TSX-V-listed Canada Nickel Company has acquired 13 additional properties, in 18 separate transactions, near its Crawford nickel-sulphide project, consolidating its position in the Timmins area of Ontario.
Combined, these properties have target structures 40 times the scale of the structure which hosts the company’s current Crawford main zone resource, chairperson and CEO Mark Selby reported on Monday.
Ten target properties have a larger footprint than Crawford and nine have been confirmed to contain the same host mineralisation as Crawford.
The Sothman target property, which was acquired from commodities major Glencore, has an historical high grade, shallow resource of about 190 000 t of 1.24% nickel, with 300 m strike length. The remaining 2.2 km strike length is largely untested.
Canada Nickel stated that four target areas had yielded drill intersections of more than 0.3% nickel. These are:
- Sothman: 2.31% nickel and 0.19% copper over true width of 3.2 m within 1.58% nickel and 0.12% copper over true width of 8.6 m from 41 m.
- Deloro: 0.38% nickel and 0.22 g/t platinum group metals (PGMs) over core length of 15.5 m within 0.28% nickel and 0.09 g/t PGMs over core length of 299 m from 241 m.
- Midlothian: 0.24% nickel over core length of 345 m, including 0.30% nickel over 42 m, and
- Mann Southeast: multiple 3 m intervals grading 0.31% to 0.33% nickel within 111 m of dunite across entire core length.
"The acquisition of these highly prospective target properties represents a transformational milestone for Canada Nickel, on par with the initial discovery of our flagship property, Crawford. The consolidation of these properties underscores our strong belief in the district-scale potential of the Timmins region and in our journey to become a leader of the next generation of nickel supply – large, scalable, low carbon nickel supply," he said.
“Each target has had some amount of historical work, and in some cases, much more than Crawford did initially, confirming these targets contain the same serpentinised dunite and/or peridotite that hosts Crawford mineralization and, as our last release reported, has the potential to permanently sequester carbon dioxide,” Selby added.
Canada Nickel Company’s stock closed 10% higher at $3.40 a share on Monday.