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Pure Nickel Commences NI 43-101 Technical Report for the Neal Project
Toronto, Ontario--(Newsfile Corp. - May 6, 2019) - Pure Nickel Inc. (TSXV: NIC) (the "Company"...
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[{"type":"text","content":"Pure Nickel Commences NI 43-101 Technical Report for the Neal ProjectToronto, Ontario--(Newsfile Corp. - May 6, 2019) - Pure Nickel Inc. (TSXV: NIC) (the \"Company\" or \"Pure Nickel\") announces that it has commenced work on generating a National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\") Technical Report (the \"Technical Report\") for the Neal Project. The Company is Eric Sprott's 51% partner in the Neal Development Limited Partnership (\"Neal LP\") which holds a lease to operate the Neal Project (see Pure Nickel press release dated April 30, 2019). The Neal Project, located 27 kilometers southeast of Bosie, Idaho, is a gold project comprised of 5 patented and 7 unpatented lode mining claims. To prepare the Technical Report, the Company has retained the services of Thomas H. Chadwick, BSc., CPG., an economic geologist specializing in precious and base metal exploration since 1976. In addition to the production of the Technical Report, the work will include a site visit, a compilation of historic work, an outline of the most encouraging zones and recommendations for future work programs. The Company expects the report to be completed and filed within the next few weeks.About the Neal ProjectThe Neal Project is a high-grade gold-dominant discrete vein system with at least five veins known to date. It is located near Boise, Idaho and has excellent access via 20 kilometers of improved gravel and dirt roads from Interstate-84. The Project consists of 5 private patented mining claims covering approximately 22.4 hectares (55.38 acres) and another 7 unpatented lode claims covering about 52.6 hectares (130 acres) located on Forest Service administered public lands. About the Neal LP and Sprott Mining PartnershipOn April 29, 2019 Pure Nickel signed an Agreement (\"Agreement\") to acquire an operating and controlling interest in the Neal LP. Under terms of the Agreement the Company can acquire 51% of the Neal LP from a company controlled by Eric Sprott (\"Sprott Mining:\") in consideration of the issuance to Sprott Mining of 10,221,731 shares of the Company, or approximately 15% of the currently issued and outstanding shares of the Company. In addition, the Company has an earn-in option to acquire an additional 27% of the Neal LP, along with 7 unpatented mining claims by raising between US$1-1.5 mill...