Vancouver, British Columbia - January 28, 2019 (Newsfile Corp.) (Investorideas.com Newswire) North American Nickel Inc. (TSXV: NAN) (OTCBB: WSCRF) (CUSIP: 65704T 108) (the "Company") is pleased to report the results of a detailed geological, geochemical, and geophysical investigation to test the P-058 sulphide zone and the keel zone of the large Fossilik intrusion located centrally on the Company's 100% owned Maniitsoq nickel-copper-cobalt-PGM sulphide project in southwest Greenland.
The melanorite keel area is interpreted to be the primary source of high grade mineralization previously identified in the P-058, P-059, and P-004 zones at the SW margin of the intrusion. The work was designed to establish whether the keel structure of the Fossilik intrusion has the potential to host a deposit that would surpass an economic hurdle for additional exploration and potential future development.
The 2018 exploration program at Fossilik integrated results from historic exploration that established a strong empirical relationship between the highest grades and tenors of magmatic sulphide mineralization and the distribution of high magnesium oxide (MgO) norite rocks, termed melanorites. Geochemical and geophysical data point to the importance of dense melanoritic bodies with elevated levels of MgO and chromium (Cr) as the principal repository of known magmatic sulphide mineralization. Moreover, the high conductive signature of mineralization comprising heavy disseminated, breccia, and massive sulphides makes this type of mineralization an exceptionally good target for deep-penetrating surface electromagnetic surveys (EM).
Surface and drill core sampling completed in 2018 indicate that the base of the primary intrusion is located towards the southwest in an area of melanorites that are developed within the Fossilik intrusion inbound of the known mineral zones. The 2018 program of surface profile EM surveying, diamond drilling, and borehole electromagnetic (BHEM) survey work was designed to test the keel structure of the Fossilik intrusion and provide a new understanding of the potential of this structure to host highly conductive massive and disseminated sulphide mineralization that represent the possible source of the known mineral zones.
Based on the results of the 2018 program and previous data, a detailed 3D model of this geological environment was constructed (figure 1). North American Nickel is convinced the Fossilik magma achieved the conditions required for sulphide saturation, however, the location and configuration of economically important concentrations of primary and remobilized sulphide mineralization remains unconstrained at this time. Drilling to date has yet to define the outermost halo of a cohesive magmatic sulphide body interpreted to represent the source of the multiple shallow high grade nickel sulphide zones occurring at Fossilik. Figures may be viewed using the link provided at the end of this release.
NAN CEO, Keith Morrison, commented: "Our global understanding of sulphide mineralization associated with intrusions like Fossilik has provided the framework for the 2018 exploration program. The results of this work has established that the most prospective stratigraphy of the intrusion is located towards the southwestern corner where most of the known near-surface mineralization is situated. There is no doubt that this geological environment is prospective, but surface EM, drilling, and detailed geochemical studies confine the source of this mineralization to depth. The next steps at Fossilik will be the review of our economic model to determine a minimum deposit size and maximum depth, before justifying additional drilling."
Three holes totaling 2,626.7m were designed and drilled following the surface melanorite mapping and deep penetrating EM program on Fossilik. These three holes (MQ-18-161, 173 and 184) were strategically positioned within the south western area of the intrusion.
The fourth drill hole MQ-18-158, was designed to test the margin of the main Fossilik Intrusion adjacent to the P-058 mineral zone (see News Release dated November 23, 2017). This area represented the possible link to the source of the remobilized sulphides with high Ni tenor that occur at P-058.
Further details of the drilling completed at P-058 are given below.
Hole MQ-18-158 was drilled to a depth of 797m but did not intercept any significant mineralization. However, the follow up BHEM survey indicated that the P-058 zone continues further at depth along its known mineralized trend identified in 2017. The overall footprint of the P-058 mineralization is now interpreted to extend from surface to a depth of 695m based on BHEM results and remains open at depth (figure 2).
The surface mapping and geochemistry coupled with the three holes (MQ-18-161, 173 and 184) drilled into the south western part of the Fossilik intrusion now confirms, that, the most prospective keel portion remains unconstrained at depth as it lies below the bottom of drill hole MQ-18-173. Although, the 2018 work program did not identify significant mineralization in the keel structure of the intrusion, the potential for a discovery at depth remains open, and the data continues to help vector towards mineral zones at the boundary of the intrusion and within the adjacent gneiss units.
"Technical Information; Qualified Person"
The Company is not aware of any legal, political, environmental or other risks that could materially affect the potential development of the project other than those set out in its annual information form filed on www.sedar.com. Please see below under the heading "Cautionary Note Regarding Forward-looking Statements" for further details regarding risks facing the Company.
All technical information in this release has been reviewed and approved by Peter C. Lightfoot, Ph.D., P.Geo. (Consulting Chief Geologist), who is the Qualified Person for the Company.
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 permitted exploration project comprising 2,985 square km covering numerous high-grade nickel-copper + cobalt 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 accessible from the existing Seqi deep water port with an all year-round shipping season and hydroelectric power potential from a quantified watershed.
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 success of exploration activities; impact of mineralogy, estimation of mineral resources at mineral projects of the Company; 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 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. For further information on the project, please see National Instrument 43-101 (NI 43-101) technical report prepared by SRK Consulting (Canada) Inc. (SRK) dated effective March 17th, 2017, titled "Updated Independent Technical Report for the Maniitsoq Nickel-Copper-Cobalt-PGM Project, Greenland", available under the Company's profile at www.sedar.com or at www.northamericannickel.com.
ON BEHALF OF THE BOARD OF DIRECTORS
North American Nickel Inc.
For more information contact:
North American Nickel Inc.
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