Highlights
- Assay results from final 11 drillholes confirm continued
high-grade near-surface mineralization within thick mineralized
sections
- Seven of 11 holes intersected nickel grades > 1% and all 11
holes intersected nickel grades >0.5%
- Hole TXT23-39 intersected 3.0 metres of 2.31% nickel within
15.0 metres of 0.83% nickel within 90.0 metres of 0.34% nickel
starting at 12 metres
- Hole TXT23-36 intersected 3.0 metres of 2.34% nickel within
12.0 metres of 1.06% nickel within 96.5 metres of 0.36% nickel
starting at 4.5 metres
TORONTO, June 1, 2023
/CNW/ - Canada Nickel Company Inc. ("Canada
Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF)
today reported that assay results from its final 11 drill holes at
its Texmont Project have confirmed continued high-grade,
near-surface mineralization. These results represent the final
assays from the 39-drill-hole program undertaken at Texmont in the
winter of 2022-2023.
Mark Selby, CEO of Canada Nickel,
said, "This latest set of assay results reinforce our thesis of
near-surface high-grade intervals within thick mineralized sections
which support the potential for near-term, smaller scale, open pit
production. We look forward to delivering an initial resource and
Preliminary Economic Analysis ("PEA") on Texmont this year as its
near-term production potential is highly complementary to our
large-scale Crawford and regional nickel sulphide project
potential."
Latest Drill Results
The drill results further confirm the interpretation of the
Texmont deposit, as displaying zoning in its mineralization, with a
higher-grade core >1.0% nickel ranging between 2 to 8 metres
thick, encompassed by moderate-high grade mineralization of
0.6-1.0% nickel between 12 to 25 metres thick and surrounded by
lower grade mineralization of 0.25% and higher, with widths up to
150 metres (see Tables 1 and 2). Mineralization has been drilled to
a vertical depth of 444 metres and remains open at depth.
Canada Nickel expects to produce a mineral resource estimate on
the Texmont Project later this year using the 28,884 metres of
drilling completed during the previous 2006 -2008 drill program and
9,726 metres in the current 2022-2023 program. This resource will
form part of a PEA expected by the end of 2023.
Table 1: Texmont exploration drilling results - high
grade highlights
|
Hole
ID
|
From
|
To
|
Length*
|
Ni
|
Co
|
Pd+Pt
|
Pd
|
Pt
|
S
|
|
(m)
|
(m)
|
(m)
|
( %)
|
( %)
|
(g/t)
|
(g/t)
|
(g/t)
|
( %)
|
|
TXT23-24
|
126.0
|
147.0
|
21.0
|
0.71
|
0.02
|
0.08
|
0.045
|
0.037
|
0.9
|
|
including
|
142.5
|
147.0
|
4.5
|
1.36
|
0.04
|
0.18
|
0.096
|
0.082
|
1.76
|
|
TXT23-29
|
9.0
|
13.3
|
4.3
|
1.20
|
0.03
|
0.09
|
0.054
|
0.036
|
0.99
|
|
and
|
229.5
|
237.0
|
7.5
|
1.56
|
0.06
|
0.16
|
0.093
|
0.066
|
3.08
|
|
TXT23-30
|
151.0
|
170.5
|
19.5
|
0.83
|
0.02
|
0.13
|
0.070
|
0.055
|
1.00
|
|
Including
|
160.5
|
169.0
|
8.5
|
1.34
|
0.03
|
0.23
|
0.124
|
0.101
|
1.76
|
|
TXT23-33
|
80.0
|
99.0
|
19.0
|
0.45
|
0.01
|
0.03
|
0.017
|
0.013
|
0.81
|
|
and
|
184.5
|
190.5
|
6.0
|
0.51
|
0.01
|
0.04
|
0.023
|
0.017
|
0.38
|
|
TXT23-35
|
39.0
|
64.5
|
25.5
|
0.72
|
0.01
|
0.09
|
0.058
|
0.033
|
0.59
|
|
including
|
40.5
|
49.5
|
9.0
|
1.03
|
0.01
|
0.10
|
0.062
|
0.038
|
0.70
|
|
TXT23-36
|
90.0
|
102.0
|
12.0
|
1.06
|
0.02
|
0.14
|
0.076
|
0.060
|
0.80
|
|
Including
|
93.0
|
96.0
|
3.0
|
2.34
|
0.03
|
0.32
|
0.182
|
0.141
|
1.71
|
|
TXT23-38
|
53.5
|
75.0
|
21.5
|
0.52
|
0.02
|
0.09
|
0.053
|
0.039
|
0.54
|
|
including
|
63.0
|
67.5
|
4.5
|
1.03
|
0.03
|
0.28
|
0.159
|
0.117
|
1.22
|
|
TXT23-39
|
40.5
|
55.5
|
15.0
|
0.83
|
0.02
|
0.13
|
0.080
|
0.053
|
0.78
|
|
including
|
40.5
|
43.5
|
3.0
|
2.31
|
0.06
|
0.43
|
0.257
|
0.177
|
2.06
|
|
*Drillhole length, true
thickness not calculated.
|
Table 2: Texmont exploration drilling results – downhole
average
|
Hole
ID
|
From
|
To
|
Length*
|
Ni
|
Co
|
Pd
|
Pt
|
Cr
|
Fe
|
S
|
|
(m)
|
(m)
|
(m)
|
( %)
|
( %)
|
(g/t)
|
(g/t)
|
( %)
|
( %)
|
( %)
|
|
TXT23-24
|
13.8
|
303.0**
|
289.2
|
0.29
|
0.01
|
0.013
|
0.012
|
0.17
|
6.00
|
0.41
|
|
including
|
126.0
|
147.0
|
21.0
|
0.71
|
0.02
|
0.045
|
0.037
|
0.16
|
6.35
|
0.90
|
|
Including
|
142.5
|
147.0
|
4.5
|
1.36
|
0.04
|
0.096
|
0.082
|
0.17
|
7.55
|
1.76
|
|
and
|
159.0
|
192.0
|
33.0
|
0.62
|
0.02
|
0.045
|
0.030
|
0.15
|
6.19
|
0.92
|
|
TXT23-29
|
6.3
|
175.5
|
169.2
|
0.25
|
0.01
|
0.008
|
0.008
|
0.12
|
5.34
|
0.30
|
|
Including
|
9.0
|
13.3
|
4.3
|
1.20
|
0.03
|
0.054
|
0.036
|
0.12
|
5.43
|
0.99
|
|
and
|
193.3
|
250.2
|
56.9
|
0.42
|
0.02
|
0.018
|
0.014
|
0.20
|
6.46
|
0.79
|
|
Including
|
229.5
|
237.0
|
7.5
|
1.56
|
0.06
|
0.093
|
0.066
|
0.42
|
11.76
|
3.08
|
|
and
|
265.8
|
321.0
|
55.2
|
0.33
|
0.01
|
0.014
|
0.011
|
0.15
|
5.73
|
0.53
|
|
Including
|
291.0
|
304.5**
|
13.5
|
0.47
|
0.02
|
0.028
|
0.027
|
0.16
|
6.64
|
0.85
|
|
TXT23-30
|
3.1
|
130.5
|
127.4
|
0.22
|
0.01
|
0.006
|
0.007
|
0.15
|
5.71
|
0.32
|
|
and
|
151.0
|
170.5
|
19.5
|
0.83
|
0.02
|
0.070
|
0.055
|
0.12
|
5.53
|
1.00
|
|
Including
|
160.5
|
169.0
|
8.5
|
1.34
|
0.03
|
0.124
|
0.101
|
0.12
|
5.86
|
1.76
|
|
and
|
211.7
|
321.0
|
109.3
|
0.11
|
0.01
|
0.008
|
0.007
|
0.21
|
7.20
|
0.17
|
|
TXT23-31
|
18.0
|
360.0**
|
342.0
|
0.24
|
0.01
|
0.009
|
0.008
|
0.15
|
5.22
|
0.21
|
|
TXT23-33
|
7.2
|
300.0**
|
292.8
|
0.24
|
0.01
|
0.006
|
0.007
|
0.14
|
5.10
|
0.16
|
|
Including
|
80.0
|
99.0
|
19.0
|
0.45
|
0.01
|
0.017
|
0.013
|
0.14
|
5.41
|
0.81
|
|
and
|
184.5
|
190.5
|
6.0
|
0.51
|
0.01
|
0.023
|
0.017
|
0.13
|
5.06
|
0.38
|
|
TXT23-34
|
108.0
|
180.0**
|
72.0
|
0.18
|
0.01
|
0.003
|
0.005
|
0.12
|
4.99
|
0.17
|
|
TXT23-35
|
5.5
|
180.0**
|
174.5
|
0.30
|
0.01
|
0.022
|
0.016
|
0.23
|
5.46
|
0.35
|
|
Including
|
39.0
|
64.5
|
25.5
|
0.72
|
0.01
|
0.058
|
0.033
|
0.14
|
4.95
|
0.59
|
|
including
|
40.5
|
49.5
|
9.0
|
1.03
|
0.01
|
0.062
|
0.038
|
0.14
|
4.74
|
0.70
|
|
TXT23-36
|
4.5
|
102.0**
|
97.5
|
0.36
|
0.01
|
0.020
|
0.015
|
0.13
|
5.93
|
0.26
|
|
Including
|
90.0
|
102.0
|
12.0
|
1.06
|
0.02
|
0.076
|
0.060
|
0.14
|
5.22
|
0.80
|
|
Including
|
93.0
|
96.0
|
3.0
|
2.34
|
0.03
|
0.182
|
0.141
|
0.13
|
5.50
|
1.71
|
|
TXT23-37
|
7.6
|
19.9
|
12.3
|
0.61
|
0.02
|
0.062
|
0.043
|
0.12
|
4.66
|
0.53
|
|
and
|
36.7
|
102.0**
|
65.3
|
0.19
|
0.01
|
0.006
|
0.006
|
0.14
|
4.83
|
0.41
|
|
TXT23-38
|
12.6
|
75.0**
|
62.4
|
0.34
|
0.01
|
0.026
|
0.026
|
0.11
|
6.22
|
0.42
|
|
Including
|
53.5
|
75.0
|
21.5
|
0.52
|
0.02
|
0.053
|
0.039
|
0.14
|
5.42
|
0.54
|
|
including
|
63.0
|
67.5
|
4.5
|
1.03
|
0.03
|
0.159
|
0.117
|
0.13
|
5.58
|
1.22
|
|
TXT23-39
|
12.0
|
102.0**
|
90.0
|
0.34
|
0.01
|
0.019
|
0.017
|
0.13
|
5.70
|
0.29
|
|
including
|
40.5
|
55.5
|
15.0
|
0.83
|
0.02
|
0.080
|
0.053
|
0.13
|
4.90
|
0.78
|
|
including
|
40.5
|
43.5
|
3.0
|
2.31
|
0.06
|
0.257
|
0.177
|
0.12
|
5.51
|
2.06
|
|
*Drillhole length, true
thickness not calculated.
|
|
**Hole ended in
mineralization
|
Table 3: Texmont Drillhole Orientation
|
Hole
ID
|
Easting
(mE)
|
Northing
(mN)
|
Azimuth
(⁰)
|
Dip
(⁰)
|
Length
(m)
|
|
TXT23-24
|
484725
|
5334350
|
90
|
-62
|
303.0
|
|
TXT23-29
|
484818
|
5334611
|
180
|
-45
|
321
|
|
TXT23-30
|
484797
|
5334535
|
155
|
-45
|
321
|
|
TXT23-31
|
484975
|
5335039
|
272
|
-64
|
360
|
|
TXT23-33
|
484955
|
5335289
|
268
|
-66
|
300
|
|
TXT23-34
|
485175
|
5335340
|
268
|
-50
|
180
|
|
TXT23-35
|
484887
|
5335188
|
265
|
-65
|
180
|
|
TXT23-36
|
484827
|
5334651
|
125
|
-45
|
102
|
|
TXT23-37
|
484831
|
5334575
|
115
|
-52
|
102
|
|
TXT23-38
|
484814
|
5334505
|
92
|
-65
|
75
|
|
TXT23-39
|
484814
|
5334505
|
85
|
-62
|
102
|
From the 11 drillholes in this release, five were drilled in the
southern half of the property close to the past producing Texmont
mine. The remaining six drillholes were drilled in the northern
half of the property, testing the strike length extent of the
mineralization.
Drillholes TXT23-24, TXT23-29, TXT23-30, TXT23-31 and TXT23-33
in the southern half of the property all intersected varying
degrees of mineralization predominantly hosted in peridotites and
to a lesser extent in adjacent mineralized komatiites. All
drillholes cut across the interpreted low to moderate to high grade
shells, with the best intersection in hole TXT23-30 at 1.34% Ni
over 8.5 metres within a moderate-high grade shell of 0.83% Ni over
19.5 metres, within a low grade shell of 0.22% Ni over 127.4
metres. Holes TXT23-29 and TXT23-30 were drilled sub-parallel to
strike to test the presence of inferred cross cutting faults, as
well as to confirm the continuity of the mineralized shells (low,
moderate and high) across geologic sections in an area of the
mineralization where existing underground infrastructure makes it
difficult to drill on-section.
The six remaining holes drilled in the north section of the
property (Figure 2) all intersected varying degrees of nickel
mineralization, with holes TXT23-32 and TXT23-35 having the best
results, intersecting high grade nickel very close to surface, with
overburden less than 5.5 metres in TXT23-35. TXT23-35 intersected
9.0 metres of 1.03 % nickel, within a larger section of 25.5 metres
of 0.72% nickel, within an overall mineralized envelope of 174.5
metres grading 0.30% nickel.
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
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, the Texmont
Project and the other 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.