Tuesday, 11 January 2011

A World Class Platinum/Palladium Discovery - Is It In Pure Nickel's Future?

Pure Nickel (TSX: NIC)(OTCBB: PNCKF) Basic Shares: 67.8 million Fully Diluted: 75.5 ---------------------------------------------
Without a doubt, Pure Nickel shareholders had been anxiously awaiting results from last summer's drill program at the company's MAN property in Alaska.

Even as today's (January 11th) results were released and addressed in a conference call hosted by NIC's President Dave McPherson and Chief Geologist Dr. Larry Hulbert, the market was active with just under 2 million shares traded during the day.

The company and its JV partner ITOCHU, which have spent $14 million on the property since 2008 to earn 30%, have been exploring MAN to find a large nickel deposit. After detailed analysis of over 3,400 core samples the companies now realize that MAN hosts a stratiform Platinum Group Element (PGE) "horizon" along with high grade nickel-copper massive sulphide. The release noted a length of 2.7 KM.

There are 2 types of PGE occurrences on this planet, a stratiform reef type and a massive sulphide type. MAN hosts both.

According to Dr. Hulbert, in today's world 24% of all consumer products require platinum in one way or another. Either in the manufacturing of the product in some way or in the product itself such as a fuel cell.

Platinum is also the most difficult thing on the planet to find according to Dr. Hulbert and Pure Nickel may have one of the few places on earth that could be a commercial discovery. The PGE's sit very close to surface and the MAN property has excellent infrastructure in place.

The two largest suppliers of platinum are the Stillwater Mine in Montana and Busveld operation in South Africa where Dr. Hulbert spent five years and earned his doctorate.

It's clear NIC is at the front end of determining if it has an economic deposit. There is considerable work to be done over the next few years and patience is going to be required but the early signs are encouraging.

To read the news release, click here.....