Nickel North Exploration Corp (TSX-V:NNX) said its 2022 rock sampling and backpack drilling program has confirmed high-grade nickel-copper sulphide mineralization at the Gamma Zone of the Hawk Ridge project in Northern Quebec.
The Gamma Zone is in the central part of the Hawk Ridge Project and is one of five predefined high-grade massive sulphide mineralization zones, the exploration company said, noting that on surface, the mineralized horizon can be followed for more than 1000 metres (m) along strike and expands in width from 30m.
"The 2022 summer program confirms the exploration model that the high-grade sulphide body was lens-like in form and raking down the flank of the Gamma Zone horizon would produce drill holes that would overshoot or undershoot the body. The example of this model is there was no high-grade massive sulphide body at Hole HR-2013-41,” Tony Guo, president and CEO of the company, said in a statement.
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"However," he added, "the high-grade massive sulphide body on the surface is there, indicated by sample S786356. Nickel North is now setting out to drill/test the scope and scale of these multiple high-grade 'Raglan Type' Ni-Cu sulphide targets such as Gamma Zone in the summer and fall of 2023 while continuing to advance the other targets on its ~179km2, 50km long, 100% owned property in Northern Quebec."
Historical drilling has found a high-grade massive Ni-Cu-PGE sulphide body at the southern part of the Gamma Zone. Up to 7.01m mineralized intersection averaging 2.11% nickel (Ni), 2.73% copper (Cu), 0.07% cobalt (Co), 0.50 grams per ton (g/t) palladium (Pd) and 0.12 g/t platinum (Pt) were reported at hole HR-2014-50 in 2014. These intersections are believed to be near true thicknesses. There has been no follow-up drilling since 2014.
Surface outcrop rock samples and shallow backpack drilling holes were completed in September 2022. The surface outcrop rock samples reported up to 1.65% Ni, 4.11% Cu and 526 parts per million (ppm) Co, tested with a portable XRF analyzer. Two 2m backpack drilling holes from GABH-22-01 and GABH-22-02 returned 1.05% Ni, 2.00% Cu and 0.38% Ni, 0.93% Cu, respectively, tested with a portable XRF analyzer. These results confirm the high-grade, up to 400m-long Ni and Cu sulfide body.
Stock options
The company also said it has granted 5,600,000 incentive stock options to certain directors, officers, consultants and an investor relations service provider under the terms of the company's stock option plan. Each option will allow the holder to purchase one common share of the company at an exercise price of $0.06 per share for a period of two years. The company has 10,043,550 common shares available for issuance under its stock option plan.
Nickel North is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE mineral resource at its Hawk Ridge Project in Northern Quebec. The board of directors, advisory committee and management team are experienced, successful mine finders. The property consists of a 50 kilometre (km) long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 179.67 square km. The project is located near tidewater. Quebec is a mining-friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen maintains good relations with local Inuit communities and is committed to sustainable development.
Contact the author at jon.hopkins@proactiveinvestors.com