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Nickel to be Added to US List of 50 Critical Minerals
Inomin Mines Inc. (TSXV: MINE) ("Inomin", "MINE" or the "Company") reports it has completed a five hole drill program totaling 715 metres at the Company's Beaver-Lynx Nickel-Cobalt property located in the Cariboo region of British Columbia. Drill holes - testing a strike length of 5.7 km - intersected long intervals of favourable mineralization ranging up to 190 metres in thickness. The diamond drilling program successfully tested the Spur and North Lobe zones, large 5 - 6 kilometre-long areas defined by the preceding ground magnetics survey, believed prospective for nickel and cobalt mineralization (Figure 1). Samples have been shipped to SGS Canada for analyses and results are pending.
Inomin's 100% owned Beaver-Lynx project, approximately 20,000 hectares in size, is located 15 - 25 kilometres east and southeast respectively of Taseko Mines Ltd.'s Gibraltar Mine in British Columbia's Cariboo Region. Initial exploration and metallurgical studies at Beaver in 2013 - 2014, including geophysical surveys and diamond drilling programs, demonstrated the property's potential to host large volumes of near-surface, Class 1 sulphide nickel and cobalt, amenable to conventional extraction methods.
At Beaver, airborne and ground magnetic surveys have identified five magnetite-serpentinite zones in ultramafics with a cumulative strike length of approximately 10 kilometres. Historic drilling at these zones intersected strongly magnetic shallow-dipping serpentinites hosting nickel mineralization in sulphide form.
Given the positive drill results related to areas of significant magnetite-rich serpentinite rocks, Beaver displays potential to host multiple zones of large, disseminated, Class 1 sulphide nickel. Cobalt occurs with nickel mineralization historically ranging from 0.009% to 0.012% cobalt.
The Lynx area is geologically similar to Beaver with even larger prospective targets area. RGS (regional stream sediment) data collected by the Province of British Columbia illustrates the existence of a large 10 x 5 kilometre nickel anomaly at Lynx. An airborne magnetics survey delineated an 8 kilometre-wide ring-like magnetic anomaly and several strong magnetic anomalies - all greater than 2 kilometres in length. The Lynx property shows potential for multiple, large, bulk-tonnage nickel deposits.
The Beaver-Lynx project is situated in relatively flat terrain and easily accessible via all-season roads, as well as a network of forestry roads providing access to most of the property. Other important nearby infrastructure includes electricity (hydro-power) and railroad. Skilled workers, contractors, and supplies are available locally from the city of Williams Lake situated about 20 kilometres south of Lynx.
Nickel Added to Proposed US List of 50 Critical Minerals
The US Geological Survey (USGS) has recently added nickel (and zinc) to its proposed list of 50 critical minerals defined as those essential to economic or national security and with a supply chain vulnerable to disruption.
The US government's 100-day review of supply chains has identified investment in nickel refining capacity, in coordination with allies, as a priority.
According to the review, there could be a large shortage of high-purity Class 1 nickel, needed by battery materials manufacturers, in the next three to seven years.
"If there are opportunities for the US to target one part of the battery supply chain, this would likely be the most critical to provide short and medium-term supply chain stability," the document states, noting that there is an "urgency" to developing a strategy around Class 1 nickel.
Figure 1: 2021 Magnetics Compilation and Diamond Drilling Hole Locations
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3069/103411_bfa30dd5a4a7f81e_001full.jpg
Inomin Mines Director, L. John Peters P.Geo, a qualified person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
For further information about the Beaver-Lynx project visit MINE's website at www.inominmines.com.
About Inomin Mines
Inomin Mines is engaged in the identification, acquisition and exploration of mineral properties, especially gold, silver and nickel projects that display strong potential to host significant mineral resources. Inomin holds the La Gitana and Pena Blanca gold-silver properties in Mexico. The Company owns a 100% interest in the Beaver-Lynx sulphide nickel project in south-central British Columbia, and the Fleetwood zinc-copper-gold-silver VMS project in south-west British Columbia. Inomin also owns 100% of the King's Point gold-copper-zinc project in Newfoundland under option to Maritime Resources Corp. (TSXV: MAE). Inomin trades on the TSX Venture Exchange under the symbol MINE. For more information visit www.inominmines.com and follow us on Twitter @InominMines.
On behalf of the board of Inomin Mines:
Inomin Mines Inc.
Per: "John Gomez"
President and CEO
For more information please contact:
John Gomez
Tel. 604.566.8703
info@inominmines.com
Forward Looking Statements: This news release contains certain statements that may be deemed "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither 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 or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103411
