VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 20, 2016) – North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF)(CUSIP: 65704T 108) (the “Company” or “NAN”) is pleased to report that first assays have been received from the diamond drilling program that commenced in late June at their 100% owned Maniitsoq nickel-copper-cobalt-PGM sulphide project in southwest Greenland. The Company’s key exploration objective this year is to carry out follow-up drilling at multiple mineralized targets, prioritized from previous drilling, to prove size potential and to determine if one or more zones have the potential to warrant delineation drilling. The Company expects to complete between 9,500 and 10,000 metres of drilling at Maniitsoq during the current program.
Three holes completed to test the P-053 norite intrusion intersected magmatic and remobilized nickel sulphides expanding the area of known mineralization to the east and down plunge and indicating the potential for a second mineralized zone. Highlights include:
- MQ-16-104: 1.25 metres of 2.42% Ni, 0.09% Cu and 0.12 g/t Pt+Pd+Au (2.74% Ni Eq)
- MQ-16-106: 20.05 metres of 0.65% Ni and 0.25% Cu
Including:- 6.55 metres of 1.17% Ni, 0.33% Cu and 0.12 g/t Pt+Pd+Au (1.48% Ni Eq)
- MQ-16-107: 3.45 metres of 1.10% Ni, 0.19% Cu and 0.11 g/t Pt+Pd+Au (1.34% Ni Eq)
NAN CEO, Keith Morrison, commented: “The expansion of the P-053 nickel sulphide zone delineated by these drill results demonstrates the success of this year’s newly implemented and refined drill hole targeting methodologies (see NAN News Release dated November 25, 2015) and also shows that the first of several nickel sulphide zones to be followed up across the property has increased in size and remains open. Now that these initial assay results have been received from the laboratory, we look forward to reporting results from the remaining areas at regular intervals over the next couple of months.”
A total of 7,065 metres of drilling in 25 holes and 2 hole extensions was completed to late August to test the mineralized zones and regional exploration targets shown in Figure 1. Turnaround time from shipping of samples out of camp to receipt of finalized assays is approximately 6 to 8 weeks. The Company plans to collate assay results as they are received and report them by target area or grouped target areas.
This release summarizes the results for the first three holes totaling 770 metres at the P-053 target area located in the southern portion of the Greenland Norite Belt (GNB), approximately 5 kilometres from the coast (see Figures 1 through 3). These initial holes were designed to test down-dip, down plunge and along strike of previously intersected nickel sulphide mineralization (NAN News Releases dated September 23, 2015 and November 10, 2015). Drill collar information and a summary of assays are provided in Tables 1 and 2, respectively. Figures may be viewed using the link provided with this release.
The P-053 target comprises two south dipping norite intrusions, which may merge into one intrusion at depth and to the east, and are cross-cut by interpreted granitic dykes, mylonites zones and Proterozoic mafic dykes. The northernmost norite body hosts a main zone of mineralization variably consisting of disseminated, blebby, patchy, net-textured, stringer and breccia vein sulphides which extends from a surface gossan to a vertical depth of 140 metres in drilling to date. These multiple styles of mineralization are typical of sulphide mineralization found across the GNB.
All three drill holes reported herein intersected magmatic and remobilized sulphides. The new intersections demonstrate continuity of the main zone of mineralization and extend it along strike and down plunge to the east (MQ-16-106 & 107) as well as indicate the presence of a potential new zone of mineralization at depth (MQ-16-104). A drilling plan map and longitudinal section are given in Figures 2 and 3, respectively. Borehole electromagnetic (BHEM) surveys were completed in all holes.
Hole MQ-16-104 intersected a narrow interval of stringer and breccia vein sulphides which returned 2.42% nickel, 0.09% copper and 0.12 g/t Pt+Pd+Au over 1.25 metres from 294.45 to 295.70 metres. Included within this zone was a high grade massive breccia sulphide vein which graded 4.39% nickel, 0.05% copper, 0.15% cobalt and 0.19 g/t Pt+Pd+Au over 0.50 metres. Drilling and borehole EM results indicate that this mineralization represents a separate zone which may correlate with mineralization intersected 90 metres up plunge to the west in 2015 drill hole MQ-15-085.
MQ-16-106 intersected net-textured to stringer sulphides grading 0.65% nickel and 0.25% copper over 20.05 metres from 97.45 to 117.50 metres including 1.17% nickel, 0.33% copper and 0.12 g/t Pt+Pd+Au over 6.55 metres. The intersection indicates continuity of the P-053 mineralized zone and is located 20 metres along strike to the east and 35-40 metres up-dip of mineralization in previous hole MQ-15-084.
MQ-16-107 intersected two mineralized zones hosted in inclusion-bearing norite which lie approximately 35 metres along strike to the east and 45-50 metres down plunge of mineralization in previous hole MQ-15-084:
- disseminated, blebby and patchy sulphides averaging 0.30% nickel and 0.08% copper over 19.25 metres from 149.95 to 169.20 metres;
- stringer/vein sulphides grading 0.62% nickel and 0.11% copper over 6.90 metres from 189.25 to 196.15 metres including 1.10% nickel and 0.19% copper over 3.45 metres
Table 1: Drill Collar Information, P-053 Area
| Hole Number | UTM East | UTM North | Elevation (m) |
Length (m) |
Azimuth | Dip |
| MQ-16-104 | 451466 | 7220092 | 391 | 348.00 | 12 | -68 |
| MQ-16-106 | 451516 | 7220152 | 363 | 179.00 | 29 | -61 |
| MQ-16-107 | 451578 | 7220069 | 360 | 243.00 | 351 | -51 |
| Notes: |
| Collar coordinates in UTM WGS84 Zone 22N |
Table 2: Assay Results, P-053 Area
| Hole Number |
From (m) |
To (m) |
Core Length (m) |
Ni % |
Cu % |
Co % |
S % |
Pt g/t |
Pd g/t |
Au g/t |
*Ni Eq % |
|
| MQ-16-104 | 294.45 | 295.70 | 1.25 | 2.42 | 0.09 | 0.09 | 15.12 | 0.03 | 0.07 | 0.02 | 2.74 | |
| Incl. | 295.20 | 295.70 | 0.50 | 4.39 | 0.05 | 0.15 | 27.70 | 0.05 | 0.13 | 0.01 | 4.87 | |
| MQ-16-106 | 97.45 | 117.50 | 20.05 | 0.65 | 0.25 | 0.03 | 4.35 | 0.03 | 0.02 | 0.04 | 0.88 | |
| Incl. | 110.95 | 117.50 | 6.55 | 1.17 | 0.33 | 0.04 | 7.92 | 0.05 | 0.03 | 0.05 | 1.48 | |
| and | 111.65 | 113.6 | 1.95 | 2.21 | 0.42 | 0.08 | 14.93 | 0.09 | 0.05 | 0.04 | 2.69 | |
| MQ-16-107 | 149.95 | 169.2 | 19.25 | 0.30 | 0.08 | 0.01 | 1.60 | 0.05 | 0.02 | 0.01 | 0.39 | |
| 189.25 | 196.15 | 6.90 | 0.62 | 0.11 | 0.02 | 3.95 | 0.04 | 0.02 | 0.01 | 0.75 | ||
| Incl. | 192.70 | 196.15 | 3.45 | 1.10 | 0.19 | 0.04 | 7.20 | 0.06 | 0.03 | 0.02 | 1.34 | |
| Notes: Intervals represent core lengths, not necessarily true widths. |
| *Ni EQ was calculated based on the following formula using London Metal Exchange prices for Ni, Cu and Co on September 16, 2016 and London Bullion Market Association metal prices for Pt, Pt and Au on Sept. 15, 2016 (PM) and assuming 100% metal recoveries: |
| *NiEQ = Ni% + (Cu% x 2.14/4.42) + (Co% x 12.02/4.42) + ((Pt g/t x10000) x (1031*14.5833/4.42)) + ((Pd g/t x 10000) + (656 *14.5833/4.42)) + (Au g/t x 10000) x (1310.80*14.5833/4.42)) |
| (Metal prices are per pound). |
Quality Control
The drilling was completed by Boart Longyear Canada utilizing two Boart LF-70 diamond drill rigs. Drill core samples (40.54 mm BQTK and 47.6 mm NQ) are cut in half by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally 1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation is completed at the ALS Minerals preparation lab in Öjebyn, Sweden. Sample pulps are sent by air courier to ALS Minerals analytical laboratory in Loughrea, Ireland. Blank samples and commercially prepared and certified Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a minimum of one per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81). Analyses for Pt, Pd, and Au are by fire assay (30 grams nominal sample weight) with an ICP-AES finish (PGM-ICP23).
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 Note Regarding Forward-looking Statements” for further details regarding risks facing the Company.
All technical information in this release has been reviewed by Patricia Tirschmann, P.Geo, who is the Qualified Person for the Company and Vice President Exploration, North American Nickel Inc.
In addition, the Company announces that it has completed the final tranche of a previously announced non-brokered private placement (the “Offering”) of 633,333 units (the “Units”) at a price of $0.075 per Unit for gross proceeds of $47,499.98. Each Unit consists of one common share of the Company (the “Unit Shares”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each such Warrant will entitle the holder to purchase one common share of the Company at a price of $0.12 per common share until September 19, 2018. The Unit Shares and the Warrants (including the underlying common shares) issued under the Offering will be subject to a four-month hold period which will expire on January 20, 2017. The Offering is subject to final acceptance by the TSX Venture Exchange. The proceeds from the Offering are intended to be used for exploration, project development and general working capital purposes.
About the Company
NAN is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Sudbury, Ontario.
The Maniitsoq property in Greenland is a Camp scale project comprising 2,985 square km covering numerous high-grade nickel-copper 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 (See NAN News Release dated January 19, 2015) with an all year round shipping season and abundant hydro-electric potential.
The Company’s 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 an interpreted extension of the Whistle Offset embayment structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
Cautionary Note Regarding Forward-looking Statements
This press release contains certain “forward-looking statements” and “forward-looking information” under applicable securities laws concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the success of exploration activities; impact of mineralogy, estimation of mineral resources at mineral projects of the Company; the future economics of minerals including nickel and copper; synergies and financial impact facilities; the benefits of the development potential of the properties of the Company and currency exchange rate fluctuations; the intended use of the proceeds of the Offering. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in metal grades, changes in market conditions, variations in recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry, including but not limited to the failure of plant, equipment or processes to operate as anticipated. The Company cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.
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.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Fedikow
President
North American Nickel Inc.
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.
To view Figures 1-3, click on the following link: http://media3.marketwire.com/docs/9921NAN.pdf
Jaclyn Ruptash
Corporate Communications
604-770-4334
Toll free: 1-866-816-0118
