Canada Nickel Company Inc. (TSX.V: CNC) (OTCQX: CNIKF) Reports 'Outstanding' Results from Midlothian Project Drilling
Network News Wire Jul 31, 2023, 10:35:16 AM
IEA projects EV sales to grow by 35% this year to reach 14 million
Drilling results confirm Midlothian as a "significant discovery," states CEO
Testing was comprised of four drillholes, which were completed during winter 2023
With the electric vehicle ("EV") market growing -- and projected to increase even more in the coming years (https://ibn.fm/gRiIU) -- demand for EV components, including nickel, is growing as well. Nickel is an essential material used in many EV batteries, and Canada Nickel Company (TSX.V: CNC) (OTCQX: CNIKF) is committed to increase its production to meet the growing demand. As evidence of that commitment, the company recently released the latest drill results from its Midlothian property, indicating all on the project show good nickel grades (https://ibn.fm/OICtU).
"The global auto industry is undergoing a sea change," an International Energy Association ("IEA") report stated. "Global sales of electric cars are set to surge to yet another record this year, expanding their share of the overall car market to close to one-fifth and leading a major transformation of the auto industry that has implications for the energy sector, especially oil.
"The new edition of the IEA's annual Global Electric Vehicle Outlook shows that more than 10 million electric cars were sold worldwide in 2022 and that sales are expected to grow by another 35% this year to reach 14 million," the report continued. "This explosive growth means electric cars' share of the overall car market has risen from around 4% in 2020 to 14% in 2022 and is set to increase further to 18% this year, based on the latest IEA projections." The report went on to note that EVs "are one of the driving forces in the new global energy economy that is rapidly emerging - and they are bringing about a historic transformation of the car manufacturing industry worldwide."
Canada Nickel is focused on advancing the next generation of high-quality, high-potential nickel-cobalt projects in order to deliver the metals needed to power the electric vehicle revolution as well as feed the high-growth stainless steel market (https://ibn.fm/aVjkr). With the latest drill reports in hand, the company's Ontario-based Midlothian property is shaping up to be a key piece of that strategy.
The report noted the following significant results from the final three of four holes drilled on the property:
All drill holes yielded long intervals grading 0.29% nickel and ending in mineralization, with all four four holes collared in mineralization within 10 meters of surface
Mineralization is delineated along 2.0 kilometers strike length and across a width of 250 meters within a target geophysical footprint 12% larger than the Crawford resource footprint
Latest mineralogy results show significant brucite content, the mineral utilized by Canada Nickel's carbon storage process, nearly four times higher than Crawford average of 1.9% "These outstanding Midlothian results, with all holes showing good nickel grades across long mineralized intervals of multihundred meters that start less than ten meters from surface, confirm Midlothian as a significant discovery," said Canada Nickel CEO Mark Selby. "Midlothian is one of our ten properties with a target geophysical footprint larger than Crawford, and these latest results further confirm the success of our geophysical targeting approach. As well, these latest samples with high brucite content also demonstrate the potential for substantial carbon storage at Midlothian utilizing the In-Process Tailings ('IPT') Carbonation process the company is developing."
The testing was comprised of four drillholes, which were completed during winter 2023. All four holes intersected mineralized dunite at shallow depths and were drilled on a target measuring 2.7 kilometers long and 0.4 to 0.9 kilometers wide with a target footprint of 1.7 km2.
Canada Nickel Company is pursuing the development of processes to allow the production of net-zero carbon nickel, cobalt and iron products. The company provides investors with leverage to nickel in low political-risk jurisdictions. Canada Nickel is currently anchored by its wholly owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp.
For more information, visit the company's website at www.CanadaNickel.com.
NOTE TO INVESTORS: The latest news and updates relating to CNIKF are available in the company's newsroom at https://ibn.fm/CNIKF
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