Canada Nickel Makes New Discovery at Newmarket Property, Achieves Best Drill Results at Reid to Date and Announces Grant of Options and RSUs
- First two holes at
Newmarket successfully intersect target mineralization including 373 metres of 0.24% nickel in NEW24-01 - Best interval to date at first hole at Reid - 675 metres of 0.25% nickel including 142 metres of 0.32% nickel and 24 metres of 0.40% nickel in REI24-17
- First five holes at Reid each intersect over 650 metres of target mineralization within an 800-metre-thick ultramafic sequence – approximately 2 times thicker than Crawford's Main zone
A total of six holes have been completed at Reid and seventeen holes have also been completed at Crawford as part of a program to delineate an initial palladium-platinum (PGM) resource for which assays are pending. Four drill rigs are currently operating, and a fifth drill rig is expected to begin on
"The initial
The Reid Property is located just 16 km southwest of Crawford and contains a geophysical target of 3.9 km2 nearly 2.4 times larger than Crawford (see Figure 1). The Company currently has an ongoing drilling program, with all six initial drillholes intersecting long intervals of dunite and five holes ending in mineralization. Complete assays for hole REI24-17 are disclosed in this release and five holes have assays pending. Hole REI24-17 was collared near the west border of the target and drilled north toward the center of the intrusion. The full interval of 675 metres, beginning at 27 metres downhole, assayed 0.25% nickel including 142.5 metres of 0.32% nickel and 24 metres of 0.4% nickel. In this area the ultramafic sequence is more than 800 metres thick, nearly twice that of Crawford's main zone (Figure 2).
The Company aims to complete an initial resource at Reid by Q4 2024.
Table 1 – Reid drilling downhole composite.
Hole ID |
From (m) |
To (m) |
Length (m)* |
Ni % |
Co % |
Pd g/t |
Pt g/t |
Cr % |
Fe % |
S % |
REI24-17 |
27.0 |
702.0 |
675.0 |
0.25 |
0.012 |
0.010 |
0.007 |
0.69 |
5.99 |
0.07 |
including |
304.5 |
447 |
142.5 |
0.32 |
0.013 |
0.024 |
0.012 |
0.71 |
5.73 |
1.27 |
Including |
385.5 |
409.5 |
24.0 |
0.40 |
0.014 |
0.027 |
0.011 |
0.70 |
5.89 |
1.50 |
*True width undetermined. All lengths are drillhole lengths. |
Table 2: Drillhole Orientation
Hole ID |
Easting (mE) |
Northing (mN) |
Azimuth (⁰) |
Dip (⁰) |
Length (m) |
REI24-17 |
456365 |
5403800 |
0 |
-60 |
702 |
REI24-18 |
456760 |
5404150 |
180 |
-60 |
720 |
REI24-19 |
456960 |
5404305 |
180 |
-60 |
726 |
REI24-20 |
456565 |
5404100 |
180 |
-60 |
702 |
REI24-21 |
456565 |
5404300 |
180 |
-60 |
702 |
REI24-22 |
456565 |
5404300 |
0 |
-60 |
492 |
The Newmarket Property is located 35 kilometres east of Crawford, 28 kilometres south of
The following summarizes drill results from the first two holes drilled at
The initial two holes intersected mineralized and well serpentinized peridotite and dunite and ended in mineralization. Mineralization was delineated along a 0.8 kilometre strike length along the eastern margin within the 7.0 kilometre total distance of the geophysical target. The target remains open to the west for 6.2 kilometres where it connects to the Mann Southeast ultramafic target (See Figure 4).
Table 3 –
Hole ID |
From (m) |
To (m) |
Length (m)* |
Ni % |
Co % |
Pd g/t |
Pt g/t |
Cr % |
Fe % |
S % |
NEW24-01 |
45.0 |
418.0 |
373.0 |
0.24 |
0.010 |
0.003 |
0.004 |
0.45 |
6.25 |
0.04 |
NEW24-02A |
75.7 |
417.0 |
341.3 |
0.17 |
0.013 |
0.003 |
0.005 |
0.33 |
7.94 |
0.03 |
Including |
294.5 |
417.0 |
122.5 |
0.24 |
0.011 |
0.003 |
0.004 |
0.27 |
8.83 |
0.04 |
*True width undetermined. All lengths are drillhole lengths. |
Table 4: Drillhole Orientation
Hole ID |
Easting (mE) |
Northing (mN) |
Azimuth (⁰) |
Dip (⁰) |
Length (m) |
NEW24-01 |
510729 |
5404260 |
50 |
-50 |
418 |
NEW24-02A |
510007 |
5404669 |
40 |
-50 |
417 |
The Company also announced today that, effective
Neither
CEO
Phone: 647-256-1954
Email: info@canadanickel.com
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
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