Canada Nickel Company Announces Assay Results and Confirms Discovery at Deloro Property
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Canada Nickel Company Announces Assay Results and
Confirms Discovery at Deloro Property
Highlights
Second significant discovery from newly acquired regional properties – Reid and
Deloro.
Assay results at Deloro confirmed expected grades over entire core length of 487
metres of 0.25% nickel including 91 metres of 0.28% nickel.
Mineralization successfully defined over 1.1 kilometres of strike length by 100 –
400 metres wide to a depth of 420 metres.
TORONTO, August 17, 2022 – Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC)
(OTCQX: CNIKF) today announced assay results at its Deloro property, which confirm the second significant
discovery from the Company’s newly acquired properties.
Mark Selby, Chair and Chief Executive Officer said, “We are very pleased with the results from Deloro where
we successfully delineated our target mineralization and grades throughout the intended geophysical target.
Deloro now joins Reid as another significant, sizeable nickel discovery and we look forward to continued
success as we continue exploration around our regional properties, developing what we believe has the
potential to be one of the world’s leading nickel districts. We will provide further updates on drilling and our
regional plans in September.”
Drilling was highlighted by hole DEL22-01 which intersected 487 metres of 0.25% nickel with a higher-grade
section near the bottom of the hole intersecting 0.28% nickel over 91 metres and hole DEL 22-09 which
intersected 393 metres of 0.26% nickel. Complete assays from 5 of the 11 holes are available for release (see
Table 1).
Deloro Nickel Property
The Deloro property is located 9 kilometres southeast of Timmins and contains an ultramafic target that
measures 1.4 kilometres north-south by 450 metres east-west based on the total magnetic intensity (TMI)
(see Figure 1). Ultramafic lithologies and nickel mineralization has been found throughout the target
anomaly.
Hole DEL22-01 collared in dunite on the northern half of the target and was drilled to the southwest. The
hole remained largely in dunite for a total length of 487 metres grading 0.25% nickel, with a higher-grade
section near the bottom of the hole intersecting 0.28% nickel over 91 metres.
DEL22-09 collared in dunite and the hole intersected 393 metres of 0.26% nickel, including 51 metres of
0.28% nickel. The hole finished in peridotite.
DEL22-06 collared in peridotite and transitioned in composition from dunite to peridotite and intersected a
total of 227 metres of mineralization – 74 metres grading 0.20% nickel starting at 54 metres and 141 metres
grading 0.21% nickel starting at 140 metres including a 12-metre core length of 0.33% nickel and 0.15 g/t
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Pt+Pd from 248 to 260 metres. This higher-grade Pt+Pd in dunite has similar characteristics to the high-grade
core in Crawford’s East Zone.
DEL22-07 collared in dunite, on section with DEL22-01, 100 metres to the west. DEL22-10 collared in dunite
and remained in dunite for the majority of the hole except for minor pyroxenite and mafic dykes. The hole
intersected 79 metres of 0.25% nickel 124 metres downhole, and 87 metres of 0.25% nickel at 235 metres,
before intersecting intermediate volcanics at the contact.
Figure 1 – Plan view of Deloro – Drill Results Overlain on Total Magnetic Intensity.
Source: Modified from OGS, GDS1037 Rev: Magnetic Supergrids.
Table 1: Deloro Exploration Drilling Results.
Hole ID From To Length Ni Co Pd Pt Cr Fe S
(m) (m) (m) (%) (%) (g/t) (g/t) (%) (%) (%)
DEL22-01 1.8 487.0 485.2 0.25 0.010 0.003 0.003 0.22 5.03 0.03
including 234.0 365.9 131.9 0.27 0.011 0.003 0.003 0.24 5.27 0.03
including 373.5 464.9 91.4 0.28 0.011 0.003 0.003 0.37 5.20 0.03
DEL22-06 54.5 128.2 73.7 0.20 0.011 0.003 0.006 0.49 5.82 0.04
and 140.5 281.9 141.4 0.21 0.012 0.028 0.023 0.50 6.59 0.10
including 227.5 260.0 32.5 0.27 0.012 0.049 0.034 0.57 6.55 0.14
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Table 1: Deloro Exploration Drilling Results (continued).
Hole ID From To Length Ni Co Pd Pt Cr Fe S
(m) (m) (m) (%) (%) (g/t) (g/t) (%) (%) (%)
including 248.3 260.0 11.7 0.33 0.014 0.103 0.055 0.69 7.50 0.20
DEL22-07 3.1 113.0 109.9 0.19 0.011 0.021 0.015 0.39 6.32 0.02
and 128.2 216.4 88.2 0.17 0.011 0.018 0.016 0.39 6.72 0.04
including 129.5 159.5 30.0 0.24 0.013 0.039 0.028 0.46 7.20 0.09
DEL22-09 9.0 402.0 393.0 0.26 0.010 0.003 0.006 0.25 4.66 0.04
including 58.5 99.0 40.5 0.28 0.010 0.003 0.005 0.45 4.51 0.01
including 218.5 269.5 51.0 0.28 0.011 0.003 0.005 0.14 4.71 0.10
DEL22-10 3.0 87.0 84.0 0.23 0.010 0.003 0.005 0.22 5.63 0.09
and 123.5 203.0 79.5 0.25 0.010 0.003 0.005 0.16 4.92 0.10
and 235.3 322.7 87.4 0.25 0.010 0.003 0.005 0.23 5.09 0.13
*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.
Table 2: Drill Hole Orientation.
Hole ID Easting Northing Azimuth Dip Length
(mE) (mN) (⁰) (⁰) (m)
DEL22-01 480,413 5,361,341 248 -60 492.0
DEL22-02 480,334 5,361,525 248 -60 411.0
DEL22-03 480,600 5,361,417 248 -60 434.0
DEL22-04 480,475 5,361,151 68 -60 401.0
DEL22-05 480,406 5,361,339 68 -60 401.0
DEL22-06 480,384 5,361,139 248 -50 347.0
DEL22-07 480,322 5,361,305 248 -50 278.0
DEL22-08 480,532 5,361,006 248 -60 402.0
DEL22-09 480,566 5,360,849 248 -50 402.0
DEL22-10 480,980 5,360,570 230 -50 342.0
DEL22-11 480,566 5,360,849 70 -45 402.0
Assays, Quality Assurance/Quality Control and Drilling and Assay
Edwin Escarraga, MSc, P.Geo., a "qualified person" as defined by National Instrument 43-101, is responsible
for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The
core is collected from the drill in sealed core trays and transported to the core logging facility. The core is
marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is
transported in secure bags directly from the Canada Nickel core shack to Actlabs Timmins, while a second set
of samples is securely shipped to SGS Lakefield for preparation, with analysis performed at SGS Burnaby or
SGS Callao (Peru). All are ISO/IEC 17025 accredited labs. Analysis for precious metals (gold, platinum and
palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and 17 other elements are
performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate
of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.
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Qualified Person and Data Verification
Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a "qualified person" as 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-sulphide projects to deliver nickel
required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has
applied in multiple jurisdictions to trademark the terms NetZero Nickel TM, NetZero CobaltTM, NetZero IronTM
and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and
iron products. Canada Nickel provides investors with leverage to nickel 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. For more information, please visit
www.canadanickel.com.
For further information, please contact:
Mark Selby
Chair and CEO
Phone: 647-256-1954
Email: [email protected]
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
and exploration results relating to the target properties described herein (the "Properties"), the potential of
the Crawford Nickel Sulphide Project and the Properties, timing of economic studies and mineral resource
estimates, the ability to sell marketable materials, strategic plans, including future exploration and
development results, and corporate and technical objectives. Forward-looking information is necessarily
based upon several 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, risks of the mining industry, delays in obtaining
governmental approvals, failure to obtain regulatory or shareholder approvals, and the impact of COVID-19
related disruptions in relation to the Company's business operations including upon its employees, suppliers,
facilities and other stakeholders. 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 because
of new information, future events or otherwise, except as required by law.