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Canada Nickel Company hits record intercept in Ontario

 Trevor Abes Trevor Abes , The Market Online
0 Comments| August 8, 2024

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  • Canada Nickel Company (TSXV:CNC) is announcing its best assay results to date from its Reid property 37 km northwest of Timmins, Ontario
  • Highlights include a record-setting intercept of 661 m grading 0.29 per cent nickel, including 100 m of 0.42 per cent nickel and 40 m of 0.51 per cent nickel in drill hole REI-24-35
  • Canada Nickel Company is developing numerous nickel-sulphide projects to supply the electric vehicle and stainless steel markets
  • Canada Nickel Company stock has given back 20.47 per cent year-over-year, but has gained 12.22 per cent since inception in 2020

Canada Nickel Company (TSXV:CNC) is announcing its best assay results to date from its Reid property 37 km northwest of Timmins, Ontario.

Highlights include a record-setting intercept of 661 m grading 0.29 per cent nickel, including 100 m of 0.42 per cent nickel and 40 m of 0.51 per cent nickel in drill hole REI-24-35. All 8 drill holes intersected core lengths greater than 620 m with average grades of 0.21 per cent to 0.29 per cent nickel.

Canada Nickel has drilled 34 holes as part of ongoing 2024 exploration at Reid, each of which intersected long intervals of targeted mineralized dunite and minor peridotite. The company has received assays for 18 holes to date, with 13 announced Thursday and the remaining five released on March 18 and May 6.

Reid features a geophysical target measuring 3.9 square kilometres, nearly 2.4 times larger than its flagship US$2.5 billion Crawford project, which is just 16 km to the southwest.

Investors can expect more assay results as they’re received, an initial resource estimate from Reid in Q4 2024, and estimates for six additional resources by the second half of 2025, representing ample fuel to spark a share price re-rating.

Assay results from the Reid property

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
(Source: Canada Nickel Company)

Leadership insights

“Reid continues to deliver excellent results, including the best individual hole to date with long core lengths grading in excess of 0.4 per cent and 0.5 per cent nickel and all holes delivering large intervals of target mineralization,” Mark Selby, Canada Nickel Company’s chief executive officer, said in a statement. “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.”

“The ongoing success of our regional exploration program clearly demonstrates the potential scale of the Timmins Nickel District,” Selby added. “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.”

About Canada Nickel Company

Canada Nickel Company is developing numerous nickel-sulphide projects to supply the electric vehicle and stainless steel markets.

Canada Nickel Company stock (TSXV:CNC) is up by 4.12 per cent on the news, trading at C$1.01 per share as of 9:52 am ET. The stock has given back 20.47 per cent year-over-year, but has gained 12.22 per cent since inception in 2020.

Join the discussion: Find out what everybody’s saying about this junior nickel stock’s extensive developments in Ontario on the Canada Nickel Company Inc. Bullboard, and check out Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

(Top photo of drill core at Canada Nickel Company’s Crawford project: Canada Nickel Company)




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