Hard Creek Increases Measured Resource by 45% at Turnagain
June 17 2008 - 12:14PM
Marketwired
VANCOUVER, BRITISH COLUMBIA is pleased to announce a new
resource estimate for its wholly owned Turnagain Property, located
70 km east of Dease Lake, BC. This resource estimate is an update
from a resource estimate provided in the January 2008 AMEC Americas
Limited of Vancouver, B.C. report entitled "Preliminary Assessment
of the Turnagain Nickel Project".
The updated mineral resource estimate for the Turnagain deposit
was performed by Mr. Greg Kulla, P.Geo. of AMEC with assistance
from Dr. Guillermo Pareja of AMEC. The table below presents the
estimate of the resource of the Turnagain Nickel deposit using a
0.10% NiS cut-off, as of May 31, 2008, of 576 million tonnes of
Measured and Indicated resources at 0.162% NiS and an additional
545 million tonnes of Inferred resources at 0.154% NiS. A total of
66,393 metres (217,825 feet) of diamond drilling in 257 drill holes
were used in interpolating grade in the resource area. This total
includes 16,533m of diamond drilling in 53 holes drilled in late
2007 which were not available for use in the 2007 resource estimate
and results of a re-assay program on 4,317 samples completed in
2008.
Mineral Resource Estimate Table
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Cut-off Grade Tonnage
at 0.10% NiS (i) (thousands) % NiS % total Ni % Co
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Measured 86,461 0.179 0.240 0.011
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Indicated 490,091 0.159 0.215 0.010
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Measured + Indicated 576,552 0.162 0.219 0.010
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Inferred 545,051 0.154 0.204 0.011
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(i)Note: "% NiS" refers to nickel percent that is present in sulphides.
The updated resource is a 45% increase in Measured resources and
14% increase in Indicated resources using all the new drill
information from the 2007 exploration program.
The mineral resources of the Turnagain deposit were classified
in accordance with CIM Definition Standards and Best Practices
referred to in NI 43-101 which have a reasonable expectation of
economic extraction. The mineralization satisfies criteria to be
classified into Measured, Indicated and Inferred mineral resource
categories.
The sulphide nickel and cobalt grades are based on an analytical
procedure employed by Acme Analytical Laboratories that consists of
a concentrated hydrogen peroxide plus ammonium acetate leaching
solution that is believed to be selective at dissolving nickel and
cobalt from sulphide mineral species while leaving the nickel and
cobalt in silicates undissolved. As a precautionary step all the
sulphide nickel grades were assigned a value of zero if the
corresponding sulphur assay was less than 0.2% S. Sulphur assays
were based on Leco furnace method except for results obtained in
2006 which were ICP analysis. This precaution may cause an
underestimation of the nickel resource. However, this approach
limits the possibility that an overestimation of the nickel
resource has occurred.
A Preliminary Assessment completed by AMEC in 2007 assumed a
100m buffer along the river and a 45 degree pit wall slope, which
resulted in a 17% reduction of Measured and Indicated resources
from 489M tonnes to 348M tonnes of Measured and Indicated. The
buffer also resulted in a 70% reduction of Inferred resources from
560M tonnes to 170M tonnes. The 2007 Preliminary Assessment
identified a 29 year mine life based on mineral resource not
impacted by the buffer zone. The actual buffer and final resource
will be dependant on geotechnical and hydrological studies, as well
as any permitting restrictions. The new resources stated in this
news release have not been constrained by the 100m buffer and when
considered will also likely result in a similar reduction in the
resource statement.
Modeling consisted of the utilization of 25m x 25m x 15m blocks
and grade interpolation by Ordinary Kriging within four separate
zones; the Main (Horsetrail and Northwest), Hatzl, Duffy and River.
The search strategy employed ellipsoids with long axes increasing
from 80m to 200m to 400m. A minimum of three 15 metre downhole
drill composites from at least two drill holes was required to
interpolate a block grade. The block model was assigned mean bulk
density values based on rock types from 746 density
measurements.
This new resource estimate does not represent a material change
with respect to the affairs of Hard Creek Nickel Corporation. It is
anticipated that a Technical Report will be completed for filing in
the first quarter of 2009 upon completion of the ongoing 2008
drilling program and metallurgical testwork.
QUALITY ASSURANCE AND CONTROL
Neil Froc P.Eng., Executive Vice President of Hard Creek Nickel
Corporation and a Qualified Person as defined by National
Instrument 43-101, is responsible for the implementation and
supervision of the Turnagain QA/QC program. Prepared standards and
blanks are inserted at the project site to monitor the quality
control of the assay data (see report dated January 15, 2008 and
titled "43-101 Technical Report on Preliminary Assessment" filed on
SEDAR for details on geology, mineralization, data verification,
sampling procedures, lab information, etc.).
On behalf of the Board of Directors,
MARK JARVIS, President
HARD CREEK NICKEL CORPORATION
This press release has been reviewed and approved by Neil Froc,
P.Eng. a Qualified Person consistent with NI 43-101 and by Greg
Kulla, P.Geo. of AMEC, an Independent Qualified Person consistent
with NI 43-101.
This press release uses the terms "measured" "indicated" and
"inferred" resources. We advise U.S. investors that while those
terms are recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize them. U.S.
investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be converted to
reserves.
The TSX Venture Exchange does not accept responsibility for the
accuracy or adequacy of this news release.
Contacts: Hard Creek Nickel Corporation Mark Jarvis President
(604) 681-2300 (604) 681-2310 (FAX) Email: info@hardcreek.com
Website: www.hardcreeknickel.com