North American Nickel Announces Exploration Program in Northwestern Ontario and Provides Update on Loveland Earn-In Agreement
Vancouver, June 1, 2020 - North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") announces plans for a 2020 exploration program on its 100% owned Quetico properties located in the Atikoken-Thunder Bay area, Ontario. NAN also provides an update on the agreement to earn a 100% undivided interest in the Loveland Nickel property ("Loveland"), located 30km northwest of Timmins, Ontario.
Quetico Property
The Company staked a total of 809 claim cells in the Atikokan-Thunder Bay area following project generation and compilation work completed in 2018 (see news release dated May 15, 2019). 400 of these cells are within the Quetico Sub-province corridor, which hosts intrusions with Ni-Cu-Co-precious metal sulphide mineralization related to an ~2.7Ga late-Archean magmatic event. 409 claim cells located in two distinct blocks were acquired to follow-up on prospective magnetic and geochemical anomalies that may be related to early intrusions of the ~1.1Ga mid-continent rift event. Three clusters of claims cells, labeled Quetico South, East and West were acquired in 2018 to cover magnetic and geochemical anomalies that may represent differentiated mafic intrusions localized along splays of the Quetico fault zone (Figure 1).
The planned program of work consists of prospecting and sampling to follow-up on magnetic responses, prospective geology and geochemical anomalies. Targets will be examined on all three clusters of claim cells. The majority of the work will focus on the eastern claim block where previous exploration work identified mafic rocks with chemical signatures similar to those that host the Current Lake deposit, located 10 km to the east. The Current Lake deposit has an Open Pit Indicated Mineral Resource of 8.46 Mt grading 1.04 g/t Pt, 0.98 g/t Pd, 0.25% Cu and 0.18% Ni (2011 NI 43-101 Technical Report, Magma Metals Limited).
Loveland Nickel Earn-In Agreement
In January 2020, the Company entered into an agreement to earn a 100% undivided interest in the Loveland Nickel property ("Loveland") (see news release January 9, 2020). A recent 1086m diamond drill program with borehole electromagnetic (BHEM) surveys was completed on the property and was designed to (i) evaluate a series of conductors identified from a 2017 VTEMMAX survey and (ii) determine whether a continuous zone of high-grade mineralization, defined by modeled conductive plates and hosted by prospective geology, was present.
The 2020 exploration program (see news release April 30, 2020) did not intersect significant mineralization or a prospective geological environment with high quality BHEM targets that warrant further exploration. Based on these results North American Nickel has elected not to proceed with further exploration on the property and has terminated their agreement. All data acquired during NAN's 2020 exploration activities have been submitted to the property owner.
NAN CEO, Keith Morrison, commented: "NAN's strategic objectives include the development of a portfolio of highly prospective nickel copper cobalt projects that should support development investments, assuming conservative long-term commodity prices. The NAN team consistently apply best practices for identifying and fully evaluating the economic potential of projects in our portfolio. It is essential that the Company efficiently move through the process of de-risking assets, advancing successful projects and exiting poorly performing projects to maximize shareholder value."
Engagement and ongoing dialogue with local First Nation communities regarding future exploration programs will continue.
"Technical Information; Qualified Person"
The Company is not aware of any legal, political, environmental or other risks that could materially affect the potential development of the project other than those set out in its annual information form filed on www.sedar.com. Please see below under the heading "Cautionary Statement Regarding Forward-Looking Information" for further details regarding risks facing the Company.
All technical information in this release has been reviewed and approved by Peter C. Lightfoot, Ph.D., P.Geo. (Consulting Geologist), who is the Qualified Person for the Company.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada.
The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi deep water port with an all year-round shipping season and hydroelectric power potential from a quantified watershed.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
The Company acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties is part of the company's strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.
ON BEHALF OF THE BOARD OF DIRECTORS
Keith Morrison
Chief Executive Officer
North American Nickel Inc.
For more information contact:
North American Nickel Inc.
Jaclyn Ruptash
Corporate Communications
+1 (604) 770-4334
Toll free: 1-866-816-0118
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information includes, but is not limited to, statements about the ability of the Company to access capital to satisfy the fees and expenditures under the earn-in agreement, the ability of the Company to complete the expenditures under the earn-in agreement, spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects, engagement and dialogue with First Nations groups and formalizing the scope of work. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents available at www.sedar.com. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.
Figure 1: Quetico Property Location Map
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