North American Nickel Inc.
, Stock Forum
) announced a new discovery of high-grade nickel and copper-cobalt-PGM mineralization at Imiak North, 950 metres north of Imiak Hill, and additional copper-nickel-cobalt and elevated-PGM mineralization at Spotty Hill, 1350 metres east of Imiak Hill.
Imiak North and Spotty Hill are two of three mineralized conduits at the Imiak Hill Conduit Complex (IHCC) located in the northern part of the company's 100% owned Maniitsoq nickel - copper - cobalt and PGM sulphide project in southwest Greenland.
According to the North American Nickel press release
, at Imiak North the drilling highlight was 55.75 metres grading 1.28% nickel, 0.36% copper, 0.04% cobalt, and 0.03 grams per tonne PGM, including 9.99 metres of 4.65% nickel, 0.33% copper, 0.13% cobalt and 0.08 grams per tonne PGM.
At Spotty Hill the most promising drill result was 20.07 metres grading 0.68% nickel, 0.28% copper, 0.02% cobalt and 0.32 grams per tonne PGM, including 2.07 metres of 2.03% nickel, 0.11% copper, 0.07% cobalt and 0.78 grams per tonne PGM.
North American Nickel is a mineral exploration company. VMS Ventures Inc.
, Stock Forum
) owns approximately 23.9% of NAN.
On Wednesday morning, North American Nickel lost 8.3% and was trading at $0.33 a share. The company had a market cap of $46.4 million, based on 140.6 million shares outstanding.
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