Thursday, 24 January 2013

Pure Nickel Gets Resource Estimate At Tower

Pure Nickel
(TSX:NIC)(OTCBB:PNCKF)
Basic Shares: 68.1 million
Fully Diluted: 73.1 million
----------------------------
Pure Nickel and its joint venture partner Rockcliff Resources (TSX-V: RCR) have announced the filing of a NI 43-101 resource estimate report on its T-1 Copper Deposit at the Tower Property in Manitoba.

The below is taken from Rockcliff's news release dated January 22nd:

The Mineral Resource Statement prepared by Caracle Creek for the T-1 Copper Deposit is detailed below.

Table 1: Mineral Resource Statement, T-1 Copper Deposit, Manitoba
Caracle Creek, December 2, 2012
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
Notes:
1. CIM definitions were followed for the estimation of mineral resources.
2.
Mineral resources are estimated at a Cu cut-off of 0.5%.
3.
Cut-off grade was based on a copper price of US$3.63 per pound.
4.
Given the tonnage, grade and orientation of the deposit, Caracle Creek considers the T-1 Copper Deposit to be reasonably amenable to extraction using underground mining methods.
5.
Specific Gravity measurements were taken on a portion of the samples and where actual measurements were not available an average of 3.00 was used.
6.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The entire report can be viewed here...

Rockcliff announced today that further exploration is now underway at Tower.

Pure Nickel granted Rockcliff Resources Inc. the option to earn a 70% interest in the property by paying $150,000 in incremental payments and incurring aggregate exploration expenditures totalling $4,000,000 over four years. Rockcliff has recently exercised the option to earn its 50% interest by spending $2,000,000 on exploration expenditures and paying $90,000 to Pure Nickel Inc. over the last two years. Both parties will now form a joint venture and Rockcliff will 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. Once completed, Rockcliff will control a 70% interest in the property.