TORONTO, Dec. 18, 2019 /CNW/ - Nickel Creek Platinum Corp. (TSX: NCP) ("Nickel Creek" or the "Company") is pleased to announce the results of its 2019 geophysics program at its 100%-owned Nickel Shäw Project located in the Yukon, Canada. Using a large loop, transient electromagnetic survey, the program tested the Quill exploration target area, which is along trend approximately 1.7 kilometres to the southeast of the main Wellgreen deposit. See Figure 1 for a property scale map of the Nickel Shäw Project area.
Several strong conductors were identified with the most significant being a large composite conductor located 150 metres south of the interpreted sill-country rock contact as shown in Figure 2. The Company has concluded that this target warrants drill testing as it could potentially be a new area of significant Ni-Cu-PGM mineralization.
Diane Garrett, President and CEO of the Company commented: "We are very pleased with the results from this program. Quill had been an untested target for the Company until permits were received. The ground electromagnetic technology is effective at targeting massive sulfides as it can determine the size and orientation of the conductive body. The Target A anomaly is quite extensive in size and, given the conductivity-thickness measurement in excess of 5000 Siemens, indicates possible Ni-Cu-PGM rich massive sulfides. The strength and character of Anomaly A and the proximity to the well-defined Wellgreen Ni-Cu-PGM mineralization is encouraging."
Diane Garrett continued, noting "Due to the success of the program, we believe this particular technique will be useful at the other targets along trend from the Wellgreen main deposit. The Company is currently reviewing options for additional electromagnetic programs in the district and drilling of the targets identified thus far at Quill."
The geophysics program at Quill resulted from the 2018 review of the Nickel Shäw Project by Mr. Cam Bell and the Company's technical team (see news release dated June 5, 2019). The purpose of that detailed review was to determine areas of higher-grade mineralization. Mr. Brian Bengert of B-Field Geophysics was engaged to design, support and interpret the survey results. The electromagnetic survey was completed in August 2019 by SJ Geophysics and consisted of 4 transmitting loops and approximately 8 kilometres of receiver lines. The model results were assessed and evaluated by Mr. Bengert, Mr. Bell and Nickel Creek's technical team.
Three main target areas were identified from the survey and are shown in Figure 2. Target A was modelled as several plates spanning an overall strike length of 800 metres and a dip extent of 200 metres. Target A has a conductivity-thickness greater than 5,000 Siemens, strikes east-northeast and dips steeply to the south-southeast, and is located south of the interpreted ultramafic sill-country rock contact in the structural hanging wall of the sill. A conductivity-thickness greater than 5,000 Siemens could only be caused by connected sulphides or significant thicknesses of graphite. The Target A conductor could potentially be the result of Ni-Cu-PGM bearing magmatic sulphides, Ni-Cu-PGM poor magmatic sulphides, syngenetic (exhalative) sulphides within the country rock or a thick layer of graphite. Although graphite is a possible cause of the anomaly, no significant graphite has ever been identified within the Nickel Shäw Complex, making the target prospective. Target A does not extend to the surface and will require drill testing to determine the cause of this strong conductor. Target B consists of a single plate model and is located at the northern ultramafic sill-country rock contact in the structural footwall of the sill. It is interpreted to be sub-horizontal, lies 30 metres below the surface, is 50 by 50 metres in size and is deemed a secondary drilling target. Target C consists of several modelled plates located south and east of Target A. Target C conductors are interpreted to lie near the surface and they are smaller than Target A. The Target C area has not been mapped or systematically explored since it lies outside of the ultramafic sill outcrop. Mapping and prospecting of the Target C area is recommended as these conductor plates lie near the surface.
The scientific and technical information disclosed in this news release in relation to the geophysics program was reviewed and approved by Brian Bengert, P. Geo., who is a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), and an independent consultant to the Company. All other scientific and technical information disclosed in this news release was reviewed and approved by James Berry, Nickel Creek's Chief Geologist and a "Qualified Person" as defined in NI 43-101.
About Nickel Creek Platinum Corp.
Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a Canadian mining exploration and development company and its flagship asset is its 100%-owned Nickel Shäw Project. The Nickel Shäw Project has exceptional access to infrastructure, located three hours west of Whitehorse via the paved Alaska Highway, which further offers year-round access to deep-sea shipping ports in southern Alaska. The Company is also investigating other opportunities for shareholder value creation.
The Company is led by a management team with a proven track record of successful discovery, development, financing and operation of large-scale projects. Our vision is to create value for our shareholders by becoming a leading North American nickel, copper, cobalt and PGM producer.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "believe", "continue", "plans" or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, regarding the undertaking of future activities, work programs and development of the Nickel Shäw Project, realization of the potential of Targets A, B and C, and general future plans and objectives for the Company and the Nickel Shäw Project, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information.
For more information on the Company and the key assumptions, risks and challenges with respect to the forward-looking information discussed herein, and about our business in general, investors should review the Company's most recently filed annual information form, and other continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Nickel Creek Platinum Corp.
For further information: Nickel Creek Platinum Contact: Diane Garrett, President & Chief Executive Officer, 1-416-304-9318, [email protected]