by Greg Klein | March 1, 2016
Having made its trading debut on February 29, Nickel One Resources TSXV:NNN prepares to explore its Tyko project in Ontario’s Thunder Bay mining district. Formerly Redline Resources, Nickel One comes about following the acquisition of Tyko Resources.
According to one chart provided by the company, some drill highlights from a 2006-to-2007 campaign on the 11,168-hectare property have shown:
- 1.09% nickel, 0.76% copper and 0.42 grams per tonne palladium over 4.15 metres, starting at 17.4 metres in downhole depth
- 1.06% nickel , 0.51% copper and 0.12 g/t palladium over 1.08 metres, starting at 63.92 metres
- 1.05% nickel, 0.5% copper and 0.12 g/t palladium over 6.2 metres, starting at 25 metres
True widths weren’t provided.
Anomalous nickel, copper and platinum group elements appear within a possible conduit that was interpreted from magnetic survey data, according to a 43-101 technical report. “The property shows many similarities with mafic to ultramafic feeder systems such as Voisey’s Bay in northern Labrador and Jinchaun in China,” the report stated. “These deposits are characterized by magmatic sulphides collecting within the feeder of a large intrusive body due to variations in geometry that caused changes in flow dynamics such that immiscible sulphides were able to settle out and collect in structural traps.”
Hoping to find a comparable system at Tyko, the company has outlined a $396,000 program that would include mapping, prospecting and drilling. The company closed an $890,000 financing that included $500,000 in flow-through units.
Nickel One also settled $197,212 in debt by issuing 1.97 million shares.