CanAlaska Uranium Ltd. announced March 25 that it has purchased the past-producing Manibridge nickel mine about 20 kilometres south of Wabowden from Pure Nickel Inc.
Discovered in 1963 by Falconbridge, the Manibridge deposit was mined from 1971 to 1977 with concentrate shipped to Sudbury, Ont. and Thompson. Mining reached down to a depth of 300 metres and the mine infrastructure has since been reclaimed. A 2008 joint venture by Crowflight Minerals Inc. and Pure Nickel explored two new zones of nickel mineralization within 400 metres of the Manibridge deposit.
“This is a strong addition to our property holdings in this area,” said CanAlaska president Peter Dasler in a news release. “Our recent drill program tested one of the targets on the northern extension of the Manibridge mine geology. The drilling intercepted high-grade nickel as seen in drill hole 19MB02, with 6.55 metres (21.5 feet) at 2.39 per cent nickel, 0.14 per cent copper and .03 per cent cobalt. We are starting to notice the geometry of the targets and how they fit with the folded geology and their response to newer geophysical surveys. Since mine closure, the area north of the mine workings has newer (2008) wide-spaced discovery holes with six to 16 metres (20 to 50 feet) zones with nickel grades over 1.3 per cent nickel, indicating larger-scale targets for discovery. The addition of the Manibridge Mine property secures our position in this exciting new discovery area, and provides additional substance for potential partners to rapidly develop with us.”
“We believe consolidating the Manibridge Mine claims with CanAlaska’s adjacent claims creates an exploration property with great potential,” said Pure Nickel president and CEO David Russell. “We look forward to benefitting from the future strength of CanAlaska’s shares and warrants as they continue to develop their uranium assets and build upon recent high-grade intercepts on the Manibridge North claims.”
CanAlaska is issuing Pure Nickel 300,000 shares and 100,000 two-year warrants exercisable at 28 cents per share, along with $25,000, to obtain 100 per cent ownerships of the 270-hecatre Manibridge claims. Glencore holds a retained interest in the claims which allows it to purchase back a 50 per cent interest in the claims upon discovery of a mineral resource of 15 million tonnes or greater, a two per cent share of net smelter returns and off-take and marketing rights for all concentrate or product produced.