Independent Nickel Hits Mineralization in 7 Initial Holes at the Disco Zone; Announces Executive Appointment
Tue Jun 3, 6:00 AM
ca.news.finance.yahoo.com
SUDBURY, ONTARIO--(Marketwire - June 3, 2008) - Independent Nickel Corp. (TSX: INI.TO) has received assays confirming positive drilling results at its newly discovered zone announced in the Company's May 12, 2008 press release. Assay results have been received for seven holes which intersected significant nickel and copper mineralization in the newly discovered Disco Zone. Highlights of these intersections are summarized below:
- LLN-034 intersected 24.9 meters of 0.8% nickel, 0.6% copper and 0.02% cobalt from 69.8 meters downhole, including 15.1 meters of 1.0% nickel, 0.6% copper, and 0.03% cobalt from 85.9 meters;
- LLN-035 intersected 8.8 meters of 1.3% nickel, 1.0% copper and 0.03% cobalt from 70.3 meters downhole;
- LLN-036 intersected 21.1 meters of 0.7% nickel, 0.6% copper and 0.02% cobalt from 45 meters downhole including 9.1 meters of 1.2% nickel, 0.8% copper, and 0.03% cobalt from 57.0 meters;
- LLN-037 intersected 11.7 meters of 0.6% nickel, 0.6% copper and 0.01% cobalt from 41.9 meters downhole;
- LLN-040 intersected 9.5 meters of 0.7% nickel, 0.4% copper and 0.02% cobalt from 87.3 meters downhole;
- LLN-041 intersected 16 meters of 0.7% nickel, 0.5% copper, and 0.02% cobalt from 63.5 meters downhole;
- LLN-043 intersected 47.1 meters of 0.7% nickel, 0.5% copper and 0.02% cobalt from 108.3 meters downhole including 13.7 meters of 1.0% nickel, 0.5% copper and 0.03% cobalt from 131 meters.
These seven intersections represent drilling to the east and to the southwest of the original discovery. LLN-043 confirmed that the discovery extends to the west of the discovery area. The Disco Zone remains open to the east and to the west. Independent Nickel continues to drill to test the true extent and size of the discovery and has intersected mineralization in three new holes that were designed to test the continuity of mineralization to the west of the original discovery. This mineralization is summarized as follows:
- LLN-045 intersected 84 meters of moderate to weakly disseminated sulphide from 107 meters downhole. This hole tested the depth extent of the discovery on the west side;
- LLN-049 intersected 26 meters of moderately disseminated sulphide from 135 meters downhole. This hole tested the north-south extent of mineralization on the west side of the discovery;
- LLN-051 intersected 11 meters of moderately disseminated sulphide from 173 meters downhole; This hole was an undercut of LLN-049, and intersected mineralization 46 meters below LLN-051.
Assay results have also been received for drilling carried out earlier in the spring of 2008. The Company successfully intersected its 'Golf' target in LLN-003f, with an intersection of 1.4% nickel, 0.5% copper and 0.03% cobalt over 14.7 meters. This intersection occurs 220 meters from the 3,000 foot level mine workings. Drilling of the 'Golf' target from surface is now complete. The Company is very pleased with the results of drilling to date. Resource drilling of the 'Golf' target will be undertaken from underground in the next phase of work.
The following two figures, illustrating the location of drill holes and mineralization, can be accessed by following their respective links:
- Figure 1 - Plan view (To view please visit the following link: media3.marketwire.com
- Figure 2 - Longitudinal section (To view please visit the following link: media3.marketwire.com
The Company also announced today that Mr. Danniel Oosterman has been appointed Vice-president, Exploration. Mr. Oosterman has 10 years of experience in mineral exploration. Among other responsibilities, Mr. Oosterman has managed the Company's exploration activities at Lynn Lake since the property was acquired in 2005.
Mr. Oosterman joined Independent Nickel in 2005, the same time that the Company's other current officers joined the Company. Prior to joining Independent Nickel, he was engaged in nickel exploration for both junior and major mining companies.
Diamond drilling of the Disco Zone is ongoing. Currently LLN-052 is being drilled as a 30 metre undercut of LLN-051. Following completion of this hole, the drill will be moved to test for continuity of nickel mineralization further to the west.
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.
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 |
