EV Nickel’s shares jump on maiden Ontario resource estimate
TSX-V-listed EV Nickel’s (EVNi’s) stock surged this week after the company announced a maiden mineral resource estimate (MRE) for the CarLang A Zone, part of its Shaw Done project, in Ontario.
After acquiring the property in April last year, EVNi launched a 28-hole diamond drilling programme to complete a maiden MRE, which shows indicated resources of 1.25-million tonnes, or 2.8-billion pounds of contained nickel and inferred resources of 1.16-million tonnes, or 2.6-billion pounds of contained nickel.
The A Zone resources total one-billion tonnes, averaging 0.24% nickel and 0.0107 parts per million cobalt.
The resource is split between higher grade core with 290-million tonnes at 0.27% nickel indicated and 203-million tonnes at 0.27% nickel inferred, and lower grade with 219-million tonnes at 0.22% nickel indicated and 294-million tonnes at 0.21% nickel inferred.
The contained nickel defined in the CarLang A Zone is roughly equivalent to the nickel in about 34-million electric vehicles (EVs), the company said in a media release.
CarLang A Zone represents about 20% of the full 10-km-long CarLang Area Trend.
“The A Zone is just the beginning of the CarLang Area because we know the host units have been identified over approximately five times the strike length. So, if we consider the full potential of the CarLang Trend - this is the type of generational opportunity, which is near surface and in an excellent location, that the world needs for a supply of Clean Nickel to help fuel the energy transition,” commented EV Nickel president and CEO Sean Samson.
EVNi’s share price is up 78% to C$0.16 a share in the past five days.
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