Highlights
- Seven separate nickel-bearing target structures with more than
30 kilometres of total strike length ranging from 150 to 600 metres
wide have been identified
- Historic drilling yielded nickel-bearing intersections on all
of the target structures.
-
- Kingsmill – 0.30% Ni over core length of 503 metres from 118
metres in historic hole KML-12-02 (2012) and 0.31% Ni over 302
metres core length from 20 metres in historic hole 27090
(1966)
- Nesbitt-North – 0.28% Ni over core length of 163 metres from
233 metres in historic hole 27083 (1966)
- Mahaffy-Aubin – 0.23% Ni over core length of 127 metres from 82
metres in historic hole 31901 (1966) and core length of 276 metres
of serpentinized ultramafic mineralization (similar host
mineralization at Crawford) in historic hole T2-80-2 (1980) with no
assays provided
- Please note that a majority of the holes were drilled more than
forty years ago and only tested the periphery of target structures
and did not traverse entire width of the proposed targets.
See below caution regarding Historical Information
- PGM-enriched structures similar to Crawford also identified at
Kingsmill
-
- 1.0 g/t PGM over 2 metres from 96 metres within 0.3 g/t PGM
over 30 metres from 69 metres in historic hole KML-12-11 (2012),
0.8 g/t PGM over 5 metres from 523 metres within 0.5 g/t PGM over
24 metres in historic hole KML-12-07 (2012).
TORONTO, July 13, 2020 /CNW/ - Canada Nickel Company
Inc. (TSX-V:CNC) ("Canada Nickel" or the "Company") today announced
that after reviewing historical drilling and geological
information, it has identified multiple nickel targets with large
scale potential on option properties that were acquired in
May 2020.
"This initial review highlights the nickel-cobalt sulphide
potential of the overall land package we have assembled in addition
to our Crawford project: seven different structures ranging in size
from 2.2 kilometres long by 375-600 metres wide (Kingsmill), and 8
kilometres long by 200-500 metres wide (Mahaffy-Aubin), and each
structure yielding historical drill intersections indicating that
the geophysical targets identified are nickel bearing," said
Mark Selby, Chair and CEO of Canada
Nickel. "We have already defined a large resource, yet we
believe we are just scratching the surface of the nickel-cobalt
sulphide potential of the property. Even with our upcoming
resource update, we still have more than half of Crawford left to
explore in addition to all of these new properties, which we will
evaluate further once we complete the geological work necessary to
deliver our Preliminary Economic Analysis (PEA) by
year-end."
The Crawford Nickel-Cobalt Sulphide Project is located in the
heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to
well-established, major infrastructure associated with over 100
years of regional mining activity.
Kingsmill
The Kingsmill target is a large serpentinized ultramafic
intrusion which is 2.2 km long and between 375-600 metres
wide. For reference, the Crawford Main Zone resource is 1.7
km long and 225-425 metres wide.
Initial review of historical drilling results has yielded both
significant nickel and PGM intersections and the north side of the
structure appears to have the same PGE enrichment as Crawford Main
and East Zones: 1.0 g/t PGM over 2 metres from 96 metres within 0.3
g/t PGM over 30 metres from 69 metres in historic hole KML-12-11,
0.8 g/t PGM over 5 metres from 523 metres within 0.5 g/t PGM over
24 metres in historic hole KML-12-07.
The Company believes that the initial review points to several
large portions of the structure which remain highly prospective for
nickel-cobalt-PGM mineralization:
- The two sections were 1.3 km apart leaving a large portion of
the overall structure completely untested.
- There are several intersections which points to the potential
for relatively higher quantities of recoverable minerals
-
- Holes KML-12-06, KML-12-11, KML-12-12 on the Eastern section
all contained intersections with significant nickel and sulphur
content (which is necessary for formation of nickel sulphide
minerals) across wide intersections (see Table 1 below)
- Hole KML-12-03, yielding 0.26% nickel and 0.03% sulphur over
130 metres, was the only hole (of four holes on the Western
section) drilled on the northern half of the structure, which has
yielded the best mineralized portions of the Crawford Main and East
Zones
-
- Historic hole 27090 also drilled on north side of the structure
in 1966 yielded 0.31% nickel over 302 metres (sulphur was not
assayed)
The understanding of the mineralogy of these deposits has
evolved significantly since the Kingsmill drilling was completed
eight years ago, particularly the controls and the deportment of
potentially recoverable nickel minerals across a deposit.
Initial mineralogy results from Kingsmill in 2012 were less
positive as the test was conducted on one master sample compiled
from all drill cores – not taking into account the significant
variability in mineralogy between rock types, and that some
ultramafic rock will have low amounts of potentially recoverable
nickel minerals.
See Tables 1a and 1b and Figure 2 for results. See below caution
regarding Historical Information.
Table 1a – Kingsmill Selected Historical Drilling Key Nickel
Intersections – Holes 6, 11, 12 (Eastern), 3 (Western), Kingsmill
Township, Ontario
DDH
ID
|
From
|
To
|
Length
|
Ni
|
Co
|
Pd
|
Pt
|
S
|
Fe
|
|
(m)
|
(m)
|
(m)
|
(%)
|
(%)
|
(g/t)
|
(g/t)
|
(%)
|
(%)
|
KML-12-02
|
117.1
|
620.6
|
503.5
|
0.30
|
0.012
|
0.003
|
0.003
|
0.01
|
5.36
|
|
|
|
|
|
|
|
|
|
|
KML-12-03
|
134.0
|
264.4
|
130.4
|
0.26
|
0.012
|
0.022
|
0.022
|
0.03
|
6.51
|
including
|
134.0
|
169.0
|
35.0
|
0.24
|
0.013
|
0.042
|
0.055
|
0.01
|
7.59
|
Including
|
235.0
|
264.4
|
29.4
|
0.27
|
0.011
|
0.008
|
0.003
|
0.06
|
5.94
|
|
|
|
|
|
|
|
|
|
|
KML-12-06
|
54.7
|
550.0
|
495.3
|
0.21
|
0.011
|
0.006
|
0.005
|
0.05
|
5.89
|
including
|
57.0
|
324.0
|
267.0
|
0.26
|
0.011
|
0.008
|
0.006
|
0.03
|
5.88
|
|
|
|
|
|
|
|
|
|
|
KML-12-11
|
112.0
|
304.0
|
192.0
|
0.24
|
0.011
|
0.009
|
0.006
|
0.03
|
6.11
|
including
|
181.0
|
303.0
|
122.0
|
0.27
|
0.012
|
0.008
|
0.005
|
0.02
|
6.25
|
|
|
|
|
|
|
|
|
|
|
KML-12-12
|
175.0
|
272.0
|
97.0
|
0.18
|
0.011
|
0.018
|
0.010
|
0.10
|
5.98
|
Note: the lengths
reported are core lengths and not true widths. Canada Nickel has
insufficient information to determine the attitude, either of the
ultramafic body or of mineralized zones within it. True widths will
be less than the core lengths by a number of factors. The drill
hole orientations are reported in Table 2. See below caution
regarding Historical Information.
|
Table 1b – Kingsmill Selected
Historical Drilling Key PGM Intersections – Holes 6, 11, 12
(Eastern), 3 (Western), Kingsmill Township, Ontario
DDH
ID
|
From
|
To
|
Length
|
Pd+Pt
|
Pd
|
Pt
|
Ni
|
Co
|
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(g/t)
|
(g/t)
|
(%)
|
(%)
|
KML-12-07
|
522.0
|
546.2
|
24.2
|
0.4
|
0.2
|
0.2
|
0.06
|
0.008
|
including
|
523.0
|
528.0
|
5.0
|
0.8
|
0.5
|
0.3
|
0.02
|
0.005
|
|
|
|
|
|
|
|
|
|
KML-12-11
|
69.0
|
99.0
|
30.0
|
0.3
|
0.1
|
0.1
|
0.01
|
0.004
|
including
|
96.0
|
98.0
|
2.0
|
1.0
|
0.3
|
0.7
|
0.01
|
0.005
|
|
|
|
|
|
|
|
|
|
KML-12-12
|
153.0
|
157.0
|
4.0
|
0.4
|
0.2
|
0.3
|
0.02
|
0.005
|
Note: the lengths
reported are core lengths and not true widths. Canada Nickel has
insufficient information to determine the attitude, either of the
ultramafic body or of mineralized zones within it. True widths will
be less than the core lengths by a number of factors. The drill
hole orientations are reported in Table 2. See below caution
regarding Historical Information.
|
For details on Noble Mineral Exploration Inc.'s ("Noble") 2012
drilling program, please see Noble's press release dated
March 15, 2018 that is filed on
www.sedar.com.
Once the resource update for Crawford is complete, the historic
drilling will be re-logged based on our understanding of the
geology, and mineralogical samples will be selected to understand
the deportment of potentially recoverable nickel minerals
(pentlandite, heazlewoodite, awaruite).
Crawford-Nesbitt-Aubin
Two targets have been identified in Crawford-Nesbitt-Aubin
Township, consisting of two ultramafic units 6 km long and 150-200
metres wide containing serpentinized peridotite, much of it was not
assayed. Inco drilling in 1964-66 yielded highlights including
narrow intervals of up to 0.35% Ni which tested the edges of the
geophysical target. For reference, the Crawford Main Zone resource
is 1.7 km long and 225-425 metres wide.
See Figure 3 for results. See below caution regarding Historical
Information.
Nesbitt North
Two ultramafic units 3.7 km long by 150-300 metres wide with
significant nickel intersections were identified in Nesbitt township. Inco 1966 drilling
highlights included 0.28% Ni over 163
m in historic hole 27083. For reference, the Crawford Main
Zone resource is 1.7 km long and 225-425 metres wide.
See Figure 4 for results. See below caution regarding Historical
Information.
MacDiarmid
A target of 3 km by 150-600 metres wide ultramafic intrusion
with serpentinized peridotite has been identified, much of it was
not assayed. Highlights include historic hole 18127 which
intersected 142 m of mineralized
peridotite which was not assayed, and narrow intervals of up to
0.22% Ni over 1.5 m in NRK-65-7
(1965). For reference, the Crawford Main Zone resource is 1.7 km
long and 225-425 metres wide.
See Figure 5 for results. See below caution regarding Historical
Information.
Note: Property
continues beyond map boundary.
|
Mahaffy-Aubin
A target of 8 km by 200-500 metres wide interpreted ultramafic
intrusion has been identified, much of it was not assayed.
Highlights include historic hole 31901 (1966) which intersected
0.23% Ni over 127 m, and hole T2-80-2
(1980) which intersected 277 m of
serpentinized ultramafic rock with no assays reported. For
reference, the Crawford Main Zone resource is 1.7 km long and
225-425 metres wide.
See Figure 6 for results. See below caution regarding Historical
Information.
Table 2 – Historical Drill Hole Orientation, Canada Nickel
Option Properties, Ontario
HOLE
ID
|
AREA
|
Easting
|
Northing
|
Dip
|
Azimuth
|
Length
|
|
|
(mE)
|
(mN)
|
(°)
|
(°)
|
(m)
|
KML-12-02
|
Kingsmill
|
454800
|
5422820
|
-60.0
|
30.0
|
620.6
|
KML-12-03
|
Kingsmill
|
454960
|
5423010
|
-45.0
|
30.0
|
281.0
|
KML-12-06
|
Kingsmill
|
456125
|
5422860
|
-50.0
|
0.0
|
551.0
|
KML-12-07
|
Kingsmill
|
456180
|
5422600
|
-50.0
|
0.0
|
546.6
|
KML-12-11
|
Kingsmill
|
456125
|
5423110
|
-45.0
|
180.0
|
308.0
|
KML-12-12
|
Kingsmill
|
456125
|
5423110
|
-80.0
|
180.0
|
272.0
|
27090
|
Kingsmill
|
454842
|
5423088
|
-45.0
|
335.0
|
495.9
|
18127
|
MacDiarmid
|
459781
|
5390438
|
-50.0
|
180.0
|
178.0
|
NRK-65-7
|
MacDiarmid
|
457198
|
5392500
|
-60.0
|
35.0
|
132.6
|
31901
|
Mahaffy-Aubin
|
457926
|
5415532
|
-50.0
|
80.0
|
205.1
|
T2-80-2
|
Mahaffy-Aubin
|
457694
|
5413626
|
-50.0
|
0.0
|
276.5
|
27083
|
Nesbitt-North
|
468008
|
5416506
|
-50.0
|
0.0
|
502.6
|
Note: See
below caution regarding Historical Information.
|
Option Terms:
As detailed in its March 4, 2020
and May 22, 2020 news releases,
Canada Nickel acquired the Crawford Annex property and the option
to earn up to an 80% interest in 5 additional nickel targets within
the Project 81 land package. The Crawford Annex comprises
4,909 hectares in Crawford and Lucas township and the 5 option
areas (Crawford-Nesbitt-Aubin, Nesbitt
North, Aubin-Mahaffy, Kingsmill-Aubin, and MacDiarmid) ("Option Properties") range in
size of 903 to 5,543 hectares. See Figure 1 for a map of
property locations.
Canada Nickel has the option to earn up to an 80% interest in
each of the Option Properties on the following terms and
conditions.
1) Canada Nickel can initially earn a 60% interest in each
of the Option Properties within 2 years by:
- funding at least $500,000 of
exploration and development expenditures on each option
property;
- paying all property maintenance costs for each option property,
including all applicable mining land taxes
- making a payment to Noble of $250,000 in cash or, at Noble's election, Canada
Nickel common shares.
2) Canada Nickel has the right to then increase their interest
to 80% in each of the Option Properties within 3 years by funding
an additional $1,000,000 of
exploration and development expenditures on each option property
(for a total of $1,500,000 per option
property)
If the conditions to earn a 60% interest or 80% interest have
been satisfied, a joint venture would be formed on that basis and a
2% net smelter return royalty would be granted to Noble on the
portion of the property which are mining claims and currently do
not have any royalty on them. (The overall result would
be a total of 2% on each property.)
Cautionary Statement Concerning Historical
Information
The historical information referenced in this press release is
based primarily on drilling results reported by Inco Ltd. and Noble
Mineral Exploration Inc. The information has also been filed with
the Ontario Government and is available on-line though the Mining
Lands Administration System (MLAS) website. The company believes
this information is relevant, as it was completed by reputable
companies using industry standard drilling and sampling practices.
The company or its "qualified person" (for the purposes of National
Instrument 43-101 – Standards of Disclosure for Mineral Projects)
has reviewed the information to confirm it has been correctly
reproduced from the public MLAS database, but given the company's
and its qualified person's inability to access the underlying data,
the company or its qualified person has not done sufficient work to
verify the historical information contained in this news
release.
Qualified Person and Data Verification
Stephen J. Balch P.Geo. (ON), VP
Exploration of Canada Nickel and a "qualified person" as such term
is defined by National Instrument 43-101, has verified the data
disclosed in this news release, and has otherwise reviewed and
approved the technical information in this news release on behalf
of Canada Nickel Company Inc.
About Canada Nickel Company
Canada Nickel Company Inc. is advancing the next generation of
nickel-cobalt sulphide projects to deliver nickel and cobalt
required to feed the high growth electric vehicle and stainless
steel markets. Canada Nickel provides investors with leverage
to nickel and cobalt in low political risk jurisdictions.
Canada Nickel is currently anchored by its 100% owned flagship
Crawford Nickel-Cobalt Sulphide Project in the heart of the
prolific Timmins-Cochrane mining camp.
Cautionary Statement Concerning Forward-Looking
Statements
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 results relating to the Crawford
Nickel-Cobalt Sulphide Project, the potential of the Crawford
Nickel-Cobalt Sulphide Project, strategic plans, including future
exploration and development results, and corporate and technical
objectives. Forward-looking information is necessarily based upon a
number of assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking information. Factors that could affect the outcome
include, among others: future prices and the supply of metals, the
future demand for metals, the results of drilling, inability
to raise the money necessary to incur the expenditures required to
retain and advance the property, environmental liabilities (known
and unknown), general business, economic, competitive, political
and social uncertainties, results of exploration programs, timing
of the updated resource estimate, risks of the mining industry,
delays in obtaining governmental approvals, and failure to obtain
regulatory or shareholder approvals. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. All forward-looking
information contained in this press release is given as of the date
hereof and is based upon the opinions and estimates of management
and information available to management as at the date hereof.
Canada Nickel disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/canada-nickel-identifies-multiple-nickel-targets-on-recently-acquired-option-properties-301092502.html
SOURCE Canada Nickel Company Inc.