HIGHLIGHTS OF THE DRILL RESULTS AT ARCH:
- A massive sulphide interval grading 2.57% nickel (Ni), 1.61%
copper (Cu) and 2.35 g/t Total Precious Metals (TPM) over
3.84 m was intersected down-dip of
semi-massive to massive sulphide mineralization drilled in 2021
(see Photo 1 for core sample and Table 1 for drill intersection
details).
- Significant disseminated + semi-massive sulphide intervals
grading 0.29 to 0.67% Ni, 0.08 to 0.43% Cu and 0.43 to 1.64 g/t TPM
over 6.25 to 78.95 m intervals in 7
holes (see Table 1 for details).
- Geophysics results show untested conductivity down-dip and
along strike of current drilling.
- Near surface massive to disseminated sulphide mineralization
at depths of 7-170 m.
TORONTO, April 11,
2023 /CNW/ - Nickel Creek Platinum Corp. (TSX: NCP)
(OTCQB: NCPCF) ("Nickel Creek" or the "Company") is pleased to
announce the results from its 2022 drilling and geophysics program
on the Arch Target conducted during the period of July-October 2022 in Yukon,
Canada. The timing of the release of these results was
largely impacted by the unprecedented volume of samples from
exploration projects throughout Yukon submitted to the ALS preparation lab in
Whitehorse.
The drilling component of the 2022 exploration program comprised
18 holes totalling 2,975 metres (m), of which 10 holes totalling
1,265 m were drilled on the Arch
Target at the Nickel Shäw Project. The drilling at Arch was
successful in extending massive to disseminated Ni-Cu sulphide
mineralization at depth and along strike from holes drilled in
2021. See Figure 1 for a general plan map of the areas. Eight (8)
holes were drilled on the Wellgreen deposit (1,710 m) to convert inferred mineral resources to
indicated mineral resources and to collect additional geotechnical
and hydrogeological data. The 1,710 metres of drilling at
Wellgreen was carried out to support the completion of a
Prefeasibility Study (PFS) which is expected to be completed by
July 2023.
"We have demonstrated the continuity of sulphide
mineralization at the Arch Target including its significant Nickel,
Copper, Precious Metals and Sulphur grades. This target occurs at
shallow depths and is currently being assessed to determine if a
maiden inferred resource can be outlined here." said
Stuart Harshaw, President and CEO of
Nickel Creek Platinum. "The PFS will not include the Arch
Target when produced in Q3 this year but we are excited by the
opportunity for additional higher-grade mineralization at our
Nickel Shäw property."
Table 1: Arch Drilling Summary
Note: All intervals listed are down-hole core lengths, not
true widths; interval grades are length weighted. A cut-off grade
of 1.0% Ni was applied for the massive sulphide and 0.25% Ni for
the disseminated sulphide.
The Arch ultramafic sill has been the subject of several
historical exploration campaigns and has had various surveys,
including ground electromagnetics (EM) and magnetics, helicopter EM
and magnetics (Dighem), soil geochemistry, trenching and limited
diamond drilling (three holes totalling 136m). Drilling in 2021 at the Arch Target
intersected significant massive to semi-massive sulphide in six
holes. Grades up to 3.85% Ni, 1.37% Cu and 3.97 g/t TPM over
3.45m were returned. Disseminated
sulphide along with net-textured, blebby and interstitial sulphide
variably occurs above the high-grade zones with combined massive
sulphide and disseminated intervals grading up to 1.41% Ni, 0.55%
Cu and 2.49 g/t TPM over 11.95m.
During the 2022 drill program, a massive sulphide interval
grading 2.57% Ni, 1.61% Cu and 2.35 g/t TPM over 3.84 m was intersected in ASD22-016, drilled
down-dip of semi-massive to massive sulphide mineralization drilled
in 2021. This is part of a larger interval grading 1.37% Ni, 0.89%
Cu and 0.89 g/t TPM over 8.73m.
Significant disseminated and semi-massive sulphide intervals
grading 0.29 to 0.67% Ni, 0.08 to 0.43% Cu and 0.43 to 1.64 g/t TPM
over 6.25 to 78.95 m intervals in
seven (7) holes. These intersections also contain significant
sulphur (S) levels, a key determining factor in Ni recovery at the
Wellgreen deposit (see Table 1 for details). These intersections
occur at shallow depths (7-170m) over
a strike length of approximately 450m. Work is in progress to determine if
sulphide mineralization at Arch can be classified as a maiden
inferred resource.
Sulphide mineralization at Arch occurs at the base of an
outcropping ultramafic sill ("Arch Sill") that is centred four
kilometres west-northwest of the Wellgreen deposit. The sill is
approximately 100 m thick and the
base (northeast contact) dips subparallel to the slope at 55-75
degrees to the south-southwest. Massive and semi-massive sulphide
mineralization is related to a thin (<2 metres) marginal gabbro
unit that occurs below a distinctive Mottled Peridotite unit. The
high-grade sulphide occurs at the marginal gabbro/footwall contact.
Footwall rocks typically consist of Hasen Creek Formation
meta-sediments. The ultramafic Arch Sill is believed to be
contemporaneous with the Permo-Triassic ultramafic intrusion
hosting the Wellgreen deposit. The massive sulphide intersection in
2022 hole ASD22-016 is associated with a potential peridotite
feeder dyke occurring below the main sill with an 8.73-m core
length of combined peridotite and massive sulphide. See Figure 2
for a plan map of Arch drill hole locations. See Figure 3 for a
general east-west longitudinal section showing geology and drill
intersections through the Arch area.
One (1) 2022 Arch hole was surveyed by borehole electromagnetics
(EM) along with 14 surface EM lines totalling approximately
4,200 m. Geophysical results show
untested conductivity down-dip and to the northeast of the 2021/22
drilling. Field-checking of near-surface conductors to the
northeast is required. Diamond drilling was performed by Superior
Diamond Drilling and the EM survey was completed by SJ
Geophysics.
As part of the 2022 drill program, existing drill trails were
upgraded to allow truck access to all drill sites.
Analytical quality assurance and quality control ("QAQC")
included submission of blanks and standards. Various standards were
submitted that are appropriate for both low-grade and high-grade
Ni-Cu-PM mineralization. Results from the standards and blanks were
reviewed and in the opinion of the Qualified Person, the analytical
results pass QAQC review for base metals and PMs in the low-grade
type (disseminated sulphide) mineralization as well as the base
metals in the high-grade (semi-massive to massive sulphide)
mineralization. Analytical QAQC for precious metals in the
higher-grade mineralization is still pending. Sample preparation
was completed at the ALS facility in Whitehorse, Yukon and analysis was completed at the ALS
laboratory in North Vancouver, British
Columbia. Samples were analyzed by 4-acid digestion and
ICP-AES (ALS method MEICP-61) with platinum, palladium and gold
analysis by fire assay with ICP-AES finish (ALS method
PGM-ICP23).
See Table 2 for Arch drill hole location information.
Table 2: Arch Target Drill hole location information in
metres
Note: Co-ordinates UTM Zone 7 NAD83.
Drilling at the Wellgreen deposit was completed to facilitate
hydrogeology studies, geotechnical studies and resource conversion.
This work is part of the ongoing PFS that is expected to be
completed by July 2023. Borehole
geophysics (EM) were completed on three (3) 2022 holes at the
Wellgreen deposit. This information is being reviewed in the
context of the geological model to determine if high-grade targets
are present below the current contemplated pit.
Scientific and Technical Information
The scientific and technical information disclosed in this news
release was prepared under the supervision Cameron Bell, P. Geo., an independent geologist
on a consulting retainer contract with the Company, and a
"Qualified Person" as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 43-101").
About Nickel Creek Platinum Corp.
Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a
Canadian mining exploration and development company and its
flagship asset is its 100%-owned Nickel Shäw Project. The Nickel
Shäw Project is a large undeveloped nickel sulphide project in one
of the most favourable jurisdictions in the world, with an
attractive mix of metals including copper, cobalt and platinum
group metals. The Nickel Shäw Project has exceptional access to
infrastructure, located three hours west of Whitehorse via the paved Alaska Highway, which supports year-round
access to deep-sea shipping ports in southern Alaska. The Company is led by a
management team with a proven track record of successful discovery,
development, financing and operation of large-scale projects. Our
vision is to create value for our shareholders by becoming a
leading North American nickel, copper, cobalt and PGM producer.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain information that may be
deemed "forward-looking information". Forward-looking information
can generally be identified by the use of forward-looking
terminology such as "may", "will", "expect", "intend", "believe",
"continue", "plans" or similar terminology, or negative
connotations thereof. All information in this release, other than
information of historical facts, including, without limitation,
statements with respect to plans for further exploration to help
define the extent of the mineralized zone, plans to advance Arch,
plans to advance the Wellgreen deposit towards a PFS, and general
future plans and objectives for the Company and the Nickel Shäw
Project, are forward-looking information that involve various risks
and uncertainties. Although the Company believes that the
expectations expressed in such forward-looking information are
based on reasonable assumptions, such expectations are not
guarantees of future performance and actual results or developments
may differ materially from those in the forward-looking
information.
For more information on the Company and the key assumptions,
risks and challenges with respect to the forward-looking
information discussed herein, and about our business in general,
investors should review the Company's most recently filed annual
information form, and other continuous disclosure filings which are
available at www.sedar.com. Readers are cautioned not to place
undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
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SOURCE Nickel Creek Platinum Corp.