Canada Nickel Hits 687 Metres of Similar Grades to World Class Crawford Project at Nearby Reid

Highlights

  • Reid proving that the Crawford deposit is not a one off hitting grades higher than the 0.24% currently estimated at Crawford.
  • New best interval to date at Reid – 687 metres of 0.27% nickel including 36.0 metres of 0.41% nickel and 7.5 metres of 0.56% nickel in REI24-18.
  • All four holes intersected core lengths of at least 676 metres with average grades of 0.24% to 0.27% nickel.

Location of Reid Relative to Crawford

Canada Nickel Company Inc. (TSXV: CNC) (OTCQX: CNIKF) provided an update today on its 2024 exploration program with assay results from four new holes at its Reid property, which included the best drill result to date from the property.

Six drill rigs are currently operating across the Company’s exploration portfolio. As outlined in a conference call held on February 23, 2024, the Company’s 2024 exploration program is targeting delivery of seven new resources by Q2-2025 and six further discoveries, unlocking the regional exploration potential of the Timmins Nickel District.

Reid continues to deliver excellent results with yet another best drill interval to date.  We are encouraged by these four additional drill results with long drill intervals and three of the four holes reporting higher grade intervals. These results continue to highlight the very large-scale potential of this property. With six drill rigs now operating, we expect a steady flow of drill results from across the Company’s exploration portfolio.Mark Selby, CEO, Canada Nickel Company Inc.

Reid Property

The Reid Property is located just 16 kilometres southwest of the Company’s Crawford Nickel Sulphide project (“Crawford”) and contains a geophysical target of 3.9 square kilometres, nearly 2.4 times larger than Crawford (see Figure 1).  The Company currently has an ongoing drilling program, with eight initial drill holes intersecting long intervals of dunite and ending in mineralization. Complete assays for holes REI24-18, REI24-19, REI24-20 and REI24-21 are disclosed in this release and four holes have assays pending. The holes in this release were collared near the west half of the target and drilled near the center of the intrusion. The ultramafic sequence in this area is more than 800 metres thick, nearly twice that of Crawford’s main zone.

Three of the four holes disclosed in this release intersected higher grade mineralization within the main ultramafic body. All holes collared and ended in dunite except REI24-19 which collared on a small dyke but intersected dunite starting at 49.5 metres and continued downhole.

Reid – CNC Drillholes Over Total Magnetic Intensity

 

*True width undetermined. All lengths are drillhole lengths.

Map of Reid Property

Drillhole Orientation

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 (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 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.

Canada Nickel is a Marketing Awareness Client of Capital 10X. See disclosures for more details.

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Capital 10X hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.

Duane Hope is a Partner at Capital 10X, he brings over 15 years of communications and research experience to the firm. His research and writing have appeared in publications for North American, European and Asian audiences.

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