Chance Lake Nickel-Copper-Cobalt Property, Quebec, Canada
The Chance Lake Property is situated within the Labrador Trough, approximately 100 km north of Schefferville in the Nunavik Territory of Quebec. The Property consists of 16 contiguous claims covering approximately 777.7 hectares.
Mineralization at the Property was first discovered in 1942-1943 at Chance Lake and at Glance Lake. The primary occurrence is at Chance Lake, where mineralization consists of ultramafic lenses of massive sulphide (pyrrhotite, chalcopyrite, pentlandite, and sphalerite) surrounded by halos of disseminated sulphide (pyrrhotite and chalcopyrite). In 1959, Hollinger North Shore Exploration Company Limited completed a series of drill holes targeting the Chance Lake occurrence. The program was successful in intersecting both disseminated and massive sulphide mineralization with vertical drill hole L9 returning 27.2 ft (8.29 m) of 0.87% Ni and 0.90% Cu from 119.6 ft to 146.8 ft depth (~35.5 m to 44.7 m). Analysis for platinum and palladium was not completed on the core samples.
In 1959, a “tonnage estimate” was completed on the Chance Lake occurrence by the Hollinger North Shore Exploration Company Limited (Nicholson 1959, GM09855). The historical estimate outlined 716,031 tons at 0.66% Cu, 0.89% Ni, 0.10% Co for the massive sulfide zone, or 967,393 tons at 0.49% Cu and 0.73% Ni for the combined massive sulphide and disseminated sulfide zones.
The Company cautions that the historical estimates (i.e. tonnage and grade estimates) documented for the Chance Lake occurrence have not been independently verified by a Qualified Person and were not completed in accordance with NI 43-101 Standards of Disclosure for Mineral Projects, and therefore, should not be relied upon. The historical estimates are not mineral resources, and therefore, should not be treated as such.
Amiral Nickel-Copper-PGE Property, Quebec, Canada
The Amiral Property is an early-stage magmatic Ni-Cu-PGE project located within the Grenville Geological Province, approximately 120 Km northwest of Sept-Îles, Quebec. The Property consists of 40 contiguous mineral claims covering an area of approximately 2,162.5 hectares and is easily accessible via a network of old logging roads transecting the area, and a rail line passing within 3 km of the Property.
In 1999, a peridotite rock unit was discovered on the Property, hosting 1% to 30% sulphides including pentlandite and chalcopyrite (the “Amiral Showing”). In 2002, an IP geophysical survey was completed and detected numerous conductive horizons on the Property, including some coincident with the Amiral Showing.
To date, two zones of mineralization have been identified on the Property – Amiral and Trench 4 – and are separated by approximately two (2) kilometres. Historical sampling of the Amiral Showing returned 1.07% Ni and 0.35% Cu over 6.5 m, including 1.54% Ni and 0.29% Cu over 2.1 m (GM59166). At the Trench 4 Showing, historical sampling returned 0.63% Ni and 0.89% Cu (GM62800).
Mr. Paul Sarjeant, P. Geo., is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Darren L. Smith, M.Sc, P.Geo, Dahrouge Geological Consulting Ltd., a registered permit holder with the Ordre des Géologues du Québec and a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this news release with respect to the Chance Lake and Amiral proprieties.