Nickel North Exploration Corp.: Initial Mineral Resource for the
Hawk Ridge Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 12, 2014) -
Nickel North Exploration Corp. (TSX-VENTURE:NNX) ("Nickel North" or
the "Company") is pleased to announce that the Company has received
an initial NI 43-101 Mineral Resource Estimate for three deposits
(Hopes Advance, Gamma and Falco 7) on its 100% owned Hawk Ridge
Cu-Ni-PGE project in Northern Québec.
Total In-Pit Inferred Mineral Resources at a $25/tonne net
smelter return cut-off are estimated at 19,636,000 tonnes at
average grades of 0.577% Cu, 0.215% Ni, 0.011% Co, 0.051 g/t Pt,
0.207 g/t Pd and 0.105 g/t Au (which equates to a 1.029% Cu
Equivalent grade basis). The mineral resource estimates for the
three deposits were completed by P&E Mining Consultants Inc.
("P&E") of Brampton, Ontario, to current NI 43-101 reporting
standards for mineral resource disclosure.
Total In-Pit Inferred Resources at Various NSR
Cut-Offs (1-8) |
|
Cut-Off |
Tonnes |
Cu Eq |
Cu |
Ni |
Co |
Pt |
Pd |
Au |
Bulk Density |
NSR $/t |
(000) |
% |
% |
% |
% |
g/t |
g/t |
g/t |
t/m3 |
$50 |
9,816 |
1.283 |
0.695 |
0.262 |
0.012 |
0.057 |
0.231 |
0.107 |
3.29 |
$40 |
16,299 |
1.108 |
0.617 |
0.228 |
0.012 |
0.053 |
0.216 |
0.106 |
3.26 |
$30 |
19,147 |
1.042 |
0.583 |
0.218 |
0.012 |
0.052 |
0.209 |
0.105 |
3.25 |
$25 |
19,636 |
1.029 |
0.577 |
0.215 |
0.011 |
0.051 |
0.207 |
0.105 |
3.24 |
$20 |
19,758 |
1.025 |
0.575 |
0.215 |
0.011 |
0.051 |
0.207 |
0.105 |
3.24 |
$15 |
19,777 |
1.024 |
0.575 |
0.215 |
0.011 |
0.051 |
0.206 |
0.105 |
3.24 |
Notes: |
1. |
CIM definitions were followed for Mineral Resources. |
2. |
Mineral Resources are estimated by conventional 3D block modelling
based on wireframing at a $25/tonne NSR cut-off and inverse
distance squared grade interpolation. |
3. |
Metal prices for the estimate are: US$3.67/lb Cu, US$8.51/lb Ni,
US$1,596/oz Pt, US$702/oz Pd, US$1,554/oz Au and US$15.00/lb Co
based on a three-year trailing average as of November 30,
2013. |
4. |
A variable bulk density of 3.01 tonnes/m3 or higher based on
density weighting has been applied for volume to tonnes
conversion. |
5. |
Open pit Mineral Resources are estimated from surface to pit floor
depths of 90 m to 160 m. |
6. |
Mineral Resources are classified Inferred based on drill hole
spacing, geologic continuity and quality of data. |
7. |
Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues. There is no certainty that all or any part of the Inferred
Mineral Resource will be upgraded to an Indicated or Measured
Mineral Resource as a result of continued exploration. |
8. |
P&E recommends reporting open pit resources at the $25/tonne
NSR cut-off. |
The Cu, Ni, Co, Pt, Pd, and Au mineralization lies at or near
surface and is amenable to low strip ratio open pit mining. The
mineral wireframes for the three deposits were constructed based on
host rock lithology and mineralization at an open pit operating
cut-off Net Smelter Return ("NSR") of $25/tonne as calculated by
P&E. The NSR calculation was based on a three-year trailing
average for metal prices as of November 30, 2013, metal recoveries
and smelter payable metal and treatment costs generalized from
other P&E projects and a US exchange rate at par. Assay
composites, at 1 m lengths for the Falco 7 deposit, and 3 m
composites for the Hopes Advance and Gamma deposits, were generated
from the assays captured within each deposit wireframe. The mineral
resources were all classified as Inferred based on the wide drill
hole spacing, level of assaying and geologic confidence in grade
continuity.
The Hopes Advance North and Main zones have been considered, and
reported, as one deposit (Hopes Advance). The geologically similar
Gamma deposit occurs 15.5 km to the southeast in a similar
stratigraphic environment as the above. The Falco 7 deposit is 11.4
km north-northeast of this trend. All deposits have strikingly
similar geology and styles of mineralization. Mineral resources for
each deposit were estimated individually using Inverse Distance
Squared (1/D2) weighting of composited assay values. The drill-hole
database for the property contains 394 diamond drill holes totaling
35,948 m of which 116 holes for 15,801 m have been used to
delineate the mineral resources. The spacing of the drill-hole
sections in the individual deposit areas ranges from 50 m to 200
m.
The mineral deposits contain an exploration target with a
potential range of 80 million tonnes to 120 million tonnes at
average grade ranges of 0.54%-0.56% Cu, 0.19%-0.20% Ni, 0.01-0.02%
Co, 0.04-0.05 g/t Pt, 0.18-0.20 g/t Pd and 0.10-0.11 g/t Au (which
equates to a 0.94% to 1.0% Cu Equivalent grade basis). The
exploration target is based on the estimated strike length, depth
and width of the known mineralization which is supported by
intermittent drill-holes, geophysics and observations of
mineralized surface exposures. The potential quantities and grades
of this exploration target are conceptual in nature. There has been
insufficient work done by a Qualified Person to define these
estimates as mineral resources. The Company is not treating these
estimates as mineral resources, and readers should not place undue
reliance on these estimates. Even with additional work, there is no
guarantee that these estimates will be classified as mineral
resources. In addition, there is no guarantee that these estimates
will prove to be economically recoverable.
All of the deposits within the 50km long Hawk Ridge Project
occur within the northern portion of the New Quebec Orogen
(Labrador Trough) near the southwest coast of Ungava Bay, Northern
Quebec. The Hawk Ridge Property is underlain by Proterozoic rocks
that unconformably overlie Archean cratonic rocks of the Superior
Province that are exposed to the west. The Proterozoic rocks are
composed of a thick sequence of marine metasedimentary and mafic
metavolcanic rocks that were intruded by sills and dykes of mafic
and ultramafic composition. Regionally these rocks have been thrust
to the West onto the Superior Craton and now dip steeply to the
East. Disseminated copper-nickel-PGE and gold bearing sulphides,
with narrow high-grade massive sulphide bands, are predominantly
hosted by the mafic and to a lesser extent by metasedimentary
rocks.
Mineral resources by deposit are presented in the tables
below.
In-Pit Inferred Mineral Resources by Deposit at
Various NSR Cut-Offs (1-8) |
|
Cut-Off |
Tonnes |
Cu Eq |
Cu |
Ni |
Co |
Pt |
Pd |
Au |
Bulk Density |
NSR $/t |
(000) |
% |
% |
% |
% |
g/t |
g/t |
g/t |
t/m3 |
Falco 7 |
$50 |
838 |
1.074 |
0.588 |
0.226 |
0.015 |
0.053 |
0.231 |
0.102 |
3.25 |
$40 |
2,241 |
0.926 |
0.522 |
0.198 |
0.014 |
0.052 |
0.21 |
0.101 |
3.23 |
$30 |
3,464 |
0.833 |
0.47 |
0.187 |
0.013 |
0.048 |
0.195 |
0.101 |
3.21 |
$25 |
3,786 |
0.806 |
0.459 |
0.182 |
0.013 |
0.047 |
0.189 |
0.101 |
3.20 |
$20 |
3,827 |
0.802 |
0.458 |
0.181 |
0.013 |
0.047 |
0.188 |
0.101 |
3.20 |
$15 |
3,840 |
0.800 |
0.457 |
0.181 |
0.013 |
0.047 |
0.188 |
0.101 |
3.20 |
Hopes Advance |
$50 |
6,204 |
1.252 |
0.683 |
0.256 |
0.012 |
0.057 |
0.228 |
0.108 |
3.28 |
$40 |
9,866 |
1.101 |
0.62 |
0.224 |
0.011 |
0.053 |
0.213 |
0.107 |
3.26 |
$30 |
11,319 |
1.045 |
0.591 |
0.215 |
0.011 |
0.051 |
0.207 |
0.107 |
3.25 |
$25 |
11,484 |
1.038 |
0.587 |
0.214 |
0.011 |
0.051 |
0.206 |
0.106 |
3.25 |
$20 |
11,565 |
1.033 |
0.585 |
0.213 |
0.011 |
0.051 |
0.205 |
0.106 |
3.24 |
$15 |
11,571 |
1.033 |
0.585 |
0.213 |
0.011 |
0.051 |
0.205 |
0.106 |
3.24 |
Gamma |
$50 |
2,774 |
1.414 |
0.755 |
0.288 |
0.013 |
0.058 |
0.237 |
0.107 |
3.31 |
$40 |
4,192 |
1.219 |
0.662 |
0.252 |
0.012 |
0.056 |
0.228 |
0.107 |
3.27 |
$30 |
4,364 |
1.198 |
0.653 |
0.248 |
0.012 |
0.055 |
0.226 |
0.106 |
3.27 |
$25 |
4,366 |
1.198 |
0.653 |
0.248 |
0.012 |
0.055 |
0.226 |
0.106 |
3.27 |
$20 |
4,366 |
1.198 |
0.653 |
0.248 |
0.012 |
0.055 |
0.226 |
0.106 |
3.27 |
$15 |
4,366 |
1.198 |
0.653 |
0.248 |
0.012 |
0.055 |
0.226 |
0.106 |
3.27 |
NNX CEO and President, Phillip Mudry, states: "In the last two
years Nickel North has achieved a significant milestone by
accomplishing this resource estimate and is looking to the bright
future the company has in developing this exciting project."
Quality Assurance and Quality Control
The QA-QC procedures employed by Nickel North were industry
standard and included collection of drill core field duplicate
samples, insertion of certified reference standards and blanks, and
systematic laboratory inserted certified reference standards, pulp
duplicates and client specified sample pulp repeats.
The QA-QC program for Hawk Ridge 2012 and 2013 exploration was
set up in advance of the drill program to ensure the program was
compliant to industry standards, and to provide the accuracy and
precision of the sampling and analytical processes to an acceptable
level.
Samples were received at TSL Laboratories Inc., ("TSL"), and
sorted and dried prior to preparation. Core and rock samples were
crushed using a primary jaw crusher to a minimum 70% passing -10
mesh. A 250 g sub-sample was pulverized to a minimum 95% passing
-150 mesh. The precious metals, Au, Pd and Pt were analyzed using
lead-collection fire assay with ICP finish at TSL.
Sample pulps were then shipped by commercial air freight
directly to ACME Labs in Vancouver, BC for analysis of a 41 element
suite, and Ni and Cu were determined by a 4-acid digest at
ACME.
TSL Laboratories Inc. ("TSL") is based in Saskatoon, SK and has
been in continuous operation since 1981. The TSL quality system
conforms to requirements of ISO/IEC Standard 17025 guidelines, and
participates in the Proficiency Testing program sponsored by the
Canadian Certified Reference Materials Project. The lab has
qualified for the Certificates of Laboratory Proficiency since the
program's inception in 1997.
ACME operates 19 offices in 11 countries. At each lab, a quality
system compliant with the International Standards Organization
(ISO) 9001 Model for Quality Assurance and ISO/IEC 17025 General
Requirements for the Competence of Testing and Calibration
Laboratories is implemented. The Vancouver laboratory received
formal approval of its ISO/IEC 17025:2005 accreditation from the
Standards Council of Canada for the tests listed in the approved
scope of accreditation.
Qualified Persons
The mineral resource estimates in this press release were
supervised by Antoine Yassa, P.Geo., with QA-QC review aspects
undertaken by Tracy Armstrong, P.Geo. of P&E, each based in
Quebec and each an independent qualified person, as defined by
National Instrument 43-101 ("NI 43-101").
Both QP's mentioned above have reviewed and approved the
technical content of this news release. An NI 43-101 technical
report for the above mineral resource estimate will be filed on
SEDAR within 45 days of this press release.
About Nickel North Exploration Corp.
Nickel North Exploration is a Canada-based exploration company
focused on defining a Cu-Ni-PGE mineral resource at its Hawk Ridge
Project in Northern Québec. The board of directors, advisor
committee and management team are experienced, successful mine
finders. The property consists of a 50 km long belt of magmatic
Cu-Ni-PGE occurrences covering 30,658 hectares. The project is
located near tidewater. Québec is a mining friendly jurisdiction.
Nickel North Exploration is a conscientious corporate citizen,
maintains good relations with local Inuit communities and is
committed to sustainable development. For more information on the
company, please visit www.nickelnorthexploration.com.
Disclaimer for
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The foregoing information may contain forward-looking
statements relating to mineral resource estimates, potential
exploration targets and the future performance of Nickel North
Exploration Corp. Forward-looking statements specifically those
concerning future performance, are subject to certain risks and
uncertainties and actual results may differ materially from those
currently anticipated due to a number of factors beyond the
Company's control. These risks and uncertainties include, among
other things, competition for qualified personnel
and risks that are inherent in the Company's operations including
the risks that the Company may not find any minerals in
commercially feasible quantity or raise enough money to fund its
exploration plans. These and other risks and uncertainties are
described herein and from time to time in the Company's public
disclosure documents filed on the SEDAR website maintained by the
Canadian Securities Administrators. Except as required by law, the
Company assumes no obligation to update forward-looking statements
should circumstances or management's estimates or opinions change.
Nickel North Exploration does not assume any obligation to update
or revise its forward-looking statements wither as a results of new
information, future events or otherwise.
ON BEHALF OF THE BOARD OF DIRECTORS
Phillip Mudry, P.Geol., President and CEO
Nickel North Exploration
Corp.604-609-6182www.nickelnorthexploration.com
Nickel North Exploration (TSXV:NNX)
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