U.S. markets closed
  • S&P 500

    4,395.26
    -23.89 (-0.54%)
     
  • Dow 30

    34,935.47
    -149.06 (-0.42%)
     
  • Nasdaq

    14,672.68
    -105.59 (-0.71%)
     
  • Russell 2000

    2,226.25
    -13.78 (-0.62%)
     
  • Crude Oil

    73.81
    +0.19 (+0.26%)
     
  • Gold

    1,812.50
    -18.70 (-1.02%)
     
  • Silver

    25.55
    -0.23 (-0.90%)
     
  • EUR/USD

    1.1872
    -0.0024 (-0.20%)
     
  • 10-Yr Bond

    1.2390
    -0.0300 (-2.36%)
     
  • GBP/USD

    1.3908
    -0.0050 (-0.35%)
     
  • USD/JPY

    109.6500
    +0.1890 (+0.17%)
     
  • BTC-USD

    41,653.89
    +2,825.52 (+7.28%)
     
  • CMC Crypto 200

    955.03
    +5.13 (+0.54%)
     
  • FTSE 100

    7,032.30
    -46.12 (-0.65%)
     
  • Nikkei 225

    27,283.59
    -498.83 (-1.80%)
     

Inomin Ground Magnetics Survey at Beaver Nickel-Cobalt Property Identifies Multiple Drill Targets Over 6-Km Long Area

·5 min read

Vancouver, British Columbia--(Newsfile Corp. - July 22, 2021) - Inomin Mines Inc. (TSXV: MINE) reports a ground magnetics survey, completed at the company's Beaver nickel-cobalt project in south-central British Columbia, has defined multiple drill targets over a 6-kilometre (km) long zone. The 120 line-km ground magnetic survey, covering a 6-km long airborne magnetic anomaly in the Spur and North Lobe zones, defined long linear magnetic anomalies associated with magnetite concentrations.

At Beaver, magnetite formed through a serpentinization process on ultramafic bodies occurs with nickel-sulphide concentrations in previously drill tested areas of the property. It is the company's intention to complete drill tests of priority targets in this newly defined zone followed by a more rigorous drilling program to delineate a nickel-cobalt resource. The ground magnetic survey was completed by Scott Geophysics Ltd. of Vancouver, BC.

John Gomez, President & CEO of Inomin Mines, says, "The ground survey has generated further data to assist us in prioritizing drill targets. We look forward to drill testing these new targets to demonstrate the existence of nickel-cobalt mineralization over a large 5 - 6-km long area."

Inomin's 100% owned Beaver-Lynx nickel project is approximately 20,000 hectares, located 15 - 25 kilometres east and southeast respectively of Taseko Mines Ltd.'s Gibraltar Mine in British Columbia's Cariboo Mining Division. Initial exploration and metallurgical studies at Beaver, including geophysical surveys and diamond drilling programs during 2013 - 2014, demonstrated the property's potential to host large areas of near-surface, disseminated nickel and cobalt, amenable to conventional extraction methods.

Magnetics surveys have proven very effective at delineating magnetite-serpentinite rocks hosting nickel-cobalt mineralization. At Beaver, airborne and ground magnetic surveys have identified five magnetite-serpentinite zones with a cumulative strike length of approximately 10 kilometres. Historic drilling at these zones intersected strongly magnetic shallow-dipping serpentinites hosting nickel mineralization in sulphide form.

Given the positive drill results related to areas of significant magnetite-rich serpentinite rocks, Beaver displays potential to host multiple zones of large, disseminated, sulphide nickel. Cobalt occurs with nickel mineralization ranging from 0.009% to 0.012% cobalt. The less explored Lynx area (no drilling to date) is geologically similar to Beaver with larger-bearing potential nickel zones as defined by geophysics. Lynx also hosts the highest nickel stream and lake sediment nickel anomalies in the region.

In 2015, SGS Canada Inc. completed a QEMSCAN (Quantitative Evaluation of Minerals by Scanning Electron Microscopy) metallurgical study on a sample from drill core demonstrating that 91% of the nickel is present in a recoverable form. Of the 91% recoverable nickel, 48% is Heazlewoodite, 42% Pentlandite, and 1% forms the nickel alloy awaruite.

The Beaver-Lynx properties are relatively flat in terrain and easily accessible via all-season roads, as well as a network of forestry roads providing access to most of the properties. Other important nearby infrastructure includes electricity (hydro-power) and railroad. Skilled workers, contractors, and suppliers are available locally from the city of Williams Lake situated about 20 kilometres south of Lynx.

A 2020 National Instrument 43-101 technical report on the Beaver and Lynx sulphide nickel project - available on Inomin's website www.inominmines.com - notes that the Beaver property hosts large volumes of low-grading nickel and cobalt mineralization amendable to conventional floatation extraction techniques.

Electric-vehicle (EV) automakers and EV battery manufacturers are increasing seeking class 1 (sulphide) nickel from clean local jurisdictions. With the rapid global adoption of electric vehicles, nickel use for EV batteries is forecast to accelerate from approximately 4% currently to 31% of the nickel market in 2040.



Beaver Property 2021 Ground Survey Program

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3069/90920_46930005946ffa0a_001full.jpg

Inomin Mines Director, L. John Peters P.Geo, a qualified person as defined by NI 43-101, has reviewed and approved the technical information in this news release.

About Inomin Mines

Inomin Mines is engaged in the identification, acquisition and exploration of mineral properties, especially gold, silver and nickel projects that display strong potential to host significant mineral resources. Inomin holds the La Gitana and Pena Blanca gold-silver properties in Mexico. The company owns a 100% interest in the Beaver-Lynx sulphide nickel project in south-central British Columbia, and the Fleetwood zinc-copper-gold-silver VMS project in south-west British Columbia. Inomin also owns 100% of the King's Point gold-copper-zinc project in Newfoundland under option to Maritime Resources Corp. Inomin trades on the TSX Venture Exchange under the symbol MINE. For more information visit www.inominmines.com and follow us on Twitter @InominMines.

On behalf of the board of Inomin Mines:

Inomin Mines Inc.
Per: "John Gomez"
President and CEO

For more information please contact:

John Gomez
Tel. 604.566.8703
info@inominmines.com

Forward Looking Statements: This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90920