Nickel North Exploration Corp.: Extensive Disseminated Ni-Cu-PGE Sulphides Intersected at Hawk Ridge Platinum Group Elements Confirmed in All Holes

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2012) - Nickel North Exploration Corp. (TSX VENTURE:NNX) (the "Company" or "Nickel North") is pleased to release the assay results (see Figures 1 & 2) from the 2012 diamond drill program at its 100% controlled Hawk Ridge Ni-Cu-PGE Project in northern Quebec.

This year's drilling was focused on three areas, Hopes Advance Main, Gamma and Gabbro zones, which are situated along the 50km strike length of the 18,700 hectare property. The program consisted of 7 diamond drill holes totaling 1,055.07 meters, as well as assaying the entire length of the core. Interpretation and analysis of these results was performed by Dr. Larry Hulbert (P.Geo.) and Dr. Quentin Gall and is discussed below.

2012 Drill Program Highlights

  • New high-grade Ni, Cu, PGE + Au intercept at Gamma reveals sulphide enrichment process similar to that observed at Voisey's Bay
  • Historical widths and Cu and Ni grades confirmed at Hopes Advance Main and Gamma zones, as well as platinum group elements that were not previously tested for
  • Continuous core-length sampling demonstrates potential by-product credits for Co, Pd, Pt, Au
  • Low percentage of sulphide in samples indicates a high metals tenor within the sulphides
  • Additional results from the re-assaying of historical drill core still to be released

Commenting on the results from Hawk Ridge, Dr. Larry Hulbert stated, "Having been deeply involved in the compilation of the extensive historical data, together with this year's drilling and geophysical results - has led to a new understanding of the geological controls governing sulphide mineralization. I am becoming increasingly confident in the potential of Hawk Ridge to become a new major source of sulphide-hosted nickel, copper and platinum group elements."

2012 Assay Results

The assay results summarized in Figures 1 & 2 below were analyzed by TSL Laboratories, Saskatoon. The entire core length of each drill-hole was saw cut in half and assayed. The Q/A and Q/C protocol employed using standards, duplicates and blanks for every 20 samples. Sample shipments used numbered sealed tags on each bag. True widths are not expected to be materially different than those shown. The drill-hole parameters table and location maps can be viewed at 2012 Drill Plan Maps.

Figure 1
2012 Assay Results
 
DDH Interval From To Width
m
Cu
%
Ni
%
Co
%
PGE + Au Sulphide
%
Gamma Zone
HR-2012-01 Interval 72.4 108 35.6 0.52 0.22 0.01 0.39 2.6
HR-2012-01 Incl. 98 108 10 0.66 0.3 0.01 0.43 4.1
HR-2012-01 Interval 150.06 152.84 2.78 2.19 1.15 0.05 1.02 19.9
 
HR-2012-02 Interval 129.5 163 33.5 0.45 0.18 0.01 0.33 2
HR-2012-02 Incl. 142.76 157.3 14.54 0.59 0.24 0.01 0.4 3.3
HR-2012-02 Interval 204 208.03 4.03 1.41 0.52 0.02 0.43 12.9
HR-2012-02 Incl. 205.6 208.3 2.43 1.7 0.63 0.02 0.54 15.1
 
HR-2012-03 Interval 57.14 59 1.86 4.67 2.84 0.09 1.31 22.8
HR-2012-03 Incl. 58.3 59 0.7 5.47 2.59 0.08 2.11 19.2
HR-2012-03 Interval 62 63.5 1.5 1.02 0.02 0 0.21 2.7
 
HR-2012-04 Interval 52.2 69 16.8 0.54 0.14 0.01 0.23 2.4
HR-2012-04 Incl. 54.1 63 8.9 0.77 0.2 0.01 0.31 3.8
HR-2012-04 Incl. 57 58 1 2.29 0.2 0.01 0.65 6.9
 
HR-2012-05 Interval 36.5 58.64 22.14 0.56 0.2 0.01 0.27 3.1
HR-2012-05 Incl. 36.5 54 17.5 0.6 0.24 0.01 0.28 3.6
HR-2012-05 Incl. 49 50 1 1.81 0.35 0.02 0.42 8
Gabbro Zone
HR-2012-06 Interval 46 53 7 0.34 0.15 0.01 0.11 3.5
HR-2012-06 Interval 57.09 74.9 17.81 0.81 0.32 0.02 0.59 4.4
HR-2012-06 Incl. 61 62 1 1.09 0.39 0.02 0.6 5.6
HR-2012-06 Incl. 71 72 1 1.25 0.48 0.02 0.52 6.1
Hopes Advance Main Zone
HR-2012-07 Interval 63 117.12 54.12 0.54 0.19 0.01 0.26 3.1
HR-2012-07 Incl. 89 112.5 23.5 0.76 0.22 0.01 0.33 3.5
HR-2012-07 Interval 122.44 126 3.56 0.27 0.02 0.01 0.02 15.8

Core logging and geochemical analyses has revealed a new understanding of the geological controls governing the distribution of sulphide-hosted mineralization at Hawk Ridge. The 2012 drill program identified for the first time that two magmatic geological environments exist on the property for the concentration of high grade Ni, Cu, Co, PGE and Au mineralization. The first forms as "classical basal contact-type" with immiscible semi-massive sulphides at the base of the intrusion - and the second ("new") forms as semi-massive sulphide concentrations in the middle of the intrusions at the interface between the mafic and ultramafic zones where the disseminated sulphides "telescope" into semi- massive concentrations.

The development of extensive disseminated sulfides about a major lithological (rock type) boundary is a well-known igneous metallogenic process for generating immiscible sulphides, and suggests that the sulphide mineralization at Hawk Ridge, which forms in and about the gabbro-ultramafic contact is the result of a large scale property-wide mixing of two compositionally diverse magmas. The relatively low percentage of sulphide in the samples also indicates a high metals tenor within the sulphides.

Figure 2
2012 PGE + Au Composites
 
DDH Interval From To Width
m
Pd
g/
tonne
Pt
g/
tonne
Au
g/
tonne
PGE
+ Au
Sulphide
%
Gamma Zone                  
HR-2012-01 Interval 72.4 108 35.6 0.29 0.06 0.04 0.39 2.6
HR-2012-01 Incl. 98 108 10 0.32 0.07 0.04 0.43 2.5
HR-2012-01 Interval 150.06 152.84 2.78 0.65 0.08 0.29 1.02 19.9
 
HR-2012-02 Interval 129.5 163 33.5 0.24 0.05 0.04 0.33 2
HR-2012-02 Incl. 142.76 157.3 14.54 0.29 0.06 0.05 0.4 3.3
HR-2012-02 Interval 204 208.03 4.03 0.3 0.01 0.12 0.43 12.9
HR-2012-02 Incl. 205.6 208.3 2.43 0.36 0.01 0.17 0.54 15.1
 
HR-2012-03 Interval 57.14 59 1.86 1.21 0.1 0 1.31 22.8
HR-2012-03 Incl. 58.3 59 0.7 1.89 0.22 0 2.11 19.2
HR-2012-03 Interval 62 63.5 1.5 0.19 0.01 0.01 0.21 2.7
 
HR-2012-04 Interval 52.2 69 16.8 0.13 0.04 0.06 0.23 2.4
HR-2012-04 Incl. 54.1 63 8.9 0.17 0.06 0.08 0.31 3.8
HR-2012-04 Incl. 57 58 1 0.18 0.09 0.38 0.65 6.9
 
HR-2012-05 Interval 36.5 58.64 22.14 0.2 0.05 0.02 0.27 3.1
HR-2012-05 Incl. 36.5 54 17.5 0.21 0.05 0.02 0.28 3.6
HR-2012-05 Incl. 49 50 1 0.31 0.08 0.03 0.42 8
Gabbro Zone         
HR-2012-06 Interval 46 53 7 0.07 0.02 0.02 0.11 3.5
HR-2012-06 Interval 57.09 74.9 17.81 0.31 0.07 0.21 0.59 4.4
HR-2012-06 Incl. 51.24 51.64 0.4 0.16 0.03 0 0.19 11.7
HR-2012-06 Incl. 61 62 1 0.48 0.09 0.03 0.6 5.6
HR-2012-06 Incl. 71 72 1 0.41 0.07 0.04 0.52 6.1
Hopes Advance Mian Zone        
HR-2012-07 Interval 63 117.12 54.12 0.17 0.05 0.04 0.26 3.1
HR-2012-07 Incl. 89 112.5 23.5 0.2 0.08 0.05 0.33 3.5
HR-2012-07 Interval 122.44 126 3.56 0.01 0.01 0 0.02 15.8

In the Gamma Zone the high grade concentrations (DH-2012-03, 4.67% Cu, 2.84% Ni, 0.09% Co, with 1.31 g/t PGE + Au over 1.86m) "telescope" northward along strike into thickening disseminated sulphides (DH2012-01 0.52% Cu, 0.22% Ni, 0.01% Co, with 0.04 g/t PGE + Au over 35.6m). This same type of transition in the nature of the sulphide mineralization from disseminated to semi -massive to massive is well documented in the magmatic "plumbing" system passing from the "Feeder Dyke" to the "Ovoid" and "Eastern Deeps" at Voisey's Bay.

It is worth noting that the compositions of the above-mentioned high grade magmatic sulphides are strikingly similar to the enigmatic high grade (6.6% Cu, 3.2% Ni - see 2012 NI 43-101 Technical Report) in the Pio Lake deposit 12 km to the south of the Gamma Zone. This together with the abundance of outcrop and the distinct geophysical nature of the mafic-ultramafic intrusives along the 50 km length of the property underscores the promising potential at Hawk Ridge.

Commenting on the results of this year's field season President & CEO Phillip Mudry stated, "The drilling this year exceeded our initial objectives in that it not only confirmed the historical record, but it has revealed a new target of high-grade Cu, Ni sulphide mineralization that has not been fully exploited on the property. The consistent presence of PGE enrichment is especially encouraging, as we are now updating the resource model at Hawk Ridge and planning for a much larger campaign in 2013."

The Company also wishes to advise that results from the re-assaying of select historical drill core are still pending and will be released in due course.

About The Hawk Ridge Ni-Cu-PGE Project

The Hawk Ridge Ni-Cu-PGE Project (controlled 100% by Nickel North Exploration Corp) is situated in an established mining district within the Labrador Trough in northern Quebec (rated #1 mining jurisdiction in Canada and recently rated #5 in the world by the Fraser Institute). The project is ideally located on tidewater on the west coast of Ungava Bay. The mineral claims cover 18,700 hectares of a highly anomalous 50 km belt of mafic to ultramafic intrusive, volcanic and sedimentary rocks hosting widespread magmatic copper-nickel sulphide mineralization. The project area lies within the prolific Circum Superior Nickel Belt, which also hosts the world-class (producing) Raglan and Thompson mining districts. The property has an extensive exploration history dating back to 1961 (24,000 m drilling in 361 holes, approximately $20 million in expenditures) by several operators including Esso, SOGEM, Phelps Dodge and Falconbridge.

Other entities and projects active in the area include Goldcorp's Eleonore Mine which is presently under construction, as well as Oceanic Iron Ore Corp.'s iron deposit, currently under development - along with proposed road and port facilities being considered under the Quebec government's $80 billion "Northern Mineral Development Initiative" supporting mining infrastructure in the province. Additionally, the Quebec government refunds 51% of all exploration and development expenditures in the northern portion of the Province.

About Nickel North Exploration Corp.

Nickel North Exploration Corp. is a Canadian based exploration company whose shares trade on the TSX Venture Exchange under the symbol NNX. The board of directors, advisory committee and management team feature highly experienced mining professionals and technical experts with an extensive history of mineral discovery and mine development; corporate finance and capital markets; as well as corporate mergers, acquisitions and take-overs. Nickel North Exploration Corp. is a conscientious corporate citizen, maintains good relations with First Nations, and is committed to sustainable development. The Company's corporate mission is to become a pre-eminent supplier of nickel, copper and Platinum Group Elements for domestic and global export markets.

ON BEHALF OF NICKEL NORTH EXPLORATION CORP.

Phillip Mudry, P.Geol., President and Chief Executive Officer

The technical information in this news release has been reviewed by Phillip Mudry, P.Geol, Nickel North's President and CEO, and a qualified person as defined by National Instrument 43-101. The Hawk Ridge NI 43-101 technical report has been filed on SEDAR and is available on the company's website.

Disclaimer for Forward-Looking Statements

All statements, other than statements of historical fact, included herein are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements in this news release include statements gabbro-ultramafic contact zone is a well-known igneous metallogenic process for generating immiscible sulphides, and suggests that the sulphide mineralization at Hawk Ridge, which forms in and about the gabbro-ultramafic contact is the result of a large scale property-wide mixing of two compositionally diverse magmas; the same type of transition in the nature of the sulphide mineralization from disseminated to semi-massive to massive is well documented in the magmatic

"plumbing" system passing from the "Feeder Dyke" to the "Ovoid" and "Eastern Deeps" at Voisey's Bay; has revealed a new target of high-grade Cu-Ni sulphide mineralization not previously exploited; planning for a much larger campaign in 2013. Forward looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

Contact:
Nickel North Exploration Corp.
Corporate Communications
604.689.0628
604.609.6182
info@nickelnorthexploration.com
www.nickelnorthexploration.com

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