NICKEL CREEK PLATINUM EXTENDS HIGH GRADE NICKEL-COPPER-PGE MINERALIZATION AT ARCH TARGET - DRILLS 2.57% Ni, 1.61% Cu AND 2.35 g/t TPM OVER 3.84 m

Rhea-AI Summary

Nickel Creek Platinum Corp. (TSX: NCP, OTCQB: NCPCF) announced promising results from its 2022 drill program at the Arch Target in Yukon, Canada. Drilling revealed a significant sulphide interval grading 2.57% nickel, 1.61% copper, and 2.35 g/t Total Precious Metals over 3.84 meters, extending the known mineralization from 2021. The program included 18 holes totaling 2,975 meters, with 10 holes on the Arch Target. The results indicate significant near-surface mineralization at depths of 7-170 meters. While the Prefeasibility Study (PFS) for the Wellgreen deposit is due by July 2023, the Arch Target will not be included, but ongoing assessments may outline a maiden inferred resource there. The company noted the potential for additional high-grade mineralization opportunities.

Positive

• High-grade mineralization intersected: 2.57% Ni, 1.61% Cu, 2.35 g/t TPM over 3.84 m.
• Drilling extended massive to disseminated sulphide mineralization at depth.
• Near-surface mineralization shows potential with significant grades at shallow depths.
• Geophysical results indicate further untested conductivity down-dip.

Negative

• Arch Target will not be included in the upcoming Prefeasibility Study (PFS) for Wellgreen.

HIGHLIGHTS OF THE DRILL RESULTS AT ARCH:

• A massive sulphide interval grading 2.57% nickel (Ni), 1.61% copper (Cu) and 2.35 g/t Total Precious Metals (TPM) over 3.84 m was intersected down-dip of semi-massive to massive sulphide mineralization drilled in 2021 (see Photo 1 for core sample and Table 1 for drill intersection details).
• Significant disseminated + semi-massive sulphide intervals grading 0.29 to 0.67% Ni, 0.08 to 0.43% Cu and 0.43 to 1.64 g/t TPM over 6.25 to 78.95 m intervals in 7 holes (see Table 1 for details).
• Geophysics results show untested conductivity down-dip and along strike of current drilling.
• Near surface massive to disseminated sulphide mineralization at depths of 7-170 m.

TORONTO, April 11, 2023 /PRNewswire/ - Nickel Creek Platinum Corp. (TSX: NCP) (OTCQB: NCPCF) ("Nickel Creek" or the "Company") is pleased to announce the results from its 2022 drilling and geophysics program on the Arch Target conducted during the period of July-October 2022 in Yukon, Canada. The timing of the release of these results was largely impacted by the unprecedented volume of samples from exploration projects throughout Yukon submitted to the ALS preparation lab in Whitehorse.

The drilling component of the 2022 exploration program comprised 18 holes totalling 2,975 metres (m), of which 10 holes totalling 1,265 m were drilled on the Arch Target at the Nickel Shäw Project. The drilling at Arch was successful in extending massive to disseminated Ni-Cu sulphide mineralization at depth and along strike from holes drilled in 2021. See Figure 1 for a general plan map of the areas. Eight (8) holes were drilled on the Wellgreen deposit (1,710 m) to convert inferred mineral resources to indicated mineral resources and to collect additional geotechnical and hydrogeological data.  The 1,710 metres of drilling at Wellgreen was carried out to support the completion of a Prefeasibility Study (PFS) which is expected to be completed by July 2023.

"We have demonstrated the continuity of sulphide mineralization at the Arch Target including its significant Nickel, Copper, Precious Metals and Sulphur grades. This target occurs at shallow depths and is currently being assessed to determine if a maiden inferred resource can be outlined here." said Stuart Harshaw, President and CEO of Nickel Creek Platinum.  "The PFS will not include the Arch Target when produced in Q3 this year but we are excited by the opportunity for additional higher-grade mineralization at our Nickel Shäw property."

Table 1: Arch Drilling Summary

Note: All intervals listed are down-hole core lengths, not true widths; interval grades are length weighted. A cut-off grade of 1.0% Ni was applied for the massive sulphide and 0.25% Ni for the disseminated sulphide.

The Arch ultramafic sill has been the subject of several historical exploration campaigns and has had various surveys, including ground electromagnetics (EM) and magnetics, helicopter EM and magnetics (Dighem), soil geochemistry, trenching and limited diamond drilling (three holes totalling 136m).  Drilling in 2021 at the Arch Target intersected significant massive to semi-massive sulphide in six holes. Grades up to 3.85% Ni, 1.37% Cu and 3.97 g/t TPM over 3.45m were returned. Disseminated sulphide along with net-textured, blebby and interstitial sulphide variably occurs above the high-grade zones with combined massive sulphide and disseminated intervals grading up to 1.41% Ni, 0.55% Cu and 2.49 g/t TPM over 11.95m.

During the 2022 drill program, a massive sulphide interval grading 2.57% Ni, 1.61% Cu and 2.35 g/t TPM over 3.84 m was intersected in ASD22-016, drilled down-dip of semi-massive to massive sulphide mineralization drilled in 2021. This is part of a larger interval grading 1.37% Ni, 0.89% Cu and 0.89 g/t TPM over 8.73m. Significant disseminated and semi-massive sulphide intervals grading 0.29 to 0.67% Ni, 0.08 to 0.43% Cu and 0.43 to 1.64 g/t TPM over 6.25 to 78.95 m intervals in seven (7) holes. These intersections also contain significant sulphur (S) levels, a key determining factor in Ni recovery at the Wellgreen deposit (see Table 1 for details). These intersections occur at shallow depths (7-170m) over a strike length of approximately 450m. Work is in progress to determine if sulphide mineralization at Arch can be classified as a maiden inferred resource. 

Sulphide mineralization at Arch occurs at the base of an outcropping ultramafic sill ("Arch Sill") that is centred four kilometres west-northwest of the Wellgreen deposit. The sill is approximately 100 m thick and the base (northeast contact) dips subparallel to the slope at 55-75 degrees to the south-southwest. Massive and semi-massive sulphide mineralization is related to a thin (<2 metres) marginal gabbro unit that occurs below a distinctive Mottled Peridotite unit. The high-grade sulphide occurs at the marginal gabbro/footwall contact. Footwall rocks typically consist of Hasen Creek Formation meta-sediments. The ultramafic Arch Sill is believed to be contemporaneous with the Permo-Triassic ultramafic intrusion hosting the Wellgreen deposit. The massive sulphide intersection in 2022 hole ASD22-016 is associated with a potential peridotite feeder dyke occurring below the main sill with an 8.73-m core length of combined peridotite and massive sulphide. See Figure 2 for a plan map of Arch drill hole locations. See Figure 3 for a general east-west longitudinal section showing geology and drill intersections through the Arch area.

One (1) 2022 Arch hole was surveyed by borehole electromagnetics (EM) along with 14 surface EM lines totalling approximately 4,200 m. Geophysical results show untested conductivity down-dip and to the northeast of the 2021/22 drilling. Field-checking of near-surface conductors to the northeast is required. Diamond drilling was performed by Superior Diamond Drilling and the EM survey was completed by SJ Geophysics.

As part of the 2022 drill program, existing drill trails were upgraded to allow truck access to all drill sites.

Analytical quality assurance and quality control ("QAQC") included submission of blanks and standards. Various standards were submitted that are appropriate for both low-grade and high-grade Ni-Cu-PM mineralization. Results from the standards and blanks were reviewed and in the opinion of the Qualified Person, the analytical results pass QAQC review for base metals and PMs in the low-grade type (disseminated sulphide) mineralization as well as the base metals in the high-grade (semi-massive to massive sulphide) mineralization. Analytical QAQC for precious metals in the higher-grade mineralization is still pending. Sample preparation was completed at the ALS facility in Whitehorse, Yukon and analysis was completed at the ALS laboratory in North Vancouver, British Columbia. Samples were analyzed by 4-acid digestion and ICP-AES (ALS method MEICP-61) with platinum, palladium and gold analysis by fire assay with ICP-AES finish (ALS method PGM-ICP23).

See Table 2 for Arch drill hole location information.

Table 2: Arch Target Drill hole location information in metres

Note: Co-ordinates UTM Zone 7 NAD83.

Drilling at the Wellgreen deposit was completed to facilitate hydrogeology studies, geotechnical studies and resource conversion. This work is part of the ongoing PFS that is expected to be completed by July 2023. Borehole geophysics (EM) were completed on three (3) 2022 holes at the Wellgreen deposit. This information is being reviewed in the context of the geological model to determine if high-grade targets are present below the current contemplated pit.

Scientific and Technical Information

The scientific and technical information disclosed in this news release was prepared under the supervision Cameron Bell, P. Geo., an independent geologist on a consulting retainer contract with the Company, and a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

About Nickel Creek Platinum Corp.

Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a Canadian mining exploration and development company and its flagship asset is its 100%-owned Nickel Shäw Project. The Nickel Shäw Project is a large undeveloped nickel sulphide project in one of the most favourable jurisdictions in the world, with an attractive mix of metals including copper, cobalt and platinum group metals. The Nickel Shäw Project has exceptional access to infrastructure, located three hours west of Whitehorse via the paved Alaska Highway, which supports year-round access to deep-sea shipping ports in southern Alaska.  The Company is led by a management team with a proven track record of successful discovery, development, financing and operation of large-scale projects. Our vision is to create value for our shareholders by becoming a leading North American nickel, copper, cobalt and PGM producer.

Cautionary Note Regarding Forward-Looking Information

This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "believe", "continue", "plans" or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, statements with respect to plans for further exploration to help define the extent of the mineralized zone, plans to advance Arch, plans to advance the Wellgreen deposit towards a PFS, and general future plans and objectives for the Company and the Nickel Shäw Project, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information.

For more information on the Company and the key assumptions, risks and challenges with respect to the forward-looking information discussed herein, and about our business in general, investors should review the Company's most recently filed annual information form, and other continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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SOURCE Nickel Creek Platinum Corp.

FAQ

What are the latest drill results for Nickel Creek Platinum Corp (NCPCF)?

The latest drill results revealed significant sulphide intervals, with a high-grade sample of 2.57% nickel and 1.61% copper over 3.84 meters.

When is the Prefeasibility Study (PFS) for Nickel Creek Platinum's Wellgreen deposit expected?

The PFS for the Wellgreen deposit is expected to be completed by July 2023.

What depths were the nickel-copper mineralizations found at the Arch Target?

Mineralization was found at near-surface depths of 7-170 meters.

What is the significance of the Arch Target results for NCPCF investors?

The positive drill results at Arch suggest the potential for increased resource estimates, although it will not be included in the upcoming PFS.

Will the Arch Target be included in the upcoming Prefeasibility Study (PFS) for Nickel Creek Platinum?

No, the Arch Target results will not be included in the PFS expected in July 2023.