Wednesday, 23 January 2013

Results Are In From MAN Alaska

Pure Nickel
Basic Shares: 67.8 million
Fully Diluted: 75.5 million

Today Pure Nickel has released the results from its 2012 exploration program at MAN Alaska. 

This marks the fifth season that the company has been working with its joint venture partner ITOCHU, which has spent US$4.2 million on the property in 2012. In total, ITOCHU has spent roughly US$21 million at MAN and holds 30% ownership of the property. US$40 million in expenditures will give the partner 75% interest if it were to continue its quest for riches. 

The extensive program included soil geochemical surveys, detailed mapping, 48 line kilometers of IP (induced polarization) surveys and 2,233 meters of diamond drilling. 

The 2012 field season demonstrated the successful application of multifaceted, field-based work programs in locating sulphide mineralization at or near surface. Numerous geochemical and geophysical targets remain to be tested in 2013.

The question that shareholders will be asking is, “Will ITOCHU continue to fund exploration at MAN in 2013?” We expect to know the answer sometime in March.

Highlights from the drill program can be read in the  full news release here...