Victory nickel - NewsVictory Nickel Completes Metallurgical Drilling at Minago Ahead of Schedule
TORONTO, ONTARIO, Mar 14, 2007 (MARKET WIRE via COMTEX News Network) --
Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX: Ni) (www.victorynickel.ca) today announced that assays from the first ten holes of an aggressive drilling program at its Minago sulphide nickel project continue to confirm scoping study estimates that Minago, on Manitoba's Thomson Nickel Belt, is one of Canada's largest undeveloped sulphide nickel deposits.
To date, the Company has completed 21 holes of a 13,000-metre drill program that is part of the feasibility study on the Minago project being conducted by Wardrop Engineering Inc. The drilling this winter will be used to upgrade the Minago resource estimate, to provide geotechnical data and to provide samples for metallurgical testing by SGS Mineral Services (Lakefield) ("SGS"). SGS's metallurgical testing to date has confirmed that Minago mineralization can produce a concentrate grading up to 35% nickel, making it one of the highest grade nickel concentrates in the world.
"The resource drilling we've completed so far has tested the very shallow, peripheral, portions of the deposit in order to increase confidence and move the remaining inferred material in the pit to the indicated category," said Paul Jones, Vice-President, Exploration. "Deeper holes typically return higher values, and we are confident that this program will enhance the Minago resource. Importantly, we are three weeks ahead of schedule in delivering required metallurgical samples to SGS for the third phase of metallurgical testing which is key to timely completion of the feasibility study."
Notable intervals are tabulated below. All analyses were conducted by TSL Laboratories of Saskatoon, Saskatchewan. Full results are available on the Victory Nickel website (all intervals are core lengths, not true widths).
DDH No. From To Interval (m) Ni(%)N0701 158 173 15 0.79N0706 112 132.24 20.24 0.55N0707 121 160 39 0.81N0709 138.6 195.55 56.95 0.81N0709 262.25 268.25 6 1.26N0710 143 313.56 170.56 0.38includingN0710 171.5 180.6 9.1 0.73N0710 254 275 21 0.85
Victory Nickel currently has five diamond drill rigs operating: two at the Mel deposit, which is also on the Thompson Nickel Belt, and three at Minago. The Minago winter work program is being supervised by P.L. Jones, Vice-President Exploration for Victory Nickel, who acts as a qualified person under National Instrument 43-101.
About Minago
Minago is one of Canada's largest undeveloped sulphide nickel deposits. Located in Manitoba's prolific Thompson nickel belt, Minago hosts measured and indicated resources of 49.1 million tonnes grading 0.516% nickel, or 558 million pounds of in-situ nickel (0.25% nickel cut-off grade), comprised of a 10.3 million tonne measured resource grading 0.593% nickel and a 38.8 million tonne indicated resource grading 0.496% nickel. A further 44.1 million tonne inferred resource at 0.528% nickel contains 513 million pounds of in-situ nickel (for further information, please see Minago Preliminary Economic Assessment by Wardrop Engineering November 24, 2006, which is available on SEDAR at www.sedar.com).
About Victory Nickel
Victory Nickel Inc. is a Canadian company with over 660 million pounds of in-situ nickel in National Instrument 43-101-compliant measured (154 million pounds) and indicated (511 million pounds) resources in three sulphide nickel projects: Minago and Mel on Manitoba's Thompson nickel belt, and the high-grade Lac Rocher deposit in northwestern Quebec, and an additional 530 million pounds of in-situ nickel in inferred resources. Created from the nickel assets of Nuinsco Resources (TSX: NWI), Victory Nickel is well financed and focused on becoming a producer by developing its existing properties and evaluating opportunities to expand its asset base.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historical fact, that address activities, events or developments that Victory Nickel believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Victory Nickel based on information currently available to Victory Nickel. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Victory Nickel to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Victory Nickel. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper, nickel and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain necessary permits and approvals from government authorities, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Victory Nickel disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Victory Nickel believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.