New nickel zone sends Anfield higher (September 09, 2010)

Drill results from Anfield Nickel’s (ANF-V) Mayaniquel project in Guatemala indicate that the company could have an even greater abundance of metal on the property than previously believes.

Anfield hit upon a new high-grade discovery at the wholly owned nickel laterite project located in northeastern Guatemala.

News of the results sent the company’s share price up 11% or 40¢ to $4.00 on 76,000 shares traded. That represents a new 52-week high for the company.

And while the company also released stellar results from two other known deposits on the project, it was the new discovery, known as Tres Juanes, that is most intriguing.

Highlight intercepts at the zone included 18.2 meters grading 1.69% nickel including and 15.9 meters averaging 1.79% nickel, from two separate holes.

Drilling at the zone came after surface mapping identified lateritic exposure over an area 2 km long by 600 metres wide.

Anfield got things going with two drill rigs – one at the northern section and one in the southern part, with about 800 metres between them. A total of 48 shallow holes were drilled with mineralization being hit upon in both areas.

Now the company is focusing on both expanding the zones and testing the area between them.

But Tres Juanes is only part of the story. The company also received positive results from its Sechol and Chiis deposits at the project.

At Sechol the purpose of drilling was twofold: to see if mineralization expands beyond its current boundary and to do infill drilling on the known inferred resource.

Anfield got good news on both fronts as a hole in the previously untested area returned a
Highlight intercept of 15.6 meters grading 1.75% nickel while a highlight infill hole returned 21.3 meters grading 1.84% nickel.

Over at the Chiis deposit areas of higher grade nickel mineralization were found with a highlight hole intersecting 24.2 meters grading 1.59% nickel and 28.7 meters grading 1.60% nickel.

Anfield says nickel mineralization at the zone has now been identified over an area of 1,500 meters by 1,500 meters and the deposit is still open in three directions.

The company has a total of seven drill rigs turning at Mayaniquel, three at Tres Juanes Norte, three at Chiis, and one at Sechol. A total of 1,012 holes totaling 22,550 metres have been drilled to date.

The latest results will be worked into an updated resource estimate, which Anfield says, should be released in the second half of September.

Mayaniquel stretches out over 800 sq. km on the nickel laterite belt surrounding Lake Izabal, which is 120 km northeast of Guatemala City. The licenses are adjacent to HudBay Minerals (HBM-T) Fenix project.

The project currently has an indicated resource of 15.2 million tonnes grading 1.53% nickel and an inferred resource of 20.89 million tonnes grading 1.43% nickel.

Anfield acquired the project from BHP Billiton (BHP-N, BLT-L) in May of 2009 for US$2.5 million and a 1.5% net smelter royalty.