Murchison now owns 100% of the HPM project in Québec
Murchison Minerals (TSXV: MUR) announced this week that it is now the sole owner of the HPM nickel-copper-cobalt project in Québec, 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 (TSXV: NIC).
HPM stands for Haut Plateau du Manicouagan.
The HPM property, whose full name is Haut Plateau du Manicouagan, consists of 51 claims covering 2,726 hectares. It is located approximately 290 kilometres north of Baie-Comeau and 180 kilometres 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 Ltd. ("Falconbridge", now known as Glencore) and include: Barre de Fer (1.74% Ni, 0.90% Cu and 904ppm Co over 43.18 metres from the 2008 drill program) and the PYC showing (0.59% Ni and 0.93% Cu from surface grab samples and 15.3 metres of disseminated to semi-massive sulphides grading 0.28% Ni, 0.14% Cu and 626 ppm Co from a single hole drilled by Xstrata Nickel in 2000)," Murchison said in a media brief.
source: MINING.COM
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