North Limb Drilling Continues to Return Positive Results at Victory Nickel's Minago Project
June 28 2011 - 9:12AM
Marketwired Canada
Victory Nickel Inc. (the "Company") (TSX:NI) (www.victorynickel.ca) today
announced analytical results from five holes drilled in the "North Limb"
nickel-mineralized domain at its 100% owned Minago Nickel Project located on the
Thompson Nickel Belt approximately 485 kilometres north of Winnipeg, Manitoba.
Fifteen drill holes totalling 6,172m were drilled along 1,600m of the North
Limb. The North Limb is a domain of nickel mineralization that extends north
from the Nose Deposit; the Nose Deposit contains all of the reported resources
at the Minago Project. The nickel mineralization and host rock at the North Limb
are identical to that of the Nose Deposit and the North Limb provides an
enormous target for expansion of the nickel resource. In addition to that in the
North Limb, drilling was conducted during the winter to target the extension to
depth and the near surface western extension of nickel mineralization of the
Nose Deposit.
The holes reported here were collared at the south end of the North Limb trend
and extend northward. They demonstrate nickel continuity between holes and
sections and significant continuous widths of nickel mineralization with grades
comparable to the Nose Deposit. All point to a domain of prospective,
near-surface, nickel mineralization that has not yet been included in any
resource estimate.
Interval
Hole ID From (m) To (m) (m) Ni (%)
------------------------------------------------------------
V-10-01 165.07 181.96 16.89 0.32
220.76 223.92 3.16 0.29
------------------------------------------------------------
V-10-02 116.91 121.59 4.68 0.41
142 202.35 60.35 0.45
including 184.75 201 16.25 0.80
including 189.65 196.26 6.61 1.08
------------------------------------------------------------
V-10-02A 162.5 255 92.5 0.31
282 289 7 0.77
including 285 287.61 2.61 1.82
294.47 296.48 2.01 0.50
------------------------------------------------------------
V-10-03 199.71 228.14 28.43 0.42
237.76 259.70 21.94 0.31
291.04 301.89 10.85 0.70
364.94 367.85 2.91 0.70
------------------------------------------------------------
V-10-04 203 255 52 0.63
including 206 236.5 30.5 1.01
including 209 218.77 9.77 1.56
including 210.0 212.0 2.0 2.61
263.0 292.0 29.0 0.56
including 270.0 281.0 11.0 1.08
- - - - -
------------------------------------------------------------
V-10-05 171.93 200.38 28.45 0.29
280.89 298.49 17.7 0.73
including 282.02 298.49 9.47 1.07
Victory Nickel's Qualified Person under the NI 43-101 guidelines is Paul Jones,
Vice-President, Exploration. Mr. Jones has reviewed and approved the contents of
this news release. The results tabulated here report total nickel values. All
intervals reported in this news release are core lengths. True widths have not
yet been established. All analytical results were produced by TSL Laboratories
of Saskatoon, Saskatchewan.
Annual and Special Meeting
As a reminder, the Company's Annual and Special Meeting for Shareholders ("ASM")
will take place Wednesday, June 29, 2011, at 4:00 p.m. Toronto Time at the
Toronto Board of Trade, 1 First Canadian Place, Toronto, Ontario. The ASM will
be webcast and can be accessed at
http://www.gowebcasting.com/events/victory-nickel-inc/2011/06/29/annual-general-meeting/play
and through Victory Nickel's website at www.victorynickel.ca.
About Victory Nickel
Victory Nickel Inc. is a Canadian company with four sulphide nickel deposits
containing significant NI 43-101- compliant nickel resources. Victory Nickel is
focused on becoming a mid-tier nickel producer by developing its existing
properties, Minago, Mel and Lynn Lake in Manitoba, and Lac Rocher in
northwestern Quebec, and by evaluating opportunities to expand its nickel asset
base. Victory Nickel also owns shares in Prophecy Resource Corp. (TSX
VENTURE:PCY) and Wallbridge Mining Company Limited (TSX:WM), the third largest
landholder in the Sudbury Basin, which in turn owns approximately 9% of Duluth
Metals Limited.
Please visit the Company's website at www.victorynickel.ca. Should you wish to
receive Company news via email, please email nadine@chfir.com and specify
"Victory Nickel" in the subject line.
Forward-Looking Information: This news release contains forward-looking
information. All statements, other than statements of historic fact, that
address activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future constitute forward-looking
information. This forward-looking information reflects the current expectations
or beliefs of the Company based on information currently available to the
Company. Forward-looking information is subject to a number of risks and
uncertainties that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking information, 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 the
Company. Factors that could cause actual results or events to differ materially
from current expectations include, among other things: uncertainty of estimates
of capital and operating costs, production estimates and estimated economic
return; the possibility that actual circumstances will differ from estimates and
assumptions; uncertainties relating to the availability and costs of financing
needed in the future; failure to establish estimated mineral resources;
fluctuations in commodity prices and currency exchange rates; inflation;
recoveries being less than those indicated by the testwork carried out to date
(there can be no assurance that recoveries in small scale laboratory tests will
be duplicated in large tests under on-site conditions or during production);
changes in equity markets; operating performance of facilities; environmental
and safety risks; delays in obtaining or failure to obtain necessary permits and
approvals from government authorities; unavailability of plant, equipment or
labour; inability to retain key management and personnel; changes to regulations
or policies affecting the Company's activities; the uncertainties involved in
interpreting geological data; and the other risks disclosed under the heading
"Risk Factors" and elsewhere in the Company's annual information form dated
March 31, 2010 filed on SEDAR at www.sedar.com. Forward-looking information
speaks only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new information,
future events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information due to the
inherent uncertainty therein.
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