Independent Nickel Drills New Zone of Nickel at Lynn Lake
Thu Apr 10, 6:00 AM
ca.news.finance.yahoo.com
SUDBURY, ONTARIO--(Marketwire - April 10, 2008) - Independent Nickel Corp. (TSX: INI.TO) announced today positive drilling results from its ongoing exploration program on the Company's Lynn Lake Nickel Mine Property in Northern Manitoba.
Hole LLN-024b was drilled as a second wedged daughter hole off of parent drillhole LLN-024. Highlights from drillhole LLN-024b include:
- 5.5 metres grading 0.87% nickel, 0.21% copper, 0.02% cobalt starting from 380.5 metres;
- 12.7 metres grading 0.66% nickel, 0.38% copper, and 0.02% cobalt starting from 560 metres. This intersection occurs within a wider mineralized zone grading 0.57% nickel, 0.25% copper, 0.02% cobalt over 30.6 metres, starting at 546 metres, and;
- 5.0 metres grading 0.61% nickel, 0.39% copper, 0.02% cobalt starting from 519.2 metres.
All of the intercepts described in the highlights above are located outside of the currently defined resource, and display grades above the mineable cutoffs reported in the Company's prefeasibility study for the Lynn Lake property.
In addition, parent drillhole LLN-024 intersected 69 metres of 1.01% nickel, 0.38% copper and 0.03% cobalt and its primary wedged daughter hole, LLN-024a, intersected 76.5 metres of 0.65% nickel, 0.29% copper, and 0.02% cobalt, as previously reported in respective press releases dated February 12, 2008 and March 11, 2008.
Drillholes LLN-024, LLN-024a, and LLN-024b were drilled to test possible extensions off the southern portion of the 'N' ore body, with a view to adding to, and improving the Company's existing mineable reserve of 10.7 million tonnes grading 0.65% nickel and 0.36% copper. The Company believes that these results clearly demonstrate the potential to add to the current resource and reserve base.
Drilling is ongoing at Lynn Lake, where the Company is currently drilling a wedged hole to test a portion of the 'Golf' target located south of hole LLN-003 which intersected 10 feet of nickel mineralization grading 1.2% nickel and 0.3% copper and a separate section of 2 feet grading 1.9% nickel and 0.6% copper along the lower edge of the 'Golf' target. See the Company's May 30, 2006 press release.
In addition to the ongoing drilling, the Company is in the process of compiling a comprehensive set of new geophysical data. This geophysical interpretation is being undertaken to identify new areas for drilling within the mine environment.
About Independent Nickel Corp.
Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located in Lynn Lake, Manitoba. The Company also owns a Net Smelter Return Royalty ("NSR") on Victory Nickel Inc.'s Minago Nickel Property, also located in Northern Manitoba. The NSR pays the Company 3% of all mineral product value when nickel prices exceed US$6/lb.
Assay lengths reported in this release are core lengths. Due to the irregular nature of some of the orebodies at Lynn Lake, true mineralized widths will be determined in the context of an updated resource/reserve estimate.
Samples have been analyzed by ALS Chemex in North Vancouver, British Columbia. Assays for nickel, copper, and cobalt are completed on by four acid "near total" digestion and AAS finish. Select samples are analyzed by Sodium Peroxide Fusion, acid dissolution and ICPAES analysis. The Qualified Person responsible for the technical content of this news release is Richard Murphy, P. Geo., President and CEO of Independent Nickel Corp.
The prefeasability study referenced in this press release has been completed by Wardrop Engineering under the direction of Tim Maunula P.Geo. in accordance with Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101 (NI 43-101). Mr. Maunula is the Project Manager for the Lynn Lake pre-feasibility study. In addition, the following qualified persons contributed to the study: Ivan Arriagada, P. Eng., Peter, Broad, P.Eng., Alex Veresezan, P.Eng. and Shahe Naccashian, P.Geo.
This document may contain forward-looking statements relating to Independent Nickel Corp.'s (INI) operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond INI's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. INI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Contacts
Richard Murphy
Independent Nickel Corp.
President and CEO
(705) 521-8444
Email: info@independentnickel.com |
