North American Nickel Inc announced that, as per its October 2, 2019 press release, it has entered into an agreement to earn a 100% undivided interest in the Loveland Nickel property located 30km northwest of Timmins, Ontario. The transaction has been approved by the TSX Venture Exchange. NAN CEO, Keith Morrison, commented: “We are pleased to include the Loveland Nickel property to our growing portfolio of prospective nickel-copper-cobalt assets. Recent state of the art geophysics on Loveland has identified new and untested targets along strike from an historic Ni-Cu deposit making this a prospective exploration opportunity.”
The Loveland Nickel Property is underlain by a mineralized differentiated mafic-ultramafic complex that is host to the historic Enid Creek showing. Recent analyses of a historic drill sample by the Ministry of Northern Development and Mines in Ontario returned 2.13% Ni, 0.19% Cu, 2.06ppm Pd. A VTEMMAX survey completed in 2017 identified several new and untested conductors. One of the targets extends for 950 m in strike length, and is located to the southeast along strike from the known mineralization. The exploration target is high grade mineralization located in a depression or embayment structure at the base of the intrusion.
Under the earn-in Agreement, NAN can earn 100% interest in Loveland in exchange for certain cash or common share payments totalling CAD$1,525,000 and by making expenditures on the property aggregating CAD$4,500,000 within five (5) years of the effective date of the earn-in agreement. An initial payment of $25,000 and the issuance of an aggregate of 300,000 common shares of the Company has been completed pursuant to the earn-in agreement.
The Company is planning a diamond drill program with supporting borehole geophysics that is scheduled to commence in early February.
Engagement and ongoing dialogue with the local First Nation groups is intended to occur as the scope of work is formalized.
