Exploration Drilling Confirms Widespread Nickel Mineralization on Victory Nickels Minago Project

Exploration Drilling Confirms Widespread Nickel Mineralization on Victory Nickels Minago Project

Victory Nickel Inc. reported further drilling results from the 2008 drilling program that significantly expand the scope of the exploration potential on the Minago sulphide nickel project in Manitoba and further highlights the widespread nature of nickel mineralization on the property.

An eight-hole drilling program (holes designated VX-08-01 through VX-08-08) was conducted approximately 3 kilometres north of the Minago Nose Deposit (which hosts the entire Minago nickel resource) on claims optioned from Xstrata Nickel (see news release dated January 31, 2008). Drill hole VX-08-03 (302m total length) intersected 66m grading 0.52% Ni within sulphide bearing ultramafic rock. The mineralization, grade and host rocks are similar to those of the Minago Nose Deposit and serve to confirm the prospective nature of the local region at Minago which includes the extensive nickeliferous rock of the under-explored North Limb.

A total of 2,512m of drilling was completed on the optioned claims, with all of the holes targeting geophysical anomalies and intersecting considerable Thompson and Pipe formation rock – host to nickel mineralization in the Thompson Nickel Belt. Locally abundant sulphide was observed. Nickel analyses peaked at 1.69% Ni over 1.5m within the 66m interval between 78.55m and 144.55m that graded 0.52% Ni in DDH VX-08-03; this mineralized interval occurs at shallow depth in the Thompson Nickel Belt rocks.

Importantly the drilling reported here is located northwest of the “North Limb” mineralization (reported in previous news releases and believed to be an offset extension of the Minago Nose Deposit) thus extending the distribution of known nickeliferous rock on the property well to the north of the Minago Deposit. Other historic drilling has identified nickel mineralization elsewhere in the local region providing further evidence of substantial nickel endowment. When coupled with the recent reinterpretation of magnetic surveys using inversion techniques – which indicate possible depth extension to known nickel mineralization – the exploration potential at Minago is enormous and the possibility to expand on the existing resource at the Minago Nose Deposit is significant.

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