Canada Nickel Company Inc. (TSXV:CNC) (OTCQX:CNIKF) today released drilling results from a further three holes and assay results from the first five of eight holes drilled on its Mann Northwest Property located in the prolific Timmins Nickel District in Ontario.
Key Takeaways
- Mann Northwest has 3x the footprint of Crawford with similar nickel grades to 4 other discoveries Canada Nickel is currently drilling.
- Success at Mann Northwest making it more and more likely Timmins Ontario will join the list of the 6 other prolific global nickel districts-– East half Sulawesi (Indonesia), Taimyr Peninsula (Russia), Eastern Goldfields (Australia), Bushveld (southern Africa), Surigao/Palawan (Philippines), Jinchuan (China)
- Crawford feasibility study a key catalyst after recent exploration success
Our regional exploration program continues to deliver with today’s confirmation of another discovery at Mann Northwest, part of Canada Nickel’s Timmins Nickel District. Mann Northwest has a target footprint more than three times that of Crawford and is one of eleven properties with a target footprint larger than Crawford. Three additional holes extended the strike length of mineralization by more than 1,100 metres to 2,650 metres, and assays from first five holes confirmed grades in line with expectations.Mark Selby, CEO, Canada Nickel
Highlights
- First eight holes drilled at Mann Northwest intersected multi-hundred metre intervals of
mineralized peridotite and minor dunite across combined strike length of 2.7 kilometres - Target remains open in all directions
- Mann Northwest target geophysical footprint of 6.0 km2 is more than triple the size of
Crawford project footprint - Hole MAN23-02 returned 0.26% Ni over core length of 210 metres including 0.31% nickel over 33 metres. Hole ended with 0.52 g/t Pt+Pd over 29 metres
Mann Northwest Property
The Mann property is located 22 kilometres east of Crawford, 20 kilometres south of Cochrane, and 45 kilometres northeast of Timmins. Canada Nickel has an ability to earn an 80% interest in the property owned by Noble Minerals (see press release November 22, 2021). Drilling began at Mann Northwest, which has a target footprint of 6.0 km2, – compared to Crawford target footprint of 1.6 km2 (see Figure 1).
Drilling started in the Northwest zone, with a total of eight holes drilled, all of them intersecting mineralized sections of predominantly well serpentinized peridotite and minor dunite. This release discloses assay results from the first five drillholes, assays for the other three drillholes are pending (Table 1)
The first five holes delineated mineralization along 1,150 metres of strike length and a width of at least 500 metres. The additional three holes, extended the potential strike length to 2,650 metres. The target remains open in all directions.
MAN23-01 drilled to the southwest and intersected peridotite from top to bottom only interrupted by 23.5 metres of pyroxenite with 0.44 g/t Pt+Pd. Initial samples were taken for mineralogical testing (QEMSCAN), confirming samples are very well serpentinized with varying amounts of Heazlewoodite and Pentlandite.
MAN23-02 intersected 348.5 metres at 0.23% Ni in peridotite and finished in 28.9 metres of 0.52g/t Pt+Pd in pyroxenite.
MAN23-03 drilled to the northeast and intersected mineralized peridotite at the top and dunite at the bottom, with an average grade of 0.23% Ni over 291.5 metres. The hole ended in dunite at 402 metres only interrupted by diabase dykes near the bottom.
MAN23-04 drilled near the southern end of the target and intersected 301.5 metres of peridotite with 0.18% Ni, followed by 16 metres of 0.41 metres of Pt+Pd in pyroxenite.
MAN23-05 drilled to the southwest and intersected a sequence of peridotite with minor dunite and pyroxenite. The hole assayed 366.5 metres of 0.20 Ni, including 11.0 metres of 0.44 g/t Pt+Pd. Hole ended in mineralized peridotite.
MAN23-13 drilled to the southwest approximately 750 metres northwest of MAN23-05. The hole intersected 404.5 metres of interlayered dunite, peridotite and pyroxenite with predominantly moderate to strong serpentinization.
MAN23-14 drilled to the northeast collaring and terminating in mineralized dunite with intervals of peridotite. The hole is moderate to well mineralized and moderate to well serpentinized across core length of 390.0 metres.
MAN23-15 drilled to the northeast testing a fold hinge of a major structure, it intersected 415 metres of a sequence of dunite, peridotite, pyroxenite and gabbro. The hole has sections of very well mineralized and well serpentinized ultramafic.
Table 1: Mann drilling downhole composite
Figure 1. Plan View of Mann Northwest with completed drilling
Table 2: Drillhole Orientation
Other Updates
Canada Nickel also announces today that, subject to the approval of the TSX Venture Exchange, it hasagreed to issue an aggregate of 61,982 common shares of the Company at a deemed issue price of $1.15per common share in satisfaction of an aggregate of $71,280 in obligations due to a service provider of the Company. Such common shares will be subject to a four-month hold period under applicable securities laws.
The Company also announces that it has entered into an amending agreement to the previously announced option agreement dated Februa accelerate the option for the Company to acquire a 100% interest in certain mining claims located in the Province of Ontario. Under the amending agreement, the Company agreed to advance the balance
of the previously announced share and cash payments due thereunder in full satisfaction of the option without the need to incur any additional exploration expenditures.
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.
Canada Nickel is a market awareness client of Capital 10X.
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