Canada Nickel Company (TSXV:CNC) Confirms Discovery at Its Reid Property and Reports Assay Results

Canada Nickel Company (TSXV:CNC) has reported new assay results from its Reid property. The company has completed two drill holes as part of its regional exploration program. Hole REI21-02 intersected 354 metres of 0.24% nickel and includes 15 of 0.39% nickel and 6 metres of 0.57% nickel. These holes hold the same heazlewoodite-pentlandite-awaruite minerals as the Crawford property according to the mineralogy completed on those samples.

Mark Selby, Chair and Chief Executive Officer of Canada Nickel Company commented in a press release: “We are very pleased with our drilling on the Reid target. The assay results from the second hole achieved expected grades over 354 metres and contains a core of higher grade mineralization of 15 metres of 0.39% nickel, and the first hole intersected a PGM zone similar to that at Crawford. We are continuing to drill Reid as we highlight the resource potential of this target with a larger geophysical footprint than our original Crawford discovery. Additionally, we are looking forward to the release of our updated resource estimate for Crawford expected to be released by July 6, 2022.”

Highlights from the drilling are as follows:

  • Assays achieved expected grades over entire core length of 354 metres: 0.24% nickel including 15 metres of 0.39% nickel and 6 metres of 0.57% nickel
  • Confirmed same mineralogy as Company’s flagship Crawford Project
  • Reid property has larger geophysical footprint than Crawford
  • Crawford resource update expected to be released by July 6, 2022

Reid Nickel Property

Source: Canada Nickel Company

The Reid Property is located just 16 kilometres southwest of Crawford and contains an ultramafic target that measures 3.3 kilometres north-south by 2.1 kilometres east-west based on the total magnetic intensity (“TMI”) (see Figure 1).  Hole REI-22-02 collared on dunite in the SE corner of the target, and was drilled to the NW. It remained in dunite for a total length of 354 metres grading 0.24% nickel, with a higher-grade section near the bottom of the hole intersecting 0.39% nickel over 15 metres (see table 1A). The hole ended in mineralized dunite, and the contact is open to the north.

REI22-01 collared on dunite in the same setup, drilling towards the south contact where the magnetic anomaly is at its highest. The hole transitioned from dunite to a sequence of peridotite-pyroxenite-gabbro similar to that seen at Crawford. The pyroxenite in the sequence yielded 1.6g/t Pt+Pd over 4.5 metres (see Table 1B) similar in grade and thickness to PGM zone at Crawford.

Mineralogy completed on samples from these holes confirmed that they contain the same heazlewoodite-pentlandite-awaruite minerals as Crawford.

As of June, drilling at Reid resumed with a helicopter supported program that will test the extent of the anomaly.

Table 1A: Reid Exploration Drilling Results, Ontario.

Hole ID

From

To

Length

Ni

Co

Pd

Pt

Cr

Fe

S

(m)

(m)

(m)

( %)

( %)

(g/t)

(g/t)

( %)

( %)

( %)

REI22-01

51.0

153.4

102.4

0.17

0.01

0.00

0.01

0.44

7.29

0.02

REI22-02

42.0

396.0

354.0

0.24

0.01

0.00

0.01

0.53

5.97

0.02

                  including

227.5

394.0

166.5

0.27

0.01

0.01

0.01

0.61

5.66

0.03

                  including

227.5

242.5

15.0

0.39

0.01

0.05

0.03

0.43

6.28

0.07

                  including

236.5

242.5

6.0

0.57

0.02

0.05

0.03

0.52

6.41

0.12

Table 1B: Reid Exploration Drilling Results, Ontario – PGMs

Hole ID

From

To

Length

PGM

Pd

Pt

Ni

Co

Cr

Fe

S

(m)

(m)

(m)

(g/t)

(g/t)

(g/t)

( %)

( %)

( %)

( %)

( %)

REI22-01

264.5

270.5

6.0

1.35

0.75

0.61

0.03

0.01

0.29

5.89

0.01

                  including

266.0

270.5

4.5

1.67

0.93

0.75

0.02

0.01

0.29

5.55

0.01

                  including

267.5

269.0

1.5

2.02

1.15

0.87

0.02

0.01

0.26

5.36

0.01

Table 2: Drill Hole Orientation.

Hole ID

Easting

Northing

Azimuth

Dip

Length

(mE)

(mN)

(⁰)

(⁰)

(m)

REI22-01

457,859

5,403,898

175

-50

329.0

REI22-02

457,859

5,403,898

316

-50

354.0

Source: Canada Nickel Company
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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