Murchison Minerals Ltd. Auditor Raises 'Going Concern' Doubt
Mar 5 15
Murchison Minerals Ltd. filed its Annual on Mar 05, 2015 for the period ending Dec 31, 2014. In this report its auditor, McGovern, Hurley, Cunningham, LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Murchison Minerals Ltd. Increases the Land Holdings of the HPM Nickel Copper Cobalt Joint Venture Project in Quebec
Mar 3 15
Murchison Minerals Ltd. announced it has increased the land position by staking an additional 22 claims for the HPM Nickel-Copper joint venture project located on the North Shore of Qubec where drilling completed in 2008 intersected up to 42 metres grading 1.74% Ni and 0.90% Cu.
Murchison Minerals Confirms Potential for Economic Nickel Mineralization by First Drilling Program at Karuma
Aug 25 14
Murchison Minerals Ltd. announced results of the 1,013 metre diamond drilling program completed in July on the Karuma area of the 100% owned Murchison project in central Uganda. Three of the four widely spaced drill holes intersected potentially economic grades of near surface, as well as, deeper seated nickel mineralization, while all four holes intersected sulphide mineralization. The results confirm the potential to define both Ni-sulphide type deposits as well as Ni-oxide type deposits at Karuma and support the notion that a large tonnage shallow, low grade/low strip ratio, nickel deposit(s) may be identified. Furthermore, there are five deep-seated electro-magnetic (“EM”) conductors located within the 500 ppm Ni contour of the soil anomalies that have yet to be explained by drilling. Only visibly mineralized sections have been assayed to-date in these four holes. Hole KAR-DD-001 intersected 1.0 m assaying 2.31% Ni from 127.0 m to 128.0 m down-hole, Hole KAR-DD-003 intersected 29.3 m with an average of 0.38% Ni and 0.06% Co from 0.7 m to 30.0 m down-hole; including 0.67% Ni over 9.0 m from 12.5 m to 21.5 m; and including 0.83% Ni over 3.4 m from 13.8 m to 17.2 m. Hole KAR-DD-004, spatially located approximately 1,750 m from hole KAR-DD-003, intersected 24.4 m with an average of 0.35% Ni and 0.047% Co from 0.6 m to 25.0 m, including 0.52% Ni over 10.6 m from 9.4 m to 20.0 m. All drill-core sampled was cut with a rock saw at Murchison’s field base. All mineralized samples were sent to ALS-Chemex in Johannesburg, South Africa, for preparation and analysis, by fire assay (method PGM-ICP23) for Au, Pt and Pd and by ICP fusion (ME-ICP81) for base metals and oxides. As there are very few outcrops at Karuma, all drill targeting is based on a combination of geochemistry and geophysical surveying. The four drill-holes completed by Murchison targeted six of the 15 drill-ready Moving Loop (MLEM) and Fixed Loop (FLEM) conductors identified in recently completed ground EM surveys on the 12 km long by 3 km wide Karuma magnetic structure. These conductors are all spatially related to a gravity high anomaly. Soil geochemistry has also confirmed the presence of grouped anomalous values of Ni, Cu, Cr, Co, Pt, Pd and Au that are spatially related to certain of the EM conductors, as well as several extensive zones enriched in scandium (up to 116 ppm Sc). Holes KAR-DD-003 (targeting MLEM conductor #1) and KAR-DD-004 (targeting FLEM conductor #2) are approximately 1,750 m apart and show remarkable similarity in nickel grade distribution supporting the possibility that this type of near surface mineralization extends over a large area which could host one or more large tonnage open pittable nickel deposits. Both holes were collared within a nearly 4,000 m long by 300 to 650 m wide nickel soil anomaly (500 ppm Ni contour). The mineralization intersected in the core of either KAR-DD-003 or KAR-DD-004 did not explain the strong geophysical readings, suggesting the sources of the conductors must be nearby. Plastic casing was inserted to the bottom of both holes to allow for future down-hole EM to locate and better define the conductors. Hole KAR-DD-001 targeted conductors 4, 7 and 8 and intersected 64.5 m of disseminated to stringer and massive sulphide mineralization in five zones, mostly pyrrhotite with minor chalcopyrite and pyrite. The three most extensive zones probably correlate to the target conductors though the geophysical modeling suggests the main part of the conductors was not intersected by KAR-DD-001. The thickness of massive sulphide mineralization and the nickel content in these types of deposits can vary considerably over short distances. Similarly hole KAR-DD-002 intersected 41 m of sulphide mineralization in two zones. The presence of these sulphides is a positive indicator for the adjoining EM conductor about 1,000 m to the east which is associated with a strong Ni soil anomaly with values up to 0.16% Ni.