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TORONTO, April 4, 2013 (GLOBE NEWSWIRE) -- Pure Nickel Inc. (TSX:NIC) (the "Company") today released its operating highlights and its financial results for the quarter ended February 28, 2013. (All dollar amounts herein are expressed in Canadian funds, unless otherwise indicated.)
First quarter operating highlights MAN Property, Alaska
Pure Nickel's partner on the MAN Alaska property, ITOCHU Corporation, confirmed its continued participation in the project with a commitment to fund US$3.5 million of exploration between May and August this year, as announced on March 27, 2013.
This is the sixth season that Pure Nickel and ITOCHU will work together on the MAN project; ITOCHU has earned a 30% ownership interest in the property and has funded roughly US$21 million in exploration to date. ITOCHU may earn up to a 75% interest by incurring US$40 million of exploration expenditures. The bulk of the 2013 budget will be focused on drilling in the Alpha complex. Jon Findlay, Ph.D, P.Geo. is the designated Qualified Person for this project.
Salt Chuck Property, Alaska
During the first quarter we released the results from the 2012 exploration program at the Salt Chuck property in Alaska (see press release dated December 11, 2012). The drilling program identified high grade gold mineralization in a previously unknown gold-bearing structure in the western part of the property, an area known locally as North Pole Hill. High grade intersections from drill hole NPH-12-04 include: 29.1 g/t Au, 12.1 g/t Ag and 0.79 % Cu over 2.58 metres apparent width, including 127.8 g/t Au, 57.6 g/t Ag and 2.78% Cu over 0.35 metres apparent width.
The Salt Chuck property is located on Prince of Wales Island on the Alaskan Panhandle. The property consists of 146 contiguous federal lode mining claims. The historic Salt Chuck mine produced approximately 300,000 metric tonnes of ore, reported by US government summaries (1948) to grade 0.95 % copper, 1.96 g/t palladium, 1.12 g/t gold and 5.29 g/t silver. The mine was the largest producer of palladium in the USA during its era. Jon Findlay, Ph.D. P.Geo. is the designated Qualified Person for this project.