Tuesday, 11 December 2012

Pure Nickel’s Golden Year End



Pure Nickel
(TSX:NIC)(OTCBB:PNCKF)
Basic Shares: 67.8 million
Fully Diluted: 75.5 million
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Despite being known for its conservative nature, the company is embracing the phrase, “gold discovery” based on assay results from a late season drill hole at its Salt Chuck property in south east Alaska.

Although the property on Prince of Wales Island is in a known gold area, the discovery of 29.1 g/t (or just short of one ounce) over 2.58 metres (8.46 feet) was a most pleasant pre-Christmas surprise.

Somewhat ironically, the drill hole that returned the glimmering results was located on “North Pole Hill”.

Pure Nickel’s project is very near the former Salt Chuck mine. Between 1916 and 1941, it was the largest producer of palladium in the United States. According to U.S. government reports of 1948, the mine produced approximately 300,000 metric tonnes of ore, containing 0.95 % copper, 1.96 g/t palladium, 1.12 g/t gold and 5.29 g/t silver.

An interesting point from the news release was that mineralization indicators extend 1.5 KM to the east and west and 1.7 KM to the south.

This certainly suggests that the company will have much to incorporate into its 2013 budget planning as it holds several other promising properties that are in various stages of exploration.

There is also the hint of palladium as contained amongst the technical jargon is the phrase, “broad zones of anomalous palladium concentrations were encountered at greater depths in the westernmost drill holes”.

To read the news release, click here.