May 23, 2012Pure Nickel Inc. - New Copper Zone Discovered at the Tower Property
TORONTO: May 23, 2012. Pure Nickel Inc. (TSX: NIC) (the "Company") is pleased to announce that its option partner, Rockcliff Resources Inc. today announced a near surface drill discovery of a new copper zone at the Tower Property, Manitoba. Termed the T-2 Copper Zone, it is located at the very south edge of a recently identified +500m long untested DPEM geophysical anomaly.
Discovery hole (TP12-025) intersected four (4) meters grading 2.44% copper, 0.7 g/t gold, 18.2 g/t silver, 0.3% zinc starting at 161 meters down the hole including two (2) meters grading 3.3% copper, 0.8 g/t gold, 24.6g/t silver, 0.4% zinc.
The T-2 Copper Zone is hosted within a package of favourable VMS rocks where at least two copper rich horizons (T-1 Copper Deposit, T-2 Copper Zone) are now present and which correspond to two DPEM geophysical anomalies. Additional DPEM anomalies have recently been identified in the favourable VMS rock package and are presently being evaluated as additional drill targets with copper potential.
The T-2 Copper Zone lies within a pervasively altered volcanic host rock with primary, in-situ net texture sulphide mineralization consisting of pyrrhotite, chalcopyrite, pyrite and sphalerite. The copper rich intercept is coincident along the extreme south edge of an extensive north trending +500m long highly conductive DPEM geophysical anomaly. This new zone is located 200m east and north of the known T-1 Copper Deposit (Tower Deposit) where Rockcliff's previously released results have intersected high grade copper, gold, zinc and silver mineralization.
Additional assays are pending in TP12-025 where continued drilling of the hole intersected the T-1 Copper Deposit at a vertical depth of over 400m and 75m north of previously announced high grade drill results. Assay results of this intersection will be released to the public when received from the analytical laboratory.
Ken Lapierre, President and CEO of Rockcliff commented, "The discovery of the T-2 Copper Zone and nearby high grade T-1 Copper Deposit located within 300m of a major all season highway and power line is a true testament to the excellent infrastructure and exceptional copper potential of this property. The additional multiple DPEM anomalies within the favourable VMS rock package could represent additional copper rich zones of significant potential. This discovery identifies the potential of a new VMS camp emerging with our partner Pure Nickel. Drilling is planned to continue throughout the summer and will focus on the T-2 Copper Zone, the T-1 Copper Deposit and the copper potential of the nearby additional anomalies."
For additional maps of the Tower Property including the T-1 Copper Deposit, T-2 Copper Zone and additional anomalies please refer to the Rockcliff's website at: www.rockcliffresources.com
Pursuant to an exploration and option agreement with Pure Nickel Inc., to earn a 70% interest in the property, Rockcliff must pay $150,000 in incremental payments and is required to incur aggregate exploration expenditures totalling $4,000,000.
Rockcliff has recently exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. over the last two years. Both parties will now form a joint venture and Rockcliff will earn an additional 20% in the property by spending an additional $2,000,000 in exploration expenditures and paying a total of $60,000 over the next 2 years. Once completed, Rockcliff will control a 70% interest in the property. An underlying 2% NSR on the property is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
Samples of half core are packaged and shipped directly from Rockcliff's field office to TSL Laboratories (TSL), Saskatoon, Saskatchewan. TSL is a Canadian assay laboratory and is accredited under ISO/IEC 17025. Each bagged core sample is dried, crushed to 70% passing 10 mesh and a 250g pulp is pulverized to 95% passing 150 mesh for assaying. A 0.5g cut is taken from each pulp for base metal analyses and leached in a multi acid (total) digestion and then analyzed for copper, lead, zinc and silver by atomic absorption. Gold concentrations are determined by fire assay using a 30g charge followed by an atomic absorption finish. Samples greater than upper detection limit (3000 ppb) are reanalyzed using fire assay gravimetric using a 1 AT charge. Rockcliff inserted certified blanks and standards in the sample stream to ensure lab integrity.
The information in this news release has been reviewed and approved by Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc., a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101.
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 currently active on its flagship MAN property, which is fully funded under an option agreement with Itochu Corporation of Tokyo, Japan. The Company will also undertake an initial drill program on its 100% owned Salt Chuck property in the coming months, and will embark on a re-assay program at its William Lake project in the Thompson Nickel Belt once weather conditions allow. In addition, the Company is actively pursuing other, non-nickel, properties in North America and overseas.
Forward Looking Statements
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.
For further information:
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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