- North American Nickel has nickel exploration assets in Greenland including the large Maniitsoq project which has shown scale and high nickel and metal grades in drilling. - The Maniitsoq project may have been formed similarly to the world-class Sudbury nickel deposit through a meteorite impact based on geological features. - Drilling highlights from the past year include an intersection of 124m grading 0.81% nickel and further drilling is planned to test additional targets identified through geophysical surveying.

1. North American Nickel ~
Re-discovering a Large Nickel Target in Greenland OCEAN EQUITIES
This marketing communication is directed to professional investors only and is non-independent research. As such, it has not been prepared in accordance with the legal requirements
designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of research.
Investment Opportunity Nickel - GREENLAND
16th January 2013
While North American Nickel has a diverse portfolio of nickel exploration assets in the Market Cap C$11.6m
historically important nickel producing regions of North America, our main interest is Listing:Ticker TSX:NAN
in the Company’s Maniitsoq project in an ice-free part of southwestern Greenland. The Share Price C$0.15
Shares o/s 77.76m
latest drill results include an intersection of 124m at 0.81% nickel, 0.21% copper,
52 week High/Low C$0.30/0.12
0.03% cobalt and 0.26g/t platinum group metals demonstrating that the target has
Cash ~C$1m
scale and robust nickel and by-product metal grades.
Maniitsoq has some very attractive features, paramount of which is the scale of the
project which has a mineralised footprint of over 1,000km2 known as the Greenland 0.4
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Norite Belt. The mineralisation is associated with norite intrusions (a coarse mafic 11.0
North American Nickel (NAN:TSX)
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intrusive rock, similar to a Gabbro) spread across the mineralised footprint giving 0.3 9.0
North American Nickel an exploration focus. There are abundant signals in the area
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that there is a deep root to the intrusive bodies which include kimberlite dykes and a 0.2
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carbonatite. The most interesting aspect of the project is a theory about how it was 0.1
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formed. Geologists from the Danish and Greenland Geological Societies published a
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paper on the possible petrogenesis of the area and put forward a compelling case for
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Maniitsoq having been formed or reworked in the same way that the world-class
Sudbury deposit was formed, through a meteorite impact. There are several
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indications that Maniitsoq was formed by an impact but the most compelling case in
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the view of the authors is that there are no standard orogenic (mountain building) 20,000
processes that could be used to explain the geological features of the area. The paper 15,000
does not make the case for Maniitsoq being an exact replica of Sudbury or any other 10,000
impact related nickel deposits, but it does point to many similarities.
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The history of the Sudbury region is well understood and we stress that there is a
long journey ahead of North American Nickel to test the full potential of Maniitsoq, but Source: Bloomberg
the early signs are clear from the most recent drill holes that the Company has at
least two significant nickel targets within its portfolio.
Year in Review
The highlight of the year for North American Nickel were the results from a 9
hole/1,550m drill programme that tested some high priority targets identified from
the 3,000 line km geophysical survey flown across the norite belt earlier in the year.
Using helicopter borne time domain electromagnetic survey equipment North
American Nickel has been able to add a lot more detail to previous geophysical survey
maps. Previous surveys were constrained by the use of fixed wing aircraft that were
unable to fly close enough to the sharp topography of the area. Ground based
geophysical tools have also enabled the Company to differentiate disseminated and
massive sulphide mineralisation. Targeting these zones will allow the Company to
define zones of high grade mineralisation on a first pass as oppose to identifying
zones of variable mineralisation. This result also suggests that the Company will be
able to construct a robust resource model for the project based on combined
geophysical and drilling data. Analysts
Christopher Welch
Year Ahead
+44 (0) 20 7786 4377
christopher.welch@oceanequities.co.uk
North American is currently planning a 6,000m drilling campaign at more of the high
Adam Lucas +44 (0) 20 7786 4382
priority targets as well as a further 450 line km of geophysical surveying. We expect
Matt Greene +44 (0) 20 7786 4387
step out drilling around the Spotty Hill, Imiak Hill and Fossilik II targets on the
Lisa Coate +44 (0) 20 7786 4388
Maniitsoq property to be included in the drill programme. Drill results at Fossilik II
during 2012 showed interesting mineralisation at 0.3% Ni and 0.13% Cu but these
results did not match historical drill results of 2.24% Ni plus 0.63% Cu. It is expected
Disclosures & Disclaimer
that inclusion of ground based geophysical survey results will help the Company to Ocean Equities is seeking investment business from North
American Nickel
capture more of the high grade mineralisation with future drilling. North American
This report must be read with the disclaimer and
Nickel also intersected kimberlite in the drilling at Fossilik. Samples have been sent disclosures on the final page that forms part of this report.
Ocean Equities Limited. Authorised and Regulated by the
for micro-diamond and kimberlite indicator mineral analysis with results expected in Financial Services Authority. Member of the London Stock
early 2013. Exchange.
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