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North American Nickel Inc
Symbol C : NAN
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N.A. Nickel hits 123 m of 0.8% Ni, 0.2% Cu at Maniitsoq

2012-12-03 15:21 ET - News Release

Dr. Mark Fedikow reports

NORTH AMERICAN NICKEL INC.: NEW DISCOVERY OF HIGH GRADE NICKEL COPPER COBALT PGM SULPHIDE MINERALIZATION AT THE MANIITSOQ PROJECT IN GREENLAND

North American Nickel Inc. has discovered significant values for nickel, copper, cobalt, and for the first time, the precious metals platinum, palladium and gold, on its 100-per-cent-owned 4,983-square-kilometre Maniitsoq project in southwest Greenland.

This new discovery at Spotty Hill, starting approximately 50 metres below surface, was made in diamond drill hole MQ-12-005, which was designed to test a vertical to very steeply northeast-dipping, pipe-like electromagnetic (EM) conductor, defined by the 2012 VTEM-plus (versatile time-domain electromagnetic) survey. Spotty Hill is a historical, near-surface anomaly previously tested by shallow north and south drilling.

Highlights from Spotty Hill discovery hole MQ-12-005:

  • 123.94 metres (m) grading: 0.81 per cent nickel (Ni), 0.21 per cent copper (Cu), 0.03 per cent cobalt (Co) and 0.26 g/t platinum (Pt) plus palladium (Pd) plus gold (Au);
    • Including: 24.20 m at 1.75 per cent Ni, 0.34 per cent Cu, 0.06 per cent Co and 0.52 g/t Pt plus Pd plus Au;
    • Including: 8.20 m at 2.39 per cent Ni, 0.21 per cent Cu, 0.07 per cent Co and 0.60 g/t Pt plus Pd plus Au;
  • The mineralization is primarily hosted by disseminated sulphide with zones of near-massive sulphide;
  • The mineralization has high Ni tenor averaging 9.0 per cent Ni recalculated to 100 per cent sulphide and is likely to produce clean concentrate.

Rick Mark, chief executive officer, states: "The discovery of high grades of Ni, Cu, Co and PGM/Au in long drill intersections confirms a previously unrecognized style of mineralization at Maniitsoq. This bodes well for future discovery potential on this district-sized property. With PGMs added to our high-grade Ni mineralization mix at Spotty Hill, in addition to the previously announced high-grade Ni/Cu at Imiak Hill, we can safely say that, our reinterpretation of historical results and the use of modern geophysical techniques, confirm the property's potential to host significant Ni-Cu-Co-PGM deposits."

2012 Spotty Hill assay results

Significant intersections are summarized in an attached table.

              SIGNIFICANT 2012 INTERSECTIONS AT SPOTTY HILL
                                                                          
Hole         From     To Length    Ni    Cu    Co     Pt    Pd    Au     S
No.            (m)    (m)    (m)   (%)   (%)   (%)  (g/t) (g/t) (g/t)   (%)

MQ-12-005   41.36 165.30 123.94  0.81  0.21 0.029   0.12  0.11  0.03  2.91
Including  117.80 142.00  24.20  1.75  0.34 0.057   0.22  0.25  0.05  6.30
Including  117.80 126.00   8.20  2.39  0.21 0.069   0.28  0.30  0.02  7.44
MQ-12-009    8.00 127.00 119.00  0.17  0.03 0.011   0.02  0.02  0.01  0.43
Including   61.00  73.56  12.56  0.26  0.06 0.015   0.03  0.03  0.01  0.88

2012 Fossilik II assay results

Assays were also received for holes MQ-12-006 and MQ-12-007 drilled at the Fossilik II showing. Hole MQ-12-006 intersected 3.21 metres of local near-massive sulphide mineralization in gabbro, which averaged 0.63 per cent Ni and 0.10 per cent Cu. MQ-12-007 intersected 4.07 m of sulphide mineralization averaging 0.30 per cent Ni and 0.13 per cent Cu.

Historical drilling at Fossilik returned a result of 12.89 m at 2.24 per cent Ni and 0.63 Cu. A reinterpretation of all the results at Fossilik will be carried out.

Kimberlite dikes were intersected in the two holes at Fossilik II, and samples will be forwarded to the Saskatchewan Research Council for kimberlite indicator mineral recovery and micro- and macro-diamond recovery.

2012 P-59 assay results

Hole MQ-12-008 testing VTEM/EM anomaly P-59 located 250 m northwest of the Fossilik II showing did not intersect any significant mineralization. Off-hole conductors were detected by downhole EM indicating that the drill hole passed above the target conductor. This target remains untested and will be looked at again next drill season.

About the Maniitsoq project

The Maniitsoq Ni-Cu-PGM project is located along the southwest coast of Greenland, a safe, stable, mining-friendly jurisdiction. The southwest coast of Greenland is navigable year-round, and there are abundant potential sites for deepwater ports.

This new discovery at Spotty Hill, together with the discovery at Imiak Hill (press release on Nov. 14, 2012), confirms the economic significance of the Maniitsoq nickel camp.

As described in NAN's previous news releases, the Maniitsoq project is focused on the 75-kilometre-long by 15-kilometre-wide Greenland norite belt (GNB), the vast majority of which is within NAN's exploration licences, which total 4,983 square km. The GNB is particularly attractive for nickel sulphide exploration as it hosts numerous nickel showings with consistently high nickel tenor.

Since acquiring the Maniitsoq project in 2011, NAN has completed helicopter EM surveys over most of the GNB. Numerous untested conductors have been detected, and are being evaluated through prospecting and diamond drilling.

For previous press releases, and more information on NAN and the Maniitsoq project, please visit the company website.

Qualified person

All technical information in this release has been reviewed by Dr. Mark Fedikow, PGeo, who is the qualified person for the company and president of North American Nickel.

Quality assurance/quality control and analytical methodology

Drill core assay results are evaluated as part of a quality assurance and quality control procedure that includes the use of multielement, certified standards with known precious and base metal values, blank standards, and control charts to determine accuracy and precision of analytical results. Core sample analysis was completed by Activation Laboratories Ltd. of Ancaster, Ont.

Three methods of analysis were used to determine element concentrations in the rock samples submitted to Activation Laboratories. These were:

  1. A multielement scan subsequent to a four-acid digestion and ICP/ICP-OES (inductively coupled plasma -- optical emission spectrometry) finish;
  2. An Au, Pt and Pd (30-gram sample and fire assay) with ICP-OES finish;
  3. Samples with greater than 1.00 per cent Ni or Cu ICP-OES calibrated for higher detection limits.

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