VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- North American Nickel Inc. (TSX VENTURE:NAN) (OTCBB:WSCRF) (CUSIP:65704T 108) (the "Company" or “NAN”) is pleased to announce that it has received the Hydropower Feasibility Assessment Study within watershed 06.H located on the eastern flank of the Company’s 100% owned Maniitsoq nickel sulphide project in southwest Greenland. Hydropower is the preferred method for the environmentally-sensitive generation of electricity for the operation of any new mining venture including mine, mill, camp site and harbor facility in Greenland.
The feasibility report was prepared by EFLA Consulting Engineers and includes technical, environmental and socio-economic studies and the documentation of physical and economical aspects of hydropower development. The report examined local topography and provides an assessment of the development's viability, identified key areas of risk and suggests mitigation actions, to determine the economic viability of hydropower development at watershed 0.6H. EFLA was retained based on its extensive knowledge of hydropower feasibility assessments, hydropower development work and applied knowledge in the field. EFLA has extensive skill sets in design and consultancy of transmission lines, roads and bridges, as well as of other infrastructural disciplines in arctic conditions that are or may be relevant.
Watershed Prospecting Licence
A watershed prospecting licence was awarded by the Ministry of Industry, Labour, Trade and Energy of the Greenland Government subsequent to a review of the Companies prospecting plan (See News Release Dated March 29, 2017). It provides the exclusive right to assess and develop potential hydropower resources for the production of electricity. The licence is in force for two years with the option to extend it for an additional three years. An exploitation licence can be awarded following a successful assessment of the watershed (See News Release Dated July 13, 2017). A map of watershed 0.6H in relation to the Maniitsoq property boundary and priority nickel sulphide mineralized zones is provided in Figure 1. Figures may be viewed using the link provided at the end of this release.
The Feasibility Report
The feasibility analysis of hydropower within watershed 06.H identifies two subordinate watersheds 7038-001 F03 and 7038-001 F04 (Figure 2) with the capacity to supply a 12 MW base load and an 18 MW maximum load and generate 96 GWh per annum for the Maniitsoq Project. The two watersheds included in this assessment have the capacity to supply the required hydroelectricity at an installed cost of $5.621 USD/kW and $5.049 USD/kW respectively at a CAPEX of between $101.2 and $90.9 million USD respectively. Operating expenses are 1-2% of CAPEX. Both watersheds encapsulate or are close to priority nickel sulphide mineralized zones and the Seqi Port.
NAN CEO, Keith Morrison, commented: “Providing a long term, low cost, environmentally sensitive power solution is a critical step in demonstrating the NiS camp potential of the Maniitsoq project. The EFLA report will form the basis of NAN’s discussions with the Ministry of Industry, Trade, Labour, and Energy and Nukissiorfilt (the Greenland National Energy Company)”.
Grant of Stock Options
The Company has also granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to 5,725,000 common shares in the capital of the Company pursuant to the Company's stock option plan. All of the options are exercisable for a period of five years at an exercise price of $0.12 per share.
”Technical Information; Qualified Person”
The Company is not aware of any legal, political, environmental or other risks that could materially affect the potential development of the project other than those set out in its annual information form filed on www.sedar.com. Please see below under the heading "Cautionary Note Regarding Forward-looking Statements" for further details regarding risks facing the Company.
The complete Desktop Study Report ("Report") prepared by EFLA and signed by their Qualified Persons will be posted on www.sedar.com within 45 days. It will also be made available on North American Nickel’s website at http://northamericannickel.ca. The technical information in this press release has been reviewed and approved by Dr. Peter C. Lightfoot, P. Geo. Chief Geologist (North American Nickel Inc.), and other Qualified Persons as relevant to their area of responsibility and expertise.
EFLA Consulting Engineers is a general engineering and consulting company based in Iceland with international activities and consultancy around the globe. EFLA comprises highly qualified and experienced professionals operating in a wide variety of fields. As an acknowledged leader in its field, EFLA places strong emphasis on innovation, cooperation and courage, and regards its employees as its most valuable resource.
EFLA offers services in Energy, Industry, Buildings, Transportation, Environment and Project management Divisions, Supported by the company´s Business Development, Research and Innovation and Personnel Divisions. Involvement in successful infrastructure projects in the Arctic are between Canada in the West and Russia in the East. Their local knowledge and experience is very strong in Greenland and other Nordic Countries.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Sudbury, Ontario.
The Maniitsoq property in Greenland is a Camp scale project comprising 2,985 square km covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland accessible from the existing Seqi deep water port with an all year round shipping season and abundant hydro-electric potential.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-platinum group metal deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
Cautionary Note Regarding Forward-looking Statements
This press release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the success of exploration activities; impact of mineralogy, estimation of mineral resources at mineral projects of the Company; the future economics of minerals including nickel and copper; synergies and financial impact facilities; the benefits of the development potential of the properties of the Company and currency exchange rate fluctuations. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in metal grades, changes in market conditions, variations in recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry, including but not limited to the failure of plant, equipment or processes to operate as anticipated. The Company cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term defined in the Private Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results. For further information on the project, please see National Instrument 43-101 (NI 43-101) technical report prepared by SRK Consulting (Canada) Inc. (SRK) dated effective March 17th, 2017, titled “Updated Independent Technical Report for the Maniitsoq Nickel-Copper-Cobalt-PGM Project, Greenland”, available under the Company's profile at www.sedar.com or at www.northamericannickel.com.
ON BEHALF OF THE BOARD OF DIRECTORS
North American Nickel Inc.
For more information contact:
North American Nickel Inc.
Toll free: 1-866-816-0118
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A PDF accompanying this announcement is available at: http://resource.globenewswire.com/Resource/Download/81137b45-d5ef-4095-ae08-f2ab24a1d3a2
Source: North American Nickel Inc.