Canada Nickel confirms discovery at Reid, drilling 354 m of 0.24% Ni

Canada Nickel Company (TSXV: CNC; OTC: CNIKF) has received results from drilling at the Reid property, where two holes were recently completed as part of its regional exploration program and led to the discovery of nickel mineralization.

This discovery has now been confirmed with the latest set of assays. The highlight was hole REI21-02, which intersected 354 metres of 0.24% nickel and includes 15 metres of 0.39% nickel and 6 metres of 0.57% nickel.

According to Canada Nickel, mineralogy completed on samples from the two holes demonstrated that they contain the same heazlewoodite-pentlandite-awaruite minerals as its flagship Crawford nickel discovery, which is located about 16 km to the northeast of Reid and 40 km north of Timmins, Ont.

"The assay results from the second hole achieved expected grades over 354 metres and contains a core of higher grade mineralization of 15 metres of 0.39% nickel, and the first hole intersected a PGM zone similar to that at Crawford. We are continuing to drill Reid as we highlight the resource potential of this target with a larger geophysical footprint than our original Crawford discovery," Canada Nickel CEO Mark Selby commented.

Situated within the Timmins mining camp of Ontario, the Crawford nickel sulphide project is the integral part of the company's plan to deliver zero-carbon nickel metal for the electric vehicle industry. According to the 2021 preliminary economic assessment, Crawford is expected to produce almost 1.9 billion lb. of nickel over a 25-year project life, based on an estimated measured and indicated resource of 653.5 million tonnes grading 0.26% nickel.

The current phase of drilling at Crawford, which included infill and expansion drilling to increase the nickel resource and support a feasibility study, has already been completed. A resource update is expected in early July, with completion of the anticipated by year-end.

Recently, Canada Nickel submitted a preliminary draft of the initial project description to the Impact Assessment Agency of Canada, marking the first step in its permitting process and a key phase in the early planning and development of the Crawford project.

For more details, please visit www.canadanickel.com.