Highlights
- New best interval to date at Reid - 687 metres of 0.27% nickel
including 36.0 metres of 0.41% nickel and 7.5 metres of 0.56%
nickel in REI24-18.
- All four holes intersected core lengths of at least 676 metres
with average grades of 0.24% to 0.27% nickel.
TORONTO, May 6, 2024
/CNW/ - Canada Nickel Company Inc. ("Canada
Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF)
provided an update today on its 2024 exploration program with assay
results from four new holes at its Reid property, which included
the best drill result to date from the property.
Six drill rigs are currently operating across the Company's
exploration portfolio. As outlined in a conference call held on
February 23, 2024, the Company's 2024
exploration program is targeting delivery of seven new resources by
Q2-2025 and six further discoveries, unlocking the regional
exploration potential of the Timmins Nickel District.
"Reid continues to deliver excellent results with yet another
best drill interval to date. We are encouraged by these four
additional drill results with long drill intervals and three of the
four holes reporting higher grade intervals", said Mark Selby, CEO of Canada Nickel. "These results
continue to highlight the very large-scale potential of this
property. With six drill rigs now operating, we expect a steady
flow of drill results from across the Company's exploration
portfolio."
Reid Property
The Reid Property is located just 16 kilometres southwest of the
Company's Crawford Nickel Sulphide project ("Crawford") and
contains a geophysical target of 3.9 square kilometres, nearly 2.4
times larger than Crawford (see Figure 1). The Company
currently has an ongoing drilling program, with eight initial drill
holes intersecting long intervals of dunite and ending in
mineralization. Complete assays for holes REI24-18, REI24-19,
REI24-20 and REI24-21 are disclosed in this release and four holes
have assays pending. The holes in this release were collared near
the west half of the target and drilled near the center of the
intrusion. The ultramafic sequence in this area is more than 800
metres thick, nearly twice that of Crawford's main zone.
Three of the four holes disclosed in this release intersected
higher grade mineralization within the main ultramafic body. All
holes collared and ended in dunite except REI24-19 which collared
on a small dyke but intersected dunite starting at 49.5 metres and
continued downhole.
Table 1 – Reid drilling downhole
composite.
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Ni %
|
Co %
|
Pd
g/t
|
Pt
g/t
|
Cr %
|
Fe %
|
S %
|
REI24-18
|
32.3
|
720.0
|
687.7
|
0.27
|
0.01
|
0.009
|
0.007
|
0.71
|
5.51
|
0.03
|
including
|
676.5
|
712.5
|
36.0
|
0.41
|
0.02
|
0.057
|
0.023
|
0.56
|
6.03
|
0.12
|
Including
|
696.0
|
703.5
|
7.5
|
0.56
|
0.02
|
0.109
|
0.048
|
0.57
|
5.93
|
0.16
|
REI24-19
|
49.5
|
726.0
|
676.5
|
0.25
|
0.01
|
0.013
|
0.009
|
0.68
|
6.33
|
0.02
|
Including
|
348.0
|
726.0
|
378.0
|
0.28
|
0.01
|
0.003
|
0.003
|
0.74
|
5.14
|
0.02
|
REI24-20
|
26.0
|
702.0
|
676.0
|
0.25
|
0.01
|
0.008
|
0.005
|
0.71
|
5.88
|
0.05
|
Including
|
255.7
|
369.0
|
113.3
|
0.35
|
0.01
|
0.026
|
0.010
|
0.73
|
5.69
|
0.10
|
REI24-21
|
24.0
|
750.0
|
726.0
|
0.24
|
0.01
|
0.011
|
0.013
|
0.65
|
6.77
|
0.05
|
Including
|
333.0
|
750.0
|
417.0
|
0.27
|
0.01
|
0.008
|
0.007
|
0.71
|
6.12
|
0.05
|
Including
|
520.5
|
565.0
|
44.5
|
0.32
|
0.01
|
0.018
|
0.010
|
0.72
|
4.97
|
0.06
|
and
|
621.0
|
750.0
|
129.0
|
0.29
|
0.01
|
0.003
|
0.004
|
0.70
|
5.31
|
0.06
|
|
*True width
undetermined. All lengths are drillhole lengths.
|
Figure 1 – Reid – CNC Drillholes Over Total Magnetic
Intensity.
Table 2: Drillhole Orientation
Hole
ID
|
Easting
(mE)
|
Northing
(mN)
|
Azimuth
(⁰)
|
Dip
(⁰)
|
Length
(m)
|
REI24-18
|
456760
|
5404150
|
180
|
-60
|
720
|
REI24-19
|
456960
|
5404305
|
180
|
-60
|
726
|
REI24-20
|
456565
|
5404100
|
180
|
-60
|
702
|
REI24-21
|
456565
|
5404300
|
180
|
-60
|
702
|
REI24-22
|
456565
|
5404300
|
0
|
-60
|
492
|
REI24-23
|
456758
|
5404333
|
135
|
-55
|
564
|
REI24-24
|
457157
|
5404317
|
0
|
-60
|
705
|
Quality Assurance and Control,
Drilling and Assaying
Edwin Escarraga, MSc, P.Geo., a
"qualified person" as defined by National Instrument 43-101, is
responsible for the on-going drilling and sampling program,
including quality assurance (QA) and quality control (QC). The core
is collected from the drill in sealed core trays and transported to
the core logging facility. The core is marked and sampled at 1.5
metre lengths and cut with a diamond blade saw. One set of samples
is transported in secured bags directly from the Canada Nickel core
shack to Actlabs Timmins, while a second set of samples is securely
shipped to SGS Lakefield for preparation, with analysis performed
at SGS Burnaby or SGS Callao (Peru). All are ISO/IEC 17025 accredited labs.
Analysis for precious metals (gold, platinum and palladium) are
completed by Fire Assay while analysis for nickel, cobalt, sulphur
and other elements are performed using a peroxide fusion and
ICP-OES analysis. Certified standards and blanks are inserted at a
rate of 3 QA/QC samples per 20 core samples making a batch of 60
samples that are submitted for analysis.
Qualified Person and Data
Verification
Stephen J. Balch P.Geo. (ON), VP
Exploration of Canada Nickel and a "qualified person" as such term
is defined by National Instrument 43-101, has verified the data
disclosed in this news release, and has otherwise reviewed and
approved the technical information in this news release on behalf
of Canada Nickel Company Inc.
About Canada Nickel
Company
Canada Nickel Company Inc. is advancing the next generation of
nickel-sulphide projects to deliver nickel required to feed
the high growth electric vehicle and stainless steel markets.
Canada Nickel Company has applied in multiple jurisdictions to
trademark the terms NetZero NickelTM, NetZero
CobaltTM, NetZero IronTM and is pursuing
the development of processes to allow the production of net zero
carbon nickel, cobalt, and iron products. Canada Nickel
provides investors with leverage to nickel in low political risk
jurisdictions. Canada Nickel is currently anchored by its 100%
owned flagship Crawford Nickel-Cobalt Sulphide Project in
the heart of the prolific
Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.
For further information, please contact:
Mark Selby
CEO
Phone: 647-256-1954
Email: info@canadanickel.com
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward looking information includes,
but is not limited to, drill and exploration results relating to
the target properties described herein (the "Properties"), the
significance of drill results, the ability to continue drilling,
the impact of drilling on the definition of any resource, the
potential of the Crawford Nickel Sulphide Project and the
Properties, timing and completion (if at all) of mineral resource
estimates, the ability to sell marketable materials, strategic
plans, including future exploration and development plans and
results, and corporate and technical objectives.
Forward-looking information is necessarily based upon several
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking
information. Factors that could affect the outcome include,
among others: future prices and the supply of metals,
the future demand for metals, the results of drilling, inability to
raise the money necessary to incur the expenditures required
to retain and advance the property, environmental liabilities
(known and unknown), general business, economic,
competitive, political and social uncertainties, results of
exploration programs, risks of the mining industry, delays in
obtaining governmental approvals, failure to obtain
regulatory or shareholder approvals. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. All
forward-looking information contained in this press release is
given as of the date hereof and is based upon the opinions and
estimates of management and information available to management as
at the date hereof. Canada Nickel disclaims any intention or
obligation to update or revise any forward-looking information,
whether because of new information, future events or otherwise,
except as required by law.
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SOURCE Canada Nickel Company Inc.