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First Nickel Inc.(FNI:TSX)
An SI Board Since October 2005
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Emcee:  John E.Quinn Type:  Unmoderated
First Nickel finds 2.21% Cu in 23.1 m at Bowell

2005-10-24 08:59 ET - News Release

Ms. Elizabeth Kirkwood reports


First Nickel Inc. has confirmed the intersection of near-surface, footwall-hosted massive to semi-massive sulphides in the first hole of the Bowell diamond drill hole program. First Nickel also announced mining has started at the Lockerby mine in the Sudbury basin.

Bowell property

First Nickel intersected a pipe-like zone of 23.1 metres grading 1.20 per cent Ni, 2.21 per cent Cu and 1.27 grams per tonne Pt plus Pd plus Au hosted in a footwall Sudbury breccia unit within a broader zone of mineralization containing 39.8 metres of 1.32 per cent Ni, 1.89 per cent Cu and 1.25 g/t Pt plus Pd plus Au. An intersection of 16.1 metres grading 1.53 per cent Ni, 1.50 per cent Cu and 1.25 g/t Pt plus Pd plus Au is associated with contact style sulphide mineralization and comprises the upper portion of the zone.

First Nickel interprets this pipe-like zone to represent sulphide mineralization extending vertically beneath the known contact-style deposit. This footwall sulphide zone hosts a higher copper content than the known deposit, with grades of up to 10.1 per cent Cu over 0.5 metre. Recently completed deep penetration induced polarization surveys have revealed a large anomaly in the footwall environment that, in light of the intersection in this first hole, could indicate a large footwall sulphide body.

Intersections in the first hole are summarized as follows:

From To Core Ni Cu
(m) (m) length(m) (%) (%)

58.9 75.0 16.1 1.53 1.50

58.9 65.55 6.65 2.00 1.55

75.6 98.7 23.1 1.20 2.21

58.9 98.7 39.8 1.32 1.89

Pt Pd Au Pt+Pd+Au
(g/t) (g/t) (g/t) (g/t)

0.409 0.724 0.120 1.25
0.462 0.989 0.118 1.57
0.464 0.694 0.113 1.27
0.436 0.697 0.115 1.25

(m: metres, Ni: nickel, Cu: copper, Pt: platinum, Pd: palladium, Au: gold, g/t: grams per tonne)

A second diamond drill has started working on the property to better define the higher grade (plus-2 per cent Ni) portion of the known contact-style deposit and to explore for further footwall sulphide mineralization at depth. A total of 8,000 metres of diamond drilling is proposed in this diamond drill campaign for the Bowell property (see Stockwatch on Sept. 6, 2005, and March 22, 2005, for particulars of the terms and conditions under which First Nickel has the right to acquire a 100-per-cent interest in the Bowell property).

The surface drilling program is being supervised by Phil Vicker, PGeo, of First Nickel, a qualified person under National Instrument 43-101. First Nickel Inc. follows a rigorous QA/QC protocol for the Bowell project. Drill cores of interest (NQ size) are longitudinally sawn, with half sent to a commercial laboratory, Expert Laboratory of Rouyn-Noranda, Que., and the remaining half retained for future reference. For samples used in metallurgical testwork, one-quarter will be sent for assay, one-quarter will be retained for future reference, and one-half will be sealed in plastic bags and frozen pending metallurgical work. Insertion of standards and blanks are submitted for each batch of samples, visual sulphide estimates are used to assess results, and pulps will be periodically retested at a second independent laboratory.

Core samples are routinely analyzed for nickel, copper, cobalt and silver by total digestion atomic absorption, and gold, platinum and palladium are analyzed by lead fire assay with atomic absorption finish.

Lockerby mine

Mining operations at Lockerby mine have commenced. Long-hole drilling of the first Depth zone stope (level 61) is in progress and ore development for the second stope (level 63) started the week of Oct. 3. First Nickel plans to truck ore to the Strathcona Mill of Falconbridge Ltd. in November. Surface ore handling will incorporate crushing, sampling and weighing to ensure accurate grade determination. Daily production from the Depth zone is expected to be 700 tonnes per day by the first quarter of 2006.

One underground diamond drill rig commenced at the East zone of the Lockerby mine in early October to upgrade existing resources to reserves and to increase resources. A second underground diamond drill is expected within several weeks to upgrade existing Depth zone resources to reserves for mine planning purposes and to extend the life of the mine.

We seek Safe Harbor.
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