TORONTO, Sept. 11, 2014 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX-V: NIC ) (the "Company") announces results for the recently completed drilling program on its 100% owned Salt Chuck Copper (Cu) – Gold (Au) – Silver (Ag) – Palladium (Pd) Property on Prince of Wales Island in south-eastern Alaska. Nine holes totalling 1,700 meters were completed on the North Pole Hill (NPH) section of the property from May 10 to June 23, 2014.
Drilling targeted selected soil geochemical anomalies that occur in the NPH area. Eight of the nine holes encountered pyrite-chalcopyrite mineralization associated with hydrothermal quartz-calcite-epidote veining, similar to that intersected in 2012 drill hole NPH-12-04 (29.1 g/t Au and 0.79% Cu over 2.58 meters apparent width - see press release dated December 11, 2012). The results clearly indicate that the soil anomalies reflect underlying bedrock mineralization. David McPherson, President and CEO of Pure Nickel Inc. noted: "We have demonstrated the positive relationship between soil geochemistry and mineralization, and we now know that there are multiple mineralized structures on the property. Given that there are numerous untested gold, copper and palladium soil anomalies, and that some of the largest structures have yet to be investigated, we believe that there is significant potential for further discoveries at Salt Chuck."
The first five drill holes were designed to test the continuity of high grade gold mineralization encountered during drilling in 2012 at site NPH-12-04, where a moderate gold anomaly is present in the soil. Four of these holes encountered similar hydrothermal sulphide mineralization associated with quartz-calcite-epidote veining. The best result was in hole NPH-14-07 which intersected 14.1 g/t Au and 0.74% Cu over 0.5 meters apparent width. In addition, NPH-14-05 intersected 1.3 g/t Au over 1.1 meters apparent width, NPH-14-10 intersected 1.3 g/t Au over 1.0 meters apparent width, and hole NPH-14-11 intersected 0.6 g/t Au over 2.0 meters apparent width.
Drill holes NPH-14-12 through 14 tested a northwest trending gold in soil anomaly in the eastern part of the NPH area, and each encountered pyrite-chalcopyrite mineralization in quartz-carbonate-epidote veins. Moderately anomalous gold and copper values were obtained from some of these zones, including 0.91 g/t Au over an apparent width of 0.34 meters in hole NPH-14-14, and 0.42% Cu over 2 meters apparent width in NPH-14-12. While these intersections are not ore grade, they do indicate that a significant mineralizing system is present on the property.
NPH-14-15 targeted a southerly trending series of gold anomalies in soil in the central part of the NPH area. This hole encountered anomalous disseminated chalcopyrite mineralization across a broad interval (0.12% Cu over 71 meters apparent width).
The results of the 2014 drill program indicate that the Salt Chuck Property hosts numerous mineralized structures that locally exhibit elevated gold and copper values. These structures may be related to a major fault that bisects the Salt Chuck intrusion in the central part of the property, which has yet to be investigated. Soil geochemistry has proven to be an excellent indicator of bedrock mineralization, and numerous anomalies remain to be tested. Follow-up work will expand the soil surveys across the property, as well as initiate detailed geological mapping of the numerous mineralized structures.
Jonathan Findlay, Ph.D., P.Geo, is the designated Qualified Person for this project.
About the Salt Chuck Property
The Salt Chuck Property consists of 146 contiguous federal lode mining claims located on Prince of Wales Island on the Alaskan Panhandle, and includes the former Salt Chuck mine. The island is accessed by ferry service, and direct access to the property is by well-maintained U.S. Forest Service roads and by water.
The former Salt Chuck mine, was the largest producer of palladium in the United States while it was in production from 1916 to 1941. It produced approximately 300,000 metric tonnes of ore, reported by U.S. government summaries (1948) to be 0.95 % copper, 1.96 g/t palladium, 1.12 g/t gold and 5.29 g/t silver.
About Pure Nickel Inc.
Pure Nickel is a mineral exploration company with a diverse collection of nickel, copper and platinum group element exploration projects in North America. In 2013 the Company completed an exploration program and a favourable nickel deportment study on the MAN Property in Alaska. In addition, the Company has completed a re-evaluation of its William Lake Property as a bulk tonnage nickel prospect and continues to actively pursue other non-nickel properties in North America and overseas.
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pure Nickel Inc. David McPherson T. (416) 644-0066 www.purenickel.com CHF Investor Relations Cathy Hume T. (416) 868-1079 x 231 www.chfir.com
