North American Nickel Inc.

TSX VENTURE : NAN
OTCBB : WSCRF


North American Nickel Inc.

November 14, 2012 06:30 ET

North American Nickel Inc.: High Grade Nickel Copper Sulphide Mineralization Intersected

First drill target successful, high Nickel Copper values assayed, 76 further EM targets to be tested

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP: 65704T 108) - North American Nickel ("NAN") is pleased to announce that assay results have returned significant values for nickel, copper and cobalt in sulphide mineralization hosted within the Greenland Norite Belt at its 100% owned 4,983 km2 greenfields Maniitsoq project in southwestern Greenland.

The assays were from the Imiak Hill Target (see Figure 1 for location).

Imiak Hill is a historical nickel showing previously tested by shallow and inaccurately oriented drilling based on geophysical interpretation. The first NAN diamond drill hole was designed to test a very large electromagnetic (EM) conductor, one of 79 conductors defined by NAN at Maniitsoq. The drilling was oriented ~90° to the historical drilling based on refined interpretation of modern geophysical survey results.

Key points are as follows:

  • First hole (MQ-12-001) beginning from 5 metres (m) below surface, intersects:
    • 16.41m @ 1.36% Nickel (Ni), 0.52% Copper (Cu) & 0.07% Cobalt (Co)
      Including
    • 5.12 m @ 2.2% Ni, 0.55% Cu & 0.07% Co from 11.82m.
      Mineralization was located within an EM conductor defined by NAN 2012 Versatile Time-Domain Electromagnetic (VTEM) survey.
  • Second hole (MQ-12-002) beginning from 4m below surface intersects:
    • 66.08m @0.55% Ni, 0.2% Cu & 0.02% Co.
      Including
    • 14.18m @ 1.33% Ni, 0.38% Cu and 0.04% Co from 55.90m.
      Mineralization was located within an EM conductor defined by the NAN 2012 VTEM survey.
  • The mineralization contained massive, net textured and disseminated sulphides and core recovery was consistently between 95% and 100%. The mineralized zones all contain greater than 5m wide high grade intercepts.
  • Down hole EM surveys show the mineralization remains open and continuous past the down plunge depth of 175m, below current and historical drill results, including historical drill intersect Im-9 that intersected 9.85 m of 2.67% Ni and 0.60% Cu from 141.25 m.
  • The exceptional drill results provide "proof of concept" exploration techniques and the corporate strategy of targeting greenfield opportunities in stable and pro mining jurisdictions.
  • NAN, whose major shareholders are VMS Ventures & The Sentient Group is the dominant land holder within the Greenland Norite Belt and the Maniitsoq Impact Crater.
  • The mineralization has high Ni tenors, averaging 6% and is likely to produce clean concentrate.
  • Maniitsoq is adjacent to the year round pack ice free, deep water protected coastline capable of navigating Panamax ships, with Imiak Hill approximately 30 km from the coast.
  • Assays are pending for the extensive disseminated sulphide mineralization at the adjacent prospect of Spotty Hill as well as for Fossilik and P-59.

2012 IMIAK HILL ASSAY RESULTS

Significant assays are summarized in Table 1. A surface plan map showing the location of the holes is provided as Figure 2. Figure 3 is a vertical cross section through holes MQ-12-001 and 002 and Figure 4 is a vertical longitudinal section along the trend of the mineralization showing drill hole intersections in relation to BHEM conductors. True thicknesses are expected to be between 75% and 50% of drill intersections; depending on depth.

Table 1: Significant 2012 Intersections at Imiak Hill.
Hole Number From
(m)
To
(m)
Length
(m)
Ni
(%)
Cu
(%)
Co
(%)
S
(%)
MQ-12-001 5.32 32.30 26.98 0.98 0.44 0.04 7.08
Incl. 11.82 28.46 16.64 1.36 0.52 0.05 7.08
Incl. 11.82 16.94 5.12 2.20 0.55 0.07 10.16
Incl. 23.35 28.46 5.11 1.74 0.48 0.06 8.22
MQ-12-002 4.00 70.08 66.08 0.55 0.20 0.02 2.25
Incl. 4.00 9.15 5.15 1.22 0.49 0.04 4.96
Incl. 55.90 70.08 14.18 1.33 0.38 0.04 5.19
MQ-12-003 59.29 67.00 77.10 0.18 0.06 0.01 1.09

Hole MQ-12-001 was designed to intersect the centre of coincident VTEM and SkyTEM conductors associated with the Imiak Hill showing. The hole intersected 26.98 meters of massive, net textured and disseminated sulphide mineralization averaging 0.98% Ni and 0.44% Cu. The mineralization occurred from 5.32 to 32.30 meters down the hole, which was inclined at 45° and included a 16.64 meter interval averaging 1.36% Ni and 0.52% Cu that, in turn, included a 5.12 m section grading 2.20% Ni and 0.55% Cu. Co averaged 0.04 to 0.07% in each of the intervals.

MQ-12-002, collared at same location and azimuth (275°) as MQ-12-001 and inclined at 70°, intersected 66.08 meters of intermittent massive, net textured and disseminated sulphide mineralization averaging 0.55% Ni and 0.20% Cu, including a 5.15 meter section grading 1.22% Ni and 0.49% Cu and another 14.18 meter interval averaging 1.33% Ni and 0.38% Cu. Co averaged 0.02 to 0.04% in each of these intervals.

MQ-12-003 was designed to intersect the mineralized zone approximately 75 m down plunge from holes MQ-12-001 and MQ-12-002. The plunge (55° south) was interpreted from BHEM data (Figure 4). A large exotic inclusion of unmineralized rock occurred within the norite host rock at the target depth (125 meters) A BHEM survey of the hole detected a conductor situated immediately south of the hole at the target depth suggesting that the mineralization was blocked out by the large inclusion. The only sulphide mineralization encountered in MQ-12-003 occurred between 59.29 and 67.00 meters and consisted of trace to 5% disseminated pyrrhotite and pyrite. This 7.71 m section averaged 0.18% Ni and 0.06% Cu. Historical hole Im-9 intersected 9.85 m of 2.67% Ni and 0.60% Cu approximately 12 meters beneath MQ-12-003 confirming that the mineralized trend remains open beneath the hole (Figure 4).

MQ-12-004 was laid out to test the top of the mineralized trend approximately 35 meters north of MQ-12-001 and 002 but did not hit any significant mineralization. Borehole Electromagnetic (BHEM) results indicate that the hole passed beneath the mineralized trend. Nearby historical hole Im-2 intersected 5.51 meters of mineralization grading 1.17% Ni and 0.24% Cu approximately 20 m above MQ-12-004.

A full summary of assays and drill hole data and detailed down hole lithological and assay logs for MQ-12-001 and MQ-12-002 can be found on NAN's website: http://northamericannickel.com/projects/greenland/maniitsoq/default.aspx.

BACKGROUND ON IMIAK HILL

The Imiak Hill showing was discovered by a company called Kryolitselskabet Øresund A/S (KØ) in the early 1960's. KØ drilled thirteen holes into the showing and many of them intersected Ni sulphide mineralization (Figure 2) but, with the notable exception of hole Im-9, the mineralization was sporadic and it was not possible to follow it more than 60 m below surface.

NAN's helicopter-borne EM surveys, conducted in 2011 and 2012, detected strong anomalies associated with Imiak Hill. The strike of the anomalies was subparallel to the azimuth of KØ's drill holes indicating the mineralization may not have been properly tested. Using the airborne data, NAN laid out holes MQ-12-001 to 004 to test the anomalies perpendicular to strike and a Crone 3-component BHEM system was employed to follow the mineralization in the subsurface. It is clear from the longitudinal section (Figure 4) that NAN's drilling and BHEM work has shown that the Imiak Hill mineralization remains open at depth.

To view the figures accompanying this press release, click on the following link: http://media3.marketwire.com/docs/n1113m.pdf

ABOUT THE MANIITSOQ PROJECT

The Maniitsoq Ni-Cu-PGE project is located along the southwest coast of Greenland, a safe, stable, mining-friendly jurisdiction. The southwest coast of Greenland is navigable year-round and there are abundant potential sites for deep water ports.

As described in NAN's previous news releases, and shown in Figure 1, the Maniitsoq project is focussed on the 75 km long by 15 km wide Greenland Norite Belt (GNB), the vast majority of which is within NAN's exploration licences, which total 4,983 km2. The GNB is particularly attractive for nickel sulphide exploration as it hosts numerous nickel showings with consistently high nickel tenor.

Since acquiring the Maniitsoq project in 2011, NAN has completed helicopter EM surveys over most of the GNB. Numerous untested conductors have been detected and are being evaluated through prospecting and diamond drilling.

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 of North American Nickel Inc.

Quality Assurance/Quality Control and Analytical Methodology

Drill core assay results are evaluated as part of a Quality Assurance and Quality Control procedure that includes the use of multi-element, certified standards with known precious and base metal values, blank standards and control charts to determine accuracy and precision of analytical results. Core sample analysis was completed by Activation Laboratories Ltd. of Ancaster, Ontario.

Three methods of analysis were used to determine element concentrations in the rock samples submitted to Activation Laboratories. These were 1. A multi-element scan subsequent to a four-acid digestion and ICP/ICP-OES finish; 2. Au, Pt and Pd (30 gram sample and fire assay) with ICP-OES finish; and 3. Samples with >1.00% Ni or Cu ICP-OES calibrated for higher detection limits.

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 approximately 27M 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 WIC is situated 13 km southeast of Sudbury and 1 km south of Trans-Canada Highway 17 at Wanapitei. It is an elongate 5.6 km by 2.4 km layered mafic intrusion trending northeast-southwest that comprises nickel-copper-PGE mineralized gabbro-norite and a gabbro "Injection Breccia Zone".

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.

Contact Information

  • North American Nickel Inc.
    Dr. Mark Fedikow, P.Geo.
    President
    604-986-2020 or Toll free: 1-866-816-0118