Canada Nickel Company (TSXV: CNC) has made a new nickel discovery in the two initial holes at its Newmarket property. The best intersection was 373 metres grading 0.25% nickel in NEW24-01.
Even better was the highest ever assay from the first hole of 2024 at the Reid property – 675 metres at 0.25%, including 142 metres at 0.32% and 24 metres at 0.40% in REI24-17.
Mark Selby, CEO of Canada Nickel, said: “Our 2024 exploration program has started very strongly with the best drill interval to date at Reid and a new discovery at Newmarket. The long drill interval of higher-grade material at Reid is very encouraging and the first section delineating an over-800-metre width of target ultramafic sequence – nearly two times thicker than Crawford – highlights the very large-scale potential of this property.
“The initial Newmarket results are also very encouraging, despite the fact we were only able to drill at the least attractive geophysical target due to seasonal logistical constraints,” he continued. “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,” Selby continued.
The Newmarket target is 35 km east of the Crawford project, and the Reid target is 16 km to the southwest.
The Crawford project has measured and indicated resources in two separate zones. The pit-constrained M+I mineralization in the East zone includes 1.03 billion tonnes grading 0.23% nickel, 0.013% cobalt, 6.31% iron, 0.60% chrome, plus platinum and palladium. In the Main-West zone, the M+I resource is 1.54 billion tonnes grading 0.22% nickel, 0.013% cobalt, 6.91% iron, 0.58% chrome, plus palladium and platinum.
Within the resources of both zones, are proven and probable reserves of 1.72 billion tonnes grading 0.22% nickel, 0.013% cobalt, 0.014 g/t palladium, 0.009 g/t platinum, 6.44% iron and 0.57% chrome.
The East and the Main-West zones also contain close to 1.69 billion inferred tonnes with similar of slightly lower grades.
Canada Nickel is developing the Crawford nickel sulphide deposit, located in the Timmins-Cochrane mining camp of Ontario, as an open pit mine. The project has a 41-year mine life, during which time it will produce 3.5 billion lb. of nickel, about 53 million lb. of cobalt, 490,000 oz. of palladium and plating, 58 million tonnes of ire, and 6.2 million lb. of chromium.
Not only will the mine be net-zero as to carbon emissions, but Canada Nickel is building one of the largest carbon capture projects in Canada. The facility will capture and store 1.5 million tonnes of carbon annually by injecting carbon dioxide into the tailings where it will bind chemically to create inert carbonate minerals.
