Canada Nickel Confirms High Grade Near-Surface Mineralization at Texmont
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Canada Nickel Confirms
High Grade Near-Surface Mineralization at Texmont
Highlights
• Nine of first twelve holes with intervals of greater than 1% nickel
• First twelve holes confirm high grade mineralization over 400 metres of strike length
that remains open to the north and at depth
• High grade intervals within thick mineralized sections include:
• Hole 22-03: 5.2 metres of 2.60% nickel within 21.0 metres of 1.22% nickel within
91.5 metres of 0.50% nickel from 58.5 metres
• Hole 22-06: 4.0 metres of 2.43% nickel within 12.0 metres of 1.45% nickel within
28.0 metres of 0.77% nickel from 76.5 metres
TORONTO, March 6, 2023 – Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV:
CNC) (OTCQX: CNIKF) today announced assay results from the first twelve holes of its initial drill program
at the Texmont property that confirm high grade, near-surface nickel mineralization. Texmont is located
36 kilometres south of Timmins.
The Company has drilled a total of 39 holes and 9,670 metres, completing its initial phase to support the
development of a mineral resource at Texmont expected to be delivered later this year.
Mark Selby, Chair & CEO of Canada Nickel Company, said, “We are excited by the results of our initial
phase of drilling and assay results at Texmont which confirm our thesis of near-surface, high grade
intervals of nickel that is present within thick mineralized sections, which support the potential for near-
term, smaller scale, open pit production. This near-term production potential is highly complementary to
our large-scale Crawford and regional nickel sulphide project.”
Texmont Nickel Property
The Texmont Property is located 36 kilometres south of Timmins. It is considered to be a komatiite flow
rather than a dunite sill with sections of highly mineralized peridotite and dimensions approximately 1.2
kilometres long by up to 150 metres wide (see Figure 1).
Canada Nickel has drilled 39 drill holes to date, 34 of which targeted the known mineralization and five of
which targeted a possible north extension (Figure 2). This news release contains the assay results from
the first 12 holes totaling 3,204 metres (see Tables 1,2). Historic drilling confirms the mineralization
pinches out to the south but remains open to the north and at depth. Further drilling to the north of the
former mine shaft intersected thick sections of mineralized peridotite but assay results are not yet
available. This drilling is expected to be incorporated, along with historic drilling by Fletcher Nickel (which
drilled 28,883 metres from 2006-2008) into an initial resource estimate to be released later this year.
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Table 1: Texmont exploration drilling results high grade highlights
Hole ID From To Length* Ni Co Pd Pt S
(m) (m) (m) (%) (%) (g/t) (g/t) (%)
TEX22-01 22.0 44.1 22.1 0.52 0.01 0.042 0.036 0.34
TEX22-02 10.5 56.2 45.7 0.55 0.02 0.041 0.033 0.45
Including 27.0 33.0 6.0 1.08 0.03 0.094 0.079 0.66
TEX22-03 58.5 150.0 91.5 0.50 0.01 0.031 0.023 0.45
Including 129.0 150.0 21.0 1.22 0.03 0.108 0.070 1.09
Including 138.8 144.0 5.2 2.60 0.06 0.265 0.226 2.46
And 131.0 132.0 0.5 6.85 0.16 0.513 0.055 5.97
TEX22-04 127.3 161.5 34.2 0.56 0.02 0.046 0.046 0.33
Including 145.5 151.0 4.4 0.99 0.03 0.073 0.056 0.61
TEX22-05 201.0 226.0 25.0 0.48 0.02 0.036 0.028 0.54
including 219.0 226.0 7.0 0.74 0.02 0.063 0.048 0.85
TEX22-06 76.5 105 28.5 0.77 0.02 0.065 0.071 0.91
including 82.5 94.5 12.0 1.45 0.04 0.137 0.156 1.74
including 88.0 92.0 4.0 2.43 0.06 0.246 0.314 2.94
including 90.1 90.6 0.5 10.6 0.25 1.200 1.680 12.4
TEX22-07 106.5 132.0 25.5 0.50 0.02 0.030 0.024 0.61
including 106.5 114.0 7.5 0.79 0.02 0.068 0.046 0.97
TEX22-08 70.7 84.0 13.3 0.51 0.02 0.033 0.024 0.48
including 70.7 74.0 3.3 1.12 0.03 0.097 0.065 1.13
TEX22-11 93.0 139.5 46.5 0.57 0.02 0.036 0.033 0.67
including 94.5 109.5 15.0 1.06 0.03 0.081 0.073 1.32
* True widths are unknown
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Figure 1 – Plan View of Texmont – Historic Drill results Overlain on TMI
Figure 2 – Texmont Property – Southern Portion
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Table 2: Texmont exploration drilling results - downhole average
Hole ID From To Length* Ni Co Pd Pt Cr Fe S
(m) (m) (m) (%) (%) (g/t) (g/t) (%) (%) (%)
TEX22-01 8.3 249.0 240.7 0.29 0.01 0.015 0.014 0.17 6.01 0.44
TEX22-02 6.0 126.0 120.0 0.34 0.01 0.021 0.019 0.12 5.35 0.47
TEX22-03 1.8 150.0 148.2 0.40 0.01 0.021 0.017 0.14 5.26 0.39
TEX22-04 127.3 307.5 200.2 0.31 0.01 0.019 0.017 0.15 5.72 0.33
TEX22-05 39.0 401.8 362.8 0.18 0.01 0.010 0.010 0.14 6.75 0.25
Including 189.7 345.5 155.8 0.28 0.01 0.014 0.012 0.13 5.51 0.31
TEX22-06 14.2 300.0 285.8 0.24 0.01 0.013 0.014 0.11 5.97 0.37
TEX22-07 6.0 300.0 294.0 0.24 0.01 0.011 0.011 0.16 6.32 0.45
and 199.8 300.0 100.2 0.33 0.01 0.010 0.009 0.15 5.31 0.47
TEX22-08 9.3 282.0 272.7 0.22 0.01 0.008 0.008 0.15 5.77 0.28
Including 61.5 163.5 102.0 0.31 0.01 0.010 0.009 0.15 5.27 0.33
TEX22-09 9.0 252.0 243.0 0.20 0.01 0.010 0.010 0.14 6.68 0.34
Including 110.0 159.3 49.3 0.35 0.01 0.017 0.013 0.14 5.84 0.49
and 180.0 244.5 64.5 0.28 0.01 0.008 0.008 0.18 5.60 0.39
TEX22-10 7.5 255.0 247.5 0.18 0.01 0.007 0.007 0.16 6.19 0.66
Including 86.5 151.7 65.2 0.25 0.01 0.006 0.006 0.16 5.20 0.22
TEX22-11 6.6 222.8 216.2 0.28 0.01 0.013 0.014 0.18 6.37 0.41
including 93.0 222.8 129.8 0.37 0.01 0.017 0.017 0.16 5.90 0.44
and 236.1 303.0 66.9 0.25 0.01 0.008 0.009 0.15 5.51 0.28
TEX22-12 62.0 141.6 79.6 0.23 0.01 0.007 0.007 0.15 5.27 0.21
and 164.0 211.0 47.0 0.21 0.01 0.006 0.005 0.18 6.12 0.37
TEX22-01 was collared directly over komatiite, and intersected a thick sequence of mineralized peridotite,
ending in strongly serpentinized dunite, with minor dykes encountered near the top of the hole. The hole
averaged 0.29% Ni over 240.7 metres, including a higher-grade section of 0.52% Ni over 22.1 metres (see
Table 3 for all high grade composites, and Table 4 for whole mineralized lengths).
TEX22-02 was collared 100 metres northeast of TEX22-01 and intersected mineralized komatiite 6 metres
below surface, intersecting mineralized peridotite for a length of 120.0 metres until encountering gabbro
at the lower contact. The hole averaged 0.34% nickel over 120.0 metres, including 0.55% nickel over 45.7
metres from 10.5 metres downhole.
TEX22-03 was collared with an east azimuth 20 m etres southwest of the existing mining shaft and
intersected mineralized peridotite from 1.8 meters to the end of hole at 150.0 metres. The hole averaged
0.40% nickel over 148.2 metres, including 1.22% nickel and 0.18 g/t Pt+Pd over 21.0 metres.
TEX22-04 was collared within the hanging wall intersecting mafic volcanics and then gabbro before
encountering mineralized peridotite. The mineralized peridotite averaged 0.31% Ni over 200.2 metres,
including 0.56% Ni over 34.2 metres. The hole intersected the footwall, ending in mafic volcanics and
giving a good indication of the overall thickness of the mineralized ultramafics.
TEX22-05 was collared in hanging wall mafic volcanics and was aimed to cut across the strike length of the
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mineralized komatiite. The hole intersected 362.8 metres of peridotite averag ing 0.18% Ni over 362.8
metres, including 42.0 metres of 0.41% nickel. A few minor dykes were encountered within the hole.
TEX22-06 was drilled 100 m southeast of TEX22-03 in komatiite and intersected mineralized peridotite,
with minor intersections of late dykes. The hole averaged 0.24% nickel over 285.8 metres, including a
high-grade section of 1.45% nickel and 0.28 g/t Pt+Pd over 12.0 metres.
TEX22-07 was collared 100 southeast of TEX22 -03, intersecting komatiite followed by a moderate to
strongly mineralized peridotite, interrupted by minor diabase dykes . The hole averaged 0.24% Ni over
294.0 metres including 0.33% Ni over 100.2 metres and 0.41% Ni over 43.5 metres.
TEX22-08 was collared 50 metres south of TEX22-07 and drilled to the west. The hole started in komatiite
and continued into peridotite, ending in peridotite. The hole averaged 0.22% Ni over 272.7 metres
including 0.31% Ni over 100.2 metres.
TEX22-09 was collared at the same location as TEX22 -08 but at a steeper dip (-70o versus -50o). The hole
started in komatiite and continued into peridotite, ending in peridotite. Mineralization averaged 0.20% Ni
over 243.0 metres, including 0.28% Ni over 64.5 metres and 0.35% Ni over 49.3 metres.
TEX22-10 was collared 50 metres south of TEX22 -08 and intersected a thick section of mineralized
peridotite interrupted by a minor sliver of metasedimentary rocks. The hole averaged 0.18% Ni over 247.5
metres including 0.24% over 75.0 metres.
TEX22-11 was collared at the same location as TEX22 -10 but drilled at a steeper angle . The hole
intersected two sections of mineralized peridotite, 0.28% Ni over 216.2 metres and 66.9 metres of 0.25%
Ni, with the intervals separated by metasedimentary rocks. The upper mineralized interval included a
higher-grade section of 129.8 metres of 0.37% and 19.5 metres of 0.96% Ni.
TEX22-12 was collared 50 metres south of TEX22-10 and intersected 2 sections of mineralized peridotite
separated by metasediments, the upper section averaging 0.23% Ni over 79.5 metres, and the lower
section averaging 0.21% Ni over 47.0 metres.
Table 1: Texmont Drillhole Orientation
Hole ID Easting (mE) Northing (mN) Azimuth (⁰) Dip (⁰) Length (m)
TXT22-01 484872 5334590 270 -78 249
TXT22-02 484872 5334590 270 -50 126
TXT22-03 484802 5334530 90 -65 150
TXT22-04 484985 5334595 270 -50 345
TXT22-05 485012 5334504 270 -50 420
TXT22-06 484890 5334471 270 -50 300
TXT22-07 484890 5334471 270 -70 300
TXT22-08 484855 5334421 270 -50 282
TXT22-09 484855 5334420 270 -70 252
TXT22-10 484850 5334364 270 -48 255
TXT23-11 484850 5334364 270 -65 303
TXT23-12 484830 5334318 270 -52 222
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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 transp orted 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 is defined by
National Instrument 43 -101, has verified the data disclosed in this news release, and has othe rwise
reviewed and approved the technical information in this news release on behalf of Canada Nickel
Company Inc.
The magnetic images shown in this press release were created from Canada Nickel's interpretation of
datasets provided by the Ontario Geological Survey.
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
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
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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 metal s, 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 re lation 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 opinion s 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.