Canada Nickel Company Inc. [CNC-TSXV; CNIKF-OTCQB] announced the discovery of previously unknown mineralization at its Crawford nickel-cobalt sulphide project. The discovery was made from four new drill holes; assays are pending.
All four drill holes intersected mineralized dunite across a width of 800 metres and along a strike length of 425 metres in a 2.5 km by 400-800 metre wide geophysical anomaly approximately 850 metres northwest of Main Zone.
The fourth hole ended in mineralization (0.31% nickel, 0.09% sulphur, 0.06 g/t platinum group metals, 0.014% cobalt, 7.37% iron across 21 metres) with more assays pending.
This discovery is separate and in addition to the company’s latest resource update, which focuses on the company’s first two discoveries.
â€œThis is yet another exciting discovery on the Crawford nickel-cobalt sulphide project with a geophysical footprint larger than the Main Zone,â€ said Mark Selby, chair andCEO of Canada Nickel. “These drill holes intersected mineralization consistent with what we’ve seen in the Crawford Main zone, and reinforces our geophysical understanding of Crawford’s mineralization. I look forward to seeing these assay results and our continued exploration results as we continue to unlock the potential at Crawford.”
The Crawford nickel-cobalt sulphide project is located in the heart of the prolific Timmins-Cochrane mining camp in northeastern Ontario, and is adjacent to well-established, major infrastructure associated with over 100 years of regional mining activity.
In October 22 trading, shares of Canada Nickel gained $0.20 to $2.34, or 9.3%, on a volume of 1,235,700 shares traded.