Highlights
- All drill holes yielded long intervals grading 0.29% nickel and
ending in mineralization.
All four holes collared in mineralization within 10 metres of
surface
- Mineralization is delineated along 2.0 kilometres strike length
and across a width of 250 metres
within a target geophysical footprint 12% larger than the Crawford
resource footprint
- Latest mineralogy results show significant brucite content, the
mineral utilized by Canada Nickel's carbon storage process, nearly
four times higher than Crawford average of 1.9%
TORONTO, July 11,
2023 /CNW/ - Canada Nickel Company Inc. ("Canada
Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) today released
assay results from the final three of four holes drilled on its
Midlothian Property. Canada Nickel can earn a 100% interest in the
Property through a combination of cash payments, share issuances,
exploration expenditure requirements and a net smelter returns
royalty as part of an Option Agreement with Canadian Gold Miner
Corp. and Laurion Mineral Exploration Inc.
Mark Selby, CEO of Canada Nickel
commented, "These outstanding Midlothian results, with all holes
showing good nickel grades across long mineralized intervals of
multi-hundred metres that start less than ten metres from surface,
confirm Midlothian as a significant discovery. Midlothian is one of
our ten properties with a target geophysical footprint larger than
Crawford and these latest results further confirm the success of
our geophysical targeting approach. As well, these latest
samples with high brucite content also demonstrate the potential
for substantial carbon storage at Midlothian utilizing the
In-Process Tailings ("IPT") Carbonation process the Company is
developing."
Midlothian Property
The Midlothian property is located 70 kilometres south-southeast
of Timmins, 25 kilometres west of
Matachewan and is directly
accessible by road. Four drillholes were completed during the
winter of 2023. All four holes intersected mineralized dunite
at shallow depths (Figure 1). These holes were drilled on a target
measuring 2.7 kilometres long and 0.4 to 0.9 kilometres wide with a
target footprint of 1.7 km2 (compared to Crawford
resource of 1.5 km2). This release contains assay
information on the last three holes. (see MID23-01 assay results on
May 24, 2023 release, and
nickel-bearing mineralogy on April 13,
2023 release for earlier results).
Table 1: Midlothian drilling downhole composite
Hole ID
|
From
|
To
|
Length
|
Ni
|
Co
|
Pd
|
Pt
|
Cr
|
Fe
|
S
|
|
(m)
|
(m)
|
(m)
|
( %)
|
( %)
|
(g/t)
|
(g/t)
|
( %)
|
( %)
|
( %)
|
MID23-01*
|
1.5
|
345.0
|
343.5
|
0.28
|
0.01
|
0.003
|
0.003
|
0.16
|
4.55
|
0.02
|
MID23-02
|
7.7
|
401.0
|
393.3
|
0.29
|
0.01
|
0.003
|
0.005
|
0.14
|
4.79
|
0.06
|
MID23-03
|
6.1
|
401.0
|
394.9
|
0.29
|
0.01
|
0.003
|
0.004
|
0.12
|
4.70
|
0.02
|
MID23-04
|
9.0
|
401.0
|
392.0
|
0.26
|
0.01
|
0.005
|
0.006
|
0.15
|
4.77
|
0.02
|
Including
|
80.0
|
401.0
|
321.0
|
0.29
|
0.01
|
0.003
|
0.005
|
0.11
|
4.22
|
0.01
|
*Assay results for MID23-01 were included in a previous release
and are repeated here for completeness
Holes MID23-02 and MID23-03 intercepted long, uninterrupted
lengths of strongly serpentinized dunite, starting close to surface
at approximately six metres and still open at depth.
Hole MID23-04 collared on a serpentinized peridotite, followed
by pyroxenite and a long intersection of mineralized dunite
remaining open at depth.
Mineralogy Results
Mineralogical analysis from samples from hole MID23-04 indicate
awaruite and heazlewoodite being the dominant nickel minerals, with
awaruite representing approximately 70% of the recoverable nickel
minerals. Brucite, the most reactive carbon storage mineral,
averaged 7.2%, nearly four times the amounts seen at Crawford which
averages 1.9% brucite, with several individual samples over
11%. See table 2.
Table 2: QEMSCAN Mineralogy results
Hole
ID
|
From
|
To
|
Length
(m)
|
Brucite
(%)
|
Pentlandite
(%)
|
Awaruite
(%)
|
Heazlewoodite
(%)
|
MID23-04
|
120.5
|
122.0
|
1.5
|
0.58
|
0.00
|
0.10
|
0.12
|
MID23-04
|
138.5
|
140.0
|
1.5
|
4.55
|
0.00
|
0.26
|
0.09
|
MID23-04
|
150.5
|
152.0
|
1.5
|
7.44
|
0.00
|
0.26
|
0.05
|
MID23-04
|
159.5
|
161.0
|
1.5
|
11.50
|
0.00
|
0.34
|
0.15
|
MID23-04
|
170.0
|
171.5
|
1.5
|
7.42
|
0.00
|
0.14
|
0.16
|
MID23-04
|
180.5
|
182.0
|
1.5
|
11.80
|
0.00
|
0.30
|
0.05
|
Average
|
7.21
|
0.00
|
0.23
|
0.10
|
Table 3: Drillhole Orientation
Hole
ID
|
Zone
|
Easting
(mE)
|
Northing
(mN)
|
Azimuth
(⁰)
|
Dip
(⁰)
|
Length
(m)
|
MID23-01
|
Midlothian
|
499710
|
5303026
|
180
|
-50
|
345
|
MID23-02
|
Midlothian
|
499299
|
5303052
|
180
|
-50
|
401
|
MID23-03
|
Midlothian
|
498902
|
5303053
|
180
|
-50
|
401
|
MID23-04
|
Midlothian
|
500915
|
5303042
|
180
|
-50
|
401
|
Assays, Quality Assurance/Quality
Control and Drilling and Assay
Edwin Escarraga, MSc, P.Geo., a
"qualified person" as defined by National Instrument 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 is defined
by National Instrument 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.
The magnetic images shown in this press release were
created from Canada Nickel's interpretation of datasets provided by
the Ontario Geological Survey.
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 Midlothian Property, strategic plans, including future
exploration and development results, and corporate and technical
objectives. Readers should not place undue reliance on
forwardlooking statements. Forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Canada Nickel to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. The PEA results are estimates only and are based on a
number of assumptions, any of which, if incorrect, could materially
change the projected outcome. There are no assurances that Crawford
will be placed into production. Factors that could affect the
outcome include, among others: the actual results of development
activities; project delays; inability to raise the funds necessary
to complete development; general business, economic, competitive,
political and social uncertainties; future prices of metals or
project costs could differ substantially and make any
commercialization uneconomic; availability of alternative nickel
sources or substitutes; actual nickel recovery; conclusions of
economic evaluations; changes in applicable laws; changes in
project parameters as plans continue to be refined; accidents,
labour disputes, the availability and productivity of skilled
labour and other risks of the mining industry; political
instability, terrorism, insurrection or war; delays in obtaining
governmental approvals, necessary permitting or in the completion
of development or construction activities; mineral resource
estimates relating to Crawford could prove to be inaccurate for any
reason whatsoever; additional but currently unforeseen work may be
required to advance to the feasibility stage; and even if Crawford
goes into production, there is no assurance that operations will be
profitable. Although Canada Nickel has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended. Forward-looking statements contained herein
are made as of the date of this news release and Canada Nickel
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, except as required by applicable securities laws.
Neither 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.