Victory Nickel Cuts up to 36 Metres Grading 1.4% Nickel in Minago Drilling
Tue May 22, 8:01 AM
Email Story IM Story Printable View TORONTO, ONTARIO--(CCNMatthews - May 22, 2007) - Victory Nickel Inc. ("Victory Nickel" or the "Company") (TSX: Ni.TO) ( www.victorynickel.ca) today announced further results, grading up to 1.4% nickel over 36.0 metres, from the comprehensive drill program recently completed at its 100% owned Minago nickel project in northern Manitoba.
In total, 44 drill holes comprising 13,302 metres were completed. The program is designed to upgrade inferred resources to indicated, to provide metallurgical samples and to produce geotechnical data for engineering design and hydrogeological study - all of which will be incorporated in the bankable feasibility study that is progressing well.
"We're pleased that the results continue to support past work," said Paul Jones, Vice-President, Exploration. "The resource holes targeted shallow, peripheral, portions of the deposit in order to upgrade inferred material to the indicated category in that portion of the resource potentially exploitable by open pit, and they continue to demonstrate the widespread nickel mineralization within this large tonnage, nickel-sulphide deposit. In addition, the metallurgical component of the program was completed earlier than expected, and eight tonnes of sample material is now at SGS Mineral Services (Lakefield) for metallurgical analysis."
Ten holes are reported here (results from DDH N0701 through N0710 were reported on March 14, 2007). The Minago resource currently stands at 10.3 million tonnes grading 0.593% nickel (measured), 38.8 million tonnes grading 0.496% nickel (indicated), and 44.1 million tonnes grading 0.528% nickel (inferred). All analyses are conducted by TSL Laboratories of Saskatoon, Saskatchewan. The Minago work program is being supervised by Paul Jones, Vice-President, Exploration for Victory Nickel, who acts as QP under National Instrument 43-101. Notable intervals are tabulated below and full results are available at www.victorynickel.ca. (Note that all intervals are core lengths, not true widths, and drill holes N0714 through N0718 are metallurgical holes and have not been fully evaluated - results will be released as soon as they are available.)
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Hole No. From (m) To (m) Length (m) Ni (%) Comments
N0711 313.10 329.65 16.55 0.50
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N0712 183.50 203.00 19.50 0.46
N0712 215.45 230.00 14.55 0.90
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N0713 263.00 299.00 36.0 1.40
N0713 342.82 349.81 6.99 1.31
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Geotechnical hole - did not
N0719 501.88 507.98 6.10 1.03 target mineralization
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N0720 150.60 162.64 12.04 0.50
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N0721 No significant intercepts
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N0722 249.41 254.25 4.74 0.77
N0722 266.88 306.30 39.42 0.71
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N0723 182.00 191.52 9.52 0.98
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Geotechnical hole - did not
N0724 target mineralization
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N0725 No significant intercepts
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About Minago
Minago is one of Canada's largest undeveloped sulphide nickel deposits. Located in Manitoba's prolific Thompson nickel belt, Minago hosts measured and indicated resources of 49.1 million tonnes grading 0.516% nickel, or 558 million pounds of in-situ nickel (0.25% nickel cut-off grade), comprised of a 10.3 million tonne measured resource grading 0.593% nickel and a 38.8 million tonne indicated resource grading 0.496% nickel. A further 44.1 million tonne inferred resource at 0.528% nickel contains 513 million pounds of in-situ nickel (for further information, please see Minago Preliminary Economic Assessment by Wardrop Engineering November 24, 2006, which is available on SEDAR at www.sedar.com).
About Victory Nickel
Victory Nickel Inc. is a Canadian company with over 660,000,000 pounds of in-situ nickel in National Instrument 43-101-compliant measured (154,000,000 pounds) and indicated (511,000,000 pounds) resources in three sulphide nickel projects: Minago and Mel on Manitoba's Thompson nickel belt, and the high-grade Lac Rocher deposit in northwestern Quebec, and an additional 530 million pounds of in-situ nickel in inferred resources. Created from the nickel assets of Nuinsco Resources (TSX: NWI.TO), Victory Nickel is well financed and focused on becoming a producer by developing its existing properties and evaluating opportunities to expand its asset base.
To view a map of Minago Deposit, please visit the following link: ccnmatthews.com
Rene Galipeau
Victory Nickel Inc.
(416) 626-0470
Sean Stokes
Victory Nickel Inc.
(416) 626-0470
Email: admin@victorynickel.ca
Website: www.victorynickel.ca |
