QUEBEC – Murchison Minerals announced this week that it is now the sole owner of the HPM nickel-copper-cobalt project in Quebec, following its acquisition of Pure Nickel‘s 50% interest in the project.
To be able to complete the transaction, Murchison had to make a $50,000 payment and issue 500,000 common shares of the company to Pure Nickel.
The HPM property, whose full name is Haut Plateau du Manicouagan, consists of 51 claims covering 2,726 hectares. It is located approximately 290 km north of Baie-Comeau and 180 km north-northwest of Sept-Îles.
HPM is underlain in part by the composite Gabbro Est intrusive which, according to the Toronto-based miner, hosts several grassroots nickel-copper-cobalt showings.
“Significant historical prospects were found by Falconbridge and include: Barre de Fer (1.74% nickel, 0.90% copper and 904 ppm cobalt over 43.18 metres from the 2008 drill program) and the PYC showing (0.59% nickel and 0.93% copper from surface grab samples and 15.3 metres of disseminated to semi-massive sulphides grading 0.28% nickel, 0.14% copper and 626 ppm cobalt from a single hole drilled by Xstrata Nickel in 2000),” Murchison said in a media brief.
This story first appeared on www.Mining.com.