Highlights:
- First three drill holes returned significant
intersections of mineralized dunite
TORONTO, May 18, 2021 /CNW/ - Canada Nickel Company
Inc. ("Canada Nickel" or the "Company") (TSXV:
CNC) (OTCQB: CNIKF) today announced preliminary results from
the start of its drill program at the MacDiarmid Nickel Project
located 23 kilometres southwest of the Company's initial Crawford
discovery. Assays are pending on all holes.
Canada Nickel Announces Discovery at MacDiarmid Nickel
Project
Mark Selby, Chair & CEO
said, "We are very pleased to have made a second discovery,
following our initial success in Crawford Township. The first
three holes drilled at MacDiarmid
returned significant intersections of mineralized dunite similar to
the average mineralization we initially discovered at Crawford. The
results of our Preliminary Economic Assessment for Crawford will
now be released on May
25th with a conference call to be held the
following morning at 10 am EDT
May 26th."
Steve Balch, VP Exploration said,
"These results confirm the success of our geophysical targeting
approach by successfully drilling our first new target identified
on our option properties. We look forward to drilling the other
targets identified across our four additional nickel properties,
and our recently added sixth target at Bradburn/Dargavel."
The MacDiarmid Project is located 15 kilometres west of the
world-class Kidd Creek Mine and 23 kilometres southwest of the
Company's initial discoveries in Crawford Township. 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.
MacDiarmid Nickel Project
The MacDiarmid ultramafic
intrusion ("MUI") is approximately 3 kilometres long and 150 to 600
metres wide with the primary target a set of coincident geophysical
anomalies of 1.8 kilometres long and up to 400 metres wide. Three
holes were collared on the eastern side of the intrusion spaced 200
metres apart and were designed to intersect dunite-peridotite at
right angles to the strike direction of the MUI. Mineralization has
been defined across a strike length of 400 metres to a maximum
depth of 360 metres and widths of 150-200 metres. All holes were
drilled to the south (205o azimuth) at -50o
inclination.
MacDiarmid Nickel Project Drill Hole Orientation
DDH ID
|
Easting
|
Northing
|
Dip
|
Azimuth
|
Length
|
|
(mE)
|
(mN)
|
(°)
|
(°)
|
(m)
|
MAC21-01
|
459643
|
5390614
|
-50
|
205
|
441
|
MAC21-02
|
459443
|
5390613
|
-50
|
205
|
411
|
MAC21-03
|
459832
|
5390584
|
-50
|
205
|
433
|
MAC21-01 was drilled to a depth of 411 metres and intersected
primarily dunite-peridotite beginning at 26 metres including an
interval of primarily dunite (156 metres true thickness) beginning
at 99 metres.
MAC21-02 was collared 200 metres west of MAC21-01 into
peridotite at 36 metres and drilled to a depth of 424 metres,
intersecting primarily dunite-peridotite (187 metres true
thickness).
MAC21-03 was collared 200 metres east of MAC21-01 close to the
eastern margin of the intrusion and intersected dunite to a depth
of 336 metres (199 metres true thickness) beginning at 29
metres.
All holes encountered minor (3 – 15 metres thick) felsic to
intermediate dikes.
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.
Conference Call Details for Discussion of Crawford's
Preliminary Economic Assessment
Canada Nickel is hosting a live Q&A conference call on
May 26, 2021 at 10:00 a.m. EDT. Participants may join the call as
follows:
Dialing local Toronto:
+1-416-764-8688
Dialing North American Toll Free: +1-888-390-0546
Dialing International Toll Free: available upon request
Webcast URL:
https://produceredition.webcasts.com/starthere.jspei=1463704&tp_key=c92241d65a
Confirmation #: 10317274
A playback version will be available for one month after the
call at +1-416-764-8677 (local or international) or North American
toll free at +1-888-390-0541 (passcode 317274 #).
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 and MacDiarmid Nickel Project, the
potential of the Crawford Nickel-Cobalt Sulphide Project and
MacDiarmid Nickel 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.