Canada Nickel (TSXV: CNC) has expanded their resource estimate at the Reid Nickel Sulphide Project, which is found near Timmins, Ontario. The latest update has substantially expanded all resource categories, with measured and indicated resources said to have grown by 46%, while inferred resources grew by 47%.
Highlights from the revised estimate include:
- Measured Resources
- 41 million tonnes at 0.27% nickel, 0.013% cobalt, 5.6% iron, 0.70% chromium, 0.06% sulphur, 0.015 g/t palladium, 0.008 g/t platinum
- Contained metal of 110,000 tonnes nickel, 5,100 tonnes cobalt, 2.3 million tonnes iron, 283,900 tonnes cobalt, 19,400 ounces palladium, 10,000 ounces platinum
- 41 million tonnes at 0.27% nickel, 0.013% cobalt, 5.6% iron, 0.70% chromium, 0.06% sulphur, 0.015 g/t palladium, 0.008 g/t platinum
- Indicated Resources
- 867 million tonnes at 0.23% nickel, 0.012% cobalt, 6.3% iron, 0.68% chromium, 0.05% sulphur, 0.011 g/t palladium, 0.008 g/t platinum
- Contained metal of 2.04 million tonnes nickel, 106,200 tonnes cobalt, 54.2 million tonnes iron, 5.88 million tonnes chromium, 296,100 ounces palladium, 219,700 ounces platinum
- 867 million tonnes at 0.23% nickel, 0.012% cobalt, 6.3% iron, 0.68% chromium, 0.05% sulphur, 0.011 g/t palladium, 0.008 g/t platinum
- Inferred Resources
- 1.45 billion tonnes at 0.22% nickel, 0.012% cobalt, 6.5% iron, 0.67% chromium, 0.05% sulphur, 0.010 g/t palladium, 0.008 g/t platinum
- Contained metal of 3.22 billion tonnes nickel, 177,700 tonnes cobalt, 93.7 million tonnes iron, 9.67 million tonnes chromium, 464,200 ounces palladium, 372,000 ounces platinum
- 1.45 billion tonnes at 0.22% nickel, 0.012% cobalt, 6.5% iron, 0.67% chromium, 0.05% sulphur, 0.010 g/t palladium, 0.008 g/t platinum
The updated resource estimate follows an additional 34 drill holes being drilled at the Reid property for a total of 24,629 metres of drilling. The estimate as a whole is based on 51,137 metres of drilling across 89 drill holes, with the deposit said to measure 2.3 kilometres long, 1.1 kilometres wide, and extends to a depth of 720 metres. The deposit remains open to the northeast, southwest, and to depth.
“Today’s announcement confirms Reid as one of world’s largest nickel sulphide deposits, further reinforcing the world-class potential of the Timmins Nickel District. Crawford is moving forward as our first project as we advance towards construction by year-end, but we believe that several other of our projects in the Timmins Nickel District – including Reid – have the potential to be even more valuable. Reid’s mineral resource stands out with nearly half the strip ratio, one-third less overburden, and 15% higher chromium grades than Crawford, with more than 40% of the geophysical target still to be explored and the deposit open in multiple directions,” commented Mark Selby, CEO of Canada Nickel
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Metallurgical work is expected to continue at Reid alongside mineralogical studies and further infill drilling to better define high grade horizons. A preliminary economic assessment is planned for a future date, although no hard timeline was provided for that.
Canada Nickel last traded at $1.76 on the TSX Venture.
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