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Pure Nickel Reports Operating Highlights and Results for the Third Quarter Ended August 31, 2012
Toronto, Ontario--(Newsfile Corp. - October 10, 2012) - Pure Nickel Inc. (TSX: NIC) (the “...
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[{"type":"text","content":"\nPure Nickel Reports Operating Highlights and Results for the Third Quarter Ended August 31, 2012\n\nToronto, Ontario--(Newsfile Corp. - October 10, 2012) - Pure Nickel Inc. (TSX: NIC) (the “Company”) today released its operating highlights and \nfinancial results for the three- and nine-month periods \nended August 31, 2012. \nOperating Highlights \nMAN Alaska Property \nDuring the third quarter, exploration on the MAN Alaska \nproperty was underway. The 2012 program ran from the end of May until September \n3, 2012. Approximately US$4.1 million has been spent on drilling, soil \ngeochemical surveys, ground-based Induced Polarization (IP) geophysical surveys \nand geological mapping this year. A total of 2,550 soil samples were collected \nand 47 line kilometres of IP surveys on four grids were completed. The IP \nsurveys were used to follow-up on soil geochemical anomalies to test for the \npresence of sulphide mineralization. A number of new sulphide occurrences were \nidentified in the Alpha Complex, two of which were tested by subsequent \ndrilling. Eight drill holes totalling 2,234 metres were completed and assay \nresults are pending. Jon Findlay, Ph.D., P.Geo is the designated Qualified \nPerson for this project. \nThis was the fifth season that Pure Nickel’s partner, Itochu \nCorporation, has funded exploration. With this year’s work program, Itochu has \nexpended approximately US$21 million and currently holds a 30% interest in the \nproperty. The agreement with Itochu allows for them to earn up to a 75% interest \nby incurring US$40 million of exploration expenditures. \nSalt Chuck, Alaska \nThe Company commenced a diamond drilling program on its 100% \nowned Salt Chuck property in August, 2012. The Salt Chuck property consists of \n146 federal lode mining claims located on Prince of Wales Island in the Alaskan \npanhandle. The island is accessed by ferry service, and direct access to the \nproperty is by well maintained U.S. Forest Service roads and by tide water. \nThe company is currently completing the fifth hole of its 2,000 \nmetre program. The objective of the drilling is to determine the source of \ngeochemical and geophysical anomalies previously identified in the area. Core \nsamples from the program are being shipped via ferry to Seattle and then by \ntruck to assay facilities in Va...