Canada Nickel hits 501.2 m of 0.23% Ni near Timmins, Ont.
Canada Nickel Company Inc. [TSXV-CNC] on Monday released assay results from a basket of properties in the Timmins, Ont., nickel district, including the recently acquired Deloro target.
Canada Nickel’s flagship asset is the Crawford Nickel-Cobalt-sulphide project, which is located in the Timmins’s Cochrane area of northern Ontario. Having announced a positive preliminary economic assessment for the project last year, the company is advancing the Crawford project to a feasibility study, which is expected to be completed by later this year.
In November, 2021, Canada Nickel announced that it had concluded 18 separate transactions, resulting in the outright acquisition or earn-in to 13 additional target properties within a 95-kilometre radius of the Crawford project, a move that has consolidated Canada Nickel’s position in the Timmins area.
These acquisitions are in line with Canada Nickel’s bid to deliver nickel required to feed the high growth electric vehicle and stainless-steel markets.
On Monday, the company released assays results from the Mahaffy, Dargavel, Kingsmill and MacDiarmid properties. On the Dargavel-Bradburn property, the company said a single hole in Dargarvel Twp. was completed in 2021 to confirm historic drilling from the 1960s by Inc.
It said drill hole DAR21-01 intersected 501.2 metres of 0.23% nickel below overburden starting at 68.0 metres with a higher-grade zone of 0.30% nickel over 162.0 metres starting at 375.0 metres and including 0.34% nickel over 28.5 metres starting at 451.5 metres downhole.
The Dargavel-Bradburn property includes 3,554 hectares of mining patents and 11,438 hectares of claims. It hosts a series of very long ultramafic sills, striking east-west that have been mapped for 10 kilometres. These townships have been relatively unexplored, but historical drilling in the 1960s by Inco Ltd. in Dargavel township encountered 590 feet of serpentinized peridotite in hole 25014 grading 0.24% nickel with local assays up to 0.40% nickel and 287 feet of serpentinized peridotite in hole 28479.
Meanwhile, the company said it continues to aggressively advance Crawford and expects to deliver a feasibility study by the fourth quarter of 2022, based on a resource update provided in the second quarter of this year.
The company also expects to file the initial project description which will formally begin the permitting process for Crawford during the first quarter of 2022.
“Today’s successful assay results from our initial set of properties outside of Crawford and the success of the first hole at Deloro confirm our targeting approach is correct,” said Steve Baich, Canada Nickel’s Vice-President, Exploration.
“Deloro is a great first example, having intersected mineralized dunite from just two metres below surface over a length of 480 metres,” he said. “This year we will move beyond our flagship Crawford property and start exploring our 13 newly acquired regional properties, confident that our targeting approach will yield multiple discoveries.”
The Deloro property is located covers 1,800 hectares and is located 10 kilometres southeast of Timmins.
On Monday, Canada Nickel shares eased 8.5% or 30 cents to $3.21 on volume of 278,980. The shares are currently trading in a 52-week range of $4.54 and $2.18.