Highlights
- First five holes drilled by Canada Nickel into the "B" Zone
intersected multi-hundred metre intervals of 0.27-0.29% nickel and
contained higher grade intervals of 0.3% nickel or better
- Higher grade intervals included 16.5 metres of 0.54%
nickel
within a larger interval of 54 metres of 0.38% nickel in
BAN23-04
- Upcoming summer 2024 drill program will complete the Canada
Nickel drill program in preparation for an initial resource later
in 2024
- Company to host a webcast and conference call to discuss 2024
exploration program on Friday, February
23rd, 2024 at 11 a.m.
Eastern Time
TORONTO, Feb. 20,
2024 /CNW/ - Canada Nickel Company Inc.
("Canada Nickel" or the "Company") (TSXV: CNC)
(OTCQX: CNIKF) is pleased to announce assay results from its
2023 drill program within the "B" Zone at Bannockburn, a 100% owned Canada Nickel
property.
"The five Canada Nickel holes drilled to infill the "B"
Zone successfully intersected multi-hundred metre intervals of
0.27-0.29% nickel and more importantly, each contained higher grade
intervals of 0.3% nickel or better," said Mark Selby, CEO of Canada Nickel. "The
Bannockburn "B" Zone has now been tested for its total
1.1-kilometre strike length with multiple intervals in excess of
0.3% nickel from both previous and current drilling. Bannockburn is highly complementary to our
southern cluster of properties at Sothman, Midlothian, Van Hise and Powell."
Bannockburn Property
The Bannockburn Property is located 100 kilometres south of
Timmins and consists of 151
contiguous unpatented mining claims totaling 3,250 hectares.
Bannockburn is situated near the
Company's Sothman, Midlothian, Van
Hise, and Powell properties forming a southern cluster of
highly prospective targets near established infrastructure in
Matachewan, Ontario which is
located approximately 20 kilometres east of the project area.
This drill program consisted of six holes that formed an
infilling of previous work on the "B" Zone. All six drillholes
intersected sections of moderate to strongly serpentinized
dunite/peridotite. Highlights for the first five holes are listed
in Table 1 and shown in Figure 1. Hole BAN23-06 was drilled to test
for a possible continuation of the higher-grade "C" Zone into the
much larger, lower-grade "B" Zone. Drilling highlights from
previous drilling are shown in Table 2.
Other higher-grade historical prospective zones (A, C, D, E,
& F) on the property (Figure 2) will be tested in future by
Canada Nickel.
Table 1 – Bannockburn drilling downhole
composites.
|
Hole ID
|
From
(m)
|
To (m)
|
Length
(m)
|
Ni %
|
Co %
|
Pd
g/t
|
Pt
g/t
|
Pd+Pt
g/t
|
S %
|
|
BAN23-01
|
65.0
|
347.0
|
282.0
|
0.27
|
0.010
|
0.004
|
0.008
|
0.012
|
0.01
|
|
including
|
239.0
|
284.0
|
45.0
|
0.30
|
0.010
|
0.006
|
0.015
|
0.021
|
0.01
|
|
including
|
275.0
|
279.5
|
4.5
|
0.34
|
0.010
|
0.010
|
0.056
|
0.066
|
0.01
|
|
BAN23-02
|
63.5
|
386.0
|
322.5
|
0.28
|
0.010
|
0.007
|
0.008
|
0.015
|
0.09
|
|
including
|
285.5
|
360.5
|
75.0
|
0.31
|
0.010
|
0.021
|
0.018
|
0.039
|
0.10
|
|
including
|
300.5
|
312.5
|
12.0
|
0.34
|
0.012
|
0.098
|
0.068
|
0.166
|
0.12
|
|
BAN23-03
|
32.0
|
332.0
|
300.0
|
0.29
|
0.009
|
0.003
|
0.004
|
0.007
|
0.02
|
|
including
|
239.0
|
263.0
|
24.0
|
0.34
|
0.010
|
0.010
|
0.004
|
0.014
|
0.03
|
|
BAN23-04
|
44.0
|
399.9
|
355.9
|
0.27
|
0.010
|
0.011
|
0.009
|
0.020
|
0.05
|
|
including
|
197.0
|
251.0
|
54.0
|
0.38
|
0.011
|
0.034
|
0.017
|
0.051
|
0.05
|
|
including
|
233.0
|
249.5
|
16.5
|
0.54
|
0.013
|
0.072
|
0.034
|
0.106
|
0.21
|
|
BAN23-05
|
10.8
|
401.0
|
390.2
|
0.28
|
0.010
|
0.005
|
0.005
|
0.010
|
0.02
|
|
including
|
98.0
|
108.5
|
10.5
|
0.34
|
0.010
|
0.017
|
0.014
|
0.031
|
0.03
|
|
and
|
143.0
|
146.0
|
3.0
|
0.48
|
0.011
|
0.066
|
0.039
|
0.105
|
0.09
|
|
BAN23-06
|
62.0
|
214.8
|
152.8
|
0.21
|
0.010
|
0.006
|
0.008
|
0.014
|
0.13
|
|
and
|
271.7
|
332.0
|
60.3
|
0.21
|
0.010
|
0.005
|
0.006
|
0.011
|
0.07
|
|
*True width
undetermined. All lengths are drillhole lengths.
|
The "B" Zone is a large mineralized ultramafic measuring 1.1
kilometres along strike by up to 600 metres across strike (based on
its magnetic response) as shown in Figure 1 with a total target
geophysical footprint of 0.5 km2. The "B" Zone was
drilled in 2021 by Grid Metals Corp. ("Grid Metals") to a depth of
340 metres, with the best hole, GBN21-03, intersecting 342 metres
of 0.28% nickel. Historic drilling by Outokumpu Mines Inc.
("Outokumpu") intersected 203 metres of 0.33% nickel in MBB4-09 and
25 metres of 0.46% nickel in BN-19-98. Preliminary mineral
processing in 2005 by Grid Metals showed that a 0.33% nickel bulk
sample from the "B" Zone resulted in a 52% or higher nickel
recovery and a 35% nickel concentrate (see Grid Metals press
release February 17, 2021).
Table 2 – Grid Metals Previous Drilling – "B"
Zone.
(previously reported)
|
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Ni
%
|
|
GBN21-01
|
71.5
|
232.4
|
160.9
|
0.24
|
|
including
|
103.0
|
125.6
|
22.6
|
0.30
|
|
with
|
118.0
|
125.6
|
7.6
|
0.38
|
|
GBN21-02
|
40.5
|
337.0
|
296.5
|
0.28
|
|
including
|
98.0
|
210.0
|
112.0
|
0.32
|
|
with
|
147.0
|
195.0
|
48.0
|
0.34
|
|
GBN21-03
|
39.3
|
381.0
|
341.7
|
0.28
|
|
including
|
256.5
|
321.0
|
64.5
|
0.30
|
|
GBN21-04
|
115.5
|
309.0
|
193.5
|
0.31
|
|
including
|
133.5
|
162.0
|
28.5
|
0.40
|
|
and
|
225.0
|
247.5
|
22.5
|
0.41
|
|
GBN21-05
|
49.7
|
219.0
|
169.3
|
0.20
|
|
including
|
79.5
|
105.0
|
25.5
|
0.27
|
|
GBN21-06
|
60.0
|
247.5
|
189.0
|
0.27
|
|
including
|
133.5
|
174.0
|
40.5
|
0.30
|
|
and
|
210.0
|
235.5
|
25.5
|
0.31
|
|
GBN21-07
|
36.0
|
405.0
|
369.0
|
0.24
|
|
including
|
160.5
|
273.0
|
112.5
|
0.27
|
|
with
|
231.0
|
273.0
|
42.0
|
0.29
|
|
GBN21-08
|
72.0
|
303.0
|
231.0
|
0.24
|
|
including
|
132.0
|
258.0
|
126.0
|
0.28
|
Table 3: Drillhole Orientation
|
Hole
ID
|
Zone
|
Easting
(mE)
|
Northing
(mN)
|
Azimuth
(⁰)
|
Dip
(⁰)
|
Length
(m)
|
|
BAN23-01
|
B
|
506714
|
5313946
|
245
|
-50
|
347
|
|
BAN23-02
|
B
|
507020
|
5313630
|
235
|
-50
|
386
|
|
BAN23-03
|
B
|
507113
|
5313412
|
240
|
-61
|
332
|
|
BAN23-04
|
B
|
506820
|
5313767
|
245
|
-55
|
401
|
|
BAN23-05
|
B
|
506890
|
5313398
|
55
|
-50
|
401
|
|
BAN23-06
|
B
|
506855
|
5313908
|
120
|
-50
|
332
|
Repayment of Auramet Loan Facility
The Company has
also repaid the US$12 million loan
facility with Auramet International, Inc.
Conference Call Details:
Date: Friday, February 23, 2024
Time: 11 a.m. ET
Participants may join the webcast and call as
follows:
Audience URL:
https://app.webinar.net/P1exkL4kgN2
Dialing local Toronto:
416-764-8688
Dialing North American Toll Free: 888-390-0546
Dialing International Toll Free:
Australia: 1800076068
Germany: 08007240293
Switzerland: 0800312635
South Africa: 0800994942
UK (England): 448006522435
For those unable to participate, a web based archive of the
conference call will be available for playback at the same Audience
URL used to access the live webcast.
Statement Regarding TSX Venture
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.
Quality Assurance and Control, Drilling and Assaying
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.
Certain data disclosed in this news release is related to
previous and historical drilling results. Canada Nickel has not
undertaken any independent investigation of the sampling nor has it
independently analyzed the results of the historical exploration
work in order to verify the results. Canada Nickel considers the
historical drill results relevant as the Company is using this data
as a guide to plan exploration programs.
Qualified Person and Data Verification
Stephen J. Balch P.Geo. (ON), VP
Exploration of Canada Nickel and a "qualified person" as such term
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.
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 Nickel™, NetZero
Cobalt™, NetZero Iron™ 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, drill and exploration results relating to the
target properties described herein (the "Properties"), the
potential of the Crawford Nickel Sulphide Project and the
Properties, timing of the 2024 drill program, the ability to sell
marketable materials, strategic plans, including future exploration
and development results, and corporate and technical objectives.
Forward-looking information is necessarily based upon several
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking information.
Factors that could affect the outcome include, among others: future
prices and the supply of metals, the future demand for metals, the
results of drilling, inability to raise the money necessary to
incur the expenditures required to retain and advance the property,
environmental liabilities (known and unknown), general business,
economic, competitive, political and social uncertainties, results
of exploration programs, risks of the mining industry, delays in
obtaining governmental approvals, failure to obtain regulatory or
shareholder approvals, and the impact of COVID-19 related
disruptions in relation to the Company's business operations
including upon its employees, suppliers, facilities and other
stakeholders. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and
is based upon the opinions and estimates of management and
information available to management as at the date hereof. Canada
Nickel disclaims any intention or obligation to update or revise
any forward-looking information, whether because of new
information, future events or otherwise, except as required by
law.
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SOURCE Canada Nickel Company Inc.
