December 11, 2012Pure Nickel Inc. Announces New Gold Discovery in SE Alaska, 29.1 g/t Au over 2.58 metres
TORONTO: December 11, 2012.
Pure Nickel Inc. (TSX: NIC) is pleased to announce initial assay results for the recently completed drilling program on the Company's 100% owned Salt Chuck Copper (Cu) -- Gold (Au) -- Silver (Ag) -- Palladium (Pd) property on Prince of Wales Island in south-eastern Alaska. The 2012 six-hole drilling program encountered high grade gold mineralization in a previously unidentified gold-bearing structure in the western part of the property, an area known locally as North Pole Hill. High grade intersections include 127.8 g/t Au, 57.6 g/t Ag and 2.78% Cu over 0.35 metres apparent width.
- Intersections of 29.1 g/t Au over 2.58 m and 1.2 g/t Au over 5.49 m (apparent widths)
- Associated with previously untested soil geochemical and IP anomalies on the Salt Chuck property
- IP and soil geochemical extend 1.5 km along strike to the east and west, and a second gold in soil anomaly splays southward and continues a further 1.7 km
- The anomalies extend to the limits of the surveys -- therefore the potential mineralized structure is open in all directions
- The discovery area is road accessible and only 10 km from Thorne Bay, AK
Dave McPherson, President and CEO of Pure Nickel Inc., stated "It is extremely satisfying to be able to report a new gold discovery. The styles of mineralization encountered at North Pole Hill represent exceptional targets for continued exploration."
Table 1. Summary of Assay Results for Au-Cu Style Mineralization
||Hole abandoned in overburden
||No Significant Intersections
Intervening hole numbers were not drilled; assays for one additional hole, NPH-12-01, are pending.
Interval represents apparent width; true thickness is not known at this time.
g/t = grams per tonne.
The 2012 drilling program was designed to test coincident multi-element (Au-Cu-Pd) soil geochemical and Induced Polarization (IP) anomalies identified over the Salt Chuck mafic/ultramafic intrusion. The North Pole Hill anomalies were hypothesized to reflect the presence of the same style of remobilized magmatic Cu-Au-Pd-Ag mineralization found at the historic Salt Chuck mine, located 2 km to the southeast.
The fact that significant mineralization was encountered in these drill holes supports Pure Nickel's interpretation that the geochemical and IP anomalies at North Pole Hill reflects remobilization of primary magmatic sulphides in an east-west trending structure. The anomalies extend east-west over a distance of 1.5 km to the limits of the surveys. A second soil geochemical anomaly splays off from the east-west anomaly and trends southward for 1.7 km, again to the limits of the surveys. The accompanying map shows the locations of the 2012 drill holes and mineralized intersections.
In addition to the remobilized gold-copper mineralization, broad zones of anomalous palladium concentrations were encountered at greater depths in the westernmost drill holes, including NPH-12-02 where a weighted average concentration of 234 parts per billion (ppb) Pd was intersected over 12.85 m apparent width. These anomalous Pd intersections appear to reflect primary magmatic mineralization, and they raise the possibility that remobilized Pd mineralization, such as at the Salt Chuck mine, may be associated with other structures not yet encountered in the North Pole Hill area. Anomalous Pd intersections are reported in Table 2.
Table 2. Summary of Anomalous Pd Intersections
ppb = parts per billion, 1000 ppb = 1 g/t
Drilling diameter was NQ (~60 mm). Core was transported from the drill sites to a processing facility where it was logged and sampled. The entire holes were sampled, with a standard sample size of 1.5 m, and 0.5 m to 1.0 m samples in mineralized intervals. The drill core was cut in half by diamond saw, with half placed in polyethylene sample bags. The remaining half was returned to the core boxes for storage. Alternating blanks and standards were inserted in the sample stream at a rate of two blanks and two standards per 96 unknown samples. The samples were packed in rice bags and shipped by barge and truck to Acme Labs Ltd. processing facility in Blaine, WA. Once logged into Acme's databases, the samples were forwarded to Vancouver, BC, for analysis. All samples were crushed to 80% passing -10 mesh, followed by pulverization of a 250 g split to 85% passing -200 mesh (Acme method code R200-250). Chemical analysis was by 30 g Pb-collection Fire Assay with Inductively Coupled Plasma-Emission Spectrometry (ICP-ES) finish for Pt, Pd and Au (Acme method code 3B), and by 0.25 g multi-acid digestion (Aqua Regia-HF) followed by Inductively Coupled Plasma-Mass Spectrometry (ICP-MS) analysis of a multi-element package (Acme method code 1EX).
Dr. Jon Findlay, Ph.D., P.Geo., is the designated Qualified Person (QP) for the Salt Chuck property.
About the Salt Chuck Property
The Salt Chuck Property consists of 146 contiguous federal lode mining claims located on Prince of Wales Island on the Alaskan Panhandle, and includes the former Salt Chuck mine. The island is accessed by ferry service, and direct access to the property is by well-maintained U.S. Forest Service roads and by water.
The former Salt Chuck mine, was the largest producer of palladium in the United States while it was in production from 1916 to 1941. It produced approximately 300,000 metric tonnes of ore, reported by 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 silver.
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. In 2012 the Company was active at its flagship MAN property in Alaska, which is fully funded under an option agreement with Itochu Corporation of Tokyo, Japan. 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.
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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