First Nickel Announces Increase to 2012 Exploratio TORONTO, ONTARIO--(Marketwire - March 23, 2012) - First Nickel Inc. ("FNI", or the "Company") (TSX:FNI) announces the details of its 2012 exploration program.
The board of directors has approved an increase in the 2012 exploration budget from $1.9 million to $3.4 million for work being conducted in 2012. The previously announced 2012 exploration budget was reported in a press release dated January 25, 2012.
The 2012 program has been designed with the objective of expanding the resource base within an under explored area near the Lockerby Mine and testing priority regional targets on the Southeastern Ontario properties.
Paul Davis, Vice President, Exploration commented, "This added funding demonstrates our commitment to growing the company through exploration. In addition, our objective for 2012 is to identify a pipeline of promising properties through exploration and acquisition that leverages our strong exploration and operating teams with the goal of expanding our operations beyond the Lockerby Mine."
The 2012 surface exploration programs consist of the following:
- 5,000 metres of surface drilling on the Link zone
- 3,000 metres of surface drilling on the Belmont Project
- 3,000 metres of surface drilling on the Raglan Hill Project
Drilling in Sudbury will focus on the Link zone with the objective of expanding upon the known intersections of mineralization down plunge of the Conwest Deposit. Surface drilling will explore for higher grade trends and improve our understanding of the mineralization associated within the area. The target area was broadly drilled by the company in 2008 and reported intersections of 1.82% Ni over 2.6 metres in FNI4002 and 1.33% Ni over 10.4 metres in FNI4003 as press released on November 7, 2008.
Drilling began in February on the Southeastern Ontario projects and focuses on systematically testing high priority airborne geophysical anomalies on the Belmont project. Work on the Raglan Hills project includes more detailed drilling on the ML North PGE zone, discovered in 2009 with reported intersections of 0.762 grams per tonne ("gpt") Pt and 1.216 gpt Pd over 5.05 metres in FNB009 and 0.659 gpt Pt and 1.052 gpt Pd in FNB010 as press released on August 5, 2009. Drilling will also test the eastern portion of the Henderson property targeting an ultramafic body with anomalous nickel and copper mineralization in an ultramafic body with an associated magnetic high and coincident, 700 metres long, VTEM electromagnetic anomaly.
As a standard practice, selected diamond drill holes will be tested using the latest in borehole geophysical techniques. Field mapping and sampling programs will be completed on the Southeastern Ontario projects during the summer.
The Company continues to review a number of potential opportunities and seeks to add to our base metal portfolio through acquisitions of promising exploration properties and operating mines.
The information in this release was prepared under the direction of Paul Davis, P.Geo., Vice President Exploration for First Nickel Inc., a "qualified person" as defined by National Instrument 43-101.