TORONTO, July 29, 2014 /CNW/ - Royal Nickel Corporation ("RNC") (TSX: RNX) announced today that the NI 43-101 compliant technical report for the West Raglan Project ("West Raglan") has been filed under RNC's profile on SEDAR at www.sedar.com and on RNC's website at www.royalnickel.com. The West Raglan Project is held 100% by True North Nickel Inc. ("True North"), a private company that is held approximately 56% by RNC.
"We are pleased to make available the West Raglan technical report to highlight the high grade sulphide nickel and PGM exploration potential of the project. West Raglan has yielded multiple shallow, high grade nickel (2-3%+) and high grade PGM (2+g/t) intersections in an excellent mining jurisdiction and is one of only a few high grade sulphide nickel and PGM exploration targets in close proximity to existing mining operations. I am excited about the prospects for advancing the project under the leadership of Alger St-Jean, Vice President, Exploration and his team," said Mark Selby, President and CEO of RNC.
West Raglan Project
West Raglan is a mature nickel sulphide exploration project located in the west central portion of the Cape Smith Belt in northern Quebec, Canada. The Cape Smith Belt is home to prolific, high-grade nickel sulphide deposits, including two producing mines; Glencore's Raglan Mine and Jilin Jien Nickel's Nunavik Mine. The relative location of West Raglan to the Raglan and Nunavik mines is shown in figure 1 below.
Over $50 million has been spent in exploration on the 400 square kilometer West Raglan property including the drilling of 229 diamond drill holes totaling over 43,541 metres. Seven zones of Ni-Cu-PGM sulphide mineralization have been found to date on the West Raglan property. One of these zones, the Frontier Zone, includes five key high-grade lens clusters. Highlights from Frontier Zone drilling include:
Significant drill intersections from West Raglan are summarized in Table 1
These intersections occur in the same geological setting as the Raglan mine in ultramafic intrusions and flows occurring stratigraphically below the Chukotat Group basalt. The mineralization is also very similar to the typical ores from the Raglan mine, which are amongst the richest Ni-Cu-PGM mines in the world.
The technical report indicates significant potential to expand the lenses at the Frontier Zone based on the quality of the mineralization identified to date at surface and by drilling, the large volume of fertile ultramafic rocks, the numerous discrete electromagnetic conductors, the strong similarities with other published mineral deposits in the belt, and the fact that the deepest drill intercepts are less than 250m below surface, and strong potential has been identified in the next depth slice (250-400m).
Six other zones on the property, in addition to the Frontier Area, have good indications of prospectivity as illustrated by the presence of disseminated nickel sulphide mineralization in surface rock samples and in limited reconnaissance drilling.
True North's exploration model is based on the potential to build a resource out of the mineralized lenses at Frontier, exploring for additional lenses at Frontier, and for new lens clusters across the other zones of the property. The neighbouring Raglan Mine hosts similar clusters of mineralized lenses in 12 distinct zones, four of which are currently in production and feeding a central mill facility.
Table 1 Significant drill intersections from West Raglan Project.
|Drill hole ID||From
|Frontier: Seahawk A|
|Frontier Seahawk B|
Drill composites were calculated using a cut-off of 0.5% Nickel, a minimum composite grade of 0.7% Nickel,
and a minimum composite length of 5 metres, a minimum internal dilution grade of 0.2% Nickel and a
maximum internal dilution length of 2 metres. Drill intersections are reported as drilled thicknesses. True
widths of the mineralized intervals are interpreted to be between 60-100% of the reported lengths.
NI 43-101 Compliance
The technical report is authored by Guy Desharnais Ph.D., P.Geo. Project Manager of SGS Canada Inc. - Geostat, Craig S. Bow, CPG and Dennis Arne Ph.D., P.Geo. of CSA Global Canada Geosicences Ltd, each an independent qualified person under NI 43-101. Messrs. Desharnais, Bow and Arne have approved the technical disclosure contained in this news release. Readers are encouraged to review the full text of the technical report. The technical report is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information is subject to the assumptions and qualifications contained in the technical report.
About Royal Nickel Corporation
Royal Nickel Corporation is a mineral resource company focused primarily on the acquisition, exploration, evaluation and development of base metal and platinum group metal properties. RNC's principal asset is the Dumont Nickel Project strategically located in the established Abitibi mining camp, in the municipalities of Launay and Trécesson, 25 kilometres northwest of Amos, Quebec. RNC also owns interests in two advanced stage nickel exploration properties: the Aer-Kidd project near Sudbury, Ontario and the West Raglan project in northern Quebec. RNC has a strong management team and Board with over 100 combined years of mining experience in the nickel business at Inco and Falconbridge. RNC's common shares trade on the TSX under the symbol RNX.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains "forward-looking information" including without limitation statements relating to the exploration potential of the West Raglan Project and the prospects for advancing the project. Readers should not place undue reliance on forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RNC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The proximity to two producing nickel mines does not mean the West Raglan Project will obtain similar results. West Raglan is an exploration project without any current resource estimates and there is no certainty that any such estimates will ever be established. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of further exploration; inability to raise the money necessary to incur the expenditures required to retain and advance the property; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to RNC's filings with Canadian securities regulators available on SEDAR at www.sedar.com.
Although RNC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and RNC disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE Royal Nickel Corporation
Director, Investor Relations
T: (416) 363-0649
Mélanie Corriveau (French contact)
Community Relations Coordinator
T: (819) 727-3777
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