Wednesday, 6 May 2009

Pure Nickel Kicks Off (Fully Funded) 2009 Drill Program in MAN, Alaska



Pure Nickel (TSX: NIC)(OTCBB: PNCKF)


Basic Shares: 67.8 million


Fully Diluted: 75.5



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In a news release distributed Wednesday morning, Pure Nickel announced that recently the company and its project partner, Japan based ITOCHU Corporation finalized a $4.4 million (USD) budget for the MAN project in Alaska.

As per the release, the majority of the budget will be allocated to and in support of a 5,700 metre drill program. Initial drill targets have been selected on Alpha complex with further targets identified elsewhere on the project pending initial drilling results. At time of writing, hole depths are anticipated to range from 200 to 1,000 metres.

Camp mobilization and preparation is set to begin in mid May and the company will finish up in the latter part of September.

The release also makes mention of different technologies that will be utilized on the property over the next few months. They include the following:

- Geotech Ltd. will complete an airborne Z Axis Tipper Electromagnetic system (ZTEM) survey over much of its MAN property. To read more about the ZTEM technology, click here.
- Pure Nickel will use a Niton XRF Analyzer to provide real time analysis of metal contents in rock and in drill cores. Click here to learn more.
- Other technologies will include a walk magnetic survey and a ground electromagnetic (EM) survey along with extensive prospecting and mapping programs.

As of this writing the stock is trading in the $0.15 to $0.18 range, which is a little more than cash on hand of $7 million or $0.10/share. The money being spent on the high potential MAN property is ITOCHU’s commitment as part of the Joint Venture. Pure Nickel also receives a project fee for coordinating and managing the work program

To view the full release, please click here.