Millrock President and CEO
Based on historical
This target is based on two drill hole intersections, extrapolated along strike ~400-meter distance, with the base of the target as the lower mineralized elevation of FL-003. Additional drill holes reported by Pure Nickel are present in the area but were not used in exploration targeting as Millrock does not have access to the full dataset.
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Table 1 below details the exploration target’s potential grade and tonnage, with the potential tonnage and grade using a maximum and minimum increase/decrease of 20% to allow for uncertainty.
Table 1. Exploration Target potential grade and tonnages.
Nikolai Ni-Cu-Co-PGE Exploration Target (NiEq & CuEq = | |||||||||||
Zone | Base & Battery Metals | Platinum Group and | Total NiEq2 Range | Total CuEq3 Range | |||||||
% | % | % | % | g/t | g/t | g/t | % | % | |||
48-73 | 0.16-0.24 | 0.04-0.06 | 0.013-0.019 | 0.23-0.34 | 0.037-0.055 | 0.078-0.117 | 0.005-0.007 | 0.26-0.39 | 0.53-0.79 | ||
39-58 | 0.19-0.29 | 0.10-0.15 | 0.016-0.023 | 0.30-0.45 | 0.053-0.080 | 0.113-0.170 | 0.017-0.025 | 0.36-0.53 | 0.66-1.07 | ||
53-80 | 0.16-0.24 | 0.04-0.06 | 0.013-0.019 | 0.23-0.34 | 0.021-0.031 | 0.050-0.074 | 0.011-0.016 | 0.25-0.38 | 0.51-0.75 | ||
140-211 | 0.16-0.25 | 0.06-0.08 | 0.014-0.020 | 0.25-0.37 | 0.035-0.053 | 0.077-0.115 | 0.010-0.015 | 0.28-0.42 | 0.55-0.85 | ||
1. NiEq calculated as Ni+(Cu% x | |||||||||||
2. Total NiEq calculated as Ni + Cu% x | |||||||||||
3. Total CuEq calculated as Cu + Ni% x |
The potential quantity and grade is conceptual in nature. There has not been sufficient exploration drilling to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Additionally, significant upside potential exists, as historical geophysical reports indicated a VTEM anomaly ~3.5 kilometer in length and 400 to 600 meters in width in this part of the
As reported previously, the Millrock Qualified Person (QP) does not have access to all the Pure Nickel Inc. drill logs, assay results, and geophysical data and has no way to verify the results that were published. The Millrock QP has access to the drill logs and assay certificates for the INCO holes that are designated with the “FL” prefix.
Exploration Target Drill Testing
A drill program consisting of seven holes totaling approximately 2,750 meters has been recommended. If successful, the program would, along with historical drill hole information, provide a drill density on 200 meters centers. This drill hole density is believed to be adequate to allow a calculation of an Inferred Resource, given the apparent relative continuity and homogeneity of the mineralized zone. Figure 2 depicts the approximate surface locations of the recommended drill collars for the intial test. Millrock anticipates that the recommended program will prove the exploration target holds significant mineralization and could be expanded along the VTEM anomaly.
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Qualified Person
The technical information within this document has been reviewed and approved by
About
ON BEHALF OF THE BOARD
“Gregory Beischer”
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Some statements in this news release contain forward-looking information, including but not limited to execution of deportment studies. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
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Figure 1
Overview map of the Eureka Zone , including VTEM anomaly, exploration target and historical drill results. An asterisk denoted after the drill hole indicates that Pure Nickel Inc. reported the drill hole ended in mineralization. Refer to Millrock’s September 26, 2022 press release for cross-section A – A’.
Figure 2
Overview map of proposed collar locations for initial exploration target testing
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