- Canada Nickel Company Inc. (CNC) has confirmed a nickel discovery on its Reid Property in Ontario after releasing the assays from 16 holes
- The discovery contained an ultramafic body with a target footprint of 3.9-square-kilometres which is twice as much as the company’s Crawford target footprint
- Assay results from 16 holes confirmed low-grade nickel mineralization
- The company also extended its loan repayment with Auramet to March 3rd
- Canada Nickel Company Inc. (CNC) is down 1.81 per cent, trading at $1.63 per share as of 2:16 p.m. EST
Canada Nickel Company Inc. (CNC) has confirmed a nickel discovery on its Reid Property in Ontario after releasing the assays from 16 holes.
The property is 16 kilometres southwest of the company’s Crawford discovery. It contains an ultramafic body with a target geophysical footprint of 3.9-square-kilometres which is twice as much as the Crawford target footprint. Assay results from 16 holes confirmed low-grade nickel mineralization.
Plan View of Reid – Drill Results Overlain on Total Magnetic Intensity (Source: Canada Nickel Company Inc.)
Mark Selby, Chair and CEO of Canada Nickel, commented,
“Grades and mineralization are consistent with what the company has observed at the company’s East Zone deposit, highlighting the significant potential of our total regional land package with over 42 square kilometres of target geophysical footprint, which is more than 20 times larger than our flagship Crawford project.”
Holes REI22-14 and REI22-16 were drilled at the western end of the central core area, which has a target footprint the same size as the entire Crawford Main and East Zone. The holes defined mineralization of over 500 metres wide, including a higher-grade core. The central core remains open in all directions from this section.
In other news, the company extended its loan repayment with Auramet to March 3rd. Canada Nickel used 45 days of the 90-day extension right that it had as part of the original loan agreement to advance various financing initiatives, which it aims to complete during this new timeframe.
Canada Nickel Company Inc. (CNC) is down 1.81 per cent, trading at $1.63 per share as of 2:16 p.m. EST.