North American Nickel Inc is pleased to announce that, as per its October 2, 2019 press release, it has entered into an agreement to earn a 100% undivided interest in the Loveland Nickel property located 30km northwest of Timmins, Ontario. The transaction has been approved by the TSX Venture Exchange.
The Loveland Nickel Property is underlain by a mineralized differentiated mafic-ultramafic complex that is host to the historic Enid Creek showing. Recent analyses of a historic drill sample by the Ministry of Northern Development and Mines in Ontario returned 2.13% Ni, 0.19% Cu, 2.06ppm Pd. A VTEMMAX survey completed in 2017 identified several new and untested conductors. One of the targets extends for 950 m in strike length, and is located to the southeast along strike from the known mineralization. The exploration target is high grade mineralization located in a depression or embayment structure at the base of the intrusion.
NAN CEO, Keith Morrison, commented: “We are pleased to include the Loveland Nickel property to our growing portfolio of prospective nickel-copper-cobalt assets. Recent state of the art geophysics on Loveland has identified new and untested targets along strike from an historic Ni-Cu deposit making this a prospective exploration opportunity.”
Under the earn-in Agreement, NAN can earn 100% interest in Loveland in exchange for certain cash or common share payments totalling CAD$1,525,000 and by making expenditures on the property aggregating CAD$4,500,000 within five (5) years of the effective date of the earn-in agreement. An initial payment of $25,000 and the issuance of an aggregate of 300,000 common shares of the Company has been completed pursuant to the earn-in agreement.
The Company is planning a diamond drill program with supporting borehole geophysics that is scheduled to commence in early February.
Engagement and ongoing dialogue with the local First Nation groups is intended to occur as the scope of work is formalized.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada.
The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland accessible from the existing Seqi deep water port with an all year-round shipping season and hydroelectric power potential from a quantified watershed.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-platinum group metal deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
The Company recently acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties are part of the company’s strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.