NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company") is pleased to announce that it has now closed its previously announced acquisition of properties (the "Acquisition") within and to the south of the Shaw Dome, spread across 12 townships (the "Acquisition Package" or the "Shaw Dome Acquisition Properties") incorporating 1,088 staked mining claims over almost 21,000 hectares of prospective land
The Acquisition Package was acquired from 2812794 Ontario Inc. (the "Vendor"), a privately held mineral exploration company that is arms length from EVNi. The purchase price for 100% ownership of the Acquisition Package was $350K cash (the "Cash Consideration"), $100k of which was paid to the Vendor pursuant to a letter of intent signed in 2021, plus 2.5 million EVNi shares (the "Consideration Shares") issued at closing of the Acquisition.
In addition to the Cash Consideration and Share Consideration, EVNi and the Vendor and entered into a 2.75% net-smelter royalty agreement (the "Shaw Dome Royalty Agreement") with respect to certain Shaw Dome properties and a 2.75% net-smelter royalty agreement (the "Groves Royalty Agreement", together with the Shaw Dome Royalty, the "Royalty Agreements") with respect to the Groves properties. Pursuant to the Royalty Agreements, EVNi may re-purchase 50% of the royalties granted thereunder for $1,850,000 in the case of the Shaw Dome Royalty Agreement and $1,500,000 in the case of the Groves Royalty Agreement.
The Consideration Shares have been placed in escrow pursuant to an escrow agreement entered into between the Company, the Vendor and an escrow agent, pursuant to which one-third of the Consideration Shares will be released on the date that is six months following the closing date, one-third of the Consideration Shares will be released on the date that is twelve months following the closing date, one-third of the Consideration Shares will be released on the date that is eighteen months following the closing date.
The Company is now focussed on continuing to review the available historical data, including re-processing airborne and ground geophysical surveys to help prioritize targets and applyiying for exploration permits. EV Nickel plans to be drilling the most promising targets, across the Shaw Dome Acquisition Properties, later this year.
About EV Nickel Inc.
EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed on the Shaw Dome area, south of Timmins, Ontario. The Shaw Dome area is home to its Langmuir Project which includes W4, the basis of a 2010 historical estimate of 677K tonnes @ 1.00% Ni, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a nickel business, targeting the growing demand for Class 1 Nickel, from the electric vehicle battery sector. EV Nickel has over 30,000 hectares to explore and has identified >100km of additional favourable strike length.
Qualified Person
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "plans", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore and complete the Acquisition Project, drill and develop its projects including those required to complete the Transaction, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
Contact Information
For further information, visit www.evnickel.com
Or contact: Sean Samson, Chief Executive Officer at samson@evnickel.com.
EV Nickel Inc.
200 - 150 King St. W,
Toronto, ON M5H 1J9
www.evnickel.com
Neither the 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 of this release.
SOURCE: EV Nickel Inc.
News Provided by ACCESSWIRE via QuoteMedia
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company") is pleased to report the assay results for the full Phase 1 drill program on the Langmuir Nickel Project ("Langmuir" or the "Property"). Building off of the first half results shared in December (see December 8, 2021 News Release), Rogue continues to identify high-grade mineralization along trend of the W4 Zone
Phase 1 focussed within and proximal to the W4 Zone and was designed to test gaps within the historic drilling, provide representative intersections of the mineralization and test the favourable ultramafic horizon to the east and west of the W4 mineralization. Phase 1 totalled 20 holes, comprising 4,192 metres of diamond drilling.
Hole EV21-09 intersected 15.7 metres grading 1.14% Ni starting at a drill depth of 123.30 metres, testing an area along the eastern boundary of the W4 Zone, outside of the previously identified nickel mineralization from the historic exploration. Hole EV21-09 represents a significant, near surface intercept demonstrating potential to expand the known mineralization along the edges and at depth in the W4 Zone.
A short drill interval of nickel sulphide mineralization identified in EV21-14, approximately 85 metres west of the interpreted western boundary of the W4 Zone, indicates that the stratigraphic horizon hosting the W4 Zone continues to be a fertile geological sequence with the potential to host additional nickel sulphide mineralization. This favourable stratigraphic horizon will form a portion of the planned diamond drilling in the Phase 2 program.
"The strong results of the Phase 1 drill program confirmed the potential of the Langmuir Project to host high grade, high nickel tenor, near surface nickel sulphide mineralization." states Paul Davis, EVNi's Vice President of Exploration. "The intersection of nickel sulphide mineralization to the west of the W4 Zone indicates that the komatiitic ultramafic sequence associated with the W4 Zone, both to the east and west of the observed mineralized zone, remains sulphide saturated with the potential to host additional nickel sulphide zones that will be explored during the Phase 2 drill program."
"Our first priority at EV Nickel is finding more nickel at Langmuir and this confirmation of the mineralization to the east and west of W4 starts us down that path," said Sean Samson, President & CEO of EVNi.
The complete results of the Phase 1 drill program are included in Table 1 (second half results in bold):
Detailed location and depth details of the Phase 1 drill program are in Table 2 and are plotted on Figure 1.
Upcoming Release of Drilling Information
EVNI plans to provide the full details of the Phase 2 drilling plan next week.
Assay QA/QC
Drill core samples from the 2021 drill program at the Langmuir Project are cut and bagged at the core logging facility located near the property and transported to ALS Canada Ltd for analysis. Samples, along with certified standards and blanks that are included by the Company for quality assurance and quality control, were prepared and analyzed at the laboratory. Samples are crushed to 70% less than 2mm. A riffle split is pulverized to 85% passing 75 microns. Nickel, copper, cobalt and sulphur are analyzed by sodium peroxide fusion with an ICP finish and platinum, palladium and gold by fire assay and ICP-AES finish. These and future assay results may vary from time to time due to re‒analysis for quality assurance and quality control.
About EV Nickel Inc.
EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed on the Shaw Dome area, south of Timmins, Ontario. The Shaw Dome area is home to its Langmuir project which includes W4, the basis of a 2010 historical estimate of 677K tonnes @ 1.00% Ni, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a nickel business, targeting the growing demand for Class 1 Nickel, from the electric vehicle battery sector. EV Nickel has almost 9,100 hectares to explore across the Shaw Dome and has identified 30km of additional favourable strike length.
Qualified Person
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.
Cautionary Note Regarding the Langmuir project's 2010 historical estimate:
Historical mineral resources for Langmuir were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, "Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada", dated June 28, 2010 (the "Historical Report"). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the Historical Report, or the estimates therein. The historical estimates are presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
Contact Information
For further information, visit www.evnickel.com
Or contact: Sean Samson, Chief Executive Officer at info@evnickel.com.
EV Nickel Inc.
200 - 150 King St. W,
Toronto, ON M5H 1J9www.evnickel.com
Neither the 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 of this release.
SOURCE:EV Nickel Inc.
News Provided by ACCESSWIRE via QuoteMedia
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company") is pleased to announce that exploration drilling on the Langmuir Nickel Project ("Langmuir" of the "Property") from the inaugural drill program with significant intersections from within and along the eastern and western boundaries of the W4 Nickel Zone
Since June 2021, a total of 20 holes representing 4,192 metres of diamond drilling on the Langmuir Nickel Project. Assay results for 10 holes of the 2021 exploration drill program are reported in the Table 1 below. Drill hole information including the location of the collars, dip and azimuth of the holes and the final depth are provided in Table 2.
"We are very excited to start getting assay results and these begin to confirm our excitement for the potential of the Langmuir Project and the Shaw Dome more broadly," said Sean Samson, President & CEO of EVNi "This is a district which has produced nickel with the sorts of grades that get turned into mines."
"I am extremely encouraged by the mineralization observed within the W4 Zone," states Paul Davis, EVNi's Vice President of Exploration. "The unique characteristics of this deposit with a lower magnetic susceptibility and disseminated sulphides with a high nickel tenor opens up additional priority targets for exploration on the Langmuir Property. We are gearing up to start our Phase 2 drill program testing additional high priority targets along the favourable geologic trends to the east and west of W4."
The drill program was designed to test gaps within the W4 Zone historic drilling and provide EVNI with representative intersections of the W4 mineralization, test the eastern and western boundaries of the W4 Zone and explore the favourable ultramafic horizon to the east and west of the W4 mineralization.
Drilling within the W4 Zone intersected significant nickel mineralization associated with disseminated, blebby, veined and massive sulphides hosted in a serpentinized ultramafic unit including 40.2 metres grading 0.68% Ni in hole EV21-08; 17.10 metres grading 0.91% Ni in EV21-02; and 1.11 metres grading 8.66% Ni in EV21-01. These results confirm the high-grade nature of the sulphides mineralization associated with the W4 Zone. EV Nickel has implemented the analysis of sulphur for all drill core samples, allowing the Company to determine the nickel tenors, (nickel content in 100% sulphide) that have been calculated between 18% to >40% within the W4 Zone. This indicates that significant nickel mineralization is associated with low sulphide concentrations of less than 5% sulphide within the host ultramafic host. Assay results are pending for 10 holes of the Phase I drill hole program.
The type of nickel mineralization associated with the W4 Zone is not typical of the other nickel deposits hosted within the Shaw Dome, south of Timmins, Ontario. The sulphide composition of the mineralized zones is composed almost exclusively of pentlandite resulting in significant nickel grades being associated with low sulphide contents. The sulphide mineralization is also finely disseminated within the zone and has led the Company to expand the sampling in holes EV21-01 and EV21-10 to include intersections adjacent to those reported in Table 2 for which the assays are still pending. This style of mineralization also presents with a different geophysical signature than the traditional deposits and opens up additional target areas within the Langmuir Property.
Assay QA/QC
Drill core samples from the 2021 drill program at the Langmuir Project are cut and bagged at the core logging facility located near the property and transported to ALS Canada Ltd for analysis. Samples, along with standards and blanks that are included for quality assurance and quality control, were prepared and analyzed at the laboratory. Samples are crushed to 70% less than 2mm. A riffle split is pulverized to 85% passing 75 microns. Nickel, copper, cobalt and sulphur are analyzed by sodium peroxide fusion with an ICP finish and platinum, palladium and gold by fire assay and ICP-AES finish. These and future assay results may vary from time to time due to re‒analysis for quality assurance and quality control.
About EV Nickel Inc.
EV Nickel is a Canadian nickel exploration company, focused on the Shaw Dome area, south of Timmins, Ontario. The Shaw Dome area is home to its Langmuir project which includes W4, the basis of a 2010 historical estimate of 677K tonnes @ 1% Ni, ~15M lbs of Class 1 Nickel. EV Nickel's objective is to grow and advance a nickel business, targeting the growing demand for Class 1 Nickel, from the electric vehicle battery sector. EV Nickel has almost 9,100 hectares to explore across the Shaw Dome and has identified 30km of additional favourable strike length.
Qualified Person
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.
Cautionary Note Regarding the Langmuir project's 2010 historical estimate:
Historical mineral resources for Langmuir were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, "Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada", dated June 28, 2010 (the "Historical Report"). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the historical report, or the estimates therein. The historical estimates presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
Contact Information
For further information, visit www.evnickel.com
Or contact: Sean Samson, Chief Executive Officer at samson@evnickel.com.
EV Nickel Inc.
200 - 150 King St. W,
Toronto, ON M5H 1J9
www.evnickel.com
Neither the 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 of this release.
SOURCE: EV Nickel Inc.
News Provided by ACCESSWIRE via QuoteMedia
Announcement Highlights
Arca is developing a portfolio of carbon capture technologies to measure, maximise and monetise the carbon mineralisation potential of mine waste. Using its proprietary intellectual property, Arca helps its partners in the minerals industry to transform mine waste into an industrial-scale carbon sink, advancing the future of carbon-negative mining.
Blackstone continues its pursuit to be one of the greenest nickel producers in the world. Successful implementation of Arca’s proprietary intellectual property will enable Blackstone to further reduce the Company’s Ta Khoa Project’s (“TKP”) carbon footprint, allowing Blackstone to realise its Green Nickel™ vision and position the Company to meet the growing global demand for low carbon intensity battery raw materials.
Under the MOU, Arca and Blackstone agree to collaborate on the following:
Figure 1: Arca scientists demonstrate how carbon dioxide mineralisation rates are measured on mine tailings. Photo: Taku River Tingit First Nation traditional territory, British Columbia, Canada
Significance of the Green Nickel™ strategy
Lower carbon emissions intensity has potential to add value to the Company and differentiate it from competitors in relation to its product offering. There is increasing global pressure on disclosing carbon emissions intensity within battery supply chains and their lifecycle. From 18 February 2025, every industrial or electric vehicle (“EV”) battery on the EU market with a capacity of over 2 kWh will require a battery passport (refer to https://www.circulor.com/battery-passport), containing information on items including a carbon footprint declaration as well as human rights and battery supply chain due diligence obligations throughout the battery value chain2.
As an example, Polestar, the Swedish electric performance car brand, is setting the trend to provide transparency throughout the automotive industry by working with Circulor, a supply chain technology provider. With the partnership, Polestar and Circulor will track a wide range of raw materials. Consumers will be able to follow the journey thanks to Polestar’s Product Sustainability Declaration, which discloses carbon footprint and traced risk materials through labelling on the company website and in Polestar Spaces, setting a unique transparency precedent for the industry and an ambitious standard for the carbon tracking scheme within the battery passport3.
It is expected that this legislative environment will support and incentivise battery manufacturers to source raw materials from suppliers with demonstrated lower carbon emissions intensity in their supply chains, supporting demand and pricing for Ta Khoa Project’s nickel products.
Click here for the full ASX Release
This article includes content from Blackstone Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
The approval, and the inclusion of proposed exploration areas in the National Mineral Master Plan earlier this year (refer ASX announcement 07 August 2023) also enables the Company to advance new nickel sulphide targets and grow the resources and reserves within the Ta Khoa Dome immediately adjacent to the proposed mining operations.
Figure 1: Lon Taranaki, General Director, Ta Khoa Project, delivering a speech to the National Reserve Assessment Council
Background
The Company was granted Mineral Exploration License No. 1366/GP-BTNMT dated 10 July 2014 (area 49.7km2) for a period of four years. During this period the Company undertook an extensive exploration programme over a 49.7km2 area surrounding the existing mine. The programme included:
The process as stipulated in the Vietnamese Mining Law requires companies to have their Exploration and Reserve Report assessed and approved by content experts and government officials. The National Reserve Assessment Council, a division under MONRE are responsible for the assessment and ultimate approval of the report.
The Company submitted the Exploration and Reserve report to the National Reserve Assessment Council and the Council reviewed, inspected and discussed the content of the report. On 9 August 2023, the Reserve Council formally met, and under the chair of Tran Quy Kien, undertook a final review and assessment. The chair approved the Report and instructed the Reserve Council to prepare the formal approval notice. On the 21 September 2023, the Company received official notice that the Report was approved.
Blackstone Minerals’ Managing Director, Scott Williamson, commented:
“I would like to congratulate our Vietnamese team on achieving this significant and very critical milestone for the Company. The outcome is the cumulation of many years of hard work and dedication in exploring, discovering and developing the Ta Khoa Dome and we look forward to restarting exploration of the prolific nickel sulphide district around Ban Phuc.
The Company continues to demonstrate our ability to successfully operate in Vietnam through achievements such as this approval process, recently having our projects included in the National Mineral Master Plan and the ability to secure new opportunities such as the recently announced rare earths in Dong Pao.”
Click here for the full ASX Release
This article includes content from Blackstone Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
HIGHLIGHTS
A total of 28 holes for 15,482m have now been completed throughout the duration of the Company’s maiden drilling campaign, with assays reported so far for seven holes (Figure 1; Table 1). Up to three holes are planned to be completed by the end of September.
The drillholes completed as part of the maiden drill program have been designed to test a combination of targets, including specific electromagnetic (EM) targets, magnetic and gravity anomalies, as well as to extend the overall footprint of the MRE.
Figure 1. Hotinvaara Prospect showing the current MRE (white outline) and the location of drill- holes completed as part of the current drill program (green dots). Hotinsaajo magnetic anomaly currently being tested highlighted by dashed black line.
Additionally, an untested, linear and relatively contiguous north-easterly to south-westerly striking magnetic anomaly which corresponds to ultramafic packages in the north-eastern portion of this prominent geophysical feature is currently being drilled. This will enable the Company to assess the continuity of ultramafic packages in the southern extent of the Hotinvaara Exploration Licence.
Nordic is primarily targeting massive Ni-Cu sulphide mineralisation of a similar style to the nearby world-class Sakatti deposit, while also aiming to enhance its understanding of the large mineral system and the extent of disseminated nickel mineralisation, that makes up the bulk of the MRE.
Management Comment
Nordic Nickel Managing Director, Todd Ross, said: “This is a very exciting result for our team, which reinforces the enormous scale and potential of the Pulju Nickel Project. HOT026 is by far the furthest south we have drilled in the very large nickel system we are defining at Hotinvaara, sitting 500m beyond the current MRE envelope, directly along the prospective magnetic anomaly.
“To encounter a broad zone of potential disseminated sulphide mineralisation this far outside the MRE bounds shows that we are only just beginning to understand the true potential of what we have on our hands at Pulju – especially as Hotinvaara covers just 2% of the total project area.
“With assays pending for 20 holes and additional holes planned to be completed by the end of September, this should pave the way for a very strong period of news flow activity for Nordic as we work towards an updated MRE by the end of this year.”
Drilling update
Visual intersections logged throughout the current drilling program have highlighted the potential to expand the current MRE, while also enhancing Nordic’s geological knowledge in order to vector to interpreted high-grade zones*.
* In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.
Additionally, the mineralised ultramafic packages have often been correlated to distinct ground- based gravity and/or magnetic anomalies, expanding the ultramafic footprint and also providing a robust tool to map ultramafic units throughout the Pulju Project, in litho-stratigraphically prospective areas.
Furthermore, through the use of partial leach assays, the Company has been actively developing an understanding of nickel deportment throughout the system, allowing the exploration team to vector into the more prospective nickel sulphide zones, assign geochemical markers and utilise these packages to guide targeting and drill planning.
A particularly exciting recent visual observation was logged in the basal section of step-out drill- hole HOT026. Importantly, HOT026 was designed to assess the continuity of mineralised ultramafic material intersected in the north-eastern portions of the Hotinvaara Prospect area towards the south directly along the 2km long Hotinsaajo magnetic feature (Figure 1). Geological logging of this hole has provided very encouraging indications that both the mineralisation, and importantly, the conditions required for re-mobilisation of massive sulphides, continues to the south.
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This article includes content from Nordic Nickel Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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