Thursday, 18 November 2010

Pure Nickel, Is There Gold At The End Of The Rainbow?

Pure Nickel
(TSX: NIC)(OTCBB: PNCKF)
Basic Shares: 67.8 million
Fully Diluted: 75.5


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Pure Nickel released news today (Nov. 18th) that shows it is advancing various properties in its portfolio in keeping with the objective of creating multiple opportunities. Today's news dealt with work on its 100% owned Rainbow Gold Property.

Rainbow was deserving of a closer look as past grab samples from the property assayed 26.5 grams per tonne (g/t) of gold. Pure Nickel extended the claims in this highly prospective area earlier this year.
Encouraging results from a soil sampling program that was carried out in September called a Mobile Metal Ion or MMI method was used to help detect the buried gold and nickel occurrences at Rainbow.
Previous owners of the property Falconbridge, now Xstrata was drilling for nickel in 2004 (hole RB04-04) when it intersected over 13 g/t of gold over 2.14 metres at a depth of 40 metres.
Two new gold anomalies were identified in and around this hole near surface in September's MMI program validating the accuracy of the geochemistry method.
Other nickel anomalies have been discovered above another past drill hole called RB04-02 where nickel had been previously intersected.
Further MMI soil geochemistry will aid in identifying future drill targers at Rainbow.
Section profiles of these two drill holes can be seen by clicking here.....
Today's full news release can be seen here....