Nickel North Exploration Corp.: Initial Mineral Resource for the Hawk Ridge Property
12 Marzo 2014 - 2:30PM
Marketwired Canada
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 Quebec.
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)
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Bulk
Cut-Off Tonnes Cu Eq Cu Ni Co Pt Pd Au Density
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NSR $/t (000) % % % % g/t g/t g/t t/m3
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$50 9,816 1.283 0.695 0.262 0.012 0.057 0.231 0.107 3.29
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$40 16,299 1.108 0.617 0.228 0.012 0.053 0.216 0.106 3.26
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$30 19,147 1.042 0.583 0.218 0.012 0.052 0.209 0.105 3.25
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$25 19,636 1.029 0.577 0.215 0.011 0.051 0.207 0.105 3.24
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$20 19,758 1.025 0.575 0.215 0.011 0.051 0.207 0.105 3.24
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$15 19,777 1.024 0.575 0.215 0.011 0.051 0.206 0.105 3.24
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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)
----------------------------------------------------------------------------
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Bulk
Cut-Off Tonnes Cu Eq Cu Ni Co Pt Pd Au Density
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NSR $/t (000) % % % % g/t g/t g/t t/m3
----------------------------------------------------------------------------
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Falco 7
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$50 838 1.074 0.588 0.226 0.015 0.053 0.231 0.102 3.25
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$40 2,241 0.926 0.522 0.198 0.014 0.052 0.21 0.101 3.23
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$30 3,464 0.833 0.47 0.187 0.013 0.048 0.195 0.101 3.21
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$25 3,786 0.806 0.459 0.182 0.013 0.047 0.189 0.101 3.20
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$20 3,827 0.802 0.458 0.181 0.013 0.047 0.188 0.101 3.20
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$15 3,840 0.800 0.457 0.181 0.013 0.047 0.188 0.101 3.20
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Hopes Advance
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$50 6,204 1.252 0.683 0.256 0.012 0.057 0.228 0.108 3.28
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$40 9,866 1.101 0.62 0.224 0.011 0.053 0.213 0.107 3.26
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$30 11,319 1.045 0.591 0.215 0.011 0.051 0.207 0.107 3.25
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$25 11,484 1.038 0.587 0.214 0.011 0.051 0.206 0.106 3.25
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$20 11,565 1.033 0.585 0.213 0.011 0.051 0.205 0.106 3.24
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$15 11,571 1.033 0.585 0.213 0.011 0.051 0.205 0.106 3.24
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Gamma
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$50 2,774 1.414 0.755 0.288 0.013 0.058 0.237 0.107 3.31
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$40 4,192 1.219 0.662 0.252 0.012 0.056 0.228 0.107 3.27
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$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
Quebec. 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. Quebec 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
FOR FURTHER INFORMATION PLEASE CONTACT:
Nickel North Exploration Corp.
604-609-6182
www.nickelnorthexploration.com
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