Pure Nickel Inc. - Results for MAN Alaska Exploration Program
TORONTO, Jan. 23, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX:NIC)
announces results from its 2012 exploration program at the MAN project,
Alaska. This was the fifth season that Pure Nickel's joint venture partner,
Itochu Corporation, has funded exploration. With this year's work program of
US$4.2 million, Itochu has expended approximately US$21 million on exploration
of the property, and currently holds a 30% ownership interest. The joint
venture agreement allows Itochu to earn up to a 75% interest by incurring
US$40 million of exploration expenditures.
The work program included soil geochemical surveys (3,010 samples collected),
detailed mapping, 48 line kilometers of IP (induced polarization) geophysical
surveys and 2,233 meters of diamond core drilling. The program was designed to
identify areas of potential magmatic Ni-Cu-PGE sulphide mineralization at
surface or at shallow depths. Drilling was used to test soil geochemical
and/or IP anomalies for the presence of sulphides in bedrock.
The work identified several new sulphide occurrences on the Alpha complex,
with a number of soil geochemical and IP anomalies still to be tested. Of the
eight drill holes completed, seven targeted soil or IP anomalies, and one hole
was drilled to investigate magmatic stratigraphy. Minor amounts of magmatic
sulphide mineralization were encountered in most of the drill holes, but assay
results from these intervals were generally not significant. In hole
PNI-12-063, however, highly anomalous Ni-Cu-PGE mineralization was intersected
across a significant interval. The hole targeted partially coincident IP and
soil geochemical anomalies in the southern part of the Alpha complex, and
returned an intersection of 80.95 meters apparent width grading 35 ppb Au, 106
ppb Pt, 174 ppb Pd (315 ppb Au+Pt+Pd), 0.17% Cu and 0.25% Ni from 146.55
meters to 227.5 meters.
A limited gold prospecting program was also completed during the summer to
attempt to locate the lode source of the many placer gold occurrences in the
area. Results were encouraging, with one sample of glacially transported
material assaying 14.0 g/t Au and 4.6% Ni. The bedrock source of this sample
is unknown, but additional gold prospecting will be undertaken in 2013 in an
attempt to trace the source.
The 2012 field season demonstrated the successful application of multifaceted,
field based work programs in locating sulphide mineralization at or near
surface. Numerous geochemical and geophysical targets remain to be tested in
Jon Findlay, Ph.D., P.Geo is the designated Qualified Person for this project.
About the MAN Property
The MAN project targets Nickel (Ni) – Copper (Cu) – Platinum Group Element
(PGE) mineralization in a series of mafic-ultramafic complexes located
approximately 260 km southeast of Fairbanks, Alaska. Four such complexes are
present on the property, Alpha, Beta, Canwell and Rainy. Sulphide showings on
the property have returned extremely high metal concentrations in grab
samples, including 2.0% Ni, 1.3% Cu and 2.4 g/t Au+Pt+Pd from the East Rainy
showing, 1.39% Ni, 0.48% Cu and 4.0 g/t Au+Pt+Pd from the Bird's Beak showing,
and 6.7% Ni, 1.0% Cu and 1.5 g/t Au+Pt+Pd from the Tres Equis showing. Pure
Nickel Inc.'s work programs are currently focussed on identification of
economic deposits of disseminated to massive Ni-Cu-PGE sulphide mineralization
in the mafic-ultramafic complexes.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of
nickel, copper and platinum group element exploration projects in North
America. The Company is active on its flagship MAN property, and the Salt
Chuck property in the Alaskan panhandle, where a new gold discovery was
recently announced on December 11, 2012. In addition, the Company is actively
pursuing other, non-nickel properties in North America and overseas.
Some of the statements contained herein may be forward-looking statements
which involve known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization and resources, exploration
results, expectations, plans, and objectives of Pure Nickel are
forward-looking statements that involve various risks.The following are
important factors that could cause Pure Nickel's actual results to differ
materially from those expressed or implied by such forward-looking statements:
changes in the world wide price of mineral commodities, general market
conditions, risks inherent in mineral exploration, risks associated with
development, construction and mining operations, the uncertainty of future
exploration activities and cash flows, and the uncertainty of access to
additional capital. There can be no assurance that forward-looking statements
will prove to be accurate as actual results and future events may differ
materially from those anticipated in such statements.Pure Nickel undertakes
no obligation to update such forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is cautioned not
to place undue reliance on such forward-looking statements.
The TSX Exchange does not accept responsibility for the adequacy or accuracy
of this release.
CONTACT: CHF Investor Relations
T. (416) 868-1079 x 231
The Howard Group Investor Relations
T. (888) 221-0915
Pure Nickel Inc.
President and CEO
T. (416) 644-0066
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