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Canada Nickel Achieves Best Drill Results to Date at Reid

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Canada Nickel Achieves Best Drill Results to Date at Reid

 

 

 

 

 

Highlights

  • Best Reid interval to date – 661 metres of 0.29% nickel including 100 metres of 0.42% nickel and 40 metres of 0.51% nickel in REI-24-35
  • All 8 holes targeting Reid Central Core intersected core lengths greater than 620 metres with average grades of 0.21% to 0.29% nickel

 

Canada Nickel Company Inc. (TSX-V: CNC) (OTCQX: CNIKF) is pleased to announce positive assay results from its ongoing 2024 exploration program at its Reid property, located 37 kilometres northwest of Timmins, Ontario.

 

All 34 holes drilled this year at Reid have intersected long intervals of targeted mineralized dunite and minor peridotite. Complete assay results for 18 holes have been received, 13 of which are announced today with assay results for the remaining holes pending. Assay results for five holes were previously released on March 18 and May 6, 2024.

 

Mark Selby, CEO of Canada Nickel said, “Reid continues to deliver excellent results, including the best individual hole to date with long core lengths grading in excess of 0.4% and 0.5% nickel and all holes delivering large intervals of target mineralization.  With a target geophysical footprint larger than our flagship Crawford project and a width in the central core more than double Crawford, we look forward to the initial resource estimate for Reid expected to be released in the fourth quarter of 2024.”

 

Mr. Selby continued, “The ongoing success of our regional exploration program clearly demonstrates the potential scale of the Timmins Nickel District.  We now have seven drill rigs drilling five separate targets – Reaume, Reid, Mann Central, Mann Northwest-SE, and Mann Northwest-NE – which are in addition to the two properties where we have already published a resource.  Few companies have more than one project resource and we remain on-track and expect to deliver seven additional resources by this time next year.”

 

Reid Property

 

The Reid Property is located just 16 km southwest of Crawford and contains a geophysical target of 3.9 km2, which is nearly 2.4 times larger than Crawford (see Figure 1).   The Company expects to complete the first phase of drilling later in August and to produce an initial resource at Reid in Q4 2024. The remaining drillhole assays will be released once they have been received.

 

Hole REI24-35 was collared near the very center of the ultramafic body and drilled south. The full interval of 661.5 metres, beginning at 40.5 metres downhole, assayed 0.29% nickel including 100.5 metres of 0.42% nickel, and 40.5 metres of 0.51% nickel, ending the hole in strong mineralization. In this area the ultramafic sequence opens to the north and is more than 900 metres wide, roughly twice the width of Crawford’s Main Zone.  Hole REI24-27 was collared near the west border of the ultramafic body and drilled north. The full interval of 674.8 metres, beginning at 27.2 metres downhole, assayed 0.27% nickel including 34.5 metres of 0.30% nickel. In this area the ultramafic sequence is more than 800 metres thick, nearly twice that of Crawford’s main zone. Holes REI24-27, REI24-28, REI24-29, REI24-30, REI24-31, REI24-32, REI24-35, REI24-37, REI24-38 were drilled to continue to infill the Central Core area of the deposit with an approximate width of 900 metres and strike length of 1.7 kilometres.

 

The drilling campaign has identified a NNW-SSE trending corridor of dykes running through the center of the deposit which is approximately 150 metres wide, less than 7% of the overall strike length of 2.2 kilometres in the central core. Holes REI24-23, REI24-24, REI24-25, REI24-26 were drilled to identify the extent of mineralization within the local dunite, and better define the structural controls and extent of the dykes.

 

Table 1 – Reid drilling downhole composite.

 

 
Hole ID From (m) To (m) Length (m)* Ni % Co % Pd g/t Pt g/t Cr % Fe % S %
Central Core
REI24-27 27.2 702.0 674.8 0.27 0.012 0.013 0.008 0.67 5.62 0.076
including 60.0 94.5 34.5 0.30 0.013 0.024 0.007 0.66 5.76 0.110
REI24-28 18.6 705.0 686.4 0.26 0.012 0.010 0.006 0.84 5.90 0.023
including 235.5 250.5 15.0 0.30 0.012 0.006 0.008 0.87 5.46 0.025
REI24-29 54.0 568.6 514.6 0.23 0.010 0.011 0.008 0.63 6.59 0.028
and 642.6 696.0 53.4 0.24 0.014 0.017 0.011 0.85 7.46 0.026
REI24-30 30.0 702.0 672.0 0.24 0.013 0.014 0.010 0.70 6.79 0.060
including 633.0 640.5 7.5 0.42 0.018 0.080 0.040 0.63 8.13 0.288
and 664.5 673.5 9.0 0.37 0.019 0.071 0.046 0.51 8.75 0.275
REI24-31 28.0 648.4 620.4 0.22 0.013 0.013 0.009 0.61 6.85 0.072
including 31.5 340.5 309.0 0.27 0.012 0.010 0.006 0.71 6.11 0.074
including 39.0 52.0 13.0 0.41 0.014 0.026 0.014 0.69 5.68 0.075
and 279.0 306.0 27.0 0.29 0.014 0.016 0.005 0.68 7.61 0.131
REI24-32 21.0 696.0 675.0 0.21 0.012 0.008 0.007 0.71 6.43 0.034
including 166.5 421.5 255.0 0.25 0.011 0.005 0.004 0.89 5.57 0.038
REI24-35 40.5 702.0 661.5 0.29 0.012 0.018 0.013 0.69 5.67 0.052
including 340.5 361.5 21.5 0.34 0.013 0.221 0.094 0.66 5.85 0.074
and 601.5 702.0 100.5 0.42 0.015 0.035 0.019 0.59 6.26 0.123
including 645.0 685.5 40.5 0.51 0.015 0.040 0.023 0.59 6.21 0.149
REI24-37 42.2 697.5 655.3 0.24 0.013 0.012 0.009 0.57 6.28 0.032
including 42.2 312.0 269.8 0.27 0.013 0.023 0.018 0.60 6.19 0.029
including 202.5 219.0 16.5 0.41 0.015 0.241 0.146 0.49 7.16 0.093
REI24-38 27.0 702.0 675.0 0.22 0.012 0.024 0.018 0.63 6.55 0.045
including 238.0 550.5 312.5 0.26 0.012 0.048 0.035 0.69 6.04 0.056
including 301.5 327.0 25.5 0.32 0.012 0.009 0.006 0.78 5.97 0.078
and 510.0 540 30 0.33 0.012 0.174 0.229 0.74 6.16 0.103
Central Dyke Corridor
REI24-23 24.0 303.0 279.0 0.18 0.014 0.010 0.012 0.53 7.82 0.016
and 343.8 564.0 220.2 0.25 0.013 0.010 0.006 0.77 7.47 0.038
REI24-24 78.9 94.9 16.0 0.27 0.012 0.067 0.024 0.68 5.89 0.098
and 174.1 247.2 73.1 0.25 0.012 0.006 0.005 0.83 5.61 0.036
and 260.0 627.0 367.0 0.24 0.011 0.004 0.007 0.85 5.79 0.063
and 674.0 705.0 31.0 0.19 0.012 0.003 0.006 0.55 7.32 0.028
REI24-25 28.0 312.0 284.0 0.18 0.013 0.009 0.011 0.58 7.64 0.035
and 322.7 717.0 394.3 0.23 0.012 0.008 0.007 0.78 6.13 0.034
REI24-26 30.6 106.5 75.9 0.27 0.011 0.016 0.013 0.77 5.47 0.034
and 122.9 280.0 157.1 0.20 0.013 0.050 0.018 0.56 7.65 0.033
and 321.4 488.5 167.1 0.20 0.014 0.024 0.016 0.50 8.25 0.032
*True width undetermined. All lengths are drillhole lengths.

 

 

Table 2: Drillhole Orientation

 

Hole ID Easting (mE) Northing (mN) Azimuth (⁰) Dip (⁰) Length (m)
REI24-23 456758 5404333 135 -55 564
REI24-24 457157 5404317 0 -60 705
REI24-25 457345 5404725 180 -60 717
REI24-26 457350 5404200 258 -50 528
REI24-27 456165 5403790 0 -60 702
REI24-28 456960 5404500 180 -70 705
REI24-29 457555 5403900 0 -55 696
REI24-30 457350 5404450 180 -60 702
REI24-31 456365 5404000 0 -60 648
REI24-32 456960 5404500 315 -60 705
REI24-35 456960 5404100 180 -60 702
REI24-37 457765 5404100 180 -60 697
REI24-38 456365 5403800 180 -60 702

 

 

Quality Assurance and Control, Drilling and Assaying

 

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. 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 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-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.

 


Figure 1 – Reid – Drillholes Over Total Magnetic Intensity. (CNW Group/Canada Nickel Company Inc.)

 

Posted August 8, 2024

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