Canada Nickel Company (TSXV: CNC) has released an initial resource estimate for its Reid Nickel Sulphide project, which is found near Timmins, Ontario. The estimate follows over 26,508 metres of drilling in aggregate conducted across 55 drill holes.
The estimate is said to cover approximately 55% of the total target area for Reid, which consists of a geophysical target that is 3.9 square kilometres in size. This geophysical target also suggests the deposit is twice the size of Canada Nickel’s flagship Crawford project.
Highlights from the mineral resource estimate include:
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- Indicated resources: 595.7 million tonnes at 0.24% nickel, 0.012% cobalt, 6.2% iron, 0.70% chromium, 0.01 g/t palladium, 0.007 g/t platinum
- Consisting of 1,430,000 tonnes nickel, 72,900 tonnes cobalt, 36.8 million tonnes iron, 4,161,000 tonnes chromium, 197,700 ounces palladium and 144,300 ounces platinum
- Inferred resources: 987.4 million tonnes at 0.23% nickel, 0.012% cobalt, 6.4% iron, 0.01% palladium, 0.008 g/t platinum
- Consisting of 2,235,000 tonnes nickel, 121,900 tonnes cobalt, 63.1 million tonnes iron, 6,705,000 tonnes chromium, 320,000 ounces palladium and 259,600 ounces platinum
The deposit area is said to cover an area measuring 2.2 kilometres long by 900 metres and 700 metres deep, with the deposit remaining open in multiple directions. The company also believes that an additional 0.9 – 2.1 billion tonnes grading between 0.20% and 0.22% nickel remains open as a potential exploration target.
Canada Nickel has said it expects to publish a further five new nickel resource estimates across its portfolio by mid-2025.
Canada Nickel last traded at $0.92 on the TSX Venture.
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