Vancouver, British Columbia--(Newsfile Corp. - July 9, 2020) - North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") is pleased to announce that it has recently acquired an ownership position in a private Canadian company, to provide direct exposure to nickel-copper-cobalt (Ni-Cu-Co) opportunities in the southern African region, and that it is expanding its area of exploration interest into Morocco.
North American Nickel is a global Ni-Cu-Co sulphide exploration and development company. In addition to our projects in Greenland and Canada, we continually evaluate opportunities to acquire or invest in opportunities that have high prospectivity and are located in low-risk countries with rule-of-law. For the past year NAN has been evaluating opportunities in Africa. These include a direct investment in Premium Nickel Resources (PNR), a private Canadian company, focused on the acquisition of Ni-Cu-Co projects in southern Africa and an expanding relationship with the Office National des Hydrocarbures et des Mines (ONHYM) in Morocco.
NAN is a founding shareholder in Premium Nickel Resources, to provide direct exposure to Ni-Cu-Co opportunities in the southern African region. PNR has recently submitted an Indicative Offer to acquire the assets, currently in liquidation, formerly operated by Bamangwato Concessions Limited (BCL) in Botswana. These assets include the former producing Selebi-Phikwe, Tati-Phoenix and Tati-Selkirk mines in addition to regional exploration join ventures on highly prospective multicommodity projects. NAN provides technical and management support to PNR through a Services Agreement and a Consulting Agreement. This includes the roles of Chairman - Mr. Charles Riopel, CFO - Mrs. Sarah Zhu and CEO - Mr. Keith Morrison. NAN currently owns 10% of PNR and has a 5-year Warrant to purchase an additional 15% of PNR for USD$10M. Mr. Riopel and Mr. Morrison are also direct investors in PNR.
ONHYM is the leading resource crown corporation and the single largest permit holder in Morocco. North American Nickel is in the process of developing a long-term partnership with ONHYM where both parties will collaborate and combine their efforts to identify, secure and explore for Ni-Cu-PGE deposits in the country. The initial agreement focuses on 11 exploration permits held by ONHYM in the Imilchil area.
The Imilchil area was selected as it contains three significant Ni-Cu occurrences hosted in a major troctolitic-gabbroic mafic event. The three significant Ni-Cu occurrences have historic elevated nickel over strike lengths between 20 to 400m, with grab samples with up to 2.5% Ni and 2.4% Cu (not analysed for PGE) from historic government studies on the economic potential of the area. Importantly, the greater area has footprints of an even larger magmatic mafic province with associated Cu occurrences based on geological assessments from regional magnetics and landsat imagery. Thus, potential exists to develop an even larger magmatic Ni-Cu-PGE camp for future exploration.
Reconnaissance field work in 2019 confirmed this mineralization. Grab sample highlights include 1.1% Ni, 1.25% Cu and 312 ppb Pt+Pd+Au in an olivine gabbronorite with 5% weathered sulphides from the Anefgou showing (analysis by ALS).
NAN CEO, Keith Morrison commented: "The development of our relationships with both PNR and ONHYM is the result of NAN's global strategy to identify the best Ni-Cu-Co projects in countries with the rule-of-law. Expanding our footprint into Africa through these partnerships is a new page in NAN's history. We recognize that these areas are inconsistent with our name, but that is an opportunity for another day."
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada.
The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi deep water port with an all year-round shipping season and hydroelectric power potential from a quantified watershed.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
The Company acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties is part of the company's strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
North American Nickel Inc.
For more information contact:
North American Nickel Inc.
+1 (604) 770-4334
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information includes, but is not limited to, statements about the ability of the Company to access capital to satisfy the fees and expenditures under the earn-in agreement, the ability of the Company to complete the expenditures under the earn-in agreement, spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects, engagement and dialogue with First Nations groups and formalizing the scope of work. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents available at www.sedar.com. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.
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