Pure Nickel Inc. Announces New Gold Discovery in SE ... - Kitco
Pure Nickel Inc. Announces New Gold Discovery in SE ... - Kitco
Pure Nickel Inc. Announces New Gold Discovery in SE ... - Kitco
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FOR RELEA<strong>SE</strong> December 11, 2012<br />
<strong>Pure</strong> <strong>Nickel</strong> <strong>Inc</strong>. <strong>Announces</strong> <strong>New</strong> <strong>Gold</strong> <strong>Discovery</strong> <strong>in</strong> <strong>SE</strong> Alaska, 29.1 g/t Au over<br />
2.58 metres<br />
TORONTO: December 11, 2012. <strong>Pure</strong> <strong>Nickel</strong> <strong>Inc</strong>. (TSX: NIC) is pleased to announce <strong>in</strong>itial assay results<br />
for the recently completed drill<strong>in</strong>g program on the Company’s 100% owned Salt Chuck Copper (Cu) –<br />
<strong>Gold</strong> (Au) – Silver (Ag) – Palladium (Pd) property on Pr<strong>in</strong>ce of Wales Island <strong>in</strong> south-eastern Alaska. The<br />
2012 six-hole drill<strong>in</strong>g program encountered high grade gold m<strong>in</strong>eralization <strong>in</strong> a previously unidentified<br />
gold-bear<strong>in</strong>g structure <strong>in</strong> the western part of the property, an area known locally as North Pole Hill. High<br />
grade <strong>in</strong>tersections <strong>in</strong>clude 127.8 g/t Au, 57.6 g/t Ag and 2.78% Cu over 0.35 metres apparent width.<br />
Highlights:<br />
� Intersections of 29.1 g/t Au over 2.58 m and 1.2 g/t Au over 5.49 m (apparent widths)<br />
� Associated with previously untested soil geochemical and IP anomalies on the Salt Chuck<br />
property<br />
� IP and soil geochemical extend 1.5 km along strike to the east and west, and a second gold <strong>in</strong><br />
soil anomaly splays southward and cont<strong>in</strong>ues a further 1.7 km<br />
� The anomalies extend to the limits of the surveys – therefore the potential m<strong>in</strong>eralized structure<br />
is open <strong>in</strong> all directions<br />
� The discovery area is road accessible and only 10 km from Thorne Bay, AK<br />
Dave McPherson, President and CEO of <strong>Pure</strong> <strong>Nickel</strong> <strong>Inc</strong>., stated “It is extremely satisfy<strong>in</strong>g to be able to<br />
report a new gold discovery. The styles of m<strong>in</strong>eralization encountered at North Pole Hill represent<br />
exceptional targets for cont<strong>in</strong>ued exploration.”<br />
Table 1. Summary of Assay Results for Au-Cu Style M<strong>in</strong>eralization<br />
Drill Hole 1 From (m) To (m) Interval 2 Au (g/t) 3 Ag (g/t) 3 Cu (%)<br />
NPH-12-08 Hole abandoned <strong>in</strong> overburden<br />
NPH-12-09 191.72 197.21 5.49 1.2 0.3 -<br />
<strong>in</strong>clud<strong>in</strong>g 193.55 194.46 0.91 4.0 0.6 -<br />
NPH-12-06 No Significant Intersections<br />
NPH-12-04 58.00 60.58 2.58 29.1 14.1 0.79<br />
<strong>in</strong>clud<strong>in</strong>g 60.23 60.58 0.35 127.8 57.6 2.78<br />
NPH-12-02 259.35 260.15 0.80 0.6 2.1 0.75<br />
and 404.85 405.25 0.40 0.1 0.6 1.10<br />
1 Interven<strong>in</strong>g hole numbers were not drilled; assays for one additional hole, NPH-12-01, are pend<strong>in</strong>g.<br />
2 Interval represents apparent width; true thickness is not known at this time.<br />
3 g/t = grams per tonne.<br />
The 2012 drill<strong>in</strong>g program was designed to test co<strong>in</strong>cident multi-element (Au-Cu-Pd) soil geochemical<br />
and Induced Polarization (IP) anomalies identified over the Salt Chuck mafic/ultramafic <strong>in</strong>trusion. The
North Pole Hill anomalies were hypothesized to reflect the presence of the same style of remobilized<br />
magmatic Cu-Au-Pd-Ag m<strong>in</strong>eralization found at the historic Salt Chuck m<strong>in</strong>e, located 2 km to the<br />
southeast.<br />
The fact that significant m<strong>in</strong>eralization was encountered <strong>in</strong> these drill holes supports <strong>Pure</strong> <strong>Nickel</strong>’s<br />
<strong>in</strong>terpretation that the geochemical and IP anomalies at North Pole Hill reflects remobilization of<br />
primary magmatic sulphides <strong>in</strong> an east-west trend<strong>in</strong>g structure. The anomalies extend east-west over a<br />
distance of 1.5 km to the limits of the surveys. A second soil geochemical anomaly splays off from the<br />
east-west anomaly and trends southward for 1.7 km, aga<strong>in</strong> to the limits of the surveys. The<br />
accompany<strong>in</strong>g map shows the locations of the 2012 drill holes and m<strong>in</strong>eralized <strong>in</strong>tersections.<br />
In addition to the remobilized gold-copper m<strong>in</strong>eralization, broad zones of anomalous palladium<br />
concentrations were encountered at greater depths <strong>in</strong> the westernmost drill holes, <strong>in</strong>clud<strong>in</strong>g NPH-12-02<br />
where a weighted average concentration of 234 parts per billion (ppb) Pd was <strong>in</strong>tersected over 12.85 m<br />
apparent width. These anomalous Pd <strong>in</strong>tersections appear to reflect primary magmatic m<strong>in</strong>eralization,<br />
and they raise the possibility that remobilized Pd m<strong>in</strong>eralization, such as at the Salt Chuck m<strong>in</strong>e, may be<br />
associated with other structures not yet encountered <strong>in</strong> the North Pole Hill area. Anomalous Pd<br />
<strong>in</strong>tersections are reported <strong>in</strong> Table 2.<br />
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Table 2. Summary of Anomalous Pd Intersections<br />
Drill Hole From (m) To (m) Interval (m) Au (ppb) 1 Pt (ppb) 1 Pd (ppb) 1<br />
NPH-12-04 105.00 148.50 43.50 18 9 94<br />
NPH-12-02 230.90 281.00 50.10 98 8 138<br />
<strong>in</strong>clud<strong>in</strong>g 230.90 243.75 12.85 11 9 234<br />
1 ppb = parts per billion, 1000 ppb = 1 g/t<br />
Sample Procedures<br />
Drill<strong>in</strong>g diameter was NQ (~60 mm). Core was transported from the drill sites to a process<strong>in</strong>g facility<br />
where it was logged and sampled. The entire holes were sampled, with a standard sample size of 1.5 m,<br />
and 0.5 m to 1.0 m samples <strong>in</strong> m<strong>in</strong>eralized <strong>in</strong>tervals. The drill core was cut <strong>in</strong> half by diamond saw, with<br />
half placed <strong>in</strong> polyethylene sample bags. The rema<strong>in</strong><strong>in</strong>g half was returned to the core boxes for storage.<br />
Alternat<strong>in</strong>g blanks and standards were <strong>in</strong>serted <strong>in</strong> the sample stream at a rate of two blanks and two<br />
standards per 96 unknown samples. The samples were packed <strong>in</strong> rice bags and shipped by barge and<br />
truck to Acme Labs Ltd. process<strong>in</strong>g facility <strong>in</strong> Bla<strong>in</strong>e, WA. Once logged <strong>in</strong>to Acme’s databases, the<br />
samples were forwarded to Vancouver, BC, for analysis. All samples were crushed to 80% pass<strong>in</strong>g -10<br />
mesh, followed by pulverization of a 250 g split to 85% pass<strong>in</strong>g -200 mesh (Acme method code R200-<br />
250). Chemical analysis was by 30 g Pb-collection Fire Assay with Inductively Coupled Plasma-Emission<br />
Spectrometry (ICP-ES) f<strong>in</strong>ish for Pt, Pd and Au (Acme method code 3B), and by 0.25 g multi-acid<br />
digestion (Aqua Regia-HF) followed by Inductively Coupled Plasma-Mass Spectrometry (ICP-MS) analysis<br />
of a multi-element package (Acme method code 1EX).<br />
Dr. Jon F<strong>in</strong>dlay, Ph.D., P.Geo., is the designated Qualified Person (QP) for the Salt Chuck property.<br />
About the Salt Chuck Property<br />
The Salt Chuck Property consists of 146 contiguous federal lode m<strong>in</strong><strong>in</strong>g claims located on Pr<strong>in</strong>ce of<br />
Wales Island on the Alaskan Panhandle, and <strong>in</strong>cludes the former Salt Chuck m<strong>in</strong>e. The island is accessed<br />
by ferry service, and direct access to the property is by well-ma<strong>in</strong>ta<strong>in</strong>ed U.S. Forest Service roads and by<br />
water.<br />
The former Salt Chuck m<strong>in</strong>e, was the largest producer of palladium <strong>in</strong> the United States while it was <strong>in</strong><br />
production from 1916 to 1941. It produced approximately 300,000 metric tonnes of ore, reported by<br />
U.S. government summaries (1948) to be 0.95 % copper, 1.96 g/t palladium, 1.12 g/t gold and 5.29 g/t<br />
silver.<br />
About <strong>Pure</strong> <strong>Nickel</strong> <strong>Inc</strong>.<br />
<strong>Pure</strong> <strong>Nickel</strong> is a m<strong>in</strong>eral exploration company with a diverse collection of nickel, copper and plat<strong>in</strong>um<br />
group element exploration projects <strong>in</strong> North America. In 2012 the Company was active at its flagship<br />
MAN property <strong>in</strong> Alaska, which is fully funded under an option agreement with Itochu Corporation of<br />
Tokyo, Japan. In addition, the Company is actively pursu<strong>in</strong>g other, non-nickel properties <strong>in</strong> North<br />
America and overseas.<br />
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Forward-Look<strong>in</strong>g Statements<br />
Some of the statements conta<strong>in</strong>ed here<strong>in</strong> may be forward-look<strong>in</strong>g statements which <strong>in</strong>volve known and<br />
unknown risks and uncerta<strong>in</strong>ties. Without limitation, statements regard<strong>in</strong>g potential m<strong>in</strong>eralization and<br />
resources, exploration results, expectations, plans, and objectives of <strong>Pure</strong> <strong>Nickel</strong> are forward-look<strong>in</strong>g<br />
statements that <strong>in</strong>volve various risks. The follow<strong>in</strong>g are important factors that could cause <strong>Pure</strong> <strong>Nickel</strong>’s<br />
actual results to differ materially from those expressed or implied by such forward-look<strong>in</strong>g statements:<br />
changes <strong>in</strong> the world wide price of m<strong>in</strong>eral commodities, general market conditions, risks <strong>in</strong>herent <strong>in</strong><br />
m<strong>in</strong>eral exploration, risks associated with development, construction and m<strong>in</strong><strong>in</strong>g operations, the<br />
uncerta<strong>in</strong>ty of future exploration activities and cash flows, and the uncerta<strong>in</strong>ty of access to additional<br />
capital. There can be no assurance that forward-look<strong>in</strong>g statements will prove to be accurate as actual<br />
results and future events may differ materially from those anticipated <strong>in</strong> such statements. <strong>Pure</strong> <strong>Nickel</strong><br />
undertakes no obligation to update such forward-look<strong>in</strong>g statements if circumstances or management's<br />
estimates or op<strong>in</strong>ions should change. The reader is cautioned not to place undue reliance on such<br />
forward-look<strong>in</strong>g statements.<br />
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.<br />
For further <strong>in</strong>formation:<br />
CHF Investor Relations The Howard Group Investor Relations<br />
Cathy Hume Jeff Walker<br />
T. (416) 868-1079 x 231 T. (888) 221-0915<br />
Email: cathy@chfir.com Email: <strong>in</strong>fo@howardgroup<strong>in</strong>c.com<br />
Website: www.chfir.com Website: www.howardgroup<strong>in</strong>c.com<br />
<strong>Pure</strong> <strong>Nickel</strong> <strong>Inc</strong>.<br />
David McPherson<br />
President and CEO<br />
T. (416) 644-0066<br />
Email: <strong>in</strong>fo@purenickel.com<br />
Website: www.purenickel.com<br />
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