Highlights
- Sizeable discovery with scale potential and further
confirmation of Canada Nickel's geophysical model - discovery hole
collared in mineralized dunite and remained in mineralized dunite
across entire core length of 501 metres. Assays are pending
- North Zone (anomaly of 1.1 km long by 400 metre wide) has same
geophysical signature as Main Zone
TORONTO, Dec. 16, 2020 /CNW/ - Canada Nickel Company Inc.
("Canada Nickel" or the "Company") (TSX-V:CNC)
(OTCQB: CNIKF) today announced its fourth new discovery – North
Zone, at its Crawford Nickel-Cobalt Sulphide project, from the
first two drill holes. The assays from the North Zone are
pending.
"This is another excellent discovery – a sizeable anomaly
with significant scale potential and further confirmation of our
geophysical model which we will be applying to the recently
completed geophysics programs on our option properties." said
Mark Selby, Chair and CEO of Canada
Nickel. "The first two drill holes were spotted based on the
same coincidental geophysical signatures as we saw at the Main Zone
and have delivered moderately mineralized dunite similar to average
grade portions of the Main Zone. I look forward to seeing
these assay results and further exploration results from the three
drills at the property, as we continue to unlock the potential at
Crawford and prepare to test the exploration potential of our
option properties."
The Crawford Nickel-Cobalt Sulphide Project is located in the
heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to
well-established, major infrastructure associated with over 100
years of regional mining activity.
North Zone Discovery
The two holes, collared 100 metres apart, were both collared in
serpentinized dunite, consistent with mineralization seen in
the Crawford Main Zone. The first hole, CR20-84, remained in
mineralized dunite across its entire core length of 501 metres.
Additionally, the second hole, CR20-87, collared in and intersected
mineralized dunite for 218 metres before intersecting multiple
peridotite/pyroxenite sequences similar to ones seen in recently
discovered PGM zones at Crawford. The anomaly in the North
Zone is 1.1 km by 400 metres and confirms the Company's
understanding of coincident magnetic and gravity geophysical
anomalies as a guide to mineralization, as seen in the Main
Zone. See Figures 1, 2 and 3,
and Table 1 for location and position of holes relative to
geophysical anomaly.
Table 1 – Drill Hole Orientation, Crawford Nickel-Cobalt
Sulphide Project, Ontario
DDH
ID
|
Easting
|
Northing
|
Dip
|
Azimuth
|
Length
|
|
(mE)
|
(mN)
|
(°)
|
(°)
|
(m)
|
CR20-84
|
472549
|
5412166
|
-65
|
180
|
501
|
CR20-87
|
472645
|
5412169
|
-50
|
180
|
598
|
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-cobalt sulphide projects to deliver nickel and cobalt
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 and cobalt 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.
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 results relating to the Crawford
Nickel-Cobalt Sulphide Project, the potential of the Crawford
Nickel-Cobalt Sulphide Project, timing of economic studies and
resource estimates, strategic plans, including future exploration
and development results, and corporate and technical objectives.
Forward-looking information is necessarily based upon a number of
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, timing of the
updated resource estimate, risks of the mining industry, delays in
obtaining governmental approvals, and 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 as a result of new
information, future events or otherwise, except as required by
law.
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SOURCE Canada Nickel Company Inc.