First Nickel buoyed by Dundonald

First Nickel (FNI-T) has intersected significant nickel on its Dundonald nickel property, 60 km east of Timmins, Ont.

Highlights from drilling includes a 4.28-metre intersection grading 4.42% nickel at a down-hole depth of 172.5 metres, including a 2-metre intercept of 6.83% nickel. This hole also intersected 1.2-1.86% nickel in three 0.6-1.17-metre horizons up-hole of this.

Nine holes totalling 1,119 metres tested the North sector of the Dundonald south nickel zone. A high of 10.5% nickel and 1.55% copper was intersected over 0.45 metre. Nine other assays from five holes ranged from 0.7% to 7.4% nickel over 0.2-7.85 metres at depths of 60-113 metres.

Holes were drilled on a grid pattern. Three holes, drilled near the surface and near the edge of the B zone in the North sector, failed to intersect significant mineralization.

Two drills are testing the North and South sectors. The program is planned to total 15,000 metres.

The South sector, 125 metres south of the North sector, is being drilled in an attempt to delineate a resource. Both zones strike east, are open along strike, and dip steeply south. Within the zones are multiple, parallel high-grade nickel horizons hosted in a komatiitic volcanic package.

First Nickel began trading at the end of June, following the transfer of the Dundonald property from Falconbridge (fl-t). In addition, the company acquired the right to earn a half-interest in 12 unpatented mining claims in an area northwest of Timmins.

Falconbridge owns 18.4% of the issued and outstanding shares of First Nickel. At July 31, First Nickel had just over 39 million shares outstanding and working capital of $11.5 million.