Murchison Acquires 100 Percent of HPM Project

Murchison Minerals (TSXV:MUR) has acquired 100 percent of the HPM nickel-copper-cobalt project in Quebec, Canada.

The full ownership comes after Murchison acquired the other 50 percent interest that once belonged to joint-venture partner Pure Nickel. Murchison shelled out 500,000 common shares of the company and $50,000 cash to own the other half of HPM.

As stated in the press release:

The HPM (Haut Plateau du Manicouagan) property consists of 51 claims covering 2,726 hectares.

The Property is underlain in part by the composite Gabbro Est intrusive, which hosts several grass roots nickel-copper-cobalt showings. Significant historical prospects were found by Falconbridge Ltd. (“Falconbridge”, now known as Glencore) and include: Barre de Fer (1.74 percent nickel, 0.90 percent copper and 904 parts per million cobalt over 43.18 metres from the 2008 drill program) and the PYC showing (0.59 percent nickel and 0.93 percent copper from surface grab samples and 15.3 metres of disseminated to semi-massive sulphides grading 0.28 percent nickel, 0.14 percent copper and 626 parts per million cobalt from a single hole drilled by Xstrata Nickel in 2000).

The Property is located approximately 290 km north of Baie-Comeau and 180 km north-northwest of Sept-Îles. The property is accessible by helicopter and is located approximately 20 km east of Route 389, an all-weather road connecting Baie-Comeau to Fermont to Labrador City.

Click here to read the full press release from Murchison Minerals.