FLETCHER NICKEL FINDS TEXMONT EXTENSION, COMPLETES HISTORICAL RESERVE CONFIRMATION DRILLING, COMMENCES PERMITTING WORK
Toronto, Canada, May 22nd, 2008 – Fletcher Nickel Inc (TSX: FL) has completed initial phase confirmation drilling of the Texmont Mine’s historical reserves. When all assay data have been returned and QA/QC confirmed, an updated resource estimate will be completed using both current and available historical data. Drilling Deeper Encouraged by the evident continuity and substantial widths of mineralization in the Mine, including mineralized material in an envelope surrounding the 0.7% Ni cut-off grade applied to the historical ore reserve calculations, one drill rig will now be dedicated to delineate deeper resources in a zone where historical mineralized intersections are known to occur. On-Strike Mineralization Confirmed The Company has also confirmed that the disseminated nickel-sulphide mineralized envelope occurs in substantial widths along strike to the north of the mine, along a trend determined by recently acquired geophysical data. Two holes (-50 degrees) were drilled on a section 400 metres north of the former Texmont shaft and two further holes (-50 degrees) were drilled on a section 600 metres north of the shaft. The shallower hole in the nearer section encountered 59.5 metres of disseminated nickel mineralization at an average grade of 0.27% Ni including three more-highly mineralized zones, one having a 1 metre section of 0.86% Ni. The undercutting hole encountered new zones of disseminated nickel mineralization over 57.4 metres including a 7 metre section of 0.4% Ni. In the more distant section 200 metres north, the shallower hole encountered 111.5 metres of disseminated mineralization at an average grade of 0.29% Ni. The undercutting hole encountered 76.2 metres of disseminated mineralization averaging 0.30% Ni as well as encountering a further 9.7 metre section of 0.36% Ni. A second drill will be employed to determine the strike extent and continuity of the nickel-sulphide mineralized envelope to the north which, from the geophysical interpretation, appears to possibly extend throughout some 1100 metres north of the former mine shaft.
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