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Nuveen New York Quality Municipal Income Fund V.NAN


Primary Symbol: NAN

Nuveen New York Quality Municipal Income Fund (the Fund) is a diversified, closed-end management investment fund. The Fund’s investment objective is to provide current income exempt from regular federal, and New York State and New York City income tax and to enhance portfolio value. The Fund invests in municipal securities that are exempt from federal, New York state, and New York City income taxes. The Fund invests at least 80% of its managed assets in securities rated, at the time of investment, investment grade or, if they are unrated, are judged by the manager to be of comparable quality. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality. The Fund invests in various sectors, such as consumer staples, health care, transportation, and utilities. The Funds’ investment adviser is Nuveen Fund Advisors, LLC.


NYSE:NAN - Post by User

Post by STOCKRUSon Jul 21, 2012 1:39pm
331 Views
Post# 20138272

NAN.V more info - Maniitsoq Property/Crater

NAN.V more info - Maniitsoq Property/Crater

Maniitsoq Property



Click to enlarge map



https://www.northamericannickel.com/Projects/Projects-Overview/Greenland/Maniitsoq/default.aspx

Figure 1: the Maniitsoq project consists of a large (4,841 km2) exclusive exploration licence on the southwest coast of Greenland. Note this part of the Greenland coast is free of ice year round.



Click to enlarge map

Figure 2: Map of some of the Ni-Cu showings in the Maniitsoq exploration licence and the location of the SkyTEM helicopter and TEM and magnetic surveys flown in 2011.

SUMMARY

NAN has acquired a Mineral Exploration Licence granting exclusive exploration rights to a 4,841 km2 area (larger than the entire Sudbury camp) covering numerous high-grade nickel – copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions situated along the southwest coast of Greenland (Figure 1). This acquisition, called The Maniitsoq Project, is named after the nearest community which is approximately 160 km north of Nuuk, the capital of Greenland (a safe, stable, mining-friendly jurisdiction). Ports in this part of Greenland have a year-round shipping season.

PREVIOUS EXPLORATION WORK AND GEOLOGY

Given its vast size and the abundance of nickel occurrences, the Maniitsoq area has seen relatively little exploration activity. The only drilling for nickel was done between 1965 and 1972 by a company called Kyrolitselskabet Øresund A/S (KØ). KØ drilled 119 shallow drill holes totalling only 6,287 meters. The drilling tested exposed sulphide mineralization and shallow electromagnetic (EM) anomalies directly associated with outcropping mineralization. All but a few were drilled with portable Winkie drills and the average hole length was just 53 meters.

Nevertheless, numerous significant intersections were made (Figure 2), including:

- Imiak Hill: 9.85 meters @ 2.67% Ni, 0.60% Cu,

- Fossilik: 12.89 meters @ 2.24% Ni, 0.63% Cu, and

- Quagssuk: 4.95 meters @ 1.97% Ni, 0.43% Cu.

The Maniitsoq area is underlain predominantly by highly deformed and metamorphosed Archean gneisses. Supracrustal rocks comprise about 10% of the area and consist mainly of amphibolite (metamorphosed and deformed volcano-sedimentary sequences). Most of the nickel discovered to date is associated with younger, undeformed norite intrusions that are concentrated in (but not restricted to) a 15 km wide by 75 km long “J”-shaped belt, referred to as the Greenland Norite Belt (GNB), that rims a large, complex known as the Finnefjeld gneiss complex.

In 1995 Cominco Ltd, in conjunction with the Geological Survey of Denmark and Greenland (GEUS), flew a large portion of the GNB with a GeoTEM fixed wing, airborne EM system. Relatively few EM anomalies were detected. Follow-up prospecting and limited surface geophysical surveys by Cominco in 1995 and 1996 and by Falconbridge Limited in 2000 did not lead to any drilling. Re-sampling of the KØ drill core and surface showings by both Cominco and Falconbridge did, however, confirm the generally high nickel tenor of the sulphides (recalculated to approximately 8% nickel in 100% sulphide in the case of Falconbridge’s work).

EXPLORATION RATIONAL

NAN acquired the project because it believes that the modern, time-domain, helicopter EM systems will be more effective at detecting nickel sulphide deposits in the rugged terrain Maniitsoq than the fixed wing survey flown in 1995 that failed to produce any drill targets. Helicopter TEM systems were not available in 1995 and their availability now gives NAN a significant advantage over previous explorers.

2011 EXPLORATION PROGRAM

Upon receiving its exploration licence in August, NAN initiated a one-week field program to confirm and sample known showings, locate significant historical drill holes and check targets identified from compilation of historical data. Based on the results of the field work and data compilation two flight blocks, totalling 373 km2, were selected for helicopter TEM and magnetic surveying (outlined in yellow in Figure 2). Helicopter surveying commenced in mid September and was completed in early October. The work was performed by SkyTEM Surveys ApS of Denmark and QA/QC and data interpretation was done by Condor Consulting Inc. of Lakewood, Colorado.

Flight block 1 covered 352 km2 and included the largest known norite bodies and most significant nickel occurrences in the licence. Many of the prospective norite intrusions in this part of the property have a significant component of remnant magnetism giving them a distinctive magnetic signature. Mapping out the distribution of this signature suggests that there may be considerably more prospective noritic rock than is exposed on surface.

Block 1 was flown along survey lines oriented 145° with a nominal spacing of 200 m. Line spacing was reduced to 100 m when potentially significant conductors were detected. Tie lines, oriented perpendicular to the survey lines, were flown at a nominal spacing of 2 km. Additional lines were flown perpendicular to the survey lines over two showings (Imiak Hill and Fossilik II) where significant intersections of Ni sulphide were made in the past. Data from these lines, plus the regular survey lines, will be useful in producing three-dimensional models of the mineralization.

Seventeen targets were identified in block 1 (Figure 3). In terms of priority, six are ranked high, seven medium and four low. Three of the high priority targets correspond to previously drilled nickel sulphide occurrences (Imiak Hill, Fossilik II and Quagssuk). It is likely that Fossilik II and Quagssuk were adequately drill tested but at Imiak Hill (EM target B1-J) there appears to be potential for the mineralization to continue at depth. Detailed modeling of the EM anomalies (in progress) may help confirm this.

The remaining three high priority and six medium priority targets in block 1 appear to be untested. Five of these targets (B1-B through B1-F) are associated with a magnetic feature interpreted to possibly represent a norite body 2.4 km long by up to 1.1 km wide. Outcrops of norite have been observed by previous workers in the vicinity of target B1-B, which has a strike length of approximately 850 m.

Flight block 2 covered 21 km2 centred on a northeast-striking, norite intrusion known as Pingo that is exposed over a strike length of more than 4 km. Rusty zones ranging from less than 1 m2 to over 100 m2 occur throughout and typically contain trace to several percent pyrrhotite and trace chalcopyrite. A short (61.88 m) hole was drilled near the centre of the intrusion in 1970 and intersected a 4.16 m interval of weak sulphide mineralization averaging 0.58% Ni and 0.24% Cu. This is the only recorded drilling on the Pingo intrusion.

The block was flown along survey lines oriented at 150° with a nominal separation of 100 m. Tie lines were flown perpendicular to the survey lines at 1 to 2 km intervals.

Eight targets were outlined in block 2 (Figure 4) but only one, B2-D, is ranked high priority; the remainder, except for B2-H, consist of relatively weak EM anomalies that in many cases may be surficial responses. Target B2-H is comprised of three strong, but poorly defined, EM anomalies situated along the edge of a fjord and are more likely related to salt water than to bedrock conductors.

PLANS FOR 2012

In preparation for drilling later in 2012, NAN plans to model the SkyTEM targets using three-dimensional software to determine the precise location and extents of the anomalies. NAN also intends to lay out additional areas for helicopter TEM surveying as the current SkyTEM surveys cover just 8% of NAN's 4,841 km2 exclusive exploration licence. Diamond drilling of selected electromagnetic anomalies, identified by the helicopter geophysics, is contemplated for 2012.

Figure 3: Map showing SkyTEM results for flight block 1.

Figure 4: Map showing SkyTEM results for flight block 1.

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