Canada Nickel (TSXV: CNC) is indicating this morning that it has confirmed a “major discovery” at the Reid Property, which is found 16 kilometres from its flagship project, the Crawford Nickel Project.
The major discovery is based on sixteen drill holes that were conducted at the property, which are said to have intersected “multi-hundred metre intervals.” The footprint of the deposit meanwhile is said to cover 3.9 square kilometres, versus the Crawford Nickel projects 1.6 square kilometres.
Highlights from the results include:
- REI22-06: 0.19% nickel over 283.7 metres, including 0.30% nickel over 54.0 metres
- REI22-13: 0.19% nickel over 360.0 metres, including 0.24% nickel over 163.5 metres
- REI22-14: 0.19% nickel over 374.6 metres, including 0.25% nickel over 115.5 metres
- REI22-16: 0.25% nickel over 471.0 metres, including 0.31% nickel over 60.0 metres
“Today’s results confirm Reid as a major discovery with a target footprint larger than our flagship Crawford discovery and a mineralized core that is 50% wider than our Crawford Main Zone. Grades and mineralization are consistent with what the Company has observed at the Company’s East Zone deposit,” commented CEO Mark Selby on the results.
Drilling at the property was focused on two zones, the Central Core Area and the North Limb Area. The South Limb area meanwhile remains to be drilled, with the company planning on conducting further exploration at the property in 2023.
Separately, the company indicated it has extended a US$10 million loan from Auramet for a period of 45 days. The extension will see 200,000 common share purchase warrants issued, with a strike price of $1.94 and a one year term, along with a cash fee of US$150,000. The debt is now due to mature March 3, 2023. The extension is expected to enable the company to “advance various financing initiatives.”
Canada Nickel last traded at $1.66 on the TSX Venture.
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