Highlights:
- Third hole at Nesbitt Nickel Property
drilled 1.8 kilometres east of initial discovery holes intersected
302 metres of nickel mineralization with intervals of visible
disseminated sulphides
- Consistent results with the first two Nesbitt drill holes and Higher Grade Zone at Crawford
TORONTO, July 14, 2021 /CNW/ - Canada Nickel Company Inc.
("Canada Nickel" or the "Company") (TSXV: CNC)
(OTCQB: CNIKF) today announced additional results from its drilling
program currently underway at the Nesbitt Nickel property, part of
the Company's larger exploration program testing regional targets
around its wholly-owned Crawford Nickel Sulphide Project. The two
initial discovery holes were previously described in a press
release dated June 29, 2021.
Mark Selby, Chair and CEO said, "This third hole
was drilled 1.8 kilometres east of the first two holes at
Nesbitt and demonstrates the scale
potential of this new discovery on a 3.7 kilometre long
target. Located just 8 kilometres north of Crawford it is a
potential source of higher-grade source of feed for the Crawford
mill. The results further underscore the success of our
geophysical approach and the district scale potential of our
overall land package. I look forward to continued success at
Nesbitt and to our upcoming
follow-up on the significant 0.38% nickel interval at the recently
acquired Bradburn/Dargavel target."
Nesbitt Nickel Project
The Nesbitt Nickel project is centered on an ultramafic sill
that strikes east-west for a distance of 3.7 kilometres and a width
that is estimated to vary between 100 to 300 metres (for reference,
the Crawford Main Zone resource is 1.7 kilometres long and 225 to
425 metres wide). Consistent with the first two holes, the third
hole was collared near the eastern limit of the central
Nesbitt trend to explore a
coincident (high) magnetic and (low) gravity anomaly (see Figure 2
below) identified during Canada Nickel's geophysical exploration
work conducted during the first half of 2021.
Nesbitt NES21-03 was collared
on the south side of the intrusion and drilled to the north. The
hole was pulled back into the volcanics to test for possible PGM
(platinum group metals) mineralization at the pyroxenite-
peridotite contact, which this hole did not intersect. It exited
the volcanics and intersected nickel-bearing peridotite and dunite
with visible sulphides for a core length of 314 metres from 126
metres to 440 metres (including a 12 metre felsic dike), where the
hole returned to volcanics. The hole was stopped at 474 metres.
NES21-02 was continued from 360 metres (as previously reported) to
a final depth of 501 metres, where it intersected a total of 304
metres of nickel-bearing peridotite and dunite from 113 to 417
metres. The area between NES21-03 and NES21-02 (located 1.8
kilometres to the west) remains untested, along with an area 1.1
kilometres west of the initial hole NES21-01.
Figure 1 – Hole NES21-03 Pentlandite + Pyrrhotite in
serpentinized dunite
Microscope photos at 190 and 279
metres
Figure 2 – plan view of Nesbitt Property
showing Nesbitt Property discovery holes on Outline of Gravity Low
and Magnetic High geophysics anomaly overlain on total field
magnetic intensity, Nesbitt
Township, Ontario
Table 1 Drill Hole Orientation
Analytical results from
the regional exploration drill holes will be released after
completion of internal QAQC procedures. Table 1 below lists
drill locations for the results of the three drill holes outlined
in this news release, the holes currently in the assay lab and
those in progress.
Target
|
DDH
ID
|
Northing
|
Easting
|
Azimuth
|
Dip
|
Length
|
|
|
(mN)
|
(mE)
|
(°)
|
(°)
|
(m)
|
Nesbitt
|
NES21-01
|
5,416,550
|
468,015
|
5.00
|
-50.00
|
499.0
|
Nesbitt
|
NES21-02
|
5,416,775
|
468,351
|
360.00
|
-50.00
|
501.0
|
Nesbitt
|
NES21-03
|
5,416,782
|
470,182
|
360.00
|
-50.00
|
474.0
|
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.
Cautionary Statement Concerning
Historical Information
The historical information referenced in this press release is
based primarily on drilling results reported by Inco Ltd. and Noble
Mineral Exploration Inc. The information has also been filed with
the Ontario Government and is available on-line through the Mining
Lands Administration System (MLAS) website. The company believes
this information is relevant, as it was completed by reputable
companies using industry standard drilling and sampling practices.
The company or its "qualified person" (for the purposes of National
Instrument 43-101 – Standards of Disclosure for Mineral Projects)
has reviewed the information to confirm it has been correctly
reproduced from the public MLAS database, but given the Company's
and its qualified person's inability to access the underlying data,
the Company or its qualified person has not done sufficient work to
verify the historical information contained in this news
release.
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
Sulphide Project and the Nesbit Nickel Project, the potential
thereof, timing of economic studies and mineral resource estimates,
the ability to sell marketable materials, 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, risks of the mining industry, delays in
obtaining governmental approvals, failure to obtain regulatory or
shareholder approvals, and the impact of COVID-19 related
disruptions in relation to the Company's business operations
including upon its employees, suppliers, facilities and other
stakeholders. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/canada-nickel-expands-new-nesbitt-nickel-discovery-by-1-8-kilometres-301333496.html
SOURCE Canada Nickel Company Inc.