Victory Nickel Inc. (TSX:NI) today announced that preparations are underway for drilling in the Nose Deposit and North Limb at its 100%-owned Minago sulphide nickel project in Manitoba. Drilling is expected to begin toward the end of January.
The Nose Deposit currently incorporates all known resources and reserves at Minago (620 million pounds in-situ nickel Measured and Indicated resource, 170 million pounds in-situ nickel inferred resource – see below); the North Limb is an underexplored and highly prospective zone of sulphide nickel mineralization with a known strike length of 1.5 kilometres to the north of the Nose Deposit.
The drill program will incorporate the following:
- A single deep hole targeting the down-plunge extension of the significant nickel resource currently known to exist in the Nose Deposit at Minago. In part, this deep drill hole will target a large magnetic mass shown to extend to a depth in excess of 1.5 kilometres vertically and over two kilometres in length incorporating the Minago Nose Deposit and the North Limb (see "Figure 1: Magnetic Inversion Study" attached).
- Ten holes to define a nickel resource in the North limb. The North Limb's existing 17 diamond drill holes demonstrate continuity and significant thickness of nickel-mineralized rock identical in character to that which comprises the Nose Deposit.
- Five holes in the local area of the Nose Deposit to examine the geology and assess local conditions with regard to infrastructure placement.
"Near-surface mineralization already identified in past drilling shows that the North Limb is a prime target for significant expansion of the Minago resource," said Paul Jones, Vice-President, Exploration. "The airborne survey shows that the potential exists for the Nose Deposit and North Limb to comprise a single continuous mineralized body. If this is the case, the nickel resource at Minago would increase dramatically, potentially to district proportions."
Victory Nickel's Qualified Person under the NI 43-101 guidelines is Paul Jones, Vice-President, Exploration. Mr. Jones has reviewed and approved the contents of this news release.
Source: Victory Nickel Inc.