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Pure Nickel Starts Drill Program on Neal Property in Idaho

Mining News - Published on Mon, 18 Nov 2019

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Pure Nickel Inc announced that drilling has commenced on its Neal Gold Project located 27 kilometers southeast of Boise, Idaho. The program consists of approximately 1,000 meters of reverse circulation drilling and is designed to target unmined quartz-gold vein structures down-dip and on strike of known historic mines and mineralized structures. Results from this initial exploration program will form the basis for a larger spring, dual reverse circulation and diamond core, drilling program.

The Company acquired the operating and 51% controlling interest in the Neal Development Limited Partnership on May 13, 2019, from Eric Sprott, through 2176423 Ontario Ltd. The Neal LP holds a lease to operate the Neal Gold Project. Pursuant to terms of the acquisition, the Company issued Mr. Sprott 10,221,732 shares of Pure Nickel making him a significant strategic shareholder who currently holds 11.8% of the issued and outstanding shares of the Company. The Company has an option to earn-in an additional 27% interest in the Neal LP. Upon completion of the earn-in option, ownership interest in the Neal LP will be 78% Pure Nickel, 20% Mr. Sprott, and 2% minority party.

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Posted By : Rabi Wangkhem on Mon, 18 Nov 2019
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