Canada Nickel Intersects Second Significant Nickel Sulphide Interval at Bannockburn Project
Rhea-AI Summary
Canada Nickel Company has announced a second significant nickel sulphide intersection at its Bannockburn Property, located 65 kilometers south of Timmins, Ontario. The new drill hole BAN24-20 revealed a net-textured sulphide interval of 9.2 metres within a 12.7-metre mineralized interval. This follows the previous hole BAN24-18 which intersected 12.0 metres of 1.61% nickel, including 4.0 metres of 3.95% nickel. The company is currently conducting a borehole electromagnetic survey to understand the size and location of the high-grade mineralization in the F-zone. The B-Zone initial resource is expected to be completed by Q1 2025.
Positive
- Second significant nickel sulphide intersection confirms mineralization potential
- Previous hole BAN24-18 showed high-grade results of 3.95% nickel over 4.0 metres
- Multiple geophysical targets identified for potential exploration
Negative
- None.
News Market Reaction
On the day this news was published, CNIKF gained 2.14%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Highlights
- Successfully completes follow-up drill hole to initial massive sulphide result
- New net-textured sulphide interval of 9.2 metres within overall highly mineralized interval of 12.7 metres in hole BAN24-20
- Previous hole BAN24-18 intersected 12.0 metres of
1.61% nickel including 4.0 metres of3.95% nickel - Borehole electromagnetic survey in progress
CEO Mark Selby said, "We are pleased that this second hole at Bannockburn F-Zone intersected a well-mineralized interval, which correlates with the geophysical target that had been identified in the prior borehole survey. We have multiple geophysical targets on our
Bannockburn Property
The Bannockburn Property is located 65 kilometres south of
Bannockburn F-Zone
Initial drilling by Canada Nickel resulted in the intersection of massive sulphides in drillhole BAN24-18 which yielded 4.0 metres of
Interpretation of the BHEM survey results produced a target approximately 130 metres below the initial discovery in BAN 24-18 which was then tested with hole BAN24-20. The hole intersected the target at 470 metres downhole (within 20 metres of the interpreted location), within a strongly serpentinized peridotite that includes net-textured to locally semi-massive sulphides. The strongly mineralized peridotite is approximately 12.7 metres in core length (see Figures 2 a,b) and is followed by strongly serpentinized peridotite with disseminated nickel mineralization to end of hole. An XRF analyzer was used to confirm the presence of nickel. Samples have been submitted for assays.
The Company has a BHEM survey underway in BAN24-20 to test the continuation and extent of the high-grade horizons intersected in holes BAN24-18 and BAN24-20.
Figure 1 – Bannockburn B-Zone and F-Zone, ongoing drill program.
Figure 2 – BAN24-20, core pictures a (467.0-485.3 metres); b (469.9-479.1 metres)
a) Volcanics to Peridotite contact; b) Net-texture sulphides (Po (Pyrrhotite)>Pn (Pentlandite)
Table 1: Logged Intervals BAN24-20
From | To (m) | Length | Lithology | % Sulphide* |
470.3 | 471.3 | 1.0 | Strongly Serpentinized Peridotite. Diss Ni Min | 2-5 |
471.3 | 477.0 | 5.7 | Net-textured sulphide peridotite. | 15-25 |
477.0 | 480.5 | 3.5 | Strongly Serpentinized peridotite. Strong diss Ni mi | 5-15 |
480.5 | 483.0 | 2.5 | Strongly Serpentinized Peridotite. Diss Ni Min | ~1 |
* | Visual estimation. For reference, Crawford % sulphide typically between 0.1 |
Table 2: Drillhole Orientation
Hole ID | Easting (mE) | Northing (mN) | Azimuth (⁰) | Dip (⁰) | Length (m) |
F-Zone | |||||
BAN24-20 | 507326 | 5311585 | 34 | -60 | 550 |
Amended Services Agreement
Further to the previously announced engagement agreement (the "Services Agreement") between the Company and a third-party service provider (the "Service Provider") (see news release dated October 31, 2024), the parties have agreed to revised terms such that the Company will pay a fee of
In accordance with the revised terms of the Services Agreement, 73,529 Service Shares will be issued to the Service Provider at a deemed price of
The issuance of Service Shares under the Services Agreement is subject to the prior approval of the TSX Venture Exchange. The Service Shares will be subject to a hold period under Canadian securities laws, which will expire on the date that is four months and one day from the date of issuance.
Statement Regarding TSX Venture
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Quality Assurance and Control, Drilling and Assaying
Edwin Escarraga, MSc, P.Geo., a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins, while a second set of samples is securely shipped to SGS Lakefield for preparation, with analysis performed at SGS Burnaby. All are ISO/IEC 17025 accredited labs. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.
Qualified Person and Data Verification
Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a "qualified person" as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel.
About Canada Nickel Company
Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its
For further information, please contact:
Mark Selby
CEO
Phone: 647-256-1954
Email: info@canadanickel.com
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, drill and exploration results relating to the target properties described herein (the "Properties"), the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the potential of the Crawford Nickel Sulphide Project and the Properties, timing and completion (if at all) of mineral resource estimates, the ability to sell marketable materials, strategic plans, including future exploration and development plans and results, corporate and technical objectives, and the completion of assays, follow-up geophysics and further drilling. Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law.
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SOURCE Canada Nickel Company Inc.
FAQ
What are the latest drilling results from Canada Nickel's Bannockburn Property?
When will Canada Nickel (CNIKF) complete the Bannockburn B-Zone initial resource?
What were the nickel grades in Canada Nickel's BAN24-18 drill hole?
