Canada Nickel Corp (TSXV: CNC) has officially confirmed its discovery at its Reid property, which follows an announcement made in early May related to a nickel discovery at the site. The property is said to feature nickel mineralization with a larger footprint than its flagship Crawford property.
The discovery was confirmed by the company this morning with the release of two drill hole results from its regional exploration campaign. Highlights from the results include:
- REI22-01: 0.17% nickel over 102.4 metres from 51.0 metres
- REI22-02: 0.24% nickel over 354.0 metres from 42.0 metres, including 0.39% nickel over 15.0 metres
Mineralization is said to be very similar to what is found at the Crawford property, with heazlewoodite-pentlandite-awaruite minerals present at both locations. A PGM zone was also discovered in the first hole, yielding 1.6 g/t platinum and palladium over 4.5 metres.
Drilling was focused on an ultramafic target measuring 3.5 kilometres by 2.1 kilometres in size, which was identified using magnetics. Further drilling of the property resumed this month, with the company looking to test the extent of the anomaly.
“We are very pleased with our drilling on the Reid target. [..] 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. Additionally, we are looking forward to the release of our updated resource estimate for Crawford expected to be released by July 6, 2022,” commented CEO Mark Selby on the results.
Canada Nickel Corp last traded at $1.60 on the TSX Venture.
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