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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (106993)	5/26/2014 9:14:14 PM
From: LoneClone	Read Replies (1) \| Respond to of 192642

White Cliff Minerals drills nickel sulphide targets at Lake Johnston project Wednesday, May 21, 2014 by Proactive Investors proactiveinvestors.com.au White Cliff Minerals ( ASX:WCN) has started a much anticipated reverse circulation drilling program testing four high priority nickel sulphide targets at its Lake Johnston project in Western Australia. Results are expected in June. Notably, these conductors in the Mount Glasse prospect are located in the same ultramafic unit as Norilsk Mines’ Maggie Hays and Emily Anne mines about 30 kilometres to the north. Maggie Hays and Emily Anne have a combined resource of about 140,000 tonnes of contained nickel. Drilling costs will also be reduced due to a Western Australia grant under the Royalties for Regions Exploration Incentive Scheme that will fund 50% of total direct drilling costs up to a maximum of $150,000. “The Mt Glasse conductors represent high quality drill targets in a known nickel producing belt,” managing director Todd Hibberd said. “The conductors occur in the same ultramafic unit as the Maggie Hays and Emily Anne mines, owned by Norilsk Mines, located 30 kilometres to the north and have supporting nickel, copper and platinum/palladium geochemical anomalies above them. “The additional $150,000 funding provided by the Government of Western Australia significantly reduces the cost of testing these compelling nickel sulphide targets.” Drilling Program The drilling program targets four high priority EM conductors within ultramafic units at the Mt Glasse prospect that have associated nickel-copper-platinum-palladium soil anomalies. Geochemical soil sampling in 2013 had identified strong nickel, copper and platinum/palladium enrichment, potentially indicative of nickel sulphide mineralisation at depth. Follow up geophysical surveys confirmed several prospective geophysical conductors at depths of 100 to 200 metres consistent with sulphide mineralisation. Prior drilling at Mount Glasse had reported 4 metres at 1.3% nickel and 330 parts per million of copper, and 4 metres at 1.2% nickel and 500ppm copper. Lake Johnston Nickel Project Lake Johnston is 100% owned and covers 650 square kilometres in the Lake Johnston Greenstone Belt. The belt includes nickel resources of 140,000 tonnes at the Emily Ann and Maggie Hayes nickel sulphide mines operated by Norlisk. Much of the project area was previously held by LionOre and is highly prospective for both komatiite associated nickel sulphides and amphibolite facies high-grade gold mineralisation that are concealed by transported cover, and contains little outcrop. Analysis White Cliff Minerals’ drilling of high priority nickel sulphide targets at the Mount Glasse prospect in Lake Johnston is one to watch. The conductors are located in the same ultramafic unit as Norilsk Mines’ nearby Maggie Hays and Emily Anne mines that host a combined resource of 140,000 tonnes of contained nickel. Given this known prospectivity, a successful drill program would be game changing, making the company’s current market cap. of circa $1.7 million look decidedly light. There are other high impact share price catalysts on the horizon with a drill program to begin later this year at the Chanach copper and gold project in the Kyrgyz Republic as well as the Merolia Nickel and Copper Project east of Laverton, Western Australia.