Thursday, 6 December 2012

Growing Copper Resource For Pure Nickel & Partner

Pure Nickel
(TSX:NIC)(OTCBB:PNCKF)
Basic Shares: 67.8 million
Fully Diluted: 75.5 million
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In late October, Pure Nickel and its joint venture partner Rockcliff Resources (TSX-V: RCR) announced that based on strong drill results from its T-1 portion of the Tower Property located in central Manitoba, a NI 43-101 technical report would go forward.
 
Today the details of the initial independent Mineral Resource Estimate (NI 43-101) for the T-1 Copper Deposit at Tower were released with just over 144 million pounds of copper between the Indicated and Inferred categories.  The copper estimate cut-off grade was 0.5% and based on US$3.63 per pound. 
 
Resource category    Tonnes               Cu (%)     Zn (%)    Ag (g/t)    Au (g/t)     Contained pounds-Cu
Indicated                   1,084,186          3.73        1.05        17.28        0.55              88,968,303
Inferred                     1,253,522          2.00        1.02          9.78        0.27              55,154,968
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The T-1 Deposit is currently open in all directions and further drilling could substantially add  value to this report.  Initial results from the neighbouring T-2 Copper Deposit were released in May, and as seen in the image above, is very close to T-1 and could also provide future value.
 
Rockcliff Resources Inc., Pure Nickel’s partner and the operator of the project, recently exercised the option to earn a 50% interest in the Tower Property by completing $2,000,000 of exploration expenditures and paying $90,000 to Pure Nickel Inc. over the last two years. Rockcliff can earn an additional 20% in the property by spending an additional $2,000,000 (in progress) in exploration expenditures and paying a total of $60,000 over the next 2 years.