Mining Explorers 2012: Pure Nickel Inc.
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Last updated 11/11/2012 at Noon
TSX: NIC
President and CEO: David McPherson
Chairman: R. David Russell
Chief Geologist: Jon Findlay
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, can earn a 75 percent interest in Man by spending US$40 million on the Interior Alaska project by the end of 2013 - so far the company has spent US$17 million and earned a 30 percent stake in the project.
Itochu budgeted US$4.9 million for exploration at Man in 2012.
While Man continues to be prospective for a large nickel discovery, two other metals - platinum and palladium - are the current exploration focus.
Four ultramafic complexes - Alpha, Beta, Canwell and Rainy - are found across the 290-square-mile- (750 square kilometers) Man property.
Itochu funded a US$4.1 million exploration program focused primarily on the Alpha complex in 2011.
A total of 2,580 meters in 11 holes was completed, along with 151 line-kilometers of ground magnetometer surveys and 6.9 kilometers of ground electromagnetic surveys during the 2011 program.
PNI-036, he last hole of the 2010 season, cut 165.9 meters averaging 253 parts-per-billion (0.253 grams per metric ton) platinum + palladium, including 318 ppb (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.
Three holes targeting Alpha in 2011 did not cut economic PGE concentrations.
Hole ER-11-02, drilled at the East Rainy complex, however, did encounter disseminated sulfides at several depths, with anomalous PGE values of up to 650 ppb over 2.52 meters.
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.
PNI-058, drilled at Rainey in 2011, cut 0.91 meters averaging 0.21 percent copper and 0.65 percent nickel.
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 the 2011 work was valuable in developing new models for mineralization at Man and several key target areas have been identified for follow-up work.
In August, Pure Nickel began a 2,000-meter drill program at its Salt Chuck property on Prince of Wales Island in Southeast Alaska. The historical Salt Chuck Mine produced some 300,000 metric tons of ore, reported by U.S. government summaries (1948) to average 0.95 percent copper, 1.96 g/t 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$2.58 million (at May 31, 2012)
Working capital: C$4.66 million (at May 31, 2012)
Market capitalizations: C$5.09 million (at Aug. 23, 2012)
Ste. 900 - 95 Wellington St. West
Toronto, Ont. Canada M5J 2N7
Tel: 416-644-0066 Fax: 416-644-0069
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