Infinico Metals Corp. Identifies New Borehole and Surface Electromagnetic Conductors at its Nicobi Magmatic Nickel Sulphide Project
Vancouver, Canada, April 24, 2024 – Infinico Metals Corp. (“Infinico” or the “Company”) (TSX- V: INFM) is pleased to announce it has received encouraging results from borehole electromagneMc (BHEM) surveys completed during the January 2024 drill program, and newly interpreted conducMve features idenMfied from surface electromagneMc surveys conducted in 2015 and 2023 on its Nicobi Project, located 160 kilometres northeast of Val-d’Or, Québec.
Highlights
- Recently completed BHEM surveys yielded eight conducMve plates within the Nicobi Intrusive Complex where recent drilling intersected 51.94m at 1.37% nickel
- The newly modelled plates extend up to 300 metres below surface and beyond any previously idenMfied nickel sulphide mineralizaMon
- ConducMve feature NB24-05_P2 has an extremely high conductance of 10,900 Siemens and is located directly down plunge of the mineralized body at 245 metres depth, in an area not previously tested with drilling
Table 1. Summary of BHEM and surface EM plate characteris<cs.
| Name | Length (m) | Width (m) | Depth (m) | Conductance | |
|---|---|---|---|---|---|
| (S) | |||||
| NB24-01 P1 _ | 40 | 16 | 15 | 3120 | |
| NB24-01 P2 _ | 12 | 26 | 30 | 970 | |
| NB24-01 P3 _ | 33 | 15 | 30 | 2520 | |
| NB24-03 P1 _ | 20 | 30 | 77 | 290 | |
| NB24-03 P2 _ | 29 | 60 | 74 | 80 | |
| NB24-05 P1 _ | 60 | 25 | 40 | 231 | |
| NB24-05 P2 _ | 49 | 51 | 245 | 10900 | |
| NB24-02 P1 _ | 394 | 324 | 300 | 16.5 | |
| FLEM F1 _ | 21 | 25 | 15 | 3750 | |
| MLEM MP1 _ | 40 | 60 | 90 | 150 | |
| MLEM MP2 _ | 40 | 60 | 97 | 150 | |
| MLEM MP3 _ | 40 | 60 | 35 | 150 |
Figure 1. Plan map showing background total magnetic intensity with BHEM and surface EM conductivity features and drill holes from Infinico’s January 2024 phase 1 drill program.
Sam Walding, Infinico’s CEO commented “The conduc+ve features iden+fied from the geophysical surveys may indicate the presence of mineraliza+on, they are consistent with our geological observa+ons and interpreta+ons and provide important informa+on on the characteris+cs of the known mineralized body. Management believes that the strong off-hole conductor NB24-05_P2 suggests poten+al for discovery down plunge of exis+ng drilling and offers a compelling target to follow up. Furthermore, several conductors associated with the contact of the host mafic intrusive rock sit along strike in either direc+on from the known mineraliza+on. These conduc+ve targets offer further poten+al for discovery of new zones of mineraliza+on.
The highly encouraging results from our first phase drill program in January 2024, along with the geophysical and geological targets iden+fied on the Nicobi Property, jus+fy the need for further drill tes+ng. We now look ahead to our next program with the aim of tes+ng the new targets to grow the exis+ng mineraliza+on and make new discoveries.”
Borehole Electromagnetics
BHEM surveys were conducted by Crone Geophysics & ExploraMon Ltd. using the Crone Pulse EM system. A total of 1,620 metres was surveyed across 5 boreholes with 2 different loop layouts.
NB24-01 P1, P2 and P3, NB24-03_P1 and P2, and NB24-05_P1
The conducMve features are all associated with the known body of mineralizaMon. The features demonstrate the massive/semi-massive nickel sulphide mineralizaMon has a typical conductance of approximately 2,500 to 3,100 S. The conducMve features correspond well with geological observaMons and measurements, indicaMng the mineralized body plunges steeply to the north-northeast.
NB24-02_P1
The conducMve target was best defined by the BHEM survey in hole NBI-24-002. The target sits to the southwest of the known mineralizaMon and corresponds to the edge of a magneMc high, interpreted to represent the contact of the host mafic intrusive body. The feature is broad with low conducMvity, silng at a depth of approximately 300 metres.
NB24-05_P2
The conducMve target was idenMfied off-hole of NBI-24-005. The feature is highly conducMve (10,900 S) and sits at 245 metres depth, directly down plunge of the known mineralizaMon. The conducMve feature represents a compelling drill target.
Surface Electromagne>cs
Stepwise Moving Loop (SWML) ElectromagneEcs
A Stepwise Moving Loop EM survey was conducted over part of the Nicobi property in 2015 by Anglo American. The survey did not extend directly over the known mineralizaMon. Data from the survey has been re-processed and interpreted. Seventeen poorly constrained conducMve features were idenMfied in the re-processing across the surveyed area, ground truthing and follow up is required to confirm the features. Three conducMve features out of 17 from the re-processing were idenMfied in the near vicinity of the Nicobi mineralizaMon.
MLEM_MP1
The conducMve feature sits approximately 250 metres to the north-northwest of the known mineralizaMon within the Nicobi Intrusive Complex. The feature is untested through drilling and ground checking.
MLEM_MP2 and MP3
The conducMve features sit to the southwest of the known Nicobi mineralizaMon on the edge of the magneMc high, interpreted to represent the contact between the mafic host intrusion and country rock. The conducMve features are somewhat coincident with the broad BHEM conducMve feature NB24-05_P2. The conducMve features are compelling targets for follow up given the posiMoning at the edge of the magneMc high along strike from the known mineralizaMon.
Fixed Loop ElectromagneEcs (FLEM)
Infinico engaged AbiMbi Geophysics Inc. to conduct a Fixed Loop (Deep EM) TDEM geophysical survey on the Company's Nicobi Project in December 2023 as detailed in the December 07, 2023 press release. The survey idenMfied a conducMve anomaly along strike from the known mineralizaMon.
FLEM_F1
The conducMve anomaly is situated approximately 150 metres east-northeast from the known mineralizaMon. The conducMve feature is associated with the edge of a magneMc high, interpreted to represent the contact between the host Nicobi mafic intrusion and country rock. The conducMve feature has a conductance of 3750 S, very similar to the conductance of the massive nickel sulphide mineralizaMon to the southwest along strike.
Discussion of Results
Infinico’s phase 1 2024 drill program successfully intersected massive to semi-massive magmaMc nickel sulphide mineralizaMon, significantly upgrading the grade and length of any historically reported drilling (Minorca Resources Ltd., 1993). Analysis of the 2024 phase 1 drill core has idenMfied auto-breccia and sulphide textures consistent with a high energy, dynamic ore forming mineral system, suggesMng mineralizaMon may have been transported in a conduit from depth and/or laterally. This observaMon is important, as conduit systems can have highly variable architecture over relaMvely short distances, with sulphide accumulaMons forming at favourable locaMons in the system. The current drill tesMng has not closed off the known mineralizaMon and the host intrusion at depth or in mulMple direcMons on strike and down plunge (Figure 1 & 2).
The mineralized body sits above a granite footwall. The contact between the granite footwall and host mafic intrusion may have a controlling factor over mineralizaMon and could represent the basal contact of the host intrusive and/or a structural corridor for mineralizaMon. The contact is well defined by a change in magneMc intensity from high to low, the contact remains untested along strike in either direcMon, and has untested conducMve features coincidental with the contact (Figure 1). Modelling and structural observaMons of the drill core suggest the mineralized body plunges steeply to the north-northeast directly above the steeply dipping granite footwall, modelled conducMve features support this orientaMon. The contact between the granite footwall and mafic intrusion remains un-tested with drilling at depth. Furthermore, a highly conducMve EM feature sits at 240 metres depth directly down plunge of the known mineralizaMon. The contact between the granite and mafic intrusive rock represents an important exploraMon target.
Figure 2. 3D Leapfrog model looking southwest displaying the modelled Nicobi mineralisa<on, all historic drilling, Infinco’s 2024 phase 1 drill program, and conduc<ve features iden<fied in BHEM and surface EM surveys.
2024 Phase 1 Drilling Finalized Assay Results
In January 2024 Infinico completed 5 boreholes totalling 1,167 metres. All assay results have now been received and finalized (Table 2). Borehole NBI-24-001 intersected 51.94 m of massive to semi-massive and net-texture pyrrhoMte-pentlandite-chalcopyrite sulphide mineralizaMon from 6.1 m. Borehole NBI-24-003 intersected a broad 53.85 m zone of disseminated nickel sulphide mineralizaMon. Borehole NBI-24-005 intercepted a narrow zone of semi-massive nickel sulphide mineralizaMon 120 metres north of any previously idenMfied mineralizaMon. Boreholes NBI-24-002 and 004 did not contain any significant mineralizaMon. See press release dated February 27 2024, for a detailed discussion of drilling results.
Table 2. Summary of significant intercepts from the 2024 phase 1 drill program.
| NBI-24-001 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| From (m) | To (m) | 5Interval (m) | 2Ni (%) | Cu (%) | Co (ppm) | Pt+Pd (ppm) | 1NiEq | 4Ni T | ||
| (%) | (%) | |||||||||
| Main | 6.10 58.04 51.94 1.37 0.38 418.00 0.16 1.63 8.20 | |||||||||
| Inc | 20.00 25.55 5.55 1.99 0.30 1013.00 0.27 2.30 7.20 | |||||||||
| Inc | 35.54 37.90 2.36 7.36 0.28 1701.00 0.85 7.78 9.90 | |||||||||
| Inc | 44.18 47.90 3.72 2.96 1.03 688.00 0.24 3.58 8.30 | |||||||||
| Inc | 50.15 53.00 2.85 2.69 1.38 600.00 0.24 3.47 7.30 | |||||||||
| NBI-24-002 | ||||||||||
| Finalized | No significant mineralization in assay results | |||||||||
| NBI-24-003 | ||||||||||
| From (m) | To (m) | 5Interval (m) | 2Ni (%) | Cu (%) | Co (ppm) | Pt+Pd (ppm) | 1NiEq | 4Ni T | ||
| (%) | (%) | |||||||||
| Main | 73.15 74.35 1.20 0.23 0.23 310.00 0.07 0.39 5.10 | |||||||||
| Main | 80.00 81.00 1.00 0.20 0.22 83.00 0.07 0.32 10.10 | |||||||||
| Main | 83.00 136.95 53.95 0.33 0.22 115.00 0.08 0.46 10.20 | |||||||||
| Inc | 106.50 107.31 0.81 2.47 0.67 510.00 0.10 2.89 8.80 | |||||||||
| Inc | 110.17 110.76 0.59 1.09 0.16 254.00 0.15 1.21 10.30 | |||||||||
| NBI-24-004 | ||||||||||
| Finalized | No significant mineralization in assay results | |||||||||
| NBI-24-005 | ||||||||||
| From (m) | To (m) | 5Interval (m) | 2Ni (%) | Cu (%) | Co (ppm) | Pt+Pd (ppm) | 1NiEq | 4Ni T | ||
| (%) | (%) | |||||||||
| Main | 191.75 192.07 0.32 0.26 0.09 107.00 0.10 0.32 3.90 |
1NiEq Calculated using LME spot prices on the 23/02/2024 NiEq = 1Ni + 1.63Co + 0.5Cu.
2A cut-off grade of 0.2% Ni was applied.
3Recovery is assumed to be 100% as no metallurgical data is available.
4Ni Tenor calculations were performed on samples containing >1% Sulphur using Ni%/(S%/36.5) and averaged across intersects.
5Length-weighted average applied; a maximum of 2.86 meters of internal waste included in the calculations.
Future Work
The company plans to execute a 2,000-metre diamond drill program commencing late Q2 2024. The drill program will be designed to test the newly idenMfied geophysical targets, as well as the geological observaMons. The drill program will be accompanied by BHEM to help refine current geophysical targets during the program and generate new drill targets. The permilng for the program is currently underway.
Qualified Persons
The technical informaMon in this news release has been prepared by Szabolcs Orban, MSc, EFG, EurGeol (#1883), OGQ (AS-1617), Vice President of ExploraMon at Infinico Metals Corp., Mr Orban is a 'Qualified Person' as defined in NI 43-101. Mr. Orban has read and approved the content of this news release.
About the Nicobi Project
The Nicobi Project is located approximately 160 kilometres northeast of Val d’Or, Québec, Canada. The project is host to a cluster of magmaMc nickel sulphide occurrences within a mafic-ultramafic intrusive complex. Drilling of a surface showing in the 1960’s by Noranda revealed disseminated to massive nickel sulphide mineralizaMon. Noranda went on to define a non-compliant resource on the project. MulMple drill campaigns have been carried out by six different operators, including the best reported historic drill intercept of 37.61 metres at 0.89% Ni and 0.75% Cu from surface in 1991 (Minorca Resources Ltd., 1993). Infinico Metals conducted a 1,167 m drill program in January 2024 and intercepted 51.94 m at 1.37% Ni, 0.38% Cu, 418 ppm Co & 0.16 g/t Pt+Pd from 6.10 m.
About Infinico Metals Corp.
Infinico Metals Corp. is a public company on the TSX Venture Exchange (TSX-V: INFM) focusing on the exploraMon for criMcal metals in the province of Québec. The Company has signed opMon agreements on the Nicobi Project, hosMng magmaMc Ni-Cu-Co sulphide mineralizaMon, and on the Dalhousie Project, which also hosts magmaMc Cu-Co-Ni sulphide mineralizaMon, and a recently discovered lithium bearing pegmaMte.
For more informaMon, please contact:
Sam Walding, Chief ExecuMve Officer Telephone: +44 7568 508610 [email protected] www.infinicometals.com
References
1. Minorca Resources Ltd. (1993, January 27). Assessment Report on the Nicobi Lake Cu-Ni-Co Property GM51748, Le Tac Township, Quebec, NTS 32F/8, 17 Claim OpMon
Forward Looking Statements
Neither TSX Venture Exchange nor its RegulaMon 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.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements include esMmates and statements that describe the Company’s future plans, objecMves or goals, including words to the effect that the Company or management expects a stated condiMon or result to occur. Forward looking statements may be idenMfied by such terms as “believes”, “anMcipates”, “expects”, “esMmates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumpMons and address future events and condiMons, by their very nature they involve inherent risks and uncertainMes. Although these statements are based on informaMon currently available to the Company, the Company provides no assurance that actual results will meet management’s expectaMons. Risks, uncertainMes and other factors involved with forward-looking informaMon could cause actual events, results, performance, prospects and opportuniMes to differ materially from those expressed or implied by such forward-looking informaMon. Forward looking informaMon in this news release includes, but is not limited to, drill results from the Nicobi Project, the Company’s objecMves, goals or future plans, statements, exploraMon results, potenMal mineralizaMon, the esMmaMon of mineral resources, exploraMon and mine development plans, Mming of the commencement of operaMons and esMmates of market condiMons. Factors that could cause actual results to differ materially from such forward-looking informaMon include, failure to idenMfy mineral resources, failure to convert esMmated mineral resources to reserves, the inability to complete a feasibility study which recommends a producMon decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, poliMcal risks, inability to fulfil the duty to accommodate First NaMons and other indigenous peoples, uncertainMes relaMng to the availability and costs of financing needed in the future, changes in equity markets, inflaMon, changes in exchange rates, fluctuaMons in commodity prices, delays in the development of projects, capital and operaMng costs varying significantly from esMmates and the other risks involved in the mineral exploraMon and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID- 19 on the price of commodiMes, capital market condiMons, restricMon on labour and internaMonal travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumpMons and factors used in preparing the forward-looking informaMon in this news release are reasonable, undue reliance should not be placed on such informaMon, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed Mme frames or at all. The Company disclaims any intenMon or obligaMon to update or revise any forward-looking informaMon, whether as a result of new informaMon, future events or otherwise, other than as required by law.