Canada Nickel Hits 675 Metres Of 0.25% Nickel At Reid
The first results are in from the 2024 drill program being conducted by Canada Nickel Company (TSXV: CNC) across several of its properties in the Timmins, Ontario region. The program has seen the company continue to hit long intervals of nickel mineralization as it works towards providing up to seven additional resource estimates by the second quarter of 2025.
Canada Nickel reported a total of three assay results, from drilling that is currently underway at the Newmarket and Reid properties. Highlights of the results include:
- REI24-17: 675 metres of 0.25% nickel, 0.69% chromium, 5.99% iron from a depth of 27.0 metres, including 142.5 metres of 0.32% nickel.
- NEW24-01: 373 metres of 0.24% nickel, 0.45% chromium, 6.25% iron from a depth of 45.0 metres.
- NEW24-02A: 341.3 metres of 0.17% nickel, 0.33% chromium, 7.94% iron from a depth of 75.7 metres, including 122.5 metres of 0.24% nickel.
“The initial Newmarket results are also very encouraging, despite the fact we were only able to drill at the least attractive geophysical target due to seasonal logistical constraints. This initial drilling occurred on the edge of the eastern end of the 7-km long Newmarket target, which is contiguous with the Mann Southeast target and is part of an overall geophysical target more than three times larger than Crawford,” commented CEO Mark Selby.
READ: Canada Nickel Plans To Open Nickel Processing, Stainless Steel Production Facilities
The first two results at Newmarket are said to come from the “least geophysically prospective” end of the target, which is attributed to seasonal constraints, however the results point to a new discovery for the company. Further drilling is slated to occur under the summer campaign. Drilling occurred along a 0.8 km long strike, with the target remaining open to the west for 6.2 km, where it connects to the Mann Southeast target.
Results from Reid meanwhile are said to be the best to date, with assays for five additional holes currently pending. Assays from seventeen holes conducted at the Crawford property are also pending, with the company focused of defining an initial palladium-platinum resource.
Four drill rigs are currently conducting the drill program, with a fifth to be added to the mix next month.
Canada Nickel last traded at $1.49 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
