Nickel North Exploration Corp. announces that, in Q4, 2015, the Company completed a strategic review of the exploration potential of the company's Hawk Ridge geology with the objective to provide a clear direction for ongoing work at its 100% owned Ni-Cu-PGE Project in Northern Quebec.
Due to the unfavourable financial markets in the resource sector, the short field program planned for July 2015 was cancelled and activity reprioritized to advance exploration targeting and the development of a detailed exploration model as a framework to advance the project towards discovery of a large volume, high-grade Ni-Cu-PGE deposit.
In 2014, Nickel North completed a $1.4M work program that included 1,000 metres of diamond drilling and was designed to test priority, high-grade Ni-Cu-PGE targets. These targets included the previously identified Gamma Zone which returned an intercept of 7.01 m of 2.11% Ni, 2.73% Cu and 0.62 g/t Pt+Pd, including 3.35 m @ 4.24 % Ni, 4.70 % Cu and 0.95 g/t Pt+Pd (see Press Release; August 26, 2014).
In Q4, 2015, the Company completed a strategic review of the Hawk Ridge Property in order to evaluate the results of the successful 2014 program. This review was engaged with the objective to provide direction for ongoing work at Hawk Ridge and systematically rank all of the exploration targets on the property.
This strategic review concluded the following with respect to future exploration targeting:
- The large regional gravity anomaly located at Hopes Advance is interpreted to represent a fractionated, layered intrusion; potential source rocks for the Ni-Cu-PGE mineralization identified at Hawk Ridge
- Large volumes of low grade Cu-rich mineralization may represent distal phases related to prospective targets for high-grade Ni-Cu-PGE mineralization.
- Previously identified zones of Cu-rich sulphides are likely to represent residual Cu-rich liquids, after crystallization of an Fe-Ni-rich massive sulphides
- If confirmed, large volumes of Ni-rich massive sulphides which crystallized before the Cu-rich liquids should be associated with the mineralizing system, as evidenced at Hopes Advance North, where drill hole 97 - 112 intersected 3.5m @ 3.4% Ni and 2.45% Cu in massive pentlandite rich sulphide
- The preferred model, as stated by numerous authors working on Hawk Ridge, is Ni-Cu-PGE rich massive sulphide deposits within intrusive conduits.
- Four areas of known ultramafic intrusions with strong field evidence for complex feeder structures, are, in order of importance: Hopes Advance, Fold and Bay, Horseshoe, and Mag #2, with numerous large sill-like bodies also providing evidence for flow through (Schindler).
Nickel North believes the Hawk Ridge property represents a valuable asset for the Company. However, further exploration will await improved financial markets.
The board together with the management are actively assessing new opportunities to create value for the Company and its shareholders.