Canada Nickel Continues to Intersect High-grade, Near-surface Mineralization at Texmont Project
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Canada Nickel Continues to Intersect
High-grade, Near-surface Mineralization at Texmont Project
Highlights
• Assay results from final 11 drillholes confirm continued high-grade near -surface
mineralization within thick mineralized sections
• Seven of 11 holes intersect ed nickel grades > 1% and all 11 holes intersect ed
nickel grades >0.5%
• Hole T XT23-39 intersected 3.0 metres of 2. 31% nickel within 15.0 metres of
0.83% nickel within 90.0 metres of 0.34% nickel starting at 12 metres
• Hole TXT23 -36 intersected 3.0 metres of 2. 34% nickel within 12.0 metres of
1.06% nickel within 96.5 metres of 0.36% nickel starting at 4.5 metres
TORONTO, June 1, 2023 – Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC)
(OTCQX: CNIKF) today reported that assay results from its final 11 drill holes at its Texmont Project have
confirmed continued high-grade, near-surface mineralization. These results represent the final assays
from the 39-drill-hole program undertaken at Texmont in the winter of 2022-2023.
Mark Selby, CEO of Canada Nickel, said, “This latest set of assay results reinforce our thesis of near-surface
high-grade intervals within thick mineralized sections which support the potential for near-term, smaller
scale, open pit production. We look forward to delivering an initial resource and Preliminary Economic
Analysis (“PEA”) on Texmont this year as its near-term production potential is highly complementary to
our large-scale Crawford and regional nickel sulphide project potential.”
Latest Drill Results
The drill results further confirm the i nterpretation of the Texmont deposit, as displaying zoning in its
mineralization, with a higher-grade core >1.0% nickel ranging between 2 to 8 metres thick, encompassed
by moderate-high grade mineralization of 0.6-1.0% nickel between 12 to 25 metres thick and surrounded
by lower grade mineralization of 0.25% and higher, with widths up to 150 metres (see Tables 1 and 2) .
Mineralization has been drilled to a vertical depth of 444 metres and remains open at depth.
Canada Nickel expects to produce a mineral resource estimate on the Texmont Project later this year
using the 28,884 metres of drilling completed during the previous 2006 -2008 drill program and 9,726
metres in the current 2022-2023 program. This resource will form part of a PEA expected by the end of
2023.
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Table 1: Texmont exploration drilling results - high grade highlights
Hole ID From To Length* Ni Co Pd+Pt Pd Pt S
(m) (m) (m) (%) (%) (g/t) (g/t) (g/t) (%)
TXT23-24 126.0 147.0 21.0 0.71 0.02 0.08 0.045 0.037 0.9
including 142.5 147.0 4.5 1.36 0.04 0.18 0.096 0.082 1.76
TXT23-29 9.0 13.3 4.3 1.20 0.03 0.09 0.054 0.036 0.99
and 229.5 237.0 7.5 1.56 0.06 0.16 0.093 0.066 3.08
TXT23-30 151.0 170.5 19.5 0.83 0.02 0.13 0.070 0.055 1.00
Including 160.5 169.0 8.5 1.34 0.03 0.23 0.124 0.101 1.76
TXT23-33 80.0 99.0 19.0 0.45 0.01 0.03 0.017 0.013 0.81
and 184.5 190.5 6.0 0.51 0.01 0.04 0.023 0.017 0.38
TXT23-35 39.0 64.5 25.5 0.72 0.01 0.09 0.058 0.033 0.59
including 40.5 49.5 9.0 1.03 0.01 0.10 0.062 0.038 0.70
TXT23-36 90.0 102.0 12.0 1.06 0.02 0.14 0.076 0.060 0.80
Including 93.0 96.0 3.0 2.34 0.03 0.32 0.182 0.141 1.71
TXT23-38 53.5 75.0 21.5 0.52 0.02 0.09 0.053 0.039 0.54
including 63.0 67.5 4.5 1.03 0.03 0.28 0.159 0.117 1.22
TXT23-39 40.5 55.5 15.0 0.83 0.02 0.13 0.080 0.053 0.78
including 40.5 43.5 3.0 2.31 0.06 0.43 0.257 0.177 2.06
*Drillhole length, true thickness not calculated.
Figure 1 – Plan View of Texmont –Drill results Overlain on TMI (Black rectangle is southern area)
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Figure 2 – Texmont Property – Southern Area
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) (%) (%) (%)
TXT23-24 13.8 303.0** 289.2 0.29 0.01 0.013 0.012 0.17 6.00 0.41
including 126.0 147.0 21.0 0.71 0.02 0.045 0.037 0.16 6.35 0.90
Including 142.5 147.0 4.5 1.36 0.04 0.096 0.082 0.17 7.55 1.76
and 159.0 192.0 33.0 0.62 0.02 0.045 0.030 0.15 6.19 0.92
TXT23-29 6.3 175.5 169.2 0.25 0.01 0.008 0.008 0.12 5.34 0.30
Including 9.0 13.3 4.3 1.20 0.03 0.054 0.036 0.12 5.43 0.99
and 193.3 250.2 56.9 0.42 0.02 0.018 0.014 0.20 6.46 0.79
Including 229.5 237.0 7.5 1.56 0.06 0.093 0.066 0.42 11.76 3.08
and 265.8 321.0 55.2 0.33 0.01 0.014 0.011 0.15 5.73 0.53
Including 291.0 304.5** 13.5 0.47 0.02 0.028 0.027 0.16 6.64 0.85
TXT23-30 3.1 130.5 127.4 0.22 0.01 0.006 0.007 0.15 5.71 0.32
and 151.0 170.5 19.5 0.83 0.02 0.070 0.055 0.12 5.53 1.00
Including 160.5 169.0 8.5 1.34 0.03 0.124 0.101 0.12 5.86 1.76
and 211.7 321.0 109.3 0.11 0.01 0.008 0.007 0.21 7.20 0.17
TXT23-31 18.0 360.0** 342.0 0.24 0.01 0.009 0.008 0.15 5.22 0.21
TXT23-33 7.2 300.0** 292.8 0.24 0.01 0.006 0.007 0.14 5.10 0.16
Including 80.0 99.0 19.0 0.45 0.01 0.017 0.013 0.14 5.41 0.81
and 184.5 190.5 6.0 0.51 0.01 0.023 0.017 0.13 5.06 0.38
TXT23-34 108.0 180.0** 72.0 0.18 0.01 0.003 0.005 0.12 4.99 0.17
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TXT23-35 5.5 180.0** 174.5 0.30 0.01 0.022 0.016 0.23 5.46 0.35
Including 39.0 64.5 25.5 0.72 0.01 0.058 0.033 0.14 4.95 0.59
including 40.5 49.5 9.0 1.03 0.01 0.062 0.038 0.14 4.74 0.70
TXT23-36 4.5 102.0** 97.5 0.36 0.01 0.020 0.015 0.13 5.93 0.26
Including 90.0 102.0 12.0 1.06 0.02 0.076 0.060 0.14 5.22 0.80
Including 93.0 96.0 3.0 2.34 0.03 0.182 0.141 0.13 5.50 1.71
TXT23-37 7.6 19.9 12.3 0.61 0.02 0.062 0.043 0.12 4.66 0.53
and 36.7 102.0** 65.3 0.19 0.01 0.006 0.006 0.14 4.83 0.41
TXT23-38 12.6 75.0** 62.4 0.34 0.01 0.026 0.026 0.11 6.22 0.42
Including 53.5 75.0 21.5 0.52 0.02 0.053 0.039 0.14 5.42 0.54
including 63.0 67.5 4.5 1.03 0.03 0.159 0.117 0.13 5.58 1.22
TXT23-39 12.0 102.0** 90.0 0.34 0.01 0.019 0.017 0.13 5.70 0.29
including 40.5 55.5 15.0 0.83 0.02 0.080 0.053 0.13 4.90 0.78
including 40.5 43.5 3.0 2.31 0.06 0.257 0.177 0.12 5.51 2.06
*Drillhole length, true thickness not calculated.
**Hole ended in mineralization
Table 3: Texmont Drillhole Orientation
Hole ID Easting (mE) Northing (mN) Azimuth (⁰) Dip (⁰) Length (m)
TXT23-24 484725 5334350 90 -62 303.0
TXT23-29 484818 5334611 180 -45 321
TXT23-30 484797 5334535 155 -45 321
TXT23-31 484975 5335039 272 -64 360
TXT23-33 484955 5335289 268 -66 300
TXT23-34 485175 5335340 268 -50 180
TXT23-35 484887 5335188 265 -65 180
TXT23-36 484827 5334651 125 -45 102
TXT23-37 484831 5334575 115 -52 102
TXT23-38 484814 5334505 92 -65 75
TXT23-39 484814 5334505 85 -62 102
From the 11 drillholes in this release, five were drilled in the southern half of the property close to the
past producing Texmont mine. The remaining six drillholes were drilled in the northern half of the
property, testing the strike length extent of the mineralization.
Drillholes TXT23-24, TXT23-29, TXT23-30, TXT23-31 and TXT23-33 in the southern half of the property all
intersected varying degrees of mineralization predominantly hosted in peridotites and to a lesser extent
in adjacent mineralized komatiites. All drillholes cut across the interpreted low to moderate to high grade
shells, with the best intersection in hole TXT23 -30 at 1.34% Ni over 8.5 met res within a moderate -high
grade shell of 0.83% Ni over 19.5 metres, within a low grade shell of 0.22% Ni over 127.4 metres. Holes
TXT23-29 and TXT23 -30 were drilled sub-parallel to strike to test the presence of inferred cross cutting
faults, as well as to confirm the continuity of the mineralized shells (low, moderate and high) across
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geologic sections in an area of the mineralization where existing underground infrastructure makes it
difficult to drill on-section.
The six remaining holes drilled in the north section of the property (Figure 2) all intersected varying
degrees of nickel mineralization, with holes TXT23-32 and TXT23-35 having the best results, intersecting
high grade nickel very close to surface , with overb urden less than 5.5 metres in TXT23 -35. TXT23-35
intersected 9.0 metres of 1.03 % nickel, within a larger section of 25.5 metres of 0.72% nickel, within an
overall mineralized envelope of 174.5 metres grading 0.30% nickel.
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 s ealed 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 Tim mins,
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 otherwise
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 processe s 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.
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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 potential
of the Crawford Nickel Sulphide Project, the Texmont Project and the other 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 o r 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 t he
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 forwar d-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.