Greenland explorer tearing it up after assays

Greenland explorer tearing it up after assays

Source: North American Nickel

Punters kicked North American Nickel (CVE:NAN) more than 7% higher on Tuesday after the Greenland-focused explorer announced new assays from the Spotty Hill prospect at the Imiak Hill discovery, part of its Maniitsoq property in coastal southwest Greenland.

Just under 400,000 shares in North American Nickel had changed hands by early afternoon, more than double the usual daily volume. North American Nickel, which also owns properties in Ontario belt, is worth $37.4 million. Like its peers North American Nickel has found 2014 tough going and the counter is 12% year to date.

The Vancouver-based company owns 100% of the copper-nickel-cobalt and platinum group metals project and has $7 million in the bank to advance Maniitsoq, the largest exploration property ever granted in Greenland covering a whopping 3,601 km2 square kilometers.

Maniitsoq is adjacent to tide water that is navigable year-round. The capital of Nuuk is 45 minutes by helicopter and 3.5 to 4 hours by boat.

North American Nickel announced assays from a previously unknown zone of semi-massive to massive nickel sulphides within a broader zone of disseminated nickel sulphides hosted within a norite including:

  • MQ-14-062 (Spotty Hill): 8.55 metres of 2.98% Ni, 0.59% Cu, 0.10% Co and 0.86 g/t Pt+Pd+Au of semi massive to massive nickel sulphides within a broader disseminated zone of 0.61% Ni and 0.16% Cu over 66 metres.
  • MQ-14-065 (Spotty Hill): 10.6 metres of 1.69% Ni, 0.34% Cu, 0.05% Co and 0.50 g/t Pt+Pd+Au of semi massive nickel sulphides within a broader disseminated zone of 0.59% Ni and 0.16% Cu over 73.49 metres.

VMS Ventures (CVE:VMS), which owns approximately 22 of NAN, was also trading up on Tuesday.

Greenland explorer tearing it up after assays

Source: North American Nickel