First Nickel Intersects 86.70 Metres of 0.55% Ni and 0.43% Cu on West Graham
08:00 EDT Tuesday, March 25, 2008
TORONTO, ONTARIO--(Marketwire - March 25, 2008) - First Nickel Inc. (TSX:FNI) is pleased to report the results of 22 diamond drill holes representing 5,469 metres of diamond drilling on the West Graham Property during the 2007 exploration program and the first two holes of the 2008 exploration program (to see the plan map for drill hole locations please click on the following link: http://media3.marketwire.com/docs/FIRSNI325.pdf). The West Graham property is under option from Landore Resources Canada Inc. and the details of the option agreement were provided in a press release dated August 4, 2005.
The current drill program has been designed to provide the drill density required to complete an NI 43-101 compliant Resource Estimate on the Conwest Deposit (which forms part of the West Graham Property) in 2008. The drill program has been expanded to a total of 10,000 metres based on the results to date and is scheduled for completion in June 2008. The new NI 43-101 Resource Estimate will be completed after all analytical results have been received and modeled for 2007-2008 drill program.
Results to date have met expectations based on the previous exploration programs completed by First Nickel. Highlights of the drill program include FNI2045 with 0.59% Ni and 0.44% Cu over 70.20 metres, including 1.14% Ni and 0.60% Cu over 10.50 metres; and FNI2050 with 0.55% Ni and 0.43% Cu over 86.70 metres, including 1.15% Ni and 0.71% Cu over 12.70 metres. The following table summarizes the significant analytical results from the ongoing drill program.
The Conwest Deposit was estimated in the 1960's to have a mineral inventory of 4.3 million tons grading 0.53% nickel and 0.33% copper. This historic resource predates the implementation of NI 43-101 standards and guidelines and should be considered non-compliant. At depth the Conwest Deposit is interpreted to be contiguous with the Lockerby East zone.
The diamond drilling program is being carried out under the supervision of First Nickel's Senior Geologist, Scot Halladay, P.Geo., a "qualified person" 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, SGS Laboratories in Garson for preparation and specific gravity measurements and shipped internally by SGS to Toronto for assay. A rigorous quality assurance/quality control program is employed which includes the insertion of standards and blanks for each batch of samples.
Drill
Hole ID From To Length Ni Cu Co Pt Pd Au Ag
(m) (m) (m) (%) (%) (%) (ppm) (ppm) (ppm) (ppm)
FNI2031 396.00 450.00 54.00 0.59 0.39 0.02 0.17 0.03 0.06 3.18
FNI2032 45.00 71.15 26.15 0.41 0.21 0.01 0.09 0.03 0.04 2.13
FNI2034 103.50 114.00 10.50 0.46 0.31 0.01 0.06 0.03 0.03 2.47
FNI2035 108.00 114.00 36.50 0.61 0.34 0.02 0.07 0.03 0.03 3.46
incl. 124.70 131.80 7.10 1.16 0.50 0.04 0.08 0.04 0.03 3.65
FNI2039 96.00 159.00 63.00 0.40 0.24 0.01 0.07 0.03 0.03 2.27
FNI2040 139.50 148.50 9.00 0.43 0.35 0.02 0.06 0.02 0.03 4.38
FNI2041 118.50 180.00 61.50 0.46 0.35 0.01 0.06 0.03 0.02 2.69
incl. 168.00 177.00 9.00 1.03 0.53 0.03 0.11 0.04 0.03 4.69
FNI2043 138.30 201.00 62.70 0.39 0.32 0.01 0.08 0.02 0.03 3.18
FNI2044 153.10 207.15 54.05 0.45 0.25 0.01 0.06 0.03 0.04 2.83
Incl. 192.90 195.15 2.25 1.76 0.30 0.05 0.06 0.08 0.03 3.55
FNI2045 239.90 310.10 70.20 0.59 0.44 0.01 0.12 0.03 0.05 5.92
incl. 279.00 289.50 10.50 1.14 0.60 0.03 0.13 0.05 0.06 4.44
FNI2046 246.90 333.00 86.10 0.45 0.28 0.01 0.11 0.03 0.03 3.29
incl. 294.85 295.55 0.70 5.81 0.10 0.12 0.10 0.04 0.00 4.62
FNI2047 330.00 339.00 9.00 0.70 0.58 0.03 0.22 0.04 0.09 4.93
FNI2048 233.00 246.50 13.50 0.49 0.32 0.02 0.22 0.04 0.05 2.89
FNI2049 237.70 259.20 21.50 0.40 0.26 0.01 0.07 0.03 0.03 3.20
FNI2050 280.90 367.60 86.70 0.55 0.43 0.02 0.14 0.03 0.05 4.75
incl. 316.70 329.40 12.70 1.15 0.71 0.04 0.15 0.05 0.05 5.74
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.
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 company's producing property (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 PLEASE CONTACT:
First Nickel Inc.
William Anderson
President & CEO
(416) 362-7050 or Toll Free: 1-888-362-7050
(416) 362-9050 (FAX)
Email: wanderson@firstnickel.com
or
Forbes West
Investor Relations Advisor
(416) 203-2200 or 1-888-655-5532
Email: forbes@sherbournegroup.ca