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First Nickel Inc (C-FNI) - News Release
First Nickel drills 0.3 m of 2.98% Cu, 4.66 g/t Au
2006-11-03 14:12 ET - News Release
Shares issued 93675715
FNI Close 2006-11-02 C$ 0.42
Mr. William Anderson reports
FIRST NICKEL REPORTS 2.98% COPPER, 2.85 GPT PLATINUM, 4.85 GPT PALLADIUM, 4.66 GPT GOLD AND 58.9 GPT SILVER OVER 0.30 METRES IN FOOTWALL AT PREMIERE RIDGE
First Nickel Inc. has intercepted platinum group element-rich mineralization in the footwall rocks below the Premiere Ridge deposit.
FNI-57, the final hole of the 2006 exploration program, intersected 0.21 per cent nickel, 2.98 per cent copper, 2.85 grams per tonne platinum, 4.85 grams per tonne palladium, 4.66 grams per tonne gold and 58.9 grams per tonne silver over a 30-centimetre section from 361.20 metres to 361.50 metres. FNI-57 was drilled subparallel to the basal contact of the Sudbury igneous complex (SIC) along the trend of the main Premiere Ridge deposit. The PGE-rich sample is associated with a chalcopyrite vein hosted in a weakly developed Sudbury breccia unit approximately 150 metres stratigraphically below the SIC contact. This result indicates the potential for a second style of PGE-rich footwall-hosted mineralization on the Premiere Ridge property. Follow-up diamond drilling is scheduled for 2007.
In September, First Nickel commenced a 20,000-metre diamond drilling program on the West Graham, Foy Mouth and Morgan-Lumsden properties. The Foy Mouth and Morgan-Lumsden property exploration programs are operated by Xstrata Nickel. The diamond drill programs have been designed to test for all types of sulphide mineralization, including contact, footwall and offset dike-hosted deposits.
The diamond drilling program was carried out under the supervision of First Nickel's Sudbury exploration manager, Phil Vicker, PGeo, qualified person as defined by National Instrument 43-101. The information in this release was prepared under the direction of Paul Davis, PGeo, vice-president of exploration for First Nickel, a qualified person as defined by National Instrument 43-101. First Nickel follows a rigorous quality assurance/quality control protocol on all of its drilling projects. Exploration drill core of interest (NQ size) is sawn in half, with one-half retained for future reference and one-half shipped to a commercial laboratory, SGS Laboratories in Garson, for preparation and specific gravity measurements, and shipped internally by SGS to Toronto for assay. The quality assurance/quality control program includes the insertion of standards and blanks for each batch of samples.
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