Nickel One Resources builds on past work at western Ontario’s Tyko project
“Not too many properties come to you with two discoveries already drilled but never released,” says Nickel One Resources TSXV:NNN president/CEO Vance Loeber. “These results had never seen the light of day in a public company.”
He’s referring to the Tyko project in western Ontario’s Thunder Bay mining district, where Nickel One recently completed a program of confirmation drilling. Initial results have the company optimistic about its nickel-copper-PGM potential, and in particular about the possibility that two zones might be one.
Still to come from Tyko are results from 10 more winter holes.
The project came to Nickel One with the advantage of two seasons of drilling by North American Palladium TSX:PDL back in 2006 and 2007. Focusing on its Lac des Iles operation and advanced projects in Ontario and Finland, the company let Tyko revert to its vendors, friends of Abraham Drost, now Nickel One’s chairperson.
Loeber and Drost had worked together in prominent roles on a number of projects including Sandspring Resources TSXV:SSP and Carlisle Goldfields, the latter taken over by Alamos Gold TSX:AGI earlier this year. Consequently Nickel One’s predecessor, Redline Resources, acquired the privately held Tyko Resources and its namesake project, then began trading as Nickel One at the end of February.
North American drilled 2,230 metres in 13 holes, finding mineralization in nine of them. Redline’s February 2015 43-101 technical report provides highlights from those two programs, including:
Hole TK-06-001 at the Tyko showing
- 1.09% nickel, 0.76% copper, 0.42 ppm platinum and 0.42 ppm palladium over 4.15 metres, starting at 17.4 metres in downhole depth
TK-06-003 at the RJ showing
- 1.06% nickel , 0.51% copper, 0.24 ppm platinum and 0.12 ppm palladium over 4.08 metres, starting at 63.92 metres
TK-06-005 at the RJ showing
- 1.05% nickel, 0.46% copper, 0.2 ppm platinum and 0.12 ppm palladium over 6.2 metres, starting at 25 metres
True widths weren’t available.
Having raised $890,000 about a week after its February trading debut, Nickel One dispatched a rig to confirm the results. Assays for the first four holes came out April 12, with one near-surface interval from the RJ zone nearly matching the previous best grade while exceeding its width nearly four-fold—1.04% nickel over 16.19 metres.
That result appeared within a longer interval of 0.79% nickel over 44.12 metres:
- 0.79% nickel, 0.3% copper, 0.01 ppm gold, 0.12 ppm platinum and 0.11 ppm palladium over 44.12 metres, starting at 52.75 metres in downhole depth
- (including 1.04% nickel, 0.54% copper, 0.01 ppm gold, 0.12 ppm platinum and 0.12 ppm palladium over 8.25 metres
- (which includes) 2.89% nickel, 0.45% copper, 0.01 ppm gold, 0.27 ppm platinum and 0.35 ppm palladium over 0.5 metres
- (and including) 1.04% nickel, 0.23% copper, 0.15 ppm platinum and 0.12 ppm palladium over 16.19 metres
- (which includes) 1.23% nickel, 0.26% copper,0.18 ppm platinum and 0.13 ppm palladium over 11.38 metres
- (which includes) 1.97% nickel, 0.19% copper,0.17 ppm platinum and 0.12 ppm palladium over 1 metre
Again, true widths weren’t available. Results are pending for 10 more holes from the 14-hole, 1,780-metre program.
Summer drilling will test a theory that the RJ and Tyko zones, 1.5 kilometres apart, might be linked. The earlier drilling, magnetics, electromagnetics and IP surveys led to the 43-101’s conclusion that the property has been intruded by a mafic to ultramafic conduit that’s interpreted to be a feeder system. A “major structural flexure” between the RJ and Tyko zones coincides with anomalous nickel, copper and PGEs.
“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 states. “These deposits are characterised 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.”
A concentration of immiscible sulphides is key to the formation of an economic nickel deposit, the report adds.
Having taken over the Nickel One helm just weeks ago, Loeber’s enthusiastic about renewing his collaboration with Drost and working with their new teammates. Among them is adviser Glenn Mullan, whose 35-year exploration/mining career includes his current role as president/CEO of Golden Valley Mines TSXV:GZZ. Director Scott Jobin-Bevans, with more than 22 years of exploration experience, wrote his PhD thesis on PGE mineralization in Ontario.
Accessible by logging roads and float plane, the 11,168-hectare property sits about 40 kilometres north of Hemlo and 28 kilometres southeast of the town of Manitouwadge, at the north end of Highway 614.
Anxious to get back, the company plans to resume drilling after spring breakup, Loeber says. Meanwhile the rig remains onsite, making it cheaper and quicker to renew the attack.