2022-10-25 18:07 ET – News Release
Mr. Tony Guo reports
NICKEL NORTH CONFIRMS HIGH-GRADE NI-CU SULFIDE MINERALIZATION UP TO 400M LONG AT GAMMA ZONE AND GRANTS STOCK OPTIONS
Nickel North Exploration Corp.’s 2022 rock sampling and backpack drilling program has confirmed the high-grade nickel-copper sulphide mineralization at the Gamma zone of the Hawk Ridge project in Northern Quebec.
The Gamma zone occurs in the central part of the Hawk Ridge project and is one of five predefined high-grade massive sulphide mineralization zones. On surface, the mineralized horizon can be followed for greater than 1,000 metres along strike and expands in width from 30 metres. Historical drilling has found a high-grade massive nickel-copper-platinum-group-element sulphide body at the southern part of the Gamma zone (see the attached table). Up to 7.01 metres of mineralized intersection averaging 2.11 per cent nickel, 2.73 per cent copper, 0.07 per cent cobalt, 0.50 gram per tonne palladium and 0.12 gram per tonne platinum were reported at hole HR=2014-50 in 2014. These intersections are believed to be near true thicknesses. There has been no follow-up drilling since 2014.
Surface outcrop rock samples and shallow backpack drilling holes were completed in September of 2022. The surface outcrop rock samples reported up to 1.65 per cent Ni, 4.11 per cent Cu and 526 parts per million Co, tested with a portable XRF analyzer. Two two-metre backpack drilling holes from GABH-22-01 and GABH-22-02 returned 1.05 per cent Ni, 2.00 per cent Cu and 0.38 per cent Ni, and 0.93 per cent Cu, respectively, tested with a portable XRF analyzer. These results confirm the high-grade, up-to-400-metre-long Ni and Cu sulphide body.
The strong Ni and Cu in soil anomalies tested with a portable XRF analyzer also reported in this high-grade massive sulphide mineralization area in the south section of the Gamma zone.
Tony Guo, president and chief executive officer of the company, commented: “The 2022 summer program confirms the exploration model that the high-grade sulphide body was lens-like in form, and raking down the flank of the Gamma zone horizon would produce drill holes that would overshoot or undershoot the body. The example of this model is there was no high-grade massive sulphide body at hole HR-2013-41. However, the high-grade massive sulphide body on the surface is there, indicated by sample S786356. Nickel North is now setting out to drill/test the scope and scale of these multiple high-grade Raglan type Ni-Cu sulphide targets such as Gamma zone in the summer and fall of 2023 while continuing to advance the other targets on its approximately 179-square-kilometre, 50-kilometre-long, 100-per-cent-owned property in Northern Quebec.”
Stock option grant
The company announces it has granted 5.6 million incentive stock options to certain of its directors, officers, consultants and an investor relations service provider, pursuant to the terms of the company’s stock option plan and subject to the approval of the TSX Venture Exchange. Each option will allow the holder to purchase one common share of the company at an exercise price of six cents per share for a period of two years. The options are subject to a one-year vesting period with 25 per cent of the options vesting three months following the date of the grant and 25 per cent vesting every three months thereafter. The company has 10,043,550 common shares available for issuance under its stock option plan.
Quality assurance/quality control, sampling and analytical procedures
Soil samples were analyzed with a PXRF (portable X-ray fluorescence) for nickel, copper, arsenic, zinc, lead and iron, prior to being sent to the assay lab.
Rock samples were taken by certificated geologists either on the mineralization zones or based on the lithology types over five defined mineralization zones at the Hawk Ridge project. A total of 110 rocks samples have been collected.
Rock samples were analyzed with a PXRF (portable X-ray fluorescence) for Ni, Cu, As, Zn, Pb and Fe by a certified geologist in the field. Fifty-four of 110 rock samples have been shipped to Bureau Veritas in Vancouver, B.C., for further assaying.
Six QA/QC samples including four standards from OREAS and two SiO2 blanks from Olympus have been tested as references.
The Shaw Tool backpack tool was used to sample 41-millimetre-diameter near-surface core samples by a qualified geologist in the field.
The technical information in this news release has been reviewed and approved by Tony Guo, PGeo, Nickel North’s president and chief executive officer, who is a qualified person as defined by National Instrument 43-101.
John Guo, a PGeo registered in the province of Quebec, an independent geologist consultant from Eco-Goldex Inc. and a qualified person as defined by National Instrument 43-101, participated and supervised the fieldwork program, reviewed the scientific and technical information, and verified the data supporting such scientific and technical information contained in this news release.
About Nickel North Exploration Corp.
Nickel North is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE mineral resource at its Hawk Ridge project in Northern Quebec. The board of directors, advisory committee and management team are experienced, successful mine finders. The property consists of a 50-kilometre-long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 179.67 square kilometres. The project is located near tidewater. Quebec is a mining-friendly jurisdiction. Nickel North is a conscientious corporate citizen, maintains good relations with local Inuit communities and is committed to sustainable development.
Nickel North has been identified as a key player in the critical and strategic mineral value chain by Quebec’s Ministry of Economics and Innovation (MEI) in 2021 (Quebec plan for the development of critical and strategic minerals 2020-2025), which is part of Quebec’s plan for the development of critical and strategic metals (QPDCSM) and aims to stimulate the exploration and mining of SCMs, their transformation and recycling.