Press release from Newsfile Corp
North American Nickel Reports Significant Sulphide Mineralization in Greenland, Moves Stock Up More Than 50% - Video News Alert Posted on InvestmentPitch.com
Friday, August 23, 2013
North American Nickel Reports Significant Sulphide Mineralization in Greenland, Moves Stock Up More Than 50% - Video News Alert Posted on InvestmentPitch.com16:16 EDT Friday, August 23, 2013
Vancouver, British Columbia--(Newsfile Corp. - August 23, 2013) - North American Nickel (TSXV: NAN) (OTCBB: WSCRF) reported significant sulphide mineralization today, moving the share price up more than 50%.
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Diamond drill hole MQ-13-026 intersected an 18.62 metre core length of sulphide mineralization averaging approximately 40 to 45% total sulphides, including numerous sections containing 65% to 80% sulphides. This is the deepest of three sulphide intersections, all fully described in today's news release, that have been drilled at Imiak Hill in 2013.
Imiak Hill is located in the company's 100% owned Maniitsoq property in Greenland, a Camp scale project comprising 5,106 square kilometres, covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt.
Since commencing the 2013 field program in late June, the company has drilled 27 holes totalling 3,037 meters. The first two discoveries of economic mineralization at Imiak Hill and Spotty Hill confirm the high value and potential of the Greenland Norite Belt.
Neil Richardson, Chief Operating Officer stated, "We are pleased to report that drill hole MQ 13-026 is the best intersection we have seen to date with intense sulphides clearly present and our BHEM surveys indicate that Imiak Hill is still open down plunge. It is also important to note is that the intensity of the sulphide mineralization, as shown in the three holes referenced in this release, is increasing with depth."
The company also has 100% owned properties in Sudbury, Ontario, and the Thompson, Manitoba nickel belt.
The company is currently trading at $0.31, and with approximately 122.2 million shares outstanding, the company is capitalized at $37.9 million.
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Barry Morgan, CFO