Pure Nickel (TSX:NIC)
Basic Shares: 68.1 million
Fully Diluted: 73.1 million
Petroleum News, a weekly newspaper based in Anchorage, Alaska, published a special supplementary piece at the end of June called “North of 60 Mining”, focusing specifically on mining news in the area. The newsletter featured an article written by Shane Lasley called ”Pure Nickel Navigates Financial Tempest”, describing how, despite Pure Nickel’s recent delisting review, the company has managed to continue its multimillion dollar mineral exploration programs on its two properties in Alaska, both of which maintain a large potential for mineralization structures.
On an aside; If Pure Nickel was delisted from the TSX it does qualify for a seamless transition to a TSX Venture exchange listing.
Highlights from the article include:
- Following its delisting review, the company has until this September to meet the TSX market cap requirements. Based on the current shares outstanding, Pure Nickel would have to hold at or above a share price of $0.045. As of the writing of this blog, the stock is currently at $0.04.
- With just under $3 million in working capital, Pure Nickel is in a strong cash position “compared to its peer group”, as quoted by the company’s President, David McPherson. The company’s Tokyo-based partner, Itochu Corp, continues to provide exploration funding and has earned a 30% interest in the nickel-copper-PGE exploration project at Man, Alaska for its $21 million in exploration expenditures to date.
- A review of past drilling in the “Eureka” zone at Man has provided Pure Nickel with a promising level of predictability on where the nickel-copper-PGE mineralization lies. Pure Nickel plans to test the zones size by positioning some drill holes outside of the current 7 km area.
- Once Pure Nickel is finished drilling at Man, the company will follow-up on two gold targets located on the Salt Chuck property in Southeast Alaska. Pure Nickel initially acquired the property in 2007 with an interest in exploring for palladium, and stumbled upon high-grade gold in 2012. Following a geochemical data review, the two target areas showed a much higher concentration of gold in soil samples taken last year.
To view the article in its entirety, please click here.....