Canada Nickel drills 0.5% nickel over 52.5 metres at Texmont, Ontario

Canada Nickel Company Inc. [CNC-TSXV; CNIKF-OTCQX] released assay results that indicate an expansion of high-grade, near-surface nickel mineralization at the Texmont property 36 km south of Timmins, northeastern Ontario. In December 2022, Canada Nickel announced an agreement to acquire the past producing Texmont mine situated between the company’s Deloro and Sothman properties south of Timmins.

This release contains assay results from 16 additional holes with assays pending from 11 holes. The company has drilled 39 holes totaling 9,696 metres as part of an exploration program to support the development of a resource. The mineralization has been drilled over a footprint of 1 km along strike to a maximum depth of 444 metres where it remains open.

Mark Selby, CEO, said: “The latest assay results continue to confirm our thesis of near-surface high grade intervals within thick mineralized sections which support the potential for near-term, smaller scale, open pit production. Of particular note, we are excited by the near-surface higher grade interval in hole TEX23-32 in the northern lens which is nearly half a kilometre from the southern high-grade lens. We have now planned additional drilling at the northern lens. We are looking forward to delivering an initial resource and Preliminary Economic Analysis on Texmont this year as its near-term production potential is highly complementary to our large-scale Crawford and regional nickel sulphide project potential.”

All 39 drillholes intersected mineralized peridotite to varying degrees.

TXT23-13 averaged 0.21% nickel over 382.0 metres, including a higher-grade section of 0.52% nickel over 21.0 metres.

TXTX23-15 averaged 0.27% nickel, including 0.88% nickel and 0.10g/t Pt+Pd over 8.0 metres.

TXT23-16 averaged 0.25% nickel over 329.5 metres, including 0.48% nickel over 21.0 metres.

TXT23-17 intersected 28.1 metres of peridotite averaging 0.21% nickel.

TXT23-18 was drilled 55 metres northwest of TXT23-13 in komatiite and intersected mineralized peridotite, interrupted by a section of metasediments. The top peridotite averaged 0.21% nickel over 69.2 metres, while the bottom peridotite averaged 0.19% nickel over 35.0 metres.

TEX23-19 averaged 0.43% nickel over 183.7 metres including 0.69% nickel over 40.0 metres and 1.03% nickel over 7.0 metres.

TXT23-20 was collared and ended in mineralized peridotite. The bottom of the hole averaged 0.23% nickel over 159.0 metres including 0.31% nickel over 100.2 metres. Top of hole assays are still pending.

TXT23-21 averaged 0.28% nickel over 84.4 metres, including 0.90% nickel over 6.0 metres and 0.35% nickel over 49.3 metres. The bottom peridotite averaged 0.26% nickel over 15.4 metres.

TXT23-22 averaged 0.26% nickel over 248.8 metres including 0.34% nickel over 40.5 metres.

TXT23-23 intersected 0.24% nickel over 181.9 metres, including 0.30% nickel over 37.5 metres.

TXT23-24 returned 0.71% nickel over 21.0 metres. Top and bottom of hole assays are still pending.

TXT23-25 returned 0.24% nickel over 308.8 metres, including a section of well mineralized peridotite averaging 0.58% nickel over 64.8 metres, including 0.85% nickel over 8.0 metres.

TXT23-26 was collared in mineralized peridotite at 5.0 metres below surface. The hole averaged 0.29% nickel over 235.0 metres including 0.50% nickel over 52.5 metres.

TXT23-27 collared on peridotite at 4 metres below surface and ended in peridotite except for a gabbro section near the bottom of the hole. The top peridotite averaged 0.21% nickel over 120.6 metres, while the bottom peridotite averaged 0.20% nickel over 39.8 metres.

TXT23-returned 0.30% nickel over 159.7 metres and included a section of 0.52% nickel over 27.0 metres. The hole is interrupted by a section of a later intrusion but continues on well mineralized peridotite averaging 0.33% nickel over 68.4 metres, including 0.42% nickel over 36.0 metres.

TXT23-32 is collared in the north zone approximately 650 metres from the shaft. The hole starts on komatiite and remains in mineralized peridotite to the end of the hole. The hole averaged 0.31% nickel over 291.8 metres and includes 0.59% nickel over 43.5 metres with 10.5 metres of 0.95% nickel.

Canada Nickel has agreed to issue 43,924 common shares of the company in satisfaction of $60,000 due to a service provider for advisory services. In addition, the company entered into an agreement to acquire a 100% interest in certain mining claims located in the Timmins, Ontario nickel-sulphide mining district in exchange for 54,000 common shares. Canada Nickel has also entered into an agreement with the holder of certain expired mining claims located in the area under which the company has been provided with the right to re-stake these claims in exchange for consideration of 10,000 common shares. Each of the foregoing issuances of common shares are subject to prior approval of the TSXV and will be subject to a four-month hold period.

Canada Nickel is currently anchored by its 100%-owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the Timmins-Cochrane mining camp.