TORONTO, Dec. 10, 2020 /PRNewswire/ - Nickel Creek
Platinum Corp. (TSX: NCP) ("Nickel Creek" or the "Company") is
pleased to announce the results of its 2020 ground-based
Electromagnetic (EM) geophysics and drilling program at its
100%-owned Nickel Shäw Project located in the Yukon, Canada. Using a large loop
transient electromagnetic (TEM) survey, the 2020 program tested the
Arch and Burwash exploration target areas, which are along trend
approximately 2.0 kilometres to the northwest and 5.0 kilometres
southeast (respectively) of the main Wellgreen deposit. This
program resulted in identification of 42 conductive anomalies, with
11 of these determined to be potentially massive nickel
sulphide.
In addition to the TEM survey, a limited, 2-hole diamond
drilling program totalling 675 metres was carried out at the
Quill area, located 1.7 kilometres southeast of the Wellgreen
deposit. This drilling tested 2 conductors, A and B, detected
during the 2019 TEM survey of the Quill area. See Figure 1 for a
property scale map of the Nickel Shäw Project area. With no
significant nickel-copper (Ni-Cu) sulphide intersected in either
Conductor A or B and assay results yielding no
well-mineralized intervals, the Company will now focus on the
higher priority targets identified in the Arch and Burwash target
areas.
Stuart Harshaw, President and CEO
of Nickel Creek commented: "The focus of the 2019 and 2020
programs was to perform an EM survey over the entire Nickel
Shäw Project area in order to identify potential high grade
nickel targets within the prospective ultramafic rock unit. The
survey was highly successful in identifying over 40 conductive
targets. The limited 2020 drill program also improved our
understanding of the geology in the area, allowing the Company to
prioritize 11 highly conductive targets for future exploration."
2020 Quill Drill Program
The primary target for the 2020 drill exploration program was
Conductor A, which has a strike length of 800 metres and
is a composite of several conductive plates. This conductor has
conductance of 5,000 Siemens and a depth to top of 200
metres below surface. The drill hole testing of Conductor A
was approximately 561 metres and was collared in Station Creek
Formation volcanics and drilled through Hasen Creek Formation
sediments before encountering the peridotite sill. Based on
observations in the core and the borehole EM survey, the
conductivity appears to be centred above the hole and caused by
sheared graphitic sediments. Geological mapping and drill core
observations suggest the sequence is overturned and that the
footwall of the sill was cut by the drill hole. The
second hole drill tested Conductor B for approximately
114 metres, and Conductor B was drilled entirely in
serpentinized peridotite. The conductivity at Conductor B appeared
to be related to a superparamagnetic response in the peridotite and
was later confirmed with borehole geophysics. See Figure 2.
2020 EM Survey
Sixteen loops were used in the 2020 campaign, covering 29
kilometres of data on 42 separate lines. The data collection
was completed by SJ Geophysics from Vancouver British Columbia (see Figure 3
below for a survey overview). Receivers recorded readings at
each 25-metre station utilizing two separate loops transmitting
simultaneously at 3.75 and 5.625 Hertz.
The 2020 EM program identified 42 total conductive
anomalies, with 11 of these identified as potentially nickel
massive sulphide. The 11 conductors are generally in the size
range of 20 metres x 30 metres with the largest up to 50
metres x 75 metres, and are very highly conductive (up to
26,000 Siemens). Given the reading size of the
modelled conductors, the possibility exists that a larger, highly
fractured or cluster of similar conductors exists in the vicinity
of each target, but only the closest conductor to each survey line
can be identified.
Dissimilar to Conductor A identified during the 2019 exploration
program, several of the 2020 identified conductors have a close
spatial association with mapped Ni-Cu sulphide occurrences in
outcrop and historic drill holes. The conductor locations,
parameters and Ni-Cu sulphide occurrences identified during the
2020 exploration program are shown in Figures 4 - 6.
Conductor D, located in the Arch area (see Figure 4),
represents a highly promising EM conductor for potential follow-up
work given its size and direct correlation with high grade
surface showings of Ni-Cu sulphide. The conductor is also supported
by two shallow historic drill intersections of Ni-Cu sulphide
within 250 metres of the conductor. One of the nearby surface
showings had historic channel samples grading up to 3.0% Ni, 3.0%
Cu, 2.4 g/t Pt and 3.5 g/t Pd over 2.0 metres. A historic 1988
drill hole, AR88-03, intersected 1.4% Ni and 0.8% Cu over 2.6
metres (core length) at 14 metres down-hole. A 2001
historic drill hole, AR01-04, intersected 2.0% Ni and 4.2% Cu over
1 metre (core length) at 55 metres down-hole. Conductor D
can be tested by one or more holes drilled from a ridge to the
south-southeast. Conductor E occurs approximately 700
metres along the trend of the ultramafic sill to the southeast
of Conductor D. This highly conductive body does not have mapped
ultramafic or associated Ni-Cu sulphide showings. An example of the
learning from the 2020 Drill Program is that a larger conductor
that was detected approximately 250 metres south of the ultramafic
sill, brown rectangles in Figure 4, has similarities to Conductor A
and is believed to be formational (likely graphite bearing) in
nature and therefore there are no current plans to test it
further.
The West Burwash area has several Ni-Cu sulphide showings
at margins of the main ultramafic intrusion and subsidiary splays.
(see Figure 5 above). The Lower and Upper Showings are both
exposed along Linda Creek in the western part of the intrusion. A
1954 historic drill hole at the Lower Showing intersected 4.2% Ni,
1.8% Cu, 4.1 g/t Pt and 4.8 g/t Pd over 0.36 metres (core length)
at a gabbro contact. Mapping and drilling in the 1980s at the Upper
Showings returned a historic surface chip sample grading 1.8% Ni,
1.0% Cu, 2.2 g/t Pt and 1.6 g/t Pd over 1.3 metres and a
historic drill intersection (hole L88-01) grading 3.5% Ni, 1.7% Cu,
2.7 g/t Pt and 4.4 g/t Pd over 0.83 metres (core length). This
mineralization consists of semi-massive and massive sulphide at a
gabbro/sediment contact. At the Cherf Showing, located 400 metres
east of the Upper Showing, historic surface grab samples returned
up to 0.16% Ni, 0.22% Cu, 0.9 g/t Pt and 1.0 g/t Pd at a
gabbro/limestone contact. The Suicide Hill Showing, located 400
metres southeast from the Cherf Showing, has historic surface
grab samples up to 0.07% Ni, 0.39% Cu, 1.5 g/t Pt and 0.5 g/t Pd
from sheared metavolcanics. Six highly conductive targets
occur on two basic groupings in West Burwash. Conductors
G-H-I occur in the centre of the intrusion with no mapped Ni-Cu
sulphide mineralization located nearby. Conductors K-L-M
occur along what is interpreted as the base of the intrusion (from
mapping and the stratigraphic section) with Conductor K located
approximately 50 metres from the Cherf Showing. A
formation type conductor, believed to be similar in nature to
Conductor A, was detected 600 metres southwest of the
intrusion.
Two historic showings occur in the East Burwash area. The
Tex and Mex showings were discovered during mapping and soil
sampling work in the 1980s and are characterized by disseminated
sulphide mineralization in gabbro and sheared gabbro. A historic
surface chip sample at Mex graded 0.5% Ni, 0.5% Cu, 1.4 g/t Pt and
1.6 g/t Pd over 6.0 metres. Conductors O and P occur approximately
200 metres southeast of the Tex Showings adjacent to historic
multi-element soil anomalies outlined by the 100 ppb Pt contour in
Figure 6. These conductors lie between mapped ultramafic units, but
are not underlain by ultramafic or gabbro.
Stuart Harshaw, President and CEO
of Nickel Creek further commented: "The close spatial
association of the conductors, combined with historical drilling
and surface showings, is highly encouraging. Any
exploration drilling programs considered for 2021 should
represent an opportunity to further test the potential of the
Nickel Shäw property to host high-grade Ni-Cu massive sulphide
that would enhance the large well-defined mineralization of the
Wellgreen deposit."
The scientific and technical information disclosed in this news
release in relation to the geophysics program was reviewed and
approved by Brian Bengert, P. Geo.,
who is a "Qualified Person" as defined in National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101"), and an independent consultant to the Company. All
geographical information in the above are given in the NAD 83, Zone
7N coordinate system. All other scientific and technical
information disclosed in this news release was reviewed and
approved by Cam Bell, Nickel Creek's
Consulting Geologist and a "Qualified Person" as defined in NI
43-101. The reported historic exploration results have not been
verified by a Qualified Person and do not indicate the grades and
widths of future exploration. Much of the historic exploration work
discussed in this News Release is documented in the following Yukon
Assessment Reports:
- Cathro, R.J. (1987) Summary Report on 1987 Exploration: Linda
Property; Performed for 2001 Resource Industries Limited, Rockridge
Mining Corporation and Kluane Joint
Venture by Archer Cathro and Associates Limited (Yukon
Assessment Report 87-006).
- Eaton, W.D. (1988) Summary
Report on 1988 Exploration: Linda Property; Performed for 2001
Resource Industries Limited, Rockridge Mining Corporation and
Kluane Joint Venture by Archer
Cathro and Associates Limited (Yukon Assessment Report
99-092633).
- McGoran, J.P. (2001) Prospecting, Road Maintenance, Trenching
and Drilling Report on 2001 Exploration: Arch Property; Performed
for the Linda Joint Venture by Northern Platinum Limited (Yukon
Assessment Report 2001-094254).
About Nickel Creek Platinum Corp.
Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a
Canadian mining exploration and development company and its
flagship asset is its 100%-owned Nickel Shäw Project. The
Nickel Shäw Project is a large undeveloped nickel sulphide project
in one of the most favourable jurisdictions in the world, with a
unique mix of metals including copper, cobalt and platinum group
metals. The Nickel Shäw Project has exceptional access to
infrastructure, located three hours west of Whitehorse via the paved Alaska Highway, which further offers
year-round access to deep-sea shipping ports in southern
Alaska. The Company is also investigating other opportunities
for shareholder value creation.
The Company is led by a management team with a proven track
record of successful discovery, development, financing and
operation of large-scale projects. Our vision is to create value
for our shareholders by becoming a leading North American nickel,
copper, cobalt and PGM producer.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain information that may be
deemed "forward-looking information". Forward-looking information
can generally be identified by the use of forward-looking
terminology such as "may", "will", "expect", "intend", "believe",
"continue", "plans" or similar terminology, or negative
connotations thereof. All information in this release, other than
information of historical facts, including, without limitation,
regarding the undertaking of future activities, work programs and
development of the Nickel Shäw Project, realization of the
potential of the various Conductors, and general future plans and
objectives for the Company and the Nickel Shäw Project, are
forward-looking information that involve various risks and
uncertainties. Although the Company believes that the expectations
expressed in such forward-looking information are based on
reasonable assumptions, such expectations are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking information.
For more information on the Company and the key assumptions,
risks and challenges with respect to the forward-looking
information discussed herein, and about our business in general,
investors should review the Company's most recently filed annual
information form, and other continuous disclosure filings which are
available at www.sedar.com. Readers are cautioned not to place
undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
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SOURCE Nickel Creek Platinum Corp.