Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Canada Nickel (TSXV: CNC) has announced assay results from its 2024 exploration program at the Reid property, located 37 km northwest of Timmins, Ontario. The best interval reported is 661 metres of 0.29% nickel, including 100 metres of 0.42% nickel and 40 metres of 0.51% nickel in drill hole REI-24-35.
All eight holes targeting the central core at Reid intersected lengths greater than 620 metres, with nickel grades ranging from 0.21% to 0.29%.
A total of 34 holes have been drilled at Reid this year, all of which intersected mineralized dunite and minor peridotite. Assay results are complete for 18 holes, with 13 announced Aug. 8 and results for the remaining holes still pending.
Results for five holes were previously released on March 18 and May 6, 2024.
“With a target geophysical footprint larger than our flagship Crawford project and a width in the central core more than double Crawford, we look forward to the initial resource estimate for Reid expected to be released in the fourth quarter of 2024,” Canada Nickel CEO Mark Selby said in a news release.
Currently, seven drill rigs are active, targeting Reaume, Reid, Mann Central, Mann Northwest-SE and Mann Northwest-NE.
The Reid property is situated 16 km southwest of the Crawford nickel project, which is under construction. Crawford’s feasibility study, published late last year, includes a carbon capture process that will be used at the mill, as well as by third parties.
The first production at Crawford is planned by year-end 2027, with an expected annual output of 45,000 tonnes of nickel.
