Mining Explorers 2011: Pure Nickel Inc.
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Last updated 11/6/2011 at Noon
NIC: TSX
President and CEO: David McPherson
Chairman: R. David Russell
Chief Consulting Geologist: Larry Hulbert
Pure Nickel Inc., a junior with a portfolio of nickel and platinum group element projects in Canada and Alaska, is focused on exploring its Man nickel-copper-platinum group element project.
Itochu Corp., which joined the project at the end of 2008, has agreed to invest as much as US$40 million to earn up to a 75 percent stake in the 290-square-mile-, or 750-square-kilometer, Interior Alaska project.
Though drilling at Pure Nickel and Itochu's Man project continues to cut long sections of nickel mineralization, two other metals - platinum and palladium - grabbed the spotlight during the 2010 exploration season at Man.
The Japanese firm approved a US$4.8 million budget for 2011 to follow up on two platinum group element-enriched horizons encountered in the property's Alpha Complex.
Larry Hulbert, Pure Nickel's chief consulting geologist, said the geochemistry of the horizons at Alpha is comparable to the PGE-enriched layered intrusions found at the Bushveld Complex of South Africa where he worked and studied for five years while earning a PhD in geology.
The upper stratum was intersected in four of the six holes drilled in the Alpha Complex and Horizon 2 was observed in two holes drilled about 2,700 meters apart. These parallel horizons appear to run east-west along the Alpha Complex and dip to the south.
Hole 36, the last hole of the 2010 season, cut 165.9 meters averaging 253 ppb (0.253 g/t) platinum plus palladium.
Horizon 2, included in this intercept, returned assays of 318 parts per billion (0.318 g/t) platinum and palladium over 24 meters.
The disseminated sulfides, which averages 2.47 percent sulfide, was also observed in hole 28 about 2,700 meters to the west.
Though PGE mineralization has captured the explorer's attention at Man, the project's enormous land package has no shortage of precious and base metals targets to investigate.
In addition to the nickel-copper-PGE targets found throughout the claim block, the northern portion of the property has gold potential.
Pure Nickel said it has received permits for a fall or winter exploration program at its Salt Chuck property on Prince of Wales Island in Southeast Alaska. Historically, Salt Chuck Mine produced some 300,000 metric tons of ore, reported by US government summaries (1948) to average 0.95 percent copper, 1.96 grams per metric ton palladium, 1.12 g/t gold and 5.29 g/t silver. The mine was the largest producer of palladium in the USA during its era of production. The temperate climate on Prince of Wales Island is favorable for year-round drilling.
Cash and Short-term Deposits: C$2.77 million (at May 31, 2011)
Working capital: C$2.55 million (at May 31, 2011)
Market Capitalization: C$7.95 million (at Sep. 23, 2011)
95 Wellington St. West, Ste. 900
Toronto, ON, Canada M5J 2N7
Tel: 416-644-0066 Fax: 416-644-0069
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