- Canada Nickel Company (TSXV:CNC) is announcing a more than 1 million ton initial resource estimate for its Deloro nickel sulphide project near Timmins, Ontario
- Investors can expect an initial resource for the Crawford PGM zone in the near future, followed by the Texmont project, plus an additional five resource estimates before the end of Q1 2025
- Canada Nickel is advancing numerous nickel-sulphide projects in Ontario to supply the electric vehicle and stainless-steel markets
- Canada Nickel Company stock has given back 14.29 per cent year-over-year, but has added 26.67 per cent since inception in 2020
Canada Nickel Company (TSXV:CNC) is announcing a more than 1 million ton initial resource estimate for its Deloro nickel sulphide project near Timmins, Ontario.
The estimate, prepared by Caracle Creek International Consulting, details inferred resources of 357 million tons grading 0.25 per cent nickel for 885,000 tons of contained nickel, and indicated resources of 81 million tons grading 0.25 per cent nickel for 202,000 tons of contained nickel. Caracle based its work on 8,242 m of drilling across 22 drill holes completed in 2022 and 2024.
Canada Nickel plans to file a technical report on the resource estimate within 45 days as required by National Instrument 43-101. The company will continue to perform mineralogical studies, metallurgical testwork and infill drilling at Deloro through Q4 2024 with eyes on upgrading the resource.
Ongoing exploration
Canada Nickel’s 2024 exploration program seeks to unlock the potential of its portfolio in the Timmins nickel district. Thus far, it has completed 112 drill holes over a combined 47,482 m, including:
- 32 holes at its Crawford property defining the Crawford PGM zone.
- 28 holes at Reid.
- 26 holes at Texmont.
- 13 holes at Mann.
- 11 holes at Deloro, all of which informed this resource.
Investors can expect an initial resource for the Crawford PGM zone in the near future, followed by the Texmont project, plus an additional five resource estimates before the end of Q1 2025, as nickel demand remains on a long-term uptrend marked by a shortage in mined supply.
Canada Nickel’s flagship project on the Crawford property boasts a bankable feasibility study estimating a US$2.6 billion after-tax net present value (8 per cent) and the extraction of 1.6 million tons of nickel, 58 million tons of iron and 2.8 million tons of chrome over a 41-year mine life.
Leadership insights
“We are very pleased with the size of this initial resource on Deloro, particularly given the relatively small scale of the target footprint relative to the 20-plus targets in our portfolio,” Mark Selby, Canada Nickel Company’s chief executive officer, said in a statement. “Deloro has an advantageous location near both Timmins and the mining and processing infrastructure at the Dome Mill, and benefits from a relatively low overburden of an average of just 9 m.”
“Our exploration program continues to successfully demonstrate the potential of the Timmins nickel district and now has seven drill rigs operating – four drilling on our Mann Central and Mann Northwest properties, two completing the next phase of drilling at our Reid project, and one targeting the east end of our Reaume project,” Selby said. “Updates on drilling at each of these properties will be provided as assay results are compiled.”
About Canada Nickel Company
Canada Nickel is advancing numerous nickel-sulphide projects in Ontario to supply the electric vehicle and stainless-steel markets. The company is also pursuing the development of net-zero nickel, cobalt and iron products.
Canada Nickel Company stock (TSXV:CNC) last traded at C$1.14 per share. The stock has given back 14.29 per cent year-over-year, but has added 26.67 per cent since inception in 2020.
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(Top photo: Canada Nickel Company)
