- Canada Nickel Company (TSXV:CNC) is reporting a mineral discovery at its Newmarket property, as well as the best drill result to date from its Reid property, both in Ontario
- The company’s 2024 exploration program aims to delineate seven new resources and make six discoveries by Q2 2025
- Canada Nickel Company is developing nickel-sulphide projects to supply the electric vehicle and stainless steel markets
- Canada Nickel stock has given back 5.70 per cent year-over-year, but has gained 65.56 per cent since inception in 2020
Canada Nickel Company (TSXV:CNC) is reporting a mineral discovery at its Newmarket property, as well as the best drill result to date from its Reid property, both in Ontario.
The company’s 2024 exploration program aims to delineate seven new resources and make six discoveries by Q2 2025.
A record at Reid
Canada Nickel completed six drill holes at Reid, five of which intersected over 650 metres of mineralization within an 800-metre-thick ultramafic sequence, which is two times thicker than the Crawford project‘s Main zone. REI24-17 yielded Reid’s best interval to date at 675 m grading 0.25 per cent nickel, with five assays pending.
Reid contains a geophysical target of 3.9 square kilometres, nearly 2.4 times larger than Crawford, the latter of which houses the world’s second largest nickel reserve and resource, and boasts 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.
The company will add a fifth drill rig April 1 to its efforts at Reid, where it intends to complete an initial resource by Q4 2024.
A new discovery at Newmarket
The Newmarket property, only 35 km east of Crawford, contains a large ultramafic body with a target geophysical footprint of 2.2 square km, larger than Crawford’s at 1.6 square km, and a clear connection to Canada Nickel’s Mann Southeast property, which boasts a 4.1 square km target footprint and historical drilling between 0.25 per cent and 0.33 per cent nickel.
The first two drill holes at Newmarket delineated a 0.8 km strike length within the 7 km total distance of the geophysical target. The highlight interval, in NEW24-01, yielded 373 m of 0.24 per cent nickel.
The company completed the drill holes in January on the eastern and least geophysically prospective end of the property because of “seasonal logistical constraints,” according to Monday’s news release.
The target at Newmarket remains open to the west for 6.2 km, where it connects to Mann Southeast. Drilling will continue at Newmarket and Mann Southeast in summer 2024.
Management insights
“The long drill interval of higher-grade material at Reid is very encouraging and the first section delineating an over 800 m width of target ultramafic sequence – nearly two times thicker than Crawford – highlights the very large-scale potential of this property,” Mark Selby, Canada Nickel Company’s chief executive officer, said in a statement.
“The initial Newmarket results are also very encouraging,” he added, “despite the fact we were only able to drill at the least attractive geophysical target due to seasonal logistical constraints. This initial drilling occurred on the edge of the eastern end of the 7 km long Newmarket target, which is contiguous with the Mann Southeast target, and is part of an overall geophysical target more than three times larger than Crawford.”
About Canada Nickel Company
Canada Nickel Company is developing nickel-sulphide projects to supply the electric vehicle and stainless steel markets.
Canada Nickel stock (TSXV:CNC) last traded at C$1.49 per share. The stock has given back 5.70 per cent year-over-year, but has gained 65.56 per cent since inception in 2020.
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