Canada Nickel Completes Drill Program at Deloro with Resource Estimate Expected in July
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Canada Nickel Completes Drill Program at Deloro with
Resource Estimate Expected in July
Highlights
• 2024 drilling increases mineralized footprint by 50% to 1.2 kilometres long by up to 700
metres wide.
• Deloro is located just 8 kilometres south of Timmins with direct road and powerline access
and shallow overburden averaging less than 9 metres thick.
• 11 holes successfully completed including DEL24-12 with 0.26% nickel over 431 metres and
DEL24-17 with 0.27% nickel over 293 metres.
• Resource estimate is underway and expected to be completed in July 2024.
TORONTO, June 04, 2024 – Canada Nickel Company Inc. (“Canada Nickel” or the “Company”) (TSXV:
CNC) (OTCQX: CNIKF) is pleased to provide an update on its 2024 exploration program with assay results
from eleven holes on its Deloro property (“Deloro”), which now completes the infill drilling in advance of
the first resource estimate.
Mark Selby, CEO of Canada Nickel said, “We are very pleased with the 2024 drilling program at Deloro
which built on our successful campaign in 2022. Deloro is just 8 km south of Timmins, with shallow
overburden and a large 1.2 km long and up to 0.7 km wide footprint. Work is now underway on our initial
resource on the property which is expected to be one of seven resource estimates that we plan to
complete within the next 12 months. With this work amongst the rest of our portfolio, we are clearly
demonstrating that our regional exploration program continues to be very successful. We now have seven
drill rigs turning. This includes two rigs collecting samples for pilot plant material from Crawford to support
downstream processing test work, and five rigs exploring at Reid and Texmont. Once drilling is completed
at these properties, we will begin drilling at our Mann properties.”
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Deloro Property
The Deloro Property is located just 8 km south of Timmins and is accessible year-round by road as well as
located less than 2 km from existing powerlines. The Company has successfully completed its infill drilling
program, with ten of eleven drill holes intersecting long intervals of mineralized ultramafic, mostly dunite.
The drillholes were collared predominantly near the east and south contacts to infill and extend the
previously defined outline of the ultramafic from historic geophysical data. The mineralized ultramafic
body is up to 700 m wide and about 1.2 km long, to a depth of 300 m (where it remains open).
Mineralization is relatively shallow with less than 9 m of overburden on average across all drillholes.
Canada Nickel has completed a geological model of the deposit and expects an initial resource estimate
to be completed in July.
Table 1 – Deloro drilling downhole composite.
BHID From (m) To (m) Length (m)* Ni % Co % Pd g/t Pt g/t Cr % Fe % S %
DEL24-12 9.9 441.0 431.1 0.26 0.01 0.003 0.005 0.28 5.25 0.10
including 103.5 130.5 30.0 0.30 0.01 0.003 0.005 0.20 5.00 0.03
DEL24-13 6.0 187.5 181.5 0.24 0.01 0.003 0.005 0.23 4.89 0.06
and 222.0 277.0 55.0 0.25 0.01 0.003 0.005 0.22 5.25 0.05
and 289.9 402.0 112.1 0.25 0.01 0.003 0.005 0.21 5.20 0.07
DEL24-14 5.3 92.7 87.4 0.22 0.01 0.003 0.005 0.19 4.75 0.05
DEL24-15 6.0 164.0 162.0 0.24 0.01 0.004 0.006 0.17 5.59 0.09
and 202.6 377.6 175.0 0.25 0.01 0.003 0.005 0.24 5.35 0.10
DEL24-16 9.5 219.5 210.0 0.20 0.01 0.004 0.005 0.18 5.63 0.05
and 234.0 286.5 52.5 0.23 0.01 0.003 0.004 0.24 5.70 0.04
and 361.0 408.0 47.0 0.26 0.01 0.003 0.004 0.20 5.33 0.06
DEL24-17 35.8 329.1 293.3 0.27 0.01 0.003 0.003 0.18 5.13 0.05
and 379.0 402.0 23.0 0.23 0.01 0.003 0.003 0.22 5.11 0.04
DEL24-18 9.0 233.5 224.5 0.26 0.01 0.003 0.005 0.18 4.84 0.08
and 371.6 401.0 29.4 0.23 0.01 0.003 0.005 0.46 5.83 0.08
DEL24-19 12.0 67.0 55.0 0.17 0.01 0.006 0.006 0.33 7.52 0.01
and 206.7 354.0 147.3 0.22 0.01 0.003 0.004 0.22 6.27 0.02
DEL24-20 3.0 319.6 316.6 0.24 0.01 0.003 0.005 0.13 4.88 0.10
DEL24-22 75.2 270.0 194.8 0.19 0.01 0.007 0.011 0.38 6.84 0.04
*True width undetermined. All lengths are drillhole lengths. DEL24-21 drilled parallel on a barren dyke.
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Figure 1 – Deloro – CNC Drillholes Over Total Magnetic Intensity.
Table 2: Drillhole Orientation
Hole ID Easting (mE) Northing (mN) Azimuth (⁰) Dip (⁰) Length (m)
DEL24-12 480334 5361525 71 -50 441
DEL24-13 480905 5361212 250 -50 404
DEL24-14 480905 5361212 70 -50 102
DEL24-15 481013 5360908 250 -50 405
DEL24-16 480926 5361048 250 -50 408
DEL24-17 480549 5361266 70 -50 402
DEL24-18 480640 5360665 70 -50 401
DEL24-19 480640 5360665 250 -50 402
DEL24-20 480980 5360569 60 -60 396
DEL24-21 480824 5360648 62 -50 168
DEL24-22 480824 5360648 225 -50 402
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Quality Assurance and Control, Drilling and Assaying
Edwin Escarraga, MSc, P.Geo., a "qualified person" as defined by National Instrument 43-101 – Standards
of Disclosure for Mineral Projects ("NI 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 secured 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 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.
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 NI 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 Cobalt TM, 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
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
significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any
resource, the potential of the Crawford Nickel Sulphide Project and the Properties, timing and
completion (if at all) of mineral resource estimates, the ability to sell marketable materials, strategic
plans, including future exploration and development plans and 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
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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 expenditur es 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 obtaini ng
governmental approvals, 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 informa tion. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.