Canada Nickel launches ‘ExploreCo’ subsidiary: spins out eastern properties, consolidates Crawford land

Canada Nickel (TSXV: CNC; OTCQX: CNIKF) has announced the creation of 'ExploreCo', a new subsidiary set to consolidate and propel its eastern exploration properties, northeast of Timmins, Ontario. This move involves merging its ventures with Noble Mineral Exploration, forming a privately owned entity with an 80% stake held by Canada Nickel and 20% by Noble.

Canada Nickel and Noble will contribute certain mining properties, including the existing Mann joint venture. The consolidation extends to include strategic mining and surface rights essential for advancing the Crawford nickel sulphide project and other nearby prospects. 

Mark Selby, CEO of Canada Nickel, said, "Today is the first of a set of transactions designed to unlock value from our significant asset portfolio. The creation of ExploreCo will facilitate the ability to realize the future value of these properties that are not currently recognized in Canada Nickel's market value. This transaction also allows the company to consolidate the surface rights, remaining claims, and patents around the Crawford nickel sulphide project to simplify the development of Crawford and our future projects."

Led by Steve Balch, Canada Nickel's current VP of exploration, ExploreCo will initially oversee 1,989 mining claims spread across approximately 42,000 ha. The subsidiary aims to potentially pursue a public listing, contingent on market conditions.

Funding for ExploreCo's initial phase will be seeded with $5 million from Canada Nickel’s existing funds, with subsequent costs shared based on ownership stakes. Both companies will retain existing royalty rights on ExploreCo's claims, ensuring continuity in their respective interests.

For further details, visit www.CanadaNickel.com.