Global Nickel Investments provides project updates

10 March 2008 | 05:07 Code : 16955 Geoscience events
Work is proceeding well on Global Nickel Investments Ltd’s Longwoods Range...

Work is proceeding well on Global Nickel Investments Ltd’s Longwoods Range platinum project in the Southland District of New Zealand’s South Island. The climate for platinum production is becoming more favourable as the spot price has recently soared over US$2100 per ounce.This is partially due to power rationing in South Africa, the world’s largest producer of platinum.A site visit to the Longwoods project was recently conducted by members of the Global Nickel board and senior management. Rock chip sampling at Longwoods Range has resulted in the collection of 10 samples containing visible sulphide mineralization which have been submitted for assay. During the visit Global Nickel was also successful in securing the services of a drilling contractor capable of covering all exploration needs from initial site preparation, soil auger collection right through to advanced stages of drilling.Discussions with the district environmental management department and district council were also successful, providing a strong foundation for the approval of drilling. Global Nickel aims to begin drilling in the second quarter of 2008.Global Nickel is also in the process of acquiring a 50% interest in an alluvial project to the south of its exploration license. This alluvial project, near Round Hill, has some small scale previous production of gold. Platinum, probably sourced from the Longwoods Range which is adjacent to the alluvial flats, was observed in the alluvial concentrate by the earlier operator.At Global Nickel’s other projects in Western Australia work is also continuing with a land clearance survey currently underway (conducted by the Cosmo Newberry Aboriginal Community) to allow access to the ground at the flagship Jutson Rocks project. A comprehensive soil sampling program is planned in conjunction with a high resolution airborne magnetics survey. Both of these programs are ready to be implemented as soon as land clearance surveys are completed and approval to proceed received.At the Cosmos North project, a reconnaissance program of RAB drilling is planned to commence in April to assess a number of large gold soil anomalies identified in work previously completed by prior landholders. These anomalies have yet to be comprehensively tested with drilling, and the company believes that potential exists for significant mineralization in the area. Significant historic workings exist proximal to a number of the untested gold targets.The company is also testing for nickel potential, being located directly north of the Jubilee Mines Cosmos project.

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