VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 5, 2015) -
North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP: 65704T 108) (the "Company") is pleased to provide an update on the 2015 exploration program underway at the Company's 100% owned Maniitsoq nickel-copper-cobalt-PGM project in southwest Greenland.
Subsequent to the previous exploration update announcing commencement of the 2015 Maniitsoq exploration program (see press release June 29, 2015), the Company provides the following project updates: (see figure 1)
- An airborne Versatile Time Domain Electromagnetic (VTEM) survey comprising 6,700 line km of magnetic and electromagnetic (EM) data acquisition has been completed and has identified approximately sixty (60) additional targets for further analysis and potential ground follow-up.
- A 6,000m drilling program is 35% complete with first assays expected in mid-August.
- A surface gravity survey centered on the P-013 target area has been completed and preliminary data has outlined several gravity anomalies which are coincident with magnetic highs, some of which could represent magnetic mafic to ultramafic intrusions.
- Surface time domain electromagnetic surveys (TDEM) are currently in progress and approximately 45% complete. Two additional drill targets have been generated including one at the mineralized P-013 area and one at P-012 regional exploration target.
- Tasking of DigitalGlobe's Worldview-3 satellite has been initiated to acquire multispectral and high spatial resolution data across the project area.
- The field component of a structural mapping program has been completed and is helping to define potential controls on nickel sulphide mineralization.
- Field checking of VTEM anomalies and ltihogeochemical sampling of mafic-ultramafic intrusions across the Greenland Norite Belt (GNB) is in progress with three helicopter supported geological field crews.
The Company's large multi-component exploration program is well underway with field activities focussed on identifying and drill testing new regional drilling targets as well as following up existing nickel with holes completed at Imiak Hill, Fossilik, P-013 and the P-053 target areas. Initial shipments of drill core samples left the project site on July 11th and receipt of initial assay results are expected in mid-August.
The 2015 VTEM survey has completed coverage over the GNB and selected other target areas on the Maniitsoq property as shown in Figure 1. Preliminary analysis of the data has outlined approximately 60 anomalies of interest which are being modeled and prioritized for field follow-up and potential drill testing. A high priority EM anomaly with an associated magnetic anomaly has been identified at the Takisoq West nickel-copper showing where historic drilling and surface sampling identified norite and paragneisses with elevated nickel and copper values. Geological crews are field checking both new and existing VTEM anomalies in order to prioritize them for drill testing.
A gravity survey designed to provide coverage over a concentration of exploration targets and norite intrusions including the mineralized P-013 target area was recently completed and data analysis is in progress. The survey covered an area 7 km x 10 km in size with data collected on 250 to 500m station centers. Preliminary data has outlined several gravity anomalies which are coincident with magnetic highs as shown in Figure 2.
Surface TDEM surveys are in progress and have outlined two drill targets, including a high quality EM anomaly at the P-012 target area located at the western edge of a newly defined gravity anomaly and an EM anomaly at the P-013 target where the Company intersected 5.85 metres (core length) of 2.07% nickel and 0.12% copper in hole MQ-14-066 in 2014 (see press release November 3, 2014).
The Company has engaged with DigitalGlobe to acquire WorldView-3 multi-spectral satellite data and tasking of the satellite has recently been initiated and is expected to continue into August. The goal of the satellite acquisition is to provide high spatial resolution data for field mapping purposes as well as multi-spectral data to help identify target lithologies and gossans across the district scale Maniitsoq property.
Patricia Tirschmann, V.P Exploration states: "With the completion of the 2015 VTEM survey, the Company now has a very robust EM dataset across the Greenland Norite Belt. Geological and surface geophysical crews are making excellent progress following up both airborne and surface EM targets and these are being prioritized for drill testing as part of the 2015 program. Geological field work is also focussed on advancing the project more quickly by developing a clearer understanding of the geological setting and the controls on mineralization as well as an efficient method for drill hole targeting. The drilling program is on schedule and we look forward to reporting first assay results.
About North American Nickel
North American Nickel 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 2,954 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, which is pack ice free year round.
The 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 the extension of the Whistle Offset dyke 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 ability to complete the port assignment, the ability of the Company to realize upon the benefit of owning the port, impact of mineralogy, estimation of mineral resources at mineral projects of the Company; economics of production; success of exploration activities; 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. 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 difficulties realized in completion of the assignment, barriers to the assignment, difficulties in development of the assets and suitability of the port in relation to development of the assets of the Company, 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.
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