Drill Program Commences on Neal Property - a Pure Nickel Project in Partnership with Eric Sprott
TORONTO: November 12, 2019. Pure Nickel Inc. (TSXV: NIC) (the “Company” or “Pure Nickel”) announces that drilling has commenced on its Neal Gold Project located 27 kilometers southeast of Boise, Idaho. The program consists of approximately 1,000 meters of reverse circulation drilling and is designed to target unmined quartz-gold vein structures down-dip and on strike of known historic mines and mineralized structures. Results from this initial exploration program will form the basis for a larger spring, dual reverse circulation and diamond (core), drilling program.
The Company acquired the operating and 51% controlling interest in the Neal Development Limited Partnership (“Neal LP”) on May 13, 2019, from Eric Sprott, through 2176423 Ontario Ltd. (a corporation beneficially owned by Mr. Sprott). The Neal LP holds a lease to operate the Neal Gold Project. Pursuant to terms of the acquisition, the Company issued Mr. Sprott 10,221,732 shares of Pure Nickel making him a significant strategic shareholder who currently holds 11.8% of the issued and outstanding shares of the Company. The Company has an option to earn-in an additional 27% interest in the Neal LP. Upon completion of the earn-in option, ownership interest in the Neal LP will be 78% Pure Nickel, 20% Mr. Sprott, and 2% minority party. (See Pure Nickel press releases dated April 30, 2019 and May 13, 2019).
About the Neal Project
The Neal Project (the “Project”) is a high-grade gold-dominant vein system with at least five veins known to date. It is located 27 kilometers southeast of Boise, Idaho and has excellent access via improved gravel and dirt roads from Interstate-84. The Project consists of five private patented mining claims covering approximately 22.4 hectares and seven unpatented lode claims covering approximately 50.2 hectares. The Project area contains three historic underground mines.
About Pure Nickel
Since the start of 2019, Pure Nickel has made strategic steps to expand its focus to include gold and silver exploration. Upon completion of the proposed merger with Explor Resources Inc. (see press release dated August 22, 2019), the Company will have two advanced staged gold exploration projects - its partnership with Eric Sprott on the Neal Project in Idaho and the Timmins Porcupine West Project in Ontario. Both exploration projects are expected to continue to return positive exploration results and hold the potential to be advanced to production.
FOR FURTHER INFORMATION:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors that could cause Pure Nickel’s actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
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