Victory Nickel Inc. (“Victory Nickel” or the “Company”)(TSX:NI – News; www.victorynickel.ca) today announced that recent re-interpretation of an airborne electromagnetic and magnetic survey identifies drill targets at the Minago nickel project extending to a vertical depth in excess of 1.5 kilometres and confirms the potential for a continuous mineralized body linking the Nose Deposit and the North Limb.
The entire known Minago resource is contained in the Nose Deposit, while the North Limb is an underexplored and highly prospective zone of mineralization with a known strike length of 1.5 kilometres that is located to the north of the Nose Deposit.
The reinterpretation conducted by Condor Consultants of Lakewood, Co. comprises additional study of the airborne electromagnetic data to further prioritize the existing results and a magnetic inversion study of the total-field magnetic data. A very significant result of the inversion study provides continuing and compelling evidence for the presence of a very large magnetic mass interpreted to be continuous with the ultramafic body that hosts the Minago nickel deposit. The magnetic inversion interprets the mass to extend to depths exceeding 1,500 metres vertically while forming a continuous body extending over 2 kilometres north-south and incorporating the Minago Nose Deposit and the North Limb nickel mineralization – a potentially very significant increase in the volume of rock available to host nickel mineralization. To view a video of the Condor Consultants interpretation, please visit http://victorynickel.ca/study.html.
“This survey conclusively identifies that the potential to substantially expand the Minago nickel resource and mine life extends well beyond the depth explored to date by diamond drilling and that, as has been speculated, the North Limb and Nose Deposit may comprise a single mineralized body,” said Brian Robertson, President.
Victory Nickel is completing a definitive feasibility study on its 100%-owned Minago deposit on the Thompson Nickel Belt. Minago hosts one of Canada’s largest undeveloped sulphide nickel deposits, with 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).
Victory Nickel’s Qualified Person for the exploration program under the NI 43-101 guidelines is Paul Jones, Vice-President, Exploration. Mr. Jones has reviewed and approved the contents of this news release.
About Victory Nickel
Victory Nickel Inc. is a Canadian company with over 660,000,000 pounds of in-situ nickel in National Instrument 43-101-compliant measured (154,000,000 pounds) and indicated (511,000,000 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 Limited (TSX:NWI – News), Victory Nickel is well financed and focused on becoming a substantial nickel producer by developing its existing properties and evaluating opportunities to expand its nickel asset base.
For further information, please visit our website at www.victorynickel.ca.
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.
To view the Interpretation of Minago Deposit Airborne Electromagnetic and Magnetic Survey Condor Consultants map, please visit the following link: http://media3.marketwire.com/docs/victorymap.pdf
Rene Galipeau, Brian Robertson or Sean Stokes
Victory Nickel Inc.
Source: Victory Nickel Inc.