Highlights
- Current drilling confirms large scale discovery at Reid –
delineated mineralized footprint already 90% of Crawford footprint
of 1.6 km2 which contains the fifth largest Measured
& Indicated sulphide resource globally of 3.5 million tonnes of
contained nickel
- Regional drilling continues to validate geophysical targeting
approach highlighting potential from 42 km2 of
geophysical targets
- Latest assays from Deloro
include DEL22-05 intersecting 394 metres of 0.26% nickel
TORONTO, Sept. 28,
2022 /CNW/ - Canada Nickel Company
Inc. ("Canada Nickel" or the "Company")
(TSXV: CNC) (OTCQX: CNIKF) today confirmed a large-scale discovery
at its Reid property, and positive drilling results at other
regional targets as a result of its ongoing regional exploration
drilling campaign.
Mark Selby, Chair & CEO of
Canada Nickel, "These results are very exciting for several
reasons. First, our current drilling has delineated a
mineralized footprint at Reid already 90% of the size of
Crawford, which we believe is the world's fifth largest nickel
sulphide resource. Second, the results at Reid, Deloro, and Reaume with 33 of 34 holes hitting
target mineralization and the historic drilling at Bannockburn, continue to reinforce the success
of our geophysical targeting approach and increase the probability
of success at our other over 20 properties within the 42
km2 of geophysical targets."
The Company's Reid, Deloro,
Reaume and Bannockburn properties
sit within a 100 km radius of the Company's flagship Crawford
Nickel-Sulphide project in the Timmins area. The Company has the right to
earn a 100% interest in Reaume and has already acquired a 100%
interest in Reid, Deloro and
Bannockburn.
Reid Nickel Property
The Reid Property is located just 16 km southwest of Crawford,
or 37 km northwest of Timmins, and
contains an ultramafic target with a target geophysical footprint
of 3.9 km2 (see Figure 1). Our ongoing drilling program
continues to successfully intersect mineralized dunite, helping
define the boundary of the target, confirming a footprint that is
already 90% of the footprint of the current Crawford resource
(Figure 2), with remarkably similar lithology, mineralogy, and
alteration. Partial assays results confirm expected Ni grades. Ni
mineralization in serpentinized dunite has been found in all 16
holes drilled to date and stronger mineralization has been
intersected in holes REI22-02, REI22-06, REI22-09, REI22-14, and
REI22-16. The interpreted thickness of the dunite intersected by
REI-22-16 and REI-22-14 at Reid appears to be thicker than the
thickest intersection within the Crawford Resource (Figure 3).
Three holes (REI22-12, REI22-13, REI22-15) were drilled in the
north limb with all holes intersecting the targeted mineralized
dunite. REI22-13 intersected the typical differentiation sequence,
collaring in gabbro and followed by pyroxenite, peridotite and
dunite. The hole finished in dunite.
The 13 remaining holes were drilled in the central core of the
anomaly, with all of them intersecting consistent moderate to
strongly serpentinized dunite, and visible nickel mineralization
(Figure 4). Dunite is the lithology predominant in the central
core, with only an occasional occurrence of later dykes that
crosscut the anomaly in a northwest and southeast direction (Table
1).
The south limb of the anomaly remains to be drilled and over 50%
of the geophysical target remains untested.
Preliminary mineralogy results from first two holes at Reid
indicate that mineralogy is consistent with well-serpentenized
mineralization found at Crawford containing quantities of
magnetite, brucite, and chrome minerals. Nickel mineralization is
largely in heazlewoodite and awaruite.
Table 1: Reid selected lithology intervals
Hole
#
|
From
|
To
|
length
|
Rock
Type
|
Hole
#
|
From
|
To
|
length
|
Rock
Type
|
REI22-03
|
58.6
|
417.0
|
358.4
|
Dunite
|
REI22-13
|
45
|
99
|
54.0
|
Peridotite
|
REI22-04
|
48.5
|
183.5
|
135.0
|
Peridotite
|
99
|
405
|
306.0
|
Dunite
|
183.5
|
318.3
|
134.8
|
Dunite
|
REI22-14
|
27.4
|
75
|
47.6
|
Peridotite
|
338.0
|
417.0
|
79.0
|
Dunite
|
75
|
158.8
|
83.8
|
Dunite
|
REI22-05
|
52.5
|
462.0
|
409.5
|
Dunite
|
180.6
|
402
|
221.4
|
Dunite
|
REI22-06
|
28.8
|
108.0
|
79.2
|
Peridotite
|
REI22-15
|
60
|
309
|
249.0
|
Dunite
|
108.0
|
165.2
|
57.2
|
Dunite
|
309
|
402
|
93.0
|
Peridotite
|
177.1
|
197.0
|
19.9
|
Dunite
|
REI22-16
|
30
|
501
|
471.0
|
Dunite
|
207.2
|
312.5
|
105.3
|
Dunite
|
|
360.1
|
471.0
|
110.9
|
Dunite
|
|
REI22-07
|
38.2
|
60.0
|
21.8
|
Dunite
|
|
136.5
|
462.0
|
325.5
|
Dunite
|
|
REI22-08
|
57.2
|
108.0
|
50.8
|
Dunite
|
|
108.0
|
128.0
|
20.0
|
Peridotite
|
|
128.0
|
139.7
|
11.7
|
Dunite
|
|
139.7
|
160.0
|
20.3
|
Peridotite
|
|
160.0
|
430.0
|
270.0
|
Dunite
|
|
REI22-09
|
29.7
|
96.0
|
66.3
|
Peridotite
|
|
96.0
|
106.6
|
10.6
|
Dunite
|
|
116.6
|
429.3
|
312.7
|
Dunite
|
|
429.3
|
438.0
|
8.7
|
Dunite
|
|
REI22-10
|
60.3
|
100.6
|
40.3
|
Dunite
|
|
129.4
|
405.4
|
276
|
Dunite
|
|
REI22-11
|
23.6
|
100.2
|
76.6
|
Dunite
|
|
124.0
|
246.4
|
122.4
|
Dunite
|
|
261.2
|
360.6
|
99.4
|
Dunite
|
|
371.0
|
402.0
|
31.0
|
Dunite
|
|
REI22-12
|
40.0
|
73.0
|
33.0
|
Peridotite
|
|
73.0
|
441.0
|
368.0
|
Dunite
|
|


Deloro Nickel Property
The Deloro property is located
35 km south of Crawford and 8 km south Timmins and contains an ultramafic target that
measures 1.4 km north-south by 450 metres east-west (see Figure 5).
The exploration program consisted of 11 drillholes and succeeded at
defining the continuity of the ultramafic lithologies and nickel
mineralization throughout the target anomaly in all 11 holes.
Assays from an additional 4 holes are being released (Table 2).
DEL22-05 collared in dunite and was drilled to the northeast.
The hole intersected 394 metres of 0.26% Ni and finished in dunite,
only interrupted by minor dykes. Showing moderate to strong
serpentinization and visible pentlandite-heazlewoodite
mineralization with minor awaruite.
DEL22-04 collared in dunite near the center of the target and
drilled to the northeast. The dunite is mineralized throughout,
interrupted only by a few minor dykes. Dunite graded 0.26% Ni over
43 metres, and 0.26% Ni over 271 metres. The hole reached the east
contact intersecting Peridotite and Mafic volcanics.
DEL22-08 collared in dunite and was drilled to the southwest.
Dunite graded 0.22 % Ni over 156.5 metres at the top of the hole,
and 0.25% Ni over 213 metres near the bottom and ended in
dunite.
Hole DEL22-03 collared in dunite on the northern half of the
target and was drilled to the southwest. The hole remained and
finished in dunite except for a section of pyroxenite in the
center. The dunite sections grading up to 0.24% Ni over 157.7
metres, and 0.22% Ni over 106.2 metres with visible
pentlandite-heazlewoodite mineralization. Hole DEL22-02 drilled at
the most northern edge of the target, intersected a sequence of
pyroxenite, peridotite and dunite rocks with varying degrees of
alteration and mineralization. Assays for this hole are
pending.
Table 2: Deloro Exploration Drilling
Results
Hole
ID
|
From
|
To
|
Length
|
Ni
|
Co
|
Pd
|
Pt
|
Cr
|
Fe
|
S
|
|
(m)
|
(m)
|
(m)
|
( %)
|
( %)
|
(g/t)
|
(g/t)
|
( %)
|
( %)
|
( %)
|
DEL22-03
|
39.60
|
86.00
|
46.40
|
0.25
|
0.010
|
0.002
|
0.004
|
0.26
|
4.41
|
0.05
|
and
|
151.80
|
309.50
|
157.70
|
0.24
|
0.009
|
0.003
|
0.004
|
0.16
|
4.59
|
0.04
|
and
|
327.80
|
434.00
|
106.20
|
0.22
|
0.009
|
0.01
|
0.009
|
0.17
|
5.29
|
0.03
|
DEL22-04
|
9.60
|
53.00
|
43.40
|
0.26
|
0.010
|
0.003
|
0.003
|
0.13
|
4.25
|
0.04
|
and
|
112.10
|
383.70
|
271.60
|
0.26
|
0.010
|
0.003
|
0.003
|
0.17
|
4.94
|
0.05
|
including
|
242.00
|
296.00
|
54.00
|
0.28
|
0.011
|
0.003
|
0.003
|
0.24
|
5.35
|
0.04
|
DEL22-05
|
6.95
|
401.00
|
394.05
|
0.26
|
0.011
|
0.003
|
0.003
|
0.22
|
5.06
|
0.03
|
including
|
218.00
|
261.5
|
43.50
|
0.28
|
0.011
|
0.003
|
0.003
|
0.25
|
5.34
|
0.02
|
DEL22-08
|
5.40
|
161.90
|
156.50
|
0.22
|
0.013
|
0.003
|
0.005
|
0.42
|
5.32
|
0.03
|
and
|
189.00
|
402.00
|
213.00
|
0.25
|
0.010
|
0.003
|
0.005
|
0.14
|
4.90
|
0.05
|
Reaume Nickel Property
Reaume is located 20 km northeast of Crawford and contains an
ultramafic target that measures 3 km east-west by 1.4 km
north-south. The geophysical footprint indicates a highly folded
structure, unlike the single differentiated sills observed at
Dumont, Deloro, and other
properties including Bannockburn,
Sothman, and McCool among others.
Drilling this summer successfully confirmed the presence of
ultramafic rocks, dominated by peridotite with nickel
mineralization in 6 of 7 drillholes. The peridotite intersected was
generally lower grade than the peridotites at Crawford. Minor
pyroxenite and dunite were also intersected (Figure 6). The North
half of the target remains untested, due to difficult access
outside of winter. Assays are pending for 3 of the 7 holes.
Hole REU22-01, REU22-02 and REU22-03 drilled a fan of drillholes
from the same setup, located near the southwest of the target.
REU22-01 drilled to the south-southeast, collaring on peridotite at
9.4 metres and stayed in peridotite for 327.7 metres grading 0.14%
Ni. After a small gabbro section, the hole intersected and finished
in dunite with an average grade of 0.21% Ni over 68.7 metres (Table
3).
Hole REU22-02 drilled to the east, collaring, and finishing in
peridotite averaging 0.13% Ni over 242.5 metres with the whole
extent displaying moderate to strong serpentinization and minor
pentlandite-heazlewoodite mineralization.
Hole REU22-07 is located east of the previous holes and closer
to the center of the target. The hole collared in a pyroxenite,
continued into peridotite, and finished in peridotite averaging
0.16% Ni over 364.5 metres.
Hole REU22-03 drilled to the northeast, and intersected a
typical succession of ultramafic differentiation, drilling through
peridotite, pyroxenite and gabbro. The pyroxenite here averaged
0.19 g/t Pd and 0.11 g/t Pt over a length of 23 metres.
The drilling to date has intersected mostly weakly mineralized
peridotite. The more mineralized dunite is expected to occur on the
eastern edge of the property to which access is limited to winter
months. This will be more directly targeted as exploration at
Reaume continues.
Table 3: Reaume Exploration Drilling Results
Hole
ID
|
From
|
To
|
Length
|
Ni
|
Co
|
Pd
|
Pt
|
Cr
|
Fe
|
S
|
|
(m)
|
(m)
|
(m)
|
( %)
|
( %)
|
(g/t)
|
(g/t)
|
( %)
|
( %)
|
( %)
|
REU22-01
|
9.40
|
337.10
|
327.70
|
0.14
|
0.012
|
0.005
|
0.008
|
0.46
|
7.84
|
0.02
|
and
|
351.30
|
420.00
|
68.70
|
0.21
|
0.012
|
0.02
|
0.006
|
0.46
|
7.36
|
0.07
|
REU22-02
|
4.50
|
247.00
|
242.50
|
0.13
|
0.012
|
0.005
|
0.01
|
0.46
|
7.98
|
0.02
|
REU22-03
|
8.00
|
235.50
|
227.50
|
0.08
|
0.012
|
0.010
|
0.022
|
0.38
|
8.58
|
0.03
|
REU22-07
|
39.50
|
404.00
|
364.50
|
0.16
|
0.012
|
0.008
|
0.012
|
0.48
|
7.74
|
0.04
|
Bannockburn
Bannockburn was acquired by the
Company on June 6, 2022 (see release
June 7, 2022). Drilling by the
previous operator was consistent with our geophysical approach and
further confirms our geophysical targeting model. 8 holes
intersected 160.9 to 369.0 metres of mineralization and multiple
holes (GBN21-01, GBN21-02, GBN21-03, GBN21-04, GBN21-06)
intersected nickel grades in excess of 0.3%. (See Figure 7 and
Table 4 below).
Future drilling will continue to expand the low-grade
mineralization outlined by Grid Metals as well as target the
high-grade nickel (up to 5% Ni) in the C-zone at shallow
depths.
Table 4 – Grid Metals Historical Drilling – Bannockburn
Property
Hole
ID
|
From
|
To
|
Length
|
Ni
|
|
(m)
|
(m)
|
(m)
|
( %)
|
GBN21-01
|
71.5
|
232.4
|
160.9
|
0.24
|
including
|
103.0
|
125.6
|
22.6
|
0.30
|
with
|
118.0
|
125.6
|
7.6
|
0.38
|
GBN21-02
|
40.5
|
337.0
|
296.5
|
0.28
|
including
|
98.0
|
210.0
|
112.0
|
0.32
|
with
|
147.0
|
195.0
|
48.0
|
0.34
|
GBN21-03
|
39.3
|
381.0
|
341.7
|
0.28
|
including
|
256.5
|
321.0
|
64.5
|
0.30
|
GBN21-04
|
115.5
|
309.0
|
193.5
|
0.31
|
including
|
133.5
|
162.0
|
28.5
|
0.40
|
and
|
225.0
|
247.5
|
22.5
|
0.41
|
GBN21-05
|
49.7
|
219.0
|
169.3
|
0.20
|
including
|
79.5
|
105.0
|
25.5
|
0.27
|
GBN21-06
|
60.0
|
247.5
|
189.0
|
0.27
|
including
|
133.5
|
174.0
|
40.5
|
0.30
|
and
|
210.0
|
235.5
|
25.5
|
0.31
|
GBN21-07
|
36.0
|
405.0
|
369.0
|
0.24
|
including
|
160.5
|
273.0
|
112.5
|
0.27
|
with
|
231.0
|
273.0
|
42.0
|
0.29
|
GBN21-08
|
72.0
|
303.0
|
231.0
|
0.24
|
including
|
132.0
|
258.0
|
126.0
|
0.28
|
*Source: Grid Metals news release 11/03/2022.
Table 5: Drillhole Orientation (All Properties)
Property
|
Hole
ID
|
Easting
(mE)
|
Northing
(mN)
|
Azimuth
(⁰)
|
Dip
(⁰)
|
Length
(m)
|
Reid
|
REI22-01
|
457859
|
5403898
|
175
|
-50
|
380.0
|
Reid
|
REI22-02
|
457859
|
5403898
|
316
|
-50
|
396.0
|
Reid
|
REI22-03
|
457818
|
5404256
|
270
|
-50
|
417.0
|
Reid
|
REI22-04
|
457830
|
5404713
|
320
|
-50
|
417.0
|
Reid
|
REI22-05
|
457554
|
5404310
|
270
|
-50
|
462.0
|
Reid
|
REI22-06
|
456758
|
5404333
|
176
|
-52
|
471.0
|
Reid
|
REI22-07
|
457157
|
5404317
|
270
|
-50
|
462.0
|
Reid
|
REI22-08
|
457818
|
5404256
|
330
|
-50
|
430.0
|
Reid
|
REI22-09
|
457446
|
5403794
|
0
|
-50
|
435.9
|
Reid
|
REI22-10
|
457590
|
5404718
|
270
|
-50
|
405.4
|
Reid
|
REI22-11
|
457345
|
5404725
|
270
|
-50
|
402.0
|
Reid
|
REI22-12
|
456949
|
5405611
|
225
|
-50
|
441.0
|
Reid
|
REI22-13
|
456608
|
5405847
|
225
|
-55
|
399.0
|
Reid
|
REI22-14
|
456466
|
5403721
|
342
|
-50
|
402.0
|
Reid
|
REI22-15
|
457478
|
5405247
|
227
|
-50
|
402.0
|
Reid
|
REI22-16
|
456426
|
5404260
|
160
|
-50
|
500.0
|
Deloro
|
DEL22-01
|
480413
|
5361341
|
248
|
-60
|
492.0
|
Deloro
|
DEL22-02
|
480334
|
5361525
|
248
|
-60
|
411.0
|
Deloro
|
DEL22-03
|
480600
|
5361417
|
248
|
-60
|
434.0
|
Deloro
|
DEL22-04
|
480475
|
5361151
|
68
|
-60
|
401.0
|
Deloro
|
DEL22-05
|
480406
|
5361339
|
68
|
-60
|
401.0
|
Deloro
|
DEL22-06
|
480384
|
5361139
|
248
|
-50
|
347.0
|
Deloro
|
DEL22-07
|
480322
|
5361305
|
248
|
-50
|
278.0
|
Deloro
|
DEL22-08
|
480532
|
5361006
|
248
|
-60
|
402.0
|
Deloro
|
DEL22-09
|
480566
|
5360849
|
248
|
-50
|
402.0
|
Deloro
|
DEL22-10
|
480980
|
5360570
|
230
|
-50
|
342.0
|
Deloro
|
DEL22-11
|
480566
|
5360849
|
70
|
-45
|
402.0
|
Reaume
|
REU22-01
|
487384
|
5421827
|
175
|
-50
|
420.0
|
Reaume
|
REU22-02
|
487384
|
5421827
|
90
|
-51
|
247.0
|
Reaume
|
REU22-03
|
487384
|
5421827
|
50
|
-50
|
295.0
|
Reaume
|
REU22-07
|
487931
|
5422054
|
145
|
-50
|
404.0
|
Reaume
|
REU22-08
|
488245
|
5422325
|
115
|
-50
|
401.0
|
Reaume
|
REU22-09
|
488190
|
5421971
|
170
|
-50
|
446.0
|
Reaume
|
REU22-10
|
488190
|
5421971
|
80
|
-50
|
542.0
|
Bannockburn
|
GBN21-01
|
506785
|
5313730
|
245
|
-65
|
250.2
|
Bannockburn
|
GBN21-02
|
506785
|
5313730
|
245
|
-65
|
351.3
|
Bannockburn
|
GBN21-03
|
506775
|
5313858
|
245
|
-65
|
408.0
|
Bannockburn
|
GBN21-04
|
506704
|
5313991
|
245
|
-65
|
349.4
|
Bannockburn
|
GBN21-05
|
506586
|
5313921
|
245
|
-60
|
224.0
|
Bannockburn
|
GBN21-06
|
506634
|
5313746
|
65
|
-65
|
450.0
|
Bannockburn
|
GBN21-07
|
506980
|
5313536
|
235
|
-65
|
402.0
|
Bannockburn
|
GBN21-08
|
507077
|
5313506
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205
|
-45
|
350.0
|
Assays, Quality Assurance/Quality Control and Drilling and
Assay
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 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.
The magnetic images shown in this press release were
created from Canada Nickel's interpretation of datasets provided by
the Ontario Geological Survey.
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
Chair and 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
potential of the Crawford Nickel Sulphide Project and the
Properties, 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 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, 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 because of new information, future events or otherwise,
except as required by law.

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SOURCE Canada Nickel Company Inc.