Highlights
- 2024 drilling increases mineralized footprint by 50% to 1.2
kilometres long by up to 700 metres wide.
- Deloro is located just 8
kilometres south of Timmins with
direct road and powerline access and shallow overburden averaging
less than 9 metres thick.
- 11 holes successfully completed including DEL24-12 with 0.26%
nickel over 431 metres and DEL24-17 with 0.27% nickel over 293
metres.
- Resource estimate is underway and expected to be completed in
July 2024.
TORONTO, June 4, 2024
/CNW/ - Canada Nickel Company Inc. ("Canada
Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) is
pleased to provide an update on its 2024 exploration program
with assay results from eleven holes on its Deloro property ("Deloro"), which now
completes the infill drilling in advance of the first resource
estimate.
Mark Selby, CEO of Canada Nickel
said, "We are very pleased with the 2024 drilling program at
Deloro which built on our
successful campaign in 2022. Deloro is just 8 km south of Timmins, with shallow overburden and a large
1.2 km long and up to 0.7 km wide footprint. Work is now underway
on our initial resource on the property which is expected to be one
of seven resource estimates that we plan to complete within the
next 12 months. With this work amongst the rest of our
portfolio, we are clearly demonstrating that our regional
exploration program continues to be very successful. We now
have seven drill rigs turning. This includes two rigs collecting
samples for pilot plant material from Crawford to support
downstream processing test work, and five rigs exploring at Reid
and Texmont. Once drilling is completed at these properties, we
will begin drilling at our Mann properties."
Deloro Property
The Deloro Property is located just 8 km south of Timmins and is accessible year-round by road
as well as located less than 2 km from existing powerlines. The
Company has successfully completed its infill drilling program,
with ten of eleven drill holes intersecting long intervals of
mineralized ultramafic, mostly dunite. The drillholes were collared
predominantly near the east and south contacts to infill and extend
the previously defined outline of the ultramafic from historic
geophysical data. The mineralized ultramafic body is up to
700 m wide and about 1.2 km long, to
a depth of 300 m (where it remains
open). Mineralization is relatively shallow with less than
9 m of overburden on average across
all drillholes.
Canada Nickel has completed a geological model of the deposit
and expects an initial resource estimate to be completed in
July.
BHID
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Ni %
|
Co %
|
Pd
g/t
|
Pt
g/t
|
Cr %
|
Fe %
|
S %
|
DEL24-12
|
9.9
|
441.0
|
431.1
|
0.26
|
0.01
|
0.003
|
0.005
|
0.28
|
5.25
|
0.10
|
including
|
103.5
|
130.5
|
30.0
|
0.30
|
0.01
|
0.003
|
0.005
|
0.20
|
5.00
|
0.03
|
DEL24-13
|
6.0
|
187.5
|
181.5
|
0.24
|
0.01
|
0.003
|
0.005
|
0.23
|
4.89
|
0.06
|
and
|
222.0
|
277.0
|
55.0
|
0.25
|
0.01
|
0.003
|
0.005
|
0.22
|
5.25
|
0.05
|
and
|
289.9
|
402.0
|
112.1
|
0.25
|
0.01
|
0.003
|
0.005
|
0.21
|
5.20
|
0.07
|
DEL24-14
|
5.3
|
92.7
|
87.4
|
0.22
|
0.01
|
0.003
|
0.005
|
0.19
|
4.75
|
0.05
|
DEL24-15
|
6.0
|
164.0
|
162.0
|
0.24
|
0.01
|
0.004
|
0.006
|
0.17
|
5.59
|
0.09
|
and
|
202.6
|
377.6
|
175.0
|
0.25
|
0.01
|
0.003
|
0.005
|
0.24
|
5.35
|
0.10
|
DEL24-16
|
9.5
|
219.5
|
210.0
|
0.20
|
0.01
|
0.004
|
0.005
|
0.18
|
5.63
|
0.05
|
and
|
234.0
|
286.5
|
52.5
|
0.23
|
0.01
|
0.003
|
0.004
|
0.24
|
5.70
|
0.04
|
and
|
361.0
|
408.0
|
47.0
|
0.26
|
0.01
|
0.003
|
0.004
|
0.20
|
5.33
|
0.06
|
DEL24-17
|
35.8
|
329.1
|
293.3
|
0.27
|
0.01
|
0.003
|
0.003
|
0.18
|
5.13
|
0.05
|
and
|
379.0
|
402.0
|
23.0
|
0.23
|
0.01
|
0.003
|
0.003
|
0.22
|
5.11
|
0.04
|
DEL24-18
|
9.0
|
233.5
|
224.5
|
0.26
|
0.01
|
0.003
|
0.005
|
0.18
|
4.84
|
0.08
|
and
|
371.6
|
401.0
|
29.4
|
0.23
|
0.01
|
0.003
|
0.005
|
0.46
|
5.83
|
0.08
|
DEL24-19
|
12.0
|
67.0
|
55.0
|
0.17
|
0.01
|
0.006
|
0.006
|
0.33
|
7.52
|
0.01
|
and
|
206.7
|
354.0
|
147.3
|
0.22
|
0.01
|
0.003
|
0.004
|
0.22
|
6.27
|
0.02
|
DEL24-20
|
3.0
|
319.6
|
316.6
|
0.24
|
0.01
|
0.003
|
0.005
|
0.13
|
4.88
|
0.10
|
DEL24-22
|
75.2
|
270.0
|
194.8
|
0.19
|
0.01
|
0.007
|
0.011
|
0.38
|
6.84
|
0.04
|
*True width
undetermined. All lengths are drillhole lengths. DEL24-21 drilled
parallel on a barren dyke.
|
Table 2: Drillhole Orientation
Hole
ID
|
Easting
(mE)
|
Northing
(mN)
|
Azimuth
(⁰)
|
Dip
(⁰)
|
Length
(m)
|
DEL24-12
|
480334
|
5361525
|
71
|
-50
|
441
|
DEL24-13
|
480905
|
5361212
|
250
|
-50
|
404
|
DEL24-14
|
480905
|
5361212
|
70
|
-50
|
102
|
DEL24-15
|
481013
|
5360908
|
250
|
-50
|
405
|
DEL24-16
|
480926
|
5361048
|
250
|
-50
|
408
|
DEL24-17
|
480549
|
5361266
|
70
|
-50
|
402
|
DEL24-18
|
480640
|
5360665
|
70
|
-50
|
401
|
DEL24-19
|
480640
|
5360665
|
250
|
-50
|
402
|
DEL24-20
|
480980
|
5360569
|
60
|
-60
|
396
|
DEL24-21
|
480824
|
5360648
|
62
|
-50
|
168
|
DEL24-22
|
480824
|
5360648
|
225
|
-50
|
402
|
Quality Assurance and Control, Drilling and Assaying
Edwin Escarraga, MSc, P.Geo., a
"qualified person" as defined by National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 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 such term
is defined by NI 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 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, drill and exploration results relating to
the target properties described herein (the "Properties"), the
significance of drill results, the ability to continue drilling,
the impact of drilling on the definition of any resource, the
potential of the Crawford Nickel Sulphide Project and the
Properties, timing and completion (if at all) of mineral resource
estimates, the ability to sell marketable materials, strategic
plans, including future exploration and development plans and
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. 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.
Neither the 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.