EV Nickel unveils details of 2024 exploration plan
EV Nickel Inc. [EVNI-TSX] has announced details of its 2024 exploration program after closing a $5.11 million flow-through financing on March 28, 2024. The company said it has designed an impactful exploration program to advance its two significant nickel deposits and evaluate other targets on its extensive land package near Timmins, Ont.
EV is a nickel exploration company that aims to accelerate the transition to clean energy by focusing on the Shaw Dome area, where EV’s land package now spreads across more than 30,000 hectares and includes more than 100 kilometres of favourable strike length.
In addition to historic production, the Shaw Dome area is home to the Langmuir W4 deposit, which was discovered by drilling one of a cluster of anomalies in early 2007.
Shaw Dome is accessible by road and is located 25 kilometres southeast of Timmins. The company said a systematic exploration program consisting of geophysical surveys, metallurgical test work, surface mapping and drilling along the prospective 10-kilometre CarLang Trend in the northeast of the company’s land package has been designed to continue to advance the company’s at surface CarLang A Nickel Deposit.
CarLang hosts a NI 43-101-compliant combined indicated resource of 0.5 billion tonnes of Class 1 nickel, grading 0.25% nickel and an inferred resource of 0.5 billion tonnes of 0.23% nickel.
The company also said it will be completing diamond drill programs on its priority, high-grade nickel targets contained within the Shaw Dome property. It said exploration diamond drilling will focus on areas with known occurrences of high-grade nickel, including the extension of the previously announced W4 resource. It contains measured and indicated resource of 31 million pounds of grade 0.98% nickel. On top of that is an inferred resource of 12.1 million pounds of 0.98% nickel.
The company sees significant resource expansion potential at the W4 Deposit as it remains open at depth and along plunge.
EV Nickel has said it is focused on a 2-track strategy. It said Track 1 is to produce high-grade clean nickel, starting with W4. Track 2 is an integrated carbon capture and storage project with large scale clean nickel production starting with CarLang.
In a press release on March 28, 2024, EV Nickel said it had raised $5.1 million from an upsized private placement offering consisting of 1.7 million premium flow-through common shares priced at 95 cents, generating proceeds of $1.62 million and 4.7 million flow-through common shares priced at 75 cents each, generating proceeds of $3.5 million.
On Tuesday, EV shares eased 1.6% or $0.01 to 62 cents. EV Nickel shares are trading in a 52-week range of 73 cents and 0.05.