TORONTO, Aug. 28, 2012 /CNW/ - Pure Nickel Inc. (TSX: NIC) (the "Company") today reported that deep drilling on the T-1 Copper Deposit by its option partner, Rockcliff Resources Inc. (TSXV: RCR), has successfully expanded the known dimensions of the deposit. The steep northerly plunging deposit has now been intersected across a +700m strike length and to a depth of between 100m vertical to now over 600m vertical.
The T-1 Copper Deposit, hosting high grade copper with secondary zinc, gold and silver, is situated within 500m of a major highway and power line and is located in central Manitoba.
Highlights of the recently completed drill program are tabulated below.
|Borehole*||From(m)||To (m)||Length *(m)||Copper %||Gold g/t||Zinc %||Silver g/t||Grid N/E/Azimuth/Dip*|
*TP12-25 intersection 161m-165m (T-2 Copper Zone) previously announced in release dated May 23, 2012. TP12-026 drilled north under deposit plunge line at 650m vertical. TP12-031 was abandoned due to the hole caving. Lengths reported above are drill intersected core lengths and do not represent true widths.
Previously reported drill results (holes 1-24) and additional maps of the Tower Property including the T-1 Copper Deposit, T-2 Copper Zone and additional anomalies please refer to Rockcliff Resources Inc website at: www.rockcliffresources.com.
A total of 12 holes totalling 7145m were completed between January and July of 2012. Three (3) holes tested the T-3 anomaly and intersected minor iron rich sulphides which did not adequately explain the source of the T-3 anomaly. Down hole geophysics of these holes indicated the T-3 anomaly depth to be beyond the depth of the existing holes (greater then 700m) and that deeper drilling would be required to properly test this target. The remaining nine (9) holes expanded the T-1 Copper Deposit and discovered the T-2 Copper Zone (please see press release dated May 23, 2012).
Pursuant to an exploration and option agreement with Pure Nickel Inc., to earn a 70% interest in the property, Rockcliff must pay $150,000 in incremental payments and is required to incur aggregate exploration expenditures totalling $4,000,000.
Rockcliff has recently exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. over the last two years. Both parties will now form a joint venture and Rockcliff will earn an additional 20% in the property by spending an additional $2,000,000 in exploration expenditures and paying a total of $60,000 over the next 2 years. Once completed, Rockcliff will control a 70% interest in the property. An underlying 2% NSR on the property is held by Xstrata Nickel, of which half can be purchased for $1,000,000.
Samples of half core are packaged and shipped directly from Rockcliff's field office to TSL Laboratories (TSL), Saskatoon, Saskatchewan. TSL is a Canadian assay laboratory and is accredited under ISO/IEC 17025. Each bagged core sample is dried, crushed to 70% passing 10 mesh and a 250g pulp is pulverized to 95% passing 150 mesh for assaying. A 0.5g cut is taken from each pulp for base metal analyses and leached in a multi acid (total) digestion and then analyzed for copper, lead, zinc and silver by atomic absorption. Gold concentrations are determined by fire assay using a 30g charge followed by an atomic absorption finish. Samples greater than upper detection limit (3000 ppb) are reanalyzed using fire assay gravimetric using a 1 AT charge. Rockcliff inserted certified blanks and standards in the sample stream to ensure lab integrity.
The information in this news release has been reviewed and approved by Ken Lapierre P.Geo., President and CEO of Rockcliff Resources Inc., a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of nickel, copper and platinum group element exploration projects in North America. The Company is currently active at its flagship MAN property, which is fully funded under an option agreement with Itochu Corporation of Tokyo, Japan. In addition, the Company is actively pursuing other, non-nickel properties in North America and overseas.
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.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Pure Nickel Inc.
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