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
TORONTO, Aug. 22,
2023 /CNW/ - Canada Nickel Company Inc. ("Canada
Nickel" or the "Company") (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.
Mark Selby, CEO of Canada Nickel
commented, "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."
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
Hole
ID
|
From
|
To
|
Length
|
Ni
|
Co
|
Pt+Pd
|
Pd
|
Pt
|
Cr
|
Fe
|
S
|
|
(m)
|
(m)
|
(m)
|
( %)
|
( %)
|
(g/t)
|
(g/t)
|
(g/t)
|
( %)
|
( %)
|
( %)
|
MAN23-01
|
19.8
|
432.0
|
412.2
|
0.19
|
0.01
|
0.047
|
0.028
|
0.019
|
0.37
|
6.99
|
0.03
|
including
|
310.6
|
334.1
|
23.5
|
0.04
|
0.01
|
0.445
|
0.245
|
0.200
|
0.42
|
4.97
|
0.01
|
and
|
351.0
|
432.0
|
81.0
|
0.24
|
0.01
|
0.007
|
0.003
|
0.004
|
0.32
|
7.11
|
0.01
|
MAN23-02
|
24.6
|
373.1
|
348.5
|
0.23
|
0.01
|
0.04
|
0.025
|
0.015
|
0.37
|
6.76
|
0.07
|
Including
|
35.8
|
246.0
|
210.2
|
0.26
|
0.01
|
0.041
|
0.026
|
0.015
|
0.38
|
6.34
|
0.07
|
Including
|
208.5
|
241.5
|
33.0
|
0.31
|
0.01
|
0.057
|
0.038
|
0.019
|
0.45
|
6.21
|
0.09
|
and
|
373.1
|
402.0
|
28.9
|
0.03
|
0.01
|
0.523
|
0.294
|
0.229
|
0.36
|
5.79
|
0.02
|
MAN23-03
|
36.0
|
327.5
|
291.5
|
0.23
|
0.01
|
0.011
|
0.005
|
0.006
|
0.23
|
5.93
|
0.07
|
and
|
379.0
|
402.0
|
23.0
|
0.22
|
0.01
|
0.009
|
0.003
|
0.006
|
0.15
|
6.17
|
0.16
|
MAN23-04
|
18.0
|
319.5
|
301.5
|
0.18
|
0.01
|
0.02
|
0.009
|
0.011
|
0.33
|
7.26
|
0.05
|
and
|
319.5
|
335.5
|
16.0
|
0.01
|
0.01
|
0.414
|
0.238
|
0.176
|
0.33
|
5.75
|
0.01
|
MAN23-05
|
35.5
|
402.0
|
366.5
|
0.20
|
0.01
|
0.032
|
0.019
|
0.013
|
0.44
|
6.75
|
0.06
|
including
|
235.0
|
246.0
|
11.0
|
0.04
|
0.01
|
0.444
|
0.272
|
0.172
|
0.38
|
4.24
|
0.03
|
Table 2: Drillhole Orientation
Hole
ID
|
Zone
|
Easting
(mE)
|
Northing
(mN)
|
Azimuth
(⁰)
|
Dip
(⁰)
|
Length
(m)
|
MAN23-01
|
NW
|
495641
|
5412486
|
235
|
-50
|
432
|
MAN23-02
|
NW
|
495967
|
5412226
|
235
|
-50
|
402
|
MAN23-03
|
NW
|
495967
|
5412226
|
35
|
-50
|
402
|
MAN23-04
|
NW
|
496257
|
5411972
|
235
|
-50
|
402
|
MAN23-05
|
NW
|
495360
|
5412699
|
225
|
-50
|
402
|
MAN23-13
|
NW
|
494930
|
5413340
|
240
|
-50
|
444
|
MAN23-14
|
NW
|
494429
|
5413990
|
62
|
-50
|
420
|
MAN23-15
|
NW
|
494845
|
5413725
|
60
|
-50
|
450
|
Other Updates
Canada Nickel also announces today that, subject to the approval
of the TSX Venture Exchange, it has agreed to issue an aggregate of
61,982 common shares of the Company at a deemed issue price of
$1.15 per 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
February 2, 2022, pursuant to which
the Company and the optionor thereunder agreed to 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.
About Canada Nickel Company
Canada Nickel Company Inc. is advancing the next generation of
nickel-sulphide projects to deliver nickel required to feed
the high growth electric vehicle and stainless steel markets.
Canada Nickel Company has applied in multiple jurisdictions to
trademark the terms NetZero NickelTM, NetZero
CobaltTM, NetZero IronTM and is pursuing
the development of processes to allow the production of net zero
carbon nickel, cobalt, and iron products. Canada Nickel
provides investors with leverage to nickel in low political risk
jurisdictions. Canada Nickel is currently anchored by its 100%
owned flagship Crawford Nickel-Cobalt Sulphide Project in
the heart of the prolific
Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.
For further information, please contact:
Mark Selby
CEO
Phone: 647-256-1954
Email: info@canadanickel.com
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain information that may
constitute "forward-looking information" under applicable Canadian
securities legislation. Forward looking information includes, but
is not limited to, the carbon capture approach could allow
production of Net Zero nickel and generation of an additional
tonnes of CO2 credits per tonne of nickel produced after offsetting
all emissions, the potential to turn nickel mine into a generator
of carbon credits rather than generator of carbon emissions, the
production of estimated average of 710,000 tonnes of carbon credits
annually and 18 million total tonnes of CO2 of credits over
expected life of mine at Crawford, the ability to monetize carbon
credits, the ability to quantify carbon capture, emission
estimates, the brucite content of the deposit, the scalability of
the process, the metallurgical results, the timing and results of
the feasibility study including the viability of the inclusion of
the IPT Carbonation Process and related facilities as part of the
project, the results of Crawford's PEA, including statements
relating to net present value, future production, estimates of cash
cost, proposed mining plans and methods, mine life estimates, cash
flow forecasts, metal recoveries, estimates of capital and
operating costs, timing for permitting and environmental
assessments, realization of mineral resource estimates, capital and
operating cost estimates, project and life of mine estimates,
ability to obtain permitting by the time targeted, size and ranking
of project upon achieving production, 5 economic return estimates,
the timing and amount of estimated future production and capital,
operating and exploration expenditures and potential upside and
alternatives. Readers should not place undue reliance on
forwardlooking statements. Forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Canada Nickel to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. The PEA results are estimates only and are based on a
number of assumptions, any of which, if incorrect, could materially
change the projected outcome. There are no assurances that Crawford
will be placed into production. Factors that could affect the
outcome include, among others: the actual results of development
activities; project delays; inability to raise the funds necessary
to complete development; general business, economic, competitive,
political and social uncertainties; future prices of metals or
project costs could differ substantially and make any
commercialization uneconomic; availability of alternative nickel
sources or substitutes; actual nickel recovery; conclusions of
economic evaluations; changes in applicable laws; changes in
project parameters as plans continue to be refined; accidents,
labour disputes, the availability and productivity of skilled
labour and other risks of the mining industry; political
instability, terrorism, insurrection or war; delays in obtaining
governmental approvals, necessary permitting or in the completion
of development or construction activities; mineral resource
estimates relating to Crawford could prove to be inaccurate for any
reason whatsoever; additional but currently unforeseen work may be
required to advance to the feasibility stage; and even if Crawford
goes into production, there is no assurance that operations will be
profitable. Although Canada Nickel has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Forward-looking statements contained herein
are made as of the date of this news release and Canada Nickel
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
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SOURCE Canada Nickel Company Inc.