North American Nickel (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP: 65704T 108) (the “Company”) is pleased to announce it has finalized the details for the acquisition of a watershed (“0.6H”) prospecting licence that overlaps the eastern boundary of its 100% owned Maniitsoq nickel sulphide project in southwest Greenland.
The licence was awarded by the Ministry of Industry, Labour, Trade and Energy of the Greenland Government subsequent to a review of the Companies prospecting plan. The licence provides for the exclusive right to assess and develop potential hydropower resources for the production of electricity. The licence is in force for two years with the option to extend it for an additional three years. Subsequently, an exploitation licence can be awarded following a successful assessment of the watershed.
The Company has retained the services of EFFLA Consulting Engineers to undertake a Hydropower Feasibility Assessment Study at Watershed 0.6H including technical, environmental and socio-economic studies as a basis for evaluating the possible exploitation of the Hydropower Resources for production of electricity.
EFFLA will document physical and economical aspects of practical opportunities for hydropower development, examine the local topography and provide an initial assessment of the development’s viability, identify key areas of risk and suggest mitigation actions, and determine the economic viability of hydropower development at watershed 0.6H.
During the course of the assessment the Company will also work closely with Nukissiorfiit the Greenland Energy Company responsible for supplying most of Greenland with electricity, water and heat from hydropower.