Independent Nickel Extends Disco Zone to the West, Initiates Drilling of Zone to Depth
SUDBURY, ONTARIO–(Marketwire – July 8, 2008) – Independent Nickel Corp. (TSX:INI) has received assays which confirm further positive drilling results from the Disco Zone at its Lynn Lake Nickel Project, located in Lynn Lake, Manitoba. Highlights of these most recent intersections are summarized as follows:
– LLN-044 tested the westward extension of the Disco zone, and intersected 9.4 meters of 0.7% nickel, 0.4% copper, 0.02% cobalt from 242.7 meters, including 4.5 meters of 1.0% nickel, 0.4% copper and 0.02% cobalt from 247.7 meters;
– LLN-045 was a vertical hole representing a west-directed stepout, and intersected 12.4 meters of 0.7% nickel, 0.3% copper, and 0.02% cobalt from 107.9 meters
– LLN-049 was designed as a stepout hole 20 meters to the west of LLN-042, and intersected 11.9 meters of 0.6% nickel, 0.4% copper, and 0.01% cobalt from 145.8 meters;
– LLN-055 stepped out 25 meters west of LLN-049, and intersected 8.6 meters of 0.7% nickel, 0.3% copper, and 0.03% cobalt from 114.7 meters, including 4.4 meters of 0.9% nickel, 0.3% copper, and 0.03% cobalt from 118.9 meters.
Drilling to date at the Disco Zone has outlined a shallow, arcuate body with a total length of 100 meters and an average width of 16 meters. To date the mineralization has been intersected to a depth of 274 meters. The Disco Zone remains open to the southwest and at depth.
The Company has recently completed a phase of borehole geophysical surveying, which has identified a source of conductivity located below all currently known mineralization in the Disco Zone. Drilling is currently testing for the down plunge extent of the zone, which is interpreted to be represented by these conductive anomalies.
Current drilling is testing the potential of the Disco Zone to depth. Typical Lynn Lake orebodies have a surface expression of 80 by 20 meters (comparable to, or smaller than, Disco), commonly display similar arcuate morphologies and are long, pipe-like bodies. The average depth to length aspect ratio of the Lynn Lake orebodies is 8:1. Based on geological knowledge of the A-plug, the Disco Zone possesses many similarities to some of the larger orebodies historically mined at Lynn Lake. Drilling is proceeding very well. Additional assay results will be provided as they are received from the laboratory.
In addition to the exploration of the Disco Zone, the Company is currently undertaking a bulk sampling program at Lynn Lake. The bulk sampling program is planned to generate approximately eight tonnes of representative ore. The program is well underway; to date, approximately 1.5 tonnes have been collected and sealed in airtight drums. When completed, the bulk sample will form the basis on which to complete feasibility level metallurgical test work, including design of an appropriate bioleach circuit.
About Independent Nickel Corp.
Independent Nickel owns 100% of the Lynn Lake Nickel Mine, located in Lynn Lake, Manitoba. The mine produced 22.2 million tons of ore at an average grade of 1.0% nickel and 0.5% copper between 1953 and 1976. The Company also owns a Net Smelter Return Royalty (“NSR”) on Victory Nickel Inc.’s Minago Nickel Property, also located in Northern Manitoba. The NSR pays the Company 3% of all mineral product value when nickel prices exceed US$6/lb.
Assay lengths reported in this release are core lengths. Due to the irregular nature of some of the orebodies at Lynn Lake, true mineralized widths will be determined in the context of an updated resource/reserve estimate.
Samples have been analyzed by ALS Chemex in North Vancouver, British Columbia. Assays for nickel, copper, and cobalt are completed on by four acid “near total” digestion and AAS finish. Select samples are analyzed by Sodium Peroxide Fusion, acid dissolution and ICPAES analysis. The Qualified Person responsible for the technical content of this news release is Richard Murphy, P. Geo., President and CEO of Independent Nickel Corp.
This document may contain forward-looking statements relating to Independent Nickel Corp.’s (INI) operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond INI’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. INI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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