Jaway Stainless Steel

Sulphide fever ignites North American Nickel shares

North American Nickel stock and volume spiked more than doubling at one point Friday after it described drilling results from the Maniitsoq project in Greenland primarily a search for nickel showing massive sulphides in several intercepts.

Without corresponding metal assays, the flurry of share buying amounted to bets that the sulphide counts would correspond in some measure with nickel mineralization. No guarantee there but neither is it a totally unreasonable position given past exploration at Maniitsoq. Of note, North American Nickel, has said that a past project operator, Falconbridge, reported that 100% sulphides corresponded with about 8% nickel.

In recent years drilling at Maniitsoq's Imiak Hill has produced some notable nickel intercepts, however, in three, short, parrallel zones within a 50 metre wide area. North American Nickel has reported as much as 3 metres @ 2.38% nickel and 0.26% copper and 10 metres @ 2.67% nickel and 0.6% copper.

North American Nickel said that today's excitement stems from the fact that North American Nickel's reported it hit a greater precentage of sulphides than it had ever drilled at Imiak. Its best, and also deepest intercept was 19 metres long with 40 to 45% sulphides. Portions therein showed 65 to 80% sulphides.