liquids should be associated with the mineralizing system; the Company's belief that the Hawk Ridge property represents a valuable asset for the Company; and the statement that further exploration will await improved financial markets. 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.

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.

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