Maniitsoq Exploration Program Update
VANCOUVER, British Columbia, Aug. 30, 2017 (GLOBE NEWSWIRE) -- North American Nickel Inc. (TSX VENTURE:NAN) (OTCBB:WSCRF) (CUSIP:65704T 108) (the "Company") is pleased to provide an update on the 2017 exploration program underway at the Company's 100% owned Maniitsoq nickel-copper-cobalt-PGM project in Southwest Greenland.
The Company is implementing the third year of a three-year strategy to advance the Maniitsoq Project. The exploration program is focussed on step-out drilling at the Imiak Hill Complex, Fossilik and P-013SE (Figure 1) and also includes borehole electromagnetic surveys, surface Induced Polarization geophysical surveys, mapping, structural geological studies and 3D modeling.
Step-out drilling has been completed at the P-013 SE target and is on-going at the Imiak Hill Complex (IHC) and Fossilik area. A total of 5,378 metres in fifteen holes and one hole extension have been completed to August 25th out of the total 11,000 metre planned program. Drilling productivity has been lower than expected. As a result, the Company has recently mobilized an additional drill rig to site and has extended the drilling program by two weeks to late September in order to achieve as many meters as possible. The Company is currently forecasting completion of approximately 9,000 to 9,500 metres of drilling.
New to the program in 2017 is the use of an in-country sample preparation laboratory based in the capital of Nuuk. The Company is pleased to report that the laboratory, run by GeoLAB Greenland ApS, is now in commercial operation and that the first batch of sample pulps is being prepared for shipment to the MS Analytical laboratory in Langely, BC. The Company anticipates that the use of the in-country preparation laboratory will ultimately allow for quicker overall reporting of assay results once the initial back log of samples is cleared. Receipt of first assay results are expected in mid to late September and will be reported as received.
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 project comprising 2,985 square km covering numerous high-grade nickel-copper 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 (See NAN News Release dated January 19, 2015) with an all year round shipping season and abundant hydro-electric potential.
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 24th, 2016, titled “Independent Technical Report for the Maniitsoq Nickel-Copper-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
Mark Fedikow
President
North American Nickel Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 1: http://www.globenewswire.com/NewsRoom/AttachmentNg/6b0be2a1-e1d9-496d-9b4d-7440357275c7
For more information contact:
North American Nickel Inc.
Jaclyn Ruptash
Corporate Communications
(604) 770-4334
Toll free: 1-866-816-0118