PURE NICKEL INC. : http://www.purenickel.com/ : QwikReport

News Releases

#July 22, 2019
Pure Nickel Closes Second and Final Tranche of Private Placement of Units

 

TORONTO: July 22, 2019. Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") announces that it has completed the final tranche of a non-brokered private placement ("Financing"). Upon closing of the final tranche of the Financing, the Company issued 500,000 units ("Unit") at a price of $0.05 per Unit for gross proceeds of $25,000. Each Unit consists of one common share ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"), each Warrant entitling the holder to purchase one additional Common Share at an exercise price of $0.12 for a period of two years after closing.

All securities issued in conjunction with the Financing are subject to a statutory four month hold period from the date of issue. No commissions, broker fees or finders' fees will be paid in conjunction with the closing of the Financing. Aggregate gross proceeds from the first and second tranche closings of the Financing totaled $141,667.

Proceeds from the Financing will be used for general corporate purposes and advancement of exploration plans for the Neal Property.

A director of the Company participated in the Financing for a total of 500,000 Units. The participation by the director is deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101---Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Financing is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as the fair market value of the Units distributed to, nor the consideration received from, interested parties exceeded 25% of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the Financing as participation of insiders had not been confirmed at that time.

About Pure Nickel

Pure Nickel is a mineral exploration and development company. Since the start of 2019, the Company has made strategic steps to expand its focus to include gold and silver exploration. The addition of the Neal Project in Idaho, in partnership with Eric Sprott, provides the Company with an advanced stage gold exploration project that is expected to continue to return positive exploration results and holds the potential to be advanced to production.

For further information:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066

www.purenickel.com

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 
#July 04, 2019
Pure Nickel Announces Shares for Debt Settlement

 TORONTO: July 4, 2019. Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") announces it has agreed to settle an aggregate amount of $74,670 for services and expenses rendered to the Company (the "Debt Settlement") to be settled by the issuance of 1,493,400 common shares at a deemed issue price of $0.05 per share. The transaction is being undertaken by the Company in order to conserve working capital.

The securities issued pursuant to the Debt Settlement will be subject to a four-month hold period commencing on the date of issuance. Completion of the Debt Settlement is subject to acceptance by the TSX Venture Exchange.

About Pure Nickel

Pure Nickel is a mineral exploration and development company. Since the start of 2019, the Company has made strategic steps to expand its focus to include gold and silver exploration. The addition of the Neal Project in Idaho, in partnership with Eric Sprott, provides the Company with an advanced stage gold exploration project that is expected to continue to return positive exploration results and holds the potential to be advanced to production.

FOR FURTHER INFORMATION:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@purenickel.com
www.purenickel.com

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 
#June 17, 2019
Pure Nickel Closes Private Placement of Units

 TORONTO: June 17, 2019. Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") announces that it has completed a non-brokered private placement ("Financing") of 2,333,333 units ("Unit") at a price of $0.05 per Unit for gross proceeds of $116,667. Each Unit consists of one common share ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"), each Warrant entitling the holder to purchase one additional Common Share at an exercise price of $0.12 for a period of two years after closing. All securities issued in conjunction with the Financing are subject to a statutory four month hold period from the date of issue. No commissions, broker fees or finders' fees will be paid in conjunction with the closing of the Financing.

Proceeds from the Financing will be used for general corporate purposes and advancement of exploration plans for the Neal Property. The Company may complete one or more additional tranches of the Financing in the coming weeks.

About Pure Nickel

Pure Nickel is a mineral exploration and development company. Since the start of 2019, the Company has made strategic steps to expand its focus to include gold and silver exploration. The addition of the Neal Project in Idaho, in partnership with Eric Sprott, provides the Company with an advanced stage gold exploration project that is expected to continue to return positive exploration results and holds the potential to be advanced to production.

FOR FURTHER INFORMATION:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@purenickel.com
www.purenickel.com

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 
#May 30, 2019
Pure Nickel Files NI 43-101 Technical Report for the Neal Project

 

TORONTO: May 30, 2019.  Pure Nickel Inc. (TSXV: NIC) (the “Company” or “Pure Nickel”) announces that it has filed a Technical Report, as defined by National Instrument 43-101  Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, for the Neal Project (“Neal”).  The Company is Eric Sprott’s 51% partner in the Neal Development Limited Partnership (“Neal LP”) which holds a lease to operate Neal (see Pure Nickel press release dated April 30, 2019).  The Neal mine area, located 27 kilometers southeast of Boise, Idaho, is a high-grade vein gold project comprised of five patented and seven unpatented lode claims.

Pure Nickel President and CEO, Mr. R. David Russell, notes:  “With Pure Nickel transitioning away from the nickel business, management has chosen Neal as our first gold project for the following reasons: 1) high-grade underground gold potential, 2) non-refractory sulfide mineralization amenable to gravity and flotation, 3) private patented land base with a current mining permit, 4) easy access and logistics from nearby Boise, and 5) the availability of multiple processing options.”

The Neal Technical Report, entitled: “NI 43-101 Technical Report: Property Report for the Neal Project, Elmore County, Idaho”, was prepared by Thomas H. Chadwick, CPG, an independent Qualified Person under NI 43-101.  Mr. Chadwick has reviewed, verified and approved the technical content of this news release.

The Neal Project Technical Report may be found under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.purenickel.com.

Highlights of the NI 43-101 Technical Report include:

Project Location and Access:

  • The Neal Project is located in Elmore County, Idaho in rolling hills just east of Boise.  Access is a short 25-minute commute from the Boise Airport via paved roads for most of the way.
  • Power and water are available nearby and could be furnished to the project as needed.

Neal Land Status:

  • All historic and modern mining and exploration has been confined to five patented (private property) claims that make up the core of the Neal property.
  • An additional seven unpatented lode mining claims provide further mineral rights along trend in both directions from the patented property.  These claims are located on federal lands administered by the U.S. Forest Service.

Project History:

  • Gold mineralization at the Neal Project and elsewhere in the Neal Mining District was discovered in 1889 by Arthur Neal.  Total reported District lode gold production through 1941 has been estimated at around 30,000 ounces, with most of this production coming from the Neal Project area in the 1889-1915 time frame1.
  • The Neal Project area contains three historic underground gold mines: Hidden Treasure, Homestake and Daisy. These mines were eventually connected underground and were at peak production from 1902-1915.
  • Neal was explored in the late 1980’s for open pit, heap leach potential with a reverse circulation drilling program consisting of 208 holes totaling 47,000 feet.
  • Modern bulk sampling from an open cut in 2015-2016 produced a stockpile of mineralized material estimated to contain around 13,900 tons at 0.132 ounces per ton (oz/t) gold2. The stockpile is not part of the NIC Neal transaction and remains with Sprott Mining.

Vein & Mineralization Description:  (historic geology & mining from 1Bennett, 2001 and 3Lindgren, 1898)

  • Neal gold mineralization is hosted in north-easterly striking veins that average around N70E, and dip to the south at 60-45 degrees.  Vein widths range from 2-13 feet. 
  • Historically mined “mineralized” shoots averaged around 0.5 oz/ton gold, with reported strike lengths of 75-125 feet and 350 feet of dip development at Homestake, whereas the Hidden Treasure reported 450 feet of strike development with 165 feet of dip.

Geology and Mineralization

  • Neal area veins are hosted entirely in intrusive rocks, with the primary host a Cretaceous-aged biotite granodiorite of the Idaho Batholith.
  • Fault zones that host the veins are frequently intruded by lamprophyre dikes in the Neal area, as well as by rhyolitic dikes.  Other dike-like intrusives are also common and can be compositional and/or textural variations of the granodiorite.  The lamprophyres at Neal are sometimes minor hosts to mineralization.
  • The approximate N70E trend of the Neal vein system can be offset locally by northerly trending faults.
  • Neal veining consists of one or two primary veins, but other veins have been identified with roughly parallel strikes and dips. A total of five veins have been identified to date.
  • Veins consist of quartz-white mica-clay-pyrite alteration and mineralization and can be subtle to identify in the field. Quartz textures are indicative of higher temperature mesothermal environments, and quartz content is modest overall.  Near surface, iron oxides after pyrite are often direct indicators of gold mineralization. Other associated minerals include minor to trace amounts of galena and sphalerite.
  • No bottom to the mineralized vein system has been identified, and little exploration or mining has been conducted along strike beyond the known mining limits.

Metallurgy and Mining:

  • Historic mining records for Neal and other districts in the region indicate that gold was commonly recovered from both near surface and deeper sulfide mineralization by gravity and flotation, although some cyanidization was used in the early 1900’s. 
  • Several modern studies have been conducted on mixed oxide-sulfide material at Neal that suggest strong gold recoveries of up to 90% can be achieved using a mill with a combined gravity and flotation circuit.  Neal sulfide material does not appear to be refractory.

Exploration Plan:

  • NIC plans to explore the Property for higher grade strike extensions of the Neal veins and to determine deeper down-dip potential in, and around, the known mines. 
  • The Technical Report recommends a drill-oriented exploration program for the 2019-2020 field seasons of approximately US$ 1 million.  This program proposes a dual reverse circulation and diamond (core) drilling approach to locate and confirm vein targets at Neal.

About the Neal LP and Sprott Mining Partnership
On April 29, 2019 Pure Nickel signed an Agreement (“Agreement”) with 2176423 Ontario Ltd., a company controlled by Eric Sprott (“Sprott”) to acquire an operating and controlling interest in the Neal LP.  Under terms of the Agreement, the Company acquired 51% of the Neal LP from Sprott in consideration of the issuance to Sprott of 10,221,732 shares of the Company.  The closing of the transaction was announced May 13, 2019 and Sprott now holds 13% of the currently issued and outstanding shares of the Company.  In addition, the Company has an earn-in option to acquire an additional 27% of the Neal LP, along with seven unpatented mining claims by raising between US$ 1-1.5 million for an exploration drilling program.  Upon completion of this future financing, Pure Nickel has the option to pay Sprott US $84,706 to exercise its option to acquire the remaining 27%.  Upon completion of this earn-in option, Pure Nickel will own 78% of Neal LP, Sprott will retain 20% and a separate party will continue to hold the remaining 2%.  The transaction is more fully outlined in the Company’s press release dated April 30, 2019.

About the Neal Project
The Neal Project is a high-grade gold-dominant vein system with at least five veins known to date. It is located near Boise, Idaho and has excellent access via 20 kilometers of improved gravel and dirt roads from Interstate-84.  The Project consists of five private patented mining claims covering approximately 22.4 hectares (55.38 acres) and another seven unpatented lode claims covering about 52.6 hectares (130 acres) located on U.S. Forest Service administered public lands.

References
1Bennett, Earl H., 2001.  The Geology and Mineral Deposits of Part of the Western Half of the Hailey 1o x 2 o Quadrangle, Idaho, USGS Bulletin 2064-W, prepared with Idaho Geological Survey, Idaho State University and the University of Idaho: with a section on the Neal Mining District by Thor H. Kiilsgaard and Earl H. Bennet (pp 24-29).

2Russell, R. D., 2017-2018.  Neal Average Assay for Stockpile (A to H), Atlanta Gold internal spreadsheet and supporting lab work of Neal stockpile material, 2017.

3Lindgren, Waldemar, 1898.  The Mining Districts of the Idaho Basin and the Boise Ridge, Idaho; Department of the Interior, US Geological Society; Extract from the 18th Annual Report of the Survey 1896-1897, Part III, Economic Geology; Washington, Government Print Office (pp 609-703).

About Pure Nickel
Pure Nickel is a mineral exploration and development company. With the acquisition of a controlling and operating interest in the Neal Project in Idaho, the Company has made the first key strategic step to expand its focus from nickel to include gold and silver exploration and development.

The technical information contained in this news release has been reviewed and approved by Thomas H. Chadwick, BSc., CPG, a Qualified Person under National Instrument 43-101 Disclosure Standards for Mineral Projects.

For further information:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066

www.purenickel.com

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 
#May 13, 2019
Pure Nickel Closes Transaction - Becomes Eric Sprott's 51% Partner On The Neal Project

 TORONTO: May 13, 2019. Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel") is pleased to announce that it has closed the previously announced transaction with a company controlled by Eric Sprott ("Sprott Mining") to become the 51% operating and controlling partner in the Neal Development Limited Partnership ("Neal LP") which holds a lease to operate the Neal Project (see Pure Nickel press release dated April 30, 2019). Pursuant to terms of the Agreement ("Agreement") the Company issued to Sprott Mining 10,221,732 shares of Pure Nickel making Sprott Mining a significant strategic shareholder with 13% of the issued and outstanding shares of the Company.

Pure Nickel's President and CEO, R. David Russell, commented, "It has been a pleasure working with the Sprott Mining team to come to terms on the Agreement and close this transaction so quickly. We are looking forward to getting on the ground and driving value for our shareholders and our new partner."

About the Neal LP and Sprott Mining Partnership

On April 29, 2019 Pure Nickel signed an Agreement to acquire an operating and controlling interest in the Neal LP (completed). In addition, the Company has an earn-in option to acquire an additional 27% of the Neal LP, and seven unpatented mining claims by raising between US$1-1.5 million for an exploration drilling program. Upon completion of this future financing, Pure Nickel has the option to pay Sprott Mining $84,706 to exercise its option to acquire the remaining 27% of the Neal LP. Upon completion of this earn-in option, Pure Nickel will own 78% of Neal LP, Sprott Mining will retain 20% and a separate party will continue to hold the remaining 2%. Terms of the Agreement are more fully outlined in the Company's press release dated April 30, 2019.

About the Neal Project

The Neal Project is a high-grade gold-dominant discrete vein system with at least five veins known to date. It is located near Boise, Idaho and has excellent access via 20 kilometers of improved gravel and dirt roads from Interstate-84. The Neal Project consists of five private patented mining claims covering approximately 22.4 hectares (55.38 acres) and another seven unpatented lode claims covering about 52.6 hectares (130 acres) located on Forest Service administered public lands. The Company has commenced work on generating a National Instrument 43-101 -- Standards of Disclosure for Mineral Projects ("NI 43-101") Technical Report for the Neal Project, expecting it to be completed and filed within the next few weeks.

About Pure Nickel Inc.

Pure Nickel is a mineral exploration and development company. With the acquisition of a controlling and operating interest in the Neal Project in Idaho, the Company has made the first key strategic step to expand its focus from nickel to include gold and silver exploration and development.

The technical information contained in this news release has been reviewed and approved by Thomas H. Chadwick, BSc., CPG, a Qualified Person under National Instrument 43-101 Disclosure Standards for Mineral Projects.

For further information:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@purenickel.com
www.purenickel.com

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 

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This page was created on Sun Dec 15, 2019 at 7:32:32 PM Pacific Time.