The first results are in for Canada Nickel’s (TSXV: CNC) drilling at its Texmont property, found 36 kilometres to the south of Timmins, Ontario. The results are said to confirm high grade nickel mineralization at the property.
A total of twelve drill holes saw results released last night after the closing bell, nine of which are said to have had intervals of greater than 1% nickel. Drilling confirmed nickel mineralization exists over 400 metres of strike, with mineralization remaining open at depth and to the north.
Highlights from the results include:
- TEX22-02: 0.55% nickel over 45.7 metres, including 1.08% nickel over 6.0 metres
- TEX22-03: 0.50% nickel over 91.5 metres, including 1.22% nickel over 21.0 metres, including 2.60% nickel over 5.2 metres
- TEX22-04: 0.56% nickel over 34.2 metres, including 0.99% nickel over 4.4 metres
- TEX22-06: 0.77% nickel over 28.5 metres, including 1.45% nickel over 12.0 metres
- TEX22-11: 0.57% nickel over 46.5 metres, including 1.06% nickel over 15.0 metres
The results released last night total 3,204 metres of drilling. In total, the program consisted of 39 drill holes, 34 of which were focused on targeting known mineralization, while the remainder targeted a northern extension that may exist. Data from this program is set to be combined with the data from just under 29,000 metres of drilling conducted in the mid-2000’s by Fletcher Nickel to establish an initial mineral resource estimate.
That estimate is slated to be released later this year.
“We are excited by the results of our initial phase of drilling and assay results at Texmont which confirm our thesis of near-surface, high grade intervals of nickel that is present within thick mineralized sections, which support the potential for near-term, smaller scale, open pit production,” commented Canada Nickel CEO Mark Selby.
Canada Nickel last traded at $1.68 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.