Canada Nickel Intersects 0.29% Nickel Over 325.5 Metres At Reid Property
Assay results from recent drilling conducted by Canada Nickel (TSXV: CNC) were released this morning. The results come from the firms Reid and Southman properties, which fall under a regional exploration drill program.
At the Reid property, which is 16 kilometres southwest of the flagship Crawford Project, the company released a total of five drill hole assays. Highlights from the results include:
- REI22-05: 0.24% nickel, 5.63% iron over 409.5 metres
- REI22-07: 0.29% nickel, 5.38% iron over 325.5 metres
- REI22-08: 0.24% nickel, 6.11% iron over 372.8 metres
The Reid property’s main target is currently viewed as being an ultramafic body, with a geophysical footprint of 3.9 square kilometres. Results from eight holes remain pending, however the firm has indicated it intends to resume drill testing the property in 2023 based on the partial results received to date.
At the Southman property, the company has completed five holes on the eastern half of an ultramafic target. The holes are said to have intersected peridotite and dunite, with assay results from all holes still pending. The target itself is believed to measure 2.2 kilometres by 200 metres in size. Canada Nickel is classifying the early results as a “bulk tonnage discovery” due to all five holes intersecting mineralization.
“Our targeting approach was further confirmed with another bulk tonnage discovery at Sothman with all five holes intersecting mineralization. These latest results continue to reinforce the success of our geophysical targeting approach and increase the probability of success at our other 20-plus properties within the 42 km2 of geophysical targets. We look forward to drilling our high-grade target at Sothman where historical drilling achieved multiple intervals greater than 1% nickel,” commented CEO Mark Selby on the results.
Canada Nickel last traded at $1.43 on the TSX Venture.
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