Canada Nickel Announces Initial Resource at Reid Nickel Sulphide Project
Canada Nickel (TSXV: CNC) (OTCQB: CNIKF) announced an initial mineral resource for its Reid Nickel Sulphide Project near Timmins, Ontario. The project, located 16 kilometers southwest of Crawford, features an Indicated Resource of 0.59 billion tonnes grading 0.24% nickel (containing 1.4 million tonnes of nickel) and an Inferred Resource of 0.99 billion tonnes grading 0.23% nickel (containing 2.2 million tonnes of nickel).
The resource covers approximately 55% of Reid's total geophysical target area, which is more than twice the size of Crawford. The project has an additional Exploration Target potential of 0.9-2.1 billion tonnes grading 0.20-0.22% nickel. Reid is the second of seven new nickel resources expected to be published by mid-2025, demonstrating the potential scale of the Timmins Nickel District.
Canada Nickel (TSXV: CNC) (OTCQB: CNIKF) ha annunciato una risorsa mineraria iniziale per il suo Progetto di Nickel Sulfuro di Reid vicino a Timmins, Ontario. Il progetto, situato a 16 chilometri a sud-ovest di Crawford, presenta una risorsa indicata di 0,59 miliardi di tonnellate con un contenuto di nickel dello 0,24% (corrispondente a 1,4 milioni di tonnellate di nickel) e una risorsa inferita di 0,99 miliardi di tonnellate con un contenuto di nickel dello 0,23% (corrispondente a 2,2 milioni di tonnellate di nickel).
La risorsa copre circa il 55% dell'area obiettivo geofisica totale di Reid, che 猫 pi霉 del doppio della dimensione di Crawford. Il progetto ha un ulteriore potenziale di obiettivo esplorativo di 0,9-2,1 miliardi di tonnellate con un contenuto di nickel dello 0,20-0,22%. Reid 猫 la seconda di sette nuove risorse di nickel che ci si aspetta vengano pubblicate entro la met脿 del 2025, dimostrando la potenziale grandezza del Distretto del Nickel di Timmins.
Canada Nickel (TSXV: CNC) (OTCQB: CNIKF) anunci贸 un recurso mineral inicial para su Proyecto de Sulfuro de N铆quel Reid cerca de Timmins, Ontario. El proyecto, ubicado a 16 kil贸metros al suroeste de Crawford, cuenta con un recurso indicado de 0.59 mil millones de toneladas con un grado de 0.24% de n铆quel (contiene 1.4 millones de toneladas de n铆quel) y un recurso inferido de 0.99 mil millones de toneladas con un grado de 0.23% de n铆quel (contiene 2.2 millones de toneladas de n铆quel).
El recurso cubre aproximadamente el 55% del 谩rea geof铆sica objetivo total de Reid, que es m谩s del doble del tama帽o de Crawford. El proyecto tiene un potencial adicional de objetivo exploratorio de 0.9 a 2.1 mil millones de toneladas con un grado de 0.20-0.22% de n铆quel. Reid es el segundo de siete nuevos recursos de n铆quel que se espera se publiquen para mediados de 2025, demostrando la escala potencial del Distrito de N铆quel de Timmins.
旌愲倶雼� 雼堨紙 (TSXV: CNC) (OTCQB: CNIKF)電� 鞓儉毽槫欤� 韺�氙检姢 攴检矘鞚� 毽摐 雼堨紙 頇╉檾甏戩偘 頂勲鞝濏姼鞐� 雽�頃� 齑堦赴 甏戨 鞛愳洂鞚� 氚滍憸頄堨姷雼堧嫟. 鞚� 頂勲鞝濏姼電� 韥韽摐鞐愳劀 雮劀飒届溂搿� 16韨氙疙劙 鞙勳箻鞐� 鞛堨溂氅�, 雼堨紙 頃焿鞚� 0.24%鞚� 5鞏�9000毵� 韱れ潣 歆�鞝� 鞛愳洂 (雼堨紙 140毵� 韱� 韽暔)瓿� 雼堨紙 頃焿鞚� 0.23%鞚� 9鞏�9000毵� 韱れ潣 於旍爼 鞛愳洂 (雼堨紙 220毵� 韱� 韽暔)鞚� 臧栰稊瓿� 鞛堨姷雼堧嫟.
鞚� 鞛愳洂鞚� 毽摐鞚� 齑� 歆�甑毽暀鞝� 氇╉憸 歆�鞐潣 鞎� 55%毳� 彀頃橂┌, 鞚措姅 韥韽摐鞚� 霊� 氚� 鞚挫儊鞛呺媹雼�. 鞚� 頂勲鞝濏姼電� 於旉皜 韮愳偓 氇╉憸 臧�電レ劚鞙茧 9鞏奠棎靹� 21鞏� 韱れ潣 雼堨紙 頃焿 0.20-0.22%毳� 臧�歆�瓿� 鞛堨姷雼堧嫟. 毽摐電� 2025雲� 欷戨皹旯岇 氚滍憸霅� 鞓堨爼鞚� 7臧滌潣 靸堧鞖� 雼堨紙 鞛愳洂 欷� 霊� 氩堨Ц搿�, 韺�氙检姢 雼堨紙 歆�甑潣 鞛犾灛鞝侅澑 攴滊毳� 氤挫棳欷嶋媹雼�.
Canada Nickel (TSXV: CNC) (OTCQB: CNIKF) a annonc茅 une ressource min茅rale initiale pour son projet de sulfure de nickel Reid pr猫s de Timmins, en Ontario. Le projet, situ茅 脿 16 kilom猫tres au sud-ouest de Crawford, pr茅sente une ressource indiqu茅e de 0,59 milliard de tonnes avec une teneur en nickel de 0,24% (contient 1,4 million de tonnes de nickel) et une ressource inf茅r茅e de 0,99 milliard de tonnes avec une teneur en nickel de 0,23% (contient 2,2 millions de tonnes de nickel).
La ressource couvre environ 55% de la zone g茅ophysique cible totale de Reid, qui est plus de deux fois la taille de Crawford. Le projet a un potentiel suppl茅mentaire d'objectif d'exploration de 0,9 脿 2,1 milliards de tonnes avec une teneur en nickel de 0,20 脿 0,22%. Reid est la deuxi猫me de sept nouvelles ressources en nickel qui devraient 锚tre publi茅es d'ici la mi-2025, d茅montrant l'茅chelle potentielle du district du nickel de Timmins.
Canada Nickel (TSXV: CNC) (OTCQB: CNIKF) hat eine erste Mineralressource f眉r sein Reid Nickel Sulphide-Projekt in der N盲he von Timmins, Ontario, angek眉ndigt. Das Projekt, das 16 Kilometer s眉dwestlich von Crawford liegt, verf眉gt 眉ber eine angegebene Ressource von 0,59 Milliarden Tonnen mit einem Nickelgehalt von 0,24% (dies entspricht 1,4 Millionen Tonnen Nickel) und eine gesch盲tzte Ressource von 0,99 Milliarden Tonnen mit einem Nickelgehalt von 0,23% (das entspricht 2,2 Millionen Tonnen Nickel).
Die Ressource deckt etwa 55% des gesamten geophysikalischen Zielgebiets von Reid ab, das mehr als doppelt so gro脽 ist wie Crawford. Das Projekt hat ein zus盲tzliches Explorationsziel-Potenzial von 0,9 bis 2,1 Milliarden Tonnen mit einem Nickelgehalt von 0,20-0,22%. Reid ist die zweite von sieben neuen Nickelressourcen, die bis Mitte 2025 ver枚ffentlicht werden sollen und zeigt das Potenzial der Gr枚脽e des Nickelbezirks von Timmins.
- Initial resource estimate reveals substantial nickel content: 1.4M tonnes (Indicated) and 2.2M tonnes (Inferred)
- Additional exploration target potential of 0.9-2.1 billion tonnes at 0.20-0.22% nickel
- Project is now accessible year-round via exploration road
- Resource remains open in multiple directions for potential expansion
- Relatively low nickel grades (0.23-0.24%)
- Calculated recovery averages only 49% for nickel
- Technical report still pending within 45 days
Highlights:
- Initial Reid Indicated Resource of 0.59 billion tonnes grading
0.24% nickel containing 1.4 million tonnes of nickel, an Inferred Resource of 0.99 billion tonnes grading0.23% nickel containing 2.2 million tonnes of nickel. Exploration Target1 potential of an additional 0.9-2.1 billion tonnes grading 0.20-0.22% nickel - Reid is the second of seven new nickel resources expected to be published by mid-2025 demonstrating the potential scale of the Timmins Nickel District
- 2024 drilling program across the Timmins Nickel District completed over 119,000 metres across fourteen properties
The Reid Nickel Sulphide Project is located just 16 kilometres southwest of the Company's Crawford Nickel Sulphide Project ("Crawford") and is more than twice the size of Crawford based on the outline of its geophysical target of 3.9 square kilometres. The area of the geophysical target covered by the Reid resource represents approximately
Mark Selby, CEO of Canada Nickel said, "The size and scale of the Reid resource, which is significantly larger than the initial Crawford resource, validates our belief in the potential of the Timmins Nickel District. Reid's target footprint is more than twice the size of our initial Crawford project and is only the second of seven new mineral resources we expect to announce by mid-2025. We look forward to continuing to demonstrate the potential of this world class district."
1 the potential quantity and grade is conceptual in nature; there has been insufficient exploration to define a mineral resource; it is uncertain if further exploration will result in the target being delineated as a mineral resource (also see below).聽 |
Reid Mineral Resource Estimate
For the initial Mineral Resource Estimate, a total of 26,508 metres of core drilling in 55 drill holes were utilized to calculate the Reid Resources in two categories as provided in Table 1. Indicated Resources totalled 0.59 billion tonnes grading
The volume of the modelled Exploration Target area determines the potential tonnage statement in the Exploration Target. The grade range given in the Exploration Target is determined with consideration to the drill core results within the modelled Exploration Target area, consideration of the geological setting in a well understood nickel deposit type where grades are observed and well understood and based on the experience of the Company and the Qualified Persons. The potential tonnages and grades are conceptual in nature and are based on drill holes and geophysical results that define the approximate length, thickness, depth and grade of the Exploration Target potential. There has been insufficient exploration to define a current mineral resource and the Company cautions that there is a risk that further exploration will not result in the delineation of a current mineral resource.
Drilling at Reid was completed in 2022 and 2024.聽 The 2024 campaign successfully completed the goal of infilling previous sections to define an initial mineral resource estimate, gain understanding on the geology of the deposit as well as systematically collecting samples for mineralogical analysis that would help define the potential of nickel recovery.
The Reid Mineral Resource Estimate was prepared by Caracle Creek International Consulting Inc. in accordance with CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (2019) and CIM Definition Standards for Mineral Resources & Mineral Reserves (2014). A Technical Report in support of the Mineral Resource Estimate will be filed on SEDAR+ () within 45 days of this news release. 聽
Table 1 鈥� Initial Mineral Resource Estimate (in-pit resources) for the Reid Nickel Sulphide Deposit,
Mineral Resource Estimate | Contained Metal | |||||||||||||||
顿辞尘补颈苍听 | 颁濒补蝉蝉听 | 罢辞苍苍别蝉听 | Ni (%)听 | 颁辞听 | 贵别听 | 颁谤听 | S (%)听 | 笔诲听 | 笔迟听 | Ni (办迟)听 | 颁辞听 | 贵别听 | 颁谤听 | 笔诲听 | 笔迟听 | |
贬颈驳丑别谤听 | Indicated | 525.6 | 0.25 | 0.012 | 6.0 | 0.71 | 0.048 | 0.010 | 0.007 | 1,294 | 63.7 | 31.7 | 3,742 | 167.0 | 120.2 | |
Inferred | 754.0 | 0.24 | 0.012 | 6.1 | 0.71 | 0.050 | 0.009 | 0.007 | 1,792 | 92.0 | 46.3 | 5,337 | 227.3 | 182.7 | ||
尝辞飞别谤听 | Indicated | 70.2 | 0.19 | 0.013 | 7.3 | 0.60 | 0.045 | 0.014 | 0.011 | 135 | 9.1 | 5.1 | 418 | 30.7 | 24.0 | |
Inferred | 233.4 | 0.19 | 0.013 | 7.2 | 0.59 | 0.049 | 0.012 | 0.010 | 443 | 29.9 | 16.9 | 1,368 | 93.0 | 76.9 | ||
罢辞迟补濒听 | Indicated | 595.7 | 0.24 | 0.012 | 6.2 | 0.70 | 0.048 | 0.010 | 0.007 | 1,430 | 72.9 | 36.8 | 4,161 | 197.7 | 144.3 | |
Inferred | 987.4 | 0.23 | 0.012 | 6.4 | 0.68 | 0.050 | 0.010 | 0.008 | 2,235 | 121.9 | 63.1 | 6,705 | 320.3 | 259.6 | ||
*Totals may not add due to rounding.
1. | The independent Qualified Person for the Mineral Resource Estimate ("MRE"), as defined by NI 43-101, is Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), of Caracle Creek International Consulting Inc. The effective date of the Mineral Resource Estimate is December 5, 2024. |
2. | The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. |
3. | A cut-off grade of |
4. | Geological and block models for the MRE used data from a total of 55 surface drill holes, completed by Canada Nickel in 2022 and 2024. The drill hole database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks, core duplicates and commercial certified reference material inserted into assay batches by Canada Nickel and by comparison of umpire assays performed at a second laboratory. |
5. | Estimates have been rounded to two significant figures. |
6. | The MRE was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019) and the CIM Definition Standards for Mineral Resources & Mineral Reserves (May 19, 2014). |
7. | The geological model as applied to the MRE comprises two mineralized domains hosted by variably serpentinized ultramafic rocks: a relatively higher-grade core (dunite) and a lower grade (transitional dunite). Individual wireframes were created for each domain in Leapfrog Geo 2024.1 software. |
8. | A 20 m x 20 m x 15 m block model was created, and samples were composited at 7.5 m intervals. Grade estimation from drill hole data was carried out for Ni, Co, Fe, Cr, S, Pd and Pt using the Ordinary Kriging interpolation method in Isatis 2024.04 software. |
9. | The MRE has been constrained by a conceptual pit envelope that was developed using the following optimization parameters. Metal prices used were |
10. | Grade estimation was validated by comparison of input and output statistics (Nearest Neighbour and Inverse Distance Squared methods), swath plot analysis, cross-plots of declustered samples against the nearest OK estimate, and by visual inspection of the assay data, block model, and grade shells in cross-sections. |
11. | Density estimation was carried out for the mineralized domains using the Ordinary Kriging interpolation method, based on 3,189 specific gravity measurements collected during the core logging process, using the same block model parameters of the grade estimation. As a reference, the average estimated density value within dunite is 2.65 g/cm3 (t/m3), while the transitional dunite domain yielded an average of 2.69 g/cm3 (t/m3). |
Next Steps at Reid:
- A technical report with respect to the Mineral Resource Estimate disclosed today will be filed within 45 days
- Mineralogical studies and metallurgical testwork will continue through 2025, as well as infill drilling to further upgrade the mineral resource
Overall Exploration Update
The Company's 2024 exploration program focused on demonstrating the potential of the Company's portfolio in the Timmins Nickel District through the initial drilling of several promising ultramafic targets to the delineation of mineral resources on targets previously drilled by the Company.聽 Canada Nickel has completed 59 drill holes at Reid since acquiring the Project for a total of 34,615 metres. In 2024, the Company drilled 32 holes at Crawford to better define the Crawford PGM Zone, 26 holes at Texmont, 93 holes at Mann, 16 holes at
Assays, Quality Assurance/Quality Control and Drilling
Edwin Escarraga, MSc, P.Geo., a "Qualified Person" within the meaning of NI 43-101, 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 secure core logging facility (core shack). 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 (QA/QC samples) are inserted at a rate of three 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" within the meaning of NI 43-101, 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 Company Inc.
The聽magnetic images shown in this news release were created from Canada Nickel's interpretation of datasets provided by the Ontario Geological Survey.
础产辞耻迟听颁补苍补诲补听狈颈肠办别濒听颁辞尘辫补苍测
Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel聽required to feed the high growth electric vehicle and stainless-steel markets. Canada Nickel Company聽has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM聽and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron聽products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions.聽Canada Nickel is currently anchored by its
For further information, please contact:
惭补谤办听厂别濒产测
CEO
Phone: 647-256-1954
Email: info@canadanickel.com
Cautionary Note and Statement Concerning Forward Looking Statements
This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation.聽 Forward looking information includes, but is not limited to, the potential of the Reid Nickel Sulphide Project, timing for filing a technical report in support of the Mineral Resource Estimate,聽the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, timing and completion (if at all) of additional mineral resource estimates, the potential of the Timmins Nickel District,聽strategic plans, including future exploration and development plans and results, and corporate and technical objectives.聽 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.聽 Factors that could affect the outcome include, among聽 others:聽 future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise聽 the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities聽 (known聽 and聽 unknown), general business, economic, competitive, political and social uncertainties, results of聽 exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain聽 regulatory or shareholder approvals.聽 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.聽 Accordingly, readers should not place undue reliance on forward-looking information.聽 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.聽 Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information. 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.
View original content to download multimedia:
SOURCE Canada Nickel Company Inc.
FAQ
What is the initial resource estimate for Canada Nickel's Reid project (CNIKF)?
How does the size of Reid compare to Canada Nickel's Crawford project?
What is the exploration target potential for the Reid nickel project?
When will Canada Nickel (CNIKF) release additional resource estimates?
What are the current dimensions of the Reid resource?
