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Re: News Releases - Friday, November 07, 2008
First Nickel Provides an Exploration Update on Lockerby and West
Graham Properties
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Highlights
- FNI-3512 intersected 9.60 metres grading 3.38% Ni and 1.06% Cu
- FNI-3446 intersected 12.65 metres grading 3.17% Ni and 1.31% Cu
- FNI-1743 intersected 14.60 metres grading 1.99% Ni and 1.43% Cu
November 7, 2008 -- Toronto, Ontario -- First Nickel Inc. ("First
Nickel" or the "Company") (FNI-TSX) reports the results of diamond
drill programs for the third quarter of 2008 on Lockerby East, 17
Level, Lockerby East surface and West Graham projects. Assay results
received in the third quarter include both diamond drill holes
completed in the third quarter as well as drill holes completed in the
second quarter. Assay results are pending on 9 holes at the end of the
third quarter.
The Lockerby East Zone drill program was designed to upgrade the
Inferred Resource to an Indicated Resource category approximately 200
metres below the lowest mining level. Highlights of the completed drill
program include FNI-3512 intersecting 9.60 metres grading 3.38% Ni and
1.06% Cu; FNI-3446 intersecting 12.65 metres grading 3.17% Ni and 1.31%
Cu including an interval of 4.75 metres grading 6.06% Ni and 2.04% Cu
and FNI-3449 intersecting 5.30 metres grading 3.19% Ni and 1.14% Cu.
Significant assay analyses from the 2008 drill program have been
summarized in the accompanying table.
Drill
From Length
Hole ID (m) To (m) (m) Ni (%) Cu (%)
FNI-3505 64.00 65.50 1.50 2.46 0.91
FNI-3506 66.80 70.65 3.85 1.23 0.81
FNI-3507 57.45 60.45 3.00 3.74 1.83
FNI-3509a 159.00 163.50 4.50 1.07 0.65
FN-I3511 63.50 68.55 5.05 2.33 0.95
FNI-3512 67.80 77.40 9.60 3.38 1.06
FNI-3514 97.90 99.70 1.80 2.92 0.92
FNI-3515 130.70 132.10 1.40 6.97 0.51
FNI-3517a 106.85 109.60 2.75 1.10 4.10
FNI-3518 152.90 156.80 3.90 3.57 1.74
FNI-3519 64.00 68.50 4.50 1.88 0.38
FNI-3446 145.85 158.50 12.65 3.17 1.31
incl. 149.65 154.40 4.75 6.06 2.04
FNI-3447 101.50 109.90 8.40 2.33 0.43
FNI-3448 85.40 90.00 4.60 1.49 0.60
FNI-3449 174.60 192.00 17.40 1.54 0.75
incl. 174.60 179.90 5.30 3.19 1.14
FNI-3450 105.85 108.15 2.30 2.62 0.99
FNI-3451 159.00 163.45 4.45 3.79 0.47
All assay intervals reported are core length and do notrepresent true
widths (defined as being measured at right angles to the direction of
extension of the sulphide body). All other assay samples are pending
analysis.
The 17 Level drill program tested three separate mineralized horizons
that include a hanging wall, contact and footwall trends between the 17
and 23 levels. Geological modeling and resource estimation is in
progress and scheduled for completion in the fourth quarter. Highlights
of the drill program on the Lockerby 17 Level include FNI-1743
intersecting 14.60 metres grading 1.99% Ni and 1.43% Cu and FNI-1746
intersecting 12.15 metres grading 1.50% Ni and 0.71% Cu. Significant
assay analyses not previously reported have been summarized in the
accompanying table.
Drill
From Length
Hole ID (m) To (m) (m) Ni (%) Cu (%)
FNI-1726 58.60 63.10 4.50 1.71 1.44
FNI-1735 51.60 59.30 7.70 1.35 1.01
FNI-1743 47.80 62.40 14.60 1.99 1.43
FNI-1746 52.10 64.25 12.15 1.50 0.71
FNI-1749 77.25 81.10 3.85 1.97 0.28
FNI-1752 65.45 70.45 5.00 1.42 0.41
FNI-1753 98.10 103.25 5.15 1.23 1.17
All assay intervals reported are core length and do not represent true
widths (defined as being measured at right angles to the direction of
extension of the sulphide body). All other assay samples are pending
analysis.
A widely spaced exploration drill program targeting the down-plunge
extension of the Conwest Deposit and the up-plunge extension of the
high grade Lockerby East Zone was initiated from surface in the third
quarter. Drilling has confirmed the presence of both contact and
hangwall hosted nickel-copper sulphide mineralization between 700 and
800 metres vertical depth. Highlights of the drill program include
FNI-4003 intersecting 10.40 metres of hangingwall-style mineralization
grading 1.33% Ni and 0.64% Cu and FNI-4002 intersecting 2.60 metres of
contact-style mineralization grading 1.82% Ni and 0.96% Cu. The surface
diamond drill program is ongoing and scheduled for completion in
December. Significant assay analyses from the 2008 drill program have
been summarized in the accompanying table.
Drill
From Length
Hole ID (m) To (m) (m) Ni (%) Cu (%)
FNI-4002 850.10 852.70 2.60 1.82 0.96
FNI-4003 816.00 826.40 10.40 1.33 0.64
All assay intervals reported are core length and do not represent true
widths (defined as being measured at right angles to the direction of
extension of the sulphide body). All other assay samples are pending
analysis.
No drilling was completed on the West Graham property in the third
quarter, however, assay analyses were received during this period.
During the quarter a composite sample has been submitted to SGS
Lakefield Research Limited for a preliminary metallurgical program that
consists of sample preparation and rougher kinetic tests that will
provide an estimate of the recovery characteristics of the Conwest
Deposit. Additionally, the Company has commissioned Scott Wilson Roscoe
Postle Associates to complete an independent NI 43-101 compliant
Resource Estimate on the Conwest Deposit that is scheduled for
completion in the fourth quarter. Significant assay analyses for the
Conwest Deposit from the third quarter of 2008 have been summarized in
the accompanying table.
Drill
From Length
Hole ID (m) To (m) (m) Ni (%) Cu (%)
FNI-2044 191.90 207.15 15.25 0.74 0.33
FNI-2057 458.60 471.50 12.90 0.46 0.33
FNI-2060 174.50 198.50 24.00 0.46 0.33
Incl. 229.90 240.10 10.20 0.70 0.50
FNI-2061 276.50 288.50 12.00 0.49 0.35
FNI-2062 97.50 105.50 8.00 0.61 0.34
All assay intervals reported are core length and do not represent true
widths (defined as being measured at right angles to the direction of
extension of the sulphide body). All other assay samples are pending
analysis.
The diamond drilling program was designed by First Nickel's Sudbury
Geology Manager Phil Vicker, P.Geo.. The underground drill program was
carried out under the supervision of First Nickel's Chief Mine
Geologist, Steve Conquer, P.Geo. a "qualified person" as defined by
National Instrument 43-101 and the surface programs have been carried
out under the supervision of First Nickel's Sudbury Geology Manager
Phil Vicker, P.Geo. and First Nickel's Senior Geologist, Scot Halladay,
P.Geo., both "qualified person(s)" as defined by National Instrument
43-101. The information in this release was prepared under the
direction of Paul Davis, P.Geo., Vice President of Exploration for
First Nickel Inc., a "qualified person" as defined by National
Instrument 43-101. First Nickel Inc. follows a rigorous QA/QC protocol
on all of its exploration projects. Drill core of interest (NQ size) is
sawn in half, with one half retained for future reference and one half
sent to a commercial laboratory, Accurassay Laboratories in Lively,
Ontario. A rigorous quality assurance/quality control program is
employed which includes the insertion of standards and blanks for each
batch of samples.
First Nickel is a Canadian mining and exploration company. Its current
activities are primarily focused on the Sudbury Basin in northern
Ontario, the location of the Lockerby Mine and four of its exploration
properties. First Nickel also has two exploration properties in the
Timmins region of northern Ontario. First Nickel's shares are traded on
the TSX under the symbol FNI.
This news release may contain forward-looking statements, which are
subject to certain risks, uncertainties and assumptions. A number of
factors could cause actual results to differ materially from the
results discussed in such statements, and there is no assurance that
actual results will be consistent with them. Such forward-looking
statements are made as at the date of this news release, and the
company assumes no obligation to update or revise them, either publicly
or otherwise, to reflect new events, information or circumstances.
For further information contact:
First Nickel Inc.
William Anderson, President & CEO
Toll Free: (888)-362-7050
Telephone: (416) 362-7050
Fax: (416) 362-9050
Email: wanderson@firstnickel.com
or
Forbes West, Investor Relations Advisor
416-203-2200 / 1-888-655-5532 / forbes@sherbournegroup.ca
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Copyright (c) 2008 FIRST NICKEL INC. (FNI) All rights reserved. For
more information visit our website at http://www.firstnickel.com/ or
send mailto:info@firstnickel.com
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