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
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.