| “Canada NickelConfirms Discovery at Mann Northwest Property
Highlights -
First eight holes drilled at Mann Northwest intersectedmulti-hundred metre intervals of mineralized peridotite and minordunite across combined strike length of 2.7 kilometres -
Target remains open in all directions -
Mann Northwest target geophysical footprint of 6.0 km2is more than triple the size of Crawford project footprint -
Hole MAN23-02 returned 0.26% Ni over core length of 210metres including 0.31% nickel over 33 metres. Hole ended with 0.52 g/tPt+Pd over 29 metres
TORONTO, August22, 2023 – Canada Nickel CompanyInc. (" CanadaNickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) today released drillingresults from a further three holes and assay results from the firstfive of eight holes drilled on its Mann Northwest Property located inthe prolific Timmins Nickel District in Ontario.
Mark Selby, CEO of Canada Nickel commented, “Our regionalexploration program continues to deliver with today’s confirmationof another discovery at Mann Northwest, part of Canada Nickel’sTimmins Nickel District. Mann Northwest has a target footprint morethan three times that of Crawford and is one of eleven properties witha target footprint larger than Crawford. Three additional holesextended the strike length of mineralization by more than 1,100 metresto 2,650 metres, and assays from first five holes confirmed grades inline with expectations.”
Mann NorthwestProperty
The Mann property is located 22 kilometres east of Crawford, 20kilometres south of Cochrane, and 45 kilometres northeast of Timmins.Canada Nickel has an ability to earn an 80% interest in the propertyowned by Noble Minerals (see press release November 22, 2021).Drilling began at Mann Northwest, which has a target footprint of 6.0km2, - compared to Crawford target footprint of 1.6 km2 (see Figure1).
Drilling started in the Northwest zone, with a total of eight holesdrilled, all of them intersecting mineralized sections ofpredominantly well serpentinized peridotite and minor dunite. Thisrelease discloses assay results from the first five drillholes, assaysfor the other three drillholes are pending (Table 1)
The first five holes delineated mineralization along 1,150 metres ofstrike length and a width of at least 500 metres. The additional threeholes, extended the potential strike length to 2,650 metres. Thetarget remains open in all directions.
MAN23-01 drilled to the southwest and intersectedperidotite from top to bottom only interrupted by 23.5
metres of pyroxenite with 0.44 g/t Pt+Pd. Initial samples were takenfor mineralogical testing (QEMSCAN),
confirming samples are very well serpentinized with varying amounts ofHeazlewoodite and Pentlandite.
MAN23-02 intersected 348.5 metres at 0.23% Ni in peridotite andfinished in 28.9 metres of 0.52g/t Pt+Pd
in pyroxenite.
MAN23-03 drilled to the northeast and intersected mineralizedperidotite at the top and dunite at the
bottom, with an average grade of 0.23% Ni over 291.5 metres. The holeended in dunite at 402 metres only
interrupted by diabase dykes near the bottom.
MAN23-04 drilled near the southern end of the target and intersected301.5 metres of peridotite with 0.18%
Ni, followed by 16 metres of 0.41 metres of Pt+Pd in pyroxenite.
MAN23-05 drilled to the southwest and intersected a sequence ofperidotite with minor dunite and
pyroxenite. The hole assayed 366.5 metres of 0.20 Ni, including 11.0metres of 0.44 g/t Pt+Pd. Hole ended
in mineralized peridotite.
MAN23-13 drilled to the southwest approximately 750 metres northwestof MAN23-05. The hole
intersected 404.5 metres of interlayered dunite, peridotite andpyroxenite with predominantly moderate
to strong serpentinization.
MAN23-14 drilled to the northeast collaring and terminating inmineralized dunite with intervals of
peridotite. The hole is moderate to well mineralized and moderate towell serpentinized across core
length of 390.0 metres.
MAN23-15 drilled to the northeast testing a fold hinge of a majorstructure, it intersected 415 metres of a
sequence of dunite, peridotite, pyroxenite and gabbro. The hole hassections of very well mineralized and
well serpentinized ultramafic.
Table 1: Manndrilling downhole composite
Click Image To View Full Size
Stephen J. Balch P.Geo. (ON), VP Exploration ofCanada Nickel and a "qualified person" as is defined byNational Instrument 43-101, has verified the data disclosed in thisnews release, and has otherwise reviewed and approved the technicalinformation in this news release on behalf of Canada Nickel CompanyInc.
The magnetic images shown in this press release were created fromCanada Nickel's interpretation of datasets provided by the OntarioGeological Survey.
About CanadaNickel Company
Canada Nickel Company Inc. is advancing the nextgeneration of nickel-sulphide projects to deliver nickel required tofeed the high growth electric vehicle and stainless-steel markets.Canada Nickel Company has applied in multiple jurisdictions totrademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTMand is pursuing the development of processes to allow the productionof net zero carbon nickel, cobalt, and iron products. Canada Nickelprovides investors with leverage to nickel in low political riskjurisdictions. Canada Nickel is currently anchored by its 100% ownedflagship Crawford Nickel-Cobalt Sulphide Project in the heart of theprolific Timmins-Cochrane mining camp. For more information, pleasevisit www.canadanickel.com .
For furtherinformation, please contact: Mark Selby
CEO
Phone: 647-256-1954
Email: info@canadanickel.com
CautionaryStatement Concerning Forward-Looking Statements
This press release contains certain information thatmay constitute "forward-looking information" underapplicable Canadian securities legislation. Forward lookinginformation includes, but is not limited to, the carbon captureapproach could allow production of Net Zero nickel and generation ofan additional tonnes of CO2 credits per tonne of nickel produced afteroffsetting all emissions, the potential to turn nickel mine into agenerator of carbon credits rather than generator of carbon emissions,the production of estimated average of 710,000 tonnes of carboncredits annually and 18 million total tonnes of CO2 of credits overexpected life of mine at Crawford, the ability to monetize carboncredits, the ability to quantify carbon capture, emission estimates,the brucite content of the deposit, the scalability of the process,the metallurgical results, the timing and results of the feasibilitystudy including the viability of the inclusion of the IPT CarbonationProcess and related facilities as part of the project, the results ofCrawford’s PEA, including statements relating to net present value,future production, estimates of cash cost, proposed mining plans andmethods, mine life estimates, cash flow forecasts, metal recoveries,estimates of capital and operating costs, timing for permitting andenvironmental assessments, realization of mineral resource estimates, capital and operating cost estimates,project and life of mine estimates, ability to obtain permitting bythe time targeted, size and ranking of project upon achievingproduction, economic return estimates, the timing and amount ofestimated future production and capital, operating and explorationexpenditures and potential upside and alternatives. Readers should notplace undue reliance on forwardlooking statements. Forward-lookingstatements involve known and unknown risks, uncertainties and otherfactors which may cause the actual results, performance orachievements of Canada Nickel to be materially different from anyfuture results, performance or achievements expressed or implied bythe forward-looking statements. The PEA results are estimates only andare based on a number of assumptions, any of which, if incorrect,could materially change the projected outcome. There are no assurancesthat Crawford will be placed into production. Factors that couldaffect the outcome include, among others: the actual results ofdevelopment activities; project delays; inability to raise the fundsnecessary to complete development; general business, economic,competitive, political and social uncertainties; future prices ofmetals or project costs could differ substantially and make anycommercialization uneconomic; availability of alternative nickelsources or substitutes; actual nickel recovery; conclusions ofeconomic evaluations; changes in applicable laws; changes in projectparameters as plans continue to be refined; accidents, labourdisputes, the availability and productivity of skilled labour andother risks of the mining industry; political instability, terrorism,insurrection or war; delays in obtaining governmental approvals,necessary permitting or in the completion of development orconstruction activities; mineral resource estimates relating toCrawford could prove to be inaccurate for any reason whatsoever;additional but currently unforeseen work may be required to advance tothe feasibility stage; and even if Crawford goes into production,there is no assurance that operations will be profitable. AlthoughCanada Nickel has attempted to identify important factors that couldcause actual actions, events or results to differ materially fromthose described in forward-looking statements, there may be otherfactors that cause actions, events or results to differ from thoseanticipated, estimated or intended. Forward-looking statementscontained herein are made as of the date of this news release andCanada Nickel disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults or otherwise, except as required by applicable securitieslaws. Neither TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease. |
