- Canada Nickel Company (TSXV:CNC) has released assays from four drill holes from its 2024 program at its Reid property in Ontario, which features a delineated mineralized footprint of approximately 1.44 square kilometres
- The results include Reid’s best interval to date in drill hole REI24-18, yielding 687 metres of 0.27 per cent nickel
- Canada Nickel Company is developing nickel-sulphide projects to supply the electric vehicle and stainless steel markets
- Canada Nickel stock has given back 8.86 per cent year-over-year, but is up by 60 per cent since inception in 2020
Canada Nickel Company (TSXV:CNC) has released assays from four drill holes from its 2024 program at its Reid property in Ontario, which features a delineated mineralized footprint of approximately 1.44 square kilometres.
The results include Reid’s best interval to date in drill hole REI24-18, yielding 687 metres of 0.27 per cent nickel, including 36 m of 0.41 per cent nickel and 7.5 m of 0.56 per cent nickel, replacing the previous record reported in March 2024.
Each of the four drill holes released Monday intersected core lengths of at least 676 m averaging 0.24 per cent to 0.27 per cent nickel. To date, eight drill holes from the ongoing program have ended in mineralization, with pending assays for four holes.
The four drill holes were collared on the western half of Reid’s 3.9 square km geophysical target, which is nearly 2.4 times larger than Canada Nickel Company’s flagship Crawford nickel-sulphide project 16 km to the northeast.
The Crawford project boasts a delineated mineralized footprint of 1.6 square km and a bankable feasibility study estimating a US$2.5 billion after-tax net present value, an internal rate of return of 17.1 per cent, and a 41-year project life, to extract the world’s second-largest nickel reserve and second-largest resource at 1.6 million tonnes, in addition to 58 million tonnes of iron and 2.8 million tonnes of chrome.
Canada Nickel currently has six drill rigs operating across its land holdings in the Timmins Nickel District, with the goal of delivering seven new resources and six further discoveries by Q2 2025.
Management insights
“Reid continues to deliver excellent results with yet another best drill interval to date,” Mark Selby, chief executive officer of Canada Nickel Company, said in a statement. “We are encouraged by these four additional drill results with long drill intervals and three of the four holes reporting higher-grade intervals. These results continue to highlight the very large-scale potential of this property. With six drill rigs now operating, we expect a steady flow of drill results from across the company’s exploration portfolio.”
About Canada Nickel Company
Canada Nickel Company is developing nickel-sulphide projects to supply the electric vehicle and stainless steel markets.
Canada Nickel Company Inc. stock (TSXV:CNC) last traded at C$1.44 per share. The stock has given back 8.86 per cent year-over-year, but it is up by 60 per cent since inception in 2020.
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