Canada Nickel Expands High Grade, Near Surface Mineralization at Texmont
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Canada Nickel Expands High Grade, Near Surface
Mineralization at Texmont
Highlights
• Assay r esults from 16 drillholes continue to confirm high -grade near -surface
mineralization
• Nine drillholes with intersections of higher-grade (above 1% nickel)
mineralization
• Hole TEX23-26 intersected 3 metres of 1.47% nickel within 13.5 metres of 0.82%
nickel within 52.5 metres of 0.5% nickel
• Hole TEX23-19 intersected 7 metres of 1.03% nickel within 40.0 metres of 0.69%
nickel
• High grade mineralization intersected in northern lens 470 metres from original high
grade lens in the south area
• Hole TXT23-32 intersected 10.5 metres of 0.95% nickel within 43.5 metres of
0.59% nickel within 292 metres of 0.31% nickel
TORONTO, April 18, 2023 – Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV:
CNC) (OTCQX: CNIKF) today announced assay results that indicate an expansion of high grade, near-
surface nickel mineralization at the Texmont property located 36 kilometres south of Timmins, Ontario.
This release contains assay results from 16 additional holes with assays pending from eleven holes. The
Company has drilled 39 holes totaling 9,696 metres as part of an exploration program to support the
development of a resource. The mineralization has been drilled over a footprint of 1 kilometre along strike
to a maximum depth of 444 metres where it remains open (Figures 1 and 2).
Mark Selby, CEO of Canada Nickel Company, said, “The latest assay results continue to confirm our thesis
of near-surface high grade intervals within thick mineralized sections which support the potential for near-
term, smaller scale, open pit production. Of particular note, we are excited by the near-surface higher
grade interval in hole TEX23-32 in the northern lens which is nearly half a kilometre from the southern
high-grade lens. We have now planned additional drilling at the northern lens. We are looking 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.”
Current Drill Results
All 39 drillholes intersected mineralized peridotite to varying degrees, with the drill program confirming
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Canada Nickel’s interpretation of the Texmont deposit, as displaying zoning in its mineralization, with a
higher-grade core >1.0% ranging between 2 to 8 metres thickness (and being the main target of previous
mining), grading into an outer shell of moderate-high mineralization 0.6-1.0% of up to 20 to 30 metres in
thickness and followed by further outward shells of moderate and lower grades (Table 1. Fi gure 3).
Overburden in the area varied between 2 and 18 metres in downhole length (average 7.5 metres).
Table 1: Texmont exploration drilling results - high grade highlights
Hole ID From To Length* Ni Co Pd Pt Cr Fe S
(m) (m) (m) (%) (%) (g/t) (g/t) (%) (%) (%)
TXT22-13 153.0 174.0 21.0 0.52 0.02 0.036 0.030 0.15 5.68 0.63
and 183.0 192.0 9.0 0.49 0.02 0.027 0.023 0.12 5.42 0.58
Including 184 185.5 1.5 1.02 0.035 0.053 0.044 0.13 6.01 1.27
TXT23-15 85.5 104.5 19.0 0.57 0.02 0.034 0.024 0.16 6.00 0.66
including 85.5 93.5 8.0 0.88 0.03 0.061 0.041 0.17 6.55 1.00
Including 91.5 93.5 2 1.24 0.05 0.068 0.049 0.15 6.50 1.70
TXT23-16 202.5 223.5 21.0 0.48 0.02 0.035 0.023 0.13 5.57 0.59
Including 217.5 223.5 6.0 0.72 0.02 0.060 0.040 0.14 5.65 1.09
Including 219 221 2 1.03 1.03 0.03 0.094 0.060 0.13 5.82
TXT23-19 63 184 121 0.52 0.02 0.038 0.029 0.15 5.56 0.48
TXT23-19 63.0 98.7 35.7 0.70 0.02 0.060 0.045 0.14 5.27 0.70
and 144.0 184.0 40.0 0.69 0.02 0.054 0.042 0.16 5.99 0.55
Including 145.0 148.3 3.3 1.24 0.02 0.124 0.087 0.15 5.12 1.06
and 156.5 160.0 3.5 1.20 0.03 0.100 0.071 0.15 5.75 0.94
including 170.0 177.0 7.0 1.03 0.03 0.083 0.069 0.16 6.73 0.81
TXT23-21 64.5 70.5 6.0 0.90 0.02 0.082 0.072 0.15 5.65 0.42
including 64.5 69.0 4.05 1.06 0.02 0.102 0.089 0.15 5.79 0.50
TXT23-22 153.0 193.5 40.5 0.34 0.01 0.017 0.015 0.17 5.83 0.50
TXT23-25 154.5 222.0 67.5 0.58 0.02 0.043 0.034 0.16 6.44 0.83
including 156.0 164.0 8.0 0.85 0.03 0.074 0.054 0.15 7.43 1.27
including 157.5 159.0 1.5 1.02 0.031 0.092 0.064 0.14 8.03 1.8
TXT23-26 112.5 165 52.5 0.50 0.01 0.047 0.044 0.14 5.48 0.53
Including 151.5 165.0 13.5 0.82 0.02 0.125 0.079 0.15 5.53 0.94
Including 151.5 156.0 4.5 1.13 0.02 0.159 0.102 0.15 6.04 1.29
TXT23-27 74.8 78.0 3.2 0.51 0.02 0.048 0.036 0.14 5.11 0.49
TXT23-28 103.5 130.5 27.0 0.52 0.02 0.033 0.042 0.14 5.47 0.62
Including 123.0 124.5 1.5 1.29 0.038 0.147 0.046 0.13 7.02 2.01
Including 129.0 130.5 1.5 1.43 0.045 0.156 0.519 0.14 6.37 1.91
and 225.0 261.0 36.0 0.42 0.01 0.039 0.032 0.15 5.59 0.46
including 258.0 261 3 1.15 0.04 0.235 0.177 0.13 5.63 1.62
TXT23-32 63.0 106.5 43.5 0.59 0.02 0.038 0.029 0.15 5.34 0.52
including 63.0 73.5 10.5 0.95 0.02 0.071 0.047 0.14 5.08 0.79
including 63 66 3 1.22 0.01 0.130 0.077 0.14 4.90 1.00
*Specified drillhole length, note that true widths are uncertain. Initial interpretation by the Company is that the nickel
mineralization is hosted in steeply dipping zones, implying true widths in the range of 70% to 95% of reported intervals
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Figure 1 – Plan View of Texmont –Drill results Overlain on TMI (Black rectangle is southern area)
Figure 2 – Texmont Property – Southern Area
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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) (%) (%) (%)
TXT22-13 5.0 387.0 382.0 0.21 0.01 0.008 0.009 0.17 6.33 0.33
including 111.0 297.2 186.2 0.29 0.01 0.010 0.010 0.14 5.23 0.30
and 317.8 387.0 69.2 0.21 0.01 0.008 0.009 0.27 6.17 0.28
TXT23-14 47.0 129.9 82.9 0.20 0.01 0.006 0.006 0.18 5.48 0.21
TXT23-15 47.5 169.8 122.3 0.27 0.01 0.010 0.011 0.19 6.08 0.35
TXT23-16 114.5 444 329.5 0.25 0.01 0.009 0.007 0.16 5.45 0.23
including 192.0 285.0 93.0 0.30 0.01 0.016 0.011 0.15 5.37 0.28
TXT23-17 81.0 109.1 28.1 0.21 0.01 0.004 0.006 0.17 5.39 0.18
TXT23-18 40.5 109.7 69.2 0.21 0.01 0.008 0.007 0.15 4.90 0.15
and 123.0 158.0 35.0 0.19 0.01 0.007 0.006 0.18 6.09 0.56
TXT23-19 10.0 193.7 183.7 0.43 0.01 0.027 0.022 0.14 5.45 0.44
TXT23-20 84.0 243.0 159.0 0.23 0.01 0.008 0.008 0.12 5.45 0.34
TXT23-21 51.3 135.7 84.4 0.28 0.01 0.014 0.014 0.14 5.39 0.19
and 148.1 163.5 15.4 0.26 0.01 0.016 0.015 0.12 4.59 0.25
TXT23-22 12.0 260.8 248.8 0.26 0.01 0.011 0.009 0.16 5.44 0.24
TXT23-23 37.6 219.5 181.9 0.24 0.01 0.009 0.008 0.14 5.38 0.10
including 82.5 120.0 37.5 0.30 0.01 0.012 0.009 0.15 5.03 0.12
TXT23-25 3.0 311.8 308.8 0.24 0.01 0.013 0.013 0.13 6.19 0.35
including 125.0 240.0 115.0 0.44 0.01 0.029 0.024 0.15 5.84 0.58
TXT23-26 5.0 240.0 235.0 0.29 0.01 0.015 0.016 0.15 5.42 0.31
including 52.5 165.0 102.5 0.37 0.01 0.026 0.026 0.15 5.54 0.42
TXT23-27 4.0 124.6 120.6 0.21 0.01 0.007 0.010 0.12 5.70 0.29
and 191.2 231.0 39.8 0.20 0.01 0.007 0.014 0.19 5.88 0.14
TXT23-28 14.4 174.1 159.7 0.30 0.01 0.009 0.014 0.13 4.95 0.31
and 222.6 291.0 68.4 0.33 0.01 0.022 0.021 0.15 5.52 0.32
TXT23-32 8.2 300.0 291.8 0.31 0.01 0.016 0.015 0.15 5.11 0.27
*Specified drillhole length, note that true widths are uncertain. Initial interpretation by the Company is that the nickel
mineralization is hosted in steeply dipping zones, implying true widths in the range of 70% to 95% of reported intervals
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Figure 3. Cross Sections (25m clipping)
*Drillhole assays composited at 6m lengths
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Table 3: Texmont Drillhole Orientation
Hole ID Easting (mE) Northing (mN) Azimuth (⁰) Dip (⁰) Length (m)
TXT23-13 484830 5334318 270 -82 387
TXT23-14 484790 5334263 270 -45 162
TXT23-15 484790 5334263 270 -65 180
TXT23-16 484790 5334263 270 -90 444
TXT23-17 484789 5334319 270 -45 171
TXT23-18 484799 5334365 270 -45 201
TXT23-19 484790 5334568 90 -48 201
TXT23-20 484790 5334568 90 -86 243
TXT23-21 484925 5334636 270 -57 234
TXT23-22 484893 5334663 270 -70 264
TXT23-23 484905 5334714 270 -52 246
TXT23-25 484720 5334400 90 -58 351
TXT23-26 484768 5334491 90 -55 240
TXT23-27 484755 5334450 90 -55 231
TXT23-28 484798 5334471 90 -70 291
TXT23-32 484915 5335188 265 -65 300
TXT23-13 was collared in komatiite, and intersected a thick sequence of mineralized peridotite, with minor
dykes encountered near surface. The hole averaged 0.2 1% nickel over 382.0 metres, including a higher-
grade section of 0.52% nickel over 21.0 metres (see Table 1 for higher grade composites, and Table 2 for
entire mineralized composites).
TXT23-14 was collared 70 metres southwest of TXT23-13 and intersected weakly mineralized komatiite
4.7 metres below surface, intersecting mineralized peridotite for a length of 82.9 metres until
encountering volcanics at the lower contact. The peridotite section averaged 0.20% nickel.
TXTX23-15 was collared in the same setup as TXT23-14 drilling steeper, intersected komatiite followed by
well mineralized peridotite for 122.3 metres. The hole averaged 0.27% nickel, including 0.88% nickel and
0.10g/t Pt+Pd over 8.0 metres.
TXT23-16 was collared on komatiite at 3 metres followed by well mineralized peridotite to end of hole .
The mineralized peridotite averaged 0.25% nickel over 329.5 metres, including 0. 48% nickel over 21.0
metres.
TXT23-17 was collared in hanging wall mafic intrusive and followed a succession of komatiite and mafic
volcanics before intersecting mineralized peridotite at 81 metres. The hole intersected 28.1 metres of
peridotite averaging 0.21% nickel.
TXT23-18 was drilled 55 metres northwest of TXT23-13 in komatiite and intersected mineralized
peridotite, interrupted by a section of metasediments. The top peridotite averaged 0.21% nickel over 69.2
metres, while the bottom peridotite averaged 0.19% nickel over 35.0 metres.
TEX23-19 was collared 55 metres northwest of the shaft, intersecting well mineralized peridotite at 10
metres below surface , interrupted by minor diabase dykes. The hole averaged 0.43% nickel over 183.7
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metres including 0.69% nickel over 40.0 metres and 1.03% nickel over 7.0 metres.
TXT23-20 was collared and ended in mineralized peridotite. The bottom of the hole averaged 0.23% nickel
over 159.0 metres including 0.31% nickel over 100.2 metres. Top of hole assays are still pending.
TXT23-21 was collared in komatiite with minor dykes, followed by mineralized peridotite . The top
peridotite averaged 0.28% nickel over 84.4 metres, including 0. 90% nickel over 6.0 metres and 0.35%
nickel over 49.3 metres. The bottom peridotite averaged 0.26% nickel over 15.4 metres.
TXT23-22 was collared in mineralized peridotite at 12 metres below surface. The hole averaged 0. 26%
nickel over 248.8 metres including 0.34% nickel over 40.5 metres.
TXT23-23 was collared approximately 220 metres northeast of the shaft. The hole intersected 0.24% nickel
over 181.9 metres, including 0.30% nickel over 37.5 metres.
TXT23-24 was collared at the hanging wall mafic volcanics and intersected well mineralized peridotite
starting at 13.8 metres. The hole has 0.71% nickel over 21.0 metres. Top and bottom of hole assays are
still pending.
TXT23-25 was collared on komatiite at 3 metres followed by diabase and a well mineralized peridotite to
end of hole. The hole averaged 0.24% nickel over 308.8 metres, including a section of well mineralized
peridotite averaging 0.58% nickel over 64.8 metres, including 0.85% nickel over 8.0 metres.
TXT23-26 was collared in mineralized peridotite at 5.0 metres below surface. The hole averaged 0.29%
nickel over 235.0 metres including 0.50% nickel over 52.5 metres.
TXT23-27 collared on peridotite at 4 metres below sur face and ended in peridotite except for a gabbro
section near the bottom of the hole. The top peridotite averaged 0.21% nickel over 120.6 metres, while
the bottom peridotite averaged 0.20% nickel over 39.8 metres.
TXT23-28 collared in mafic volcanics at 5.5 metres, followed by well mineralized peridotite starting at 14.4
metres. This section of the peridotite averaged 0.30% nickel over 159.7 metres and included a section of
0.52% nickel over 27.0 metres. The hole is interrupted by a section of a later intrusion but continues on
well mineralized peridotite averaging 0.33% nickel over 68.4 metres and includes 0.42% nickel over 36.0
metres.
TXT23-32 is collared in the north zone approximately 650 metres from the shaft. The hole starts on
komatiite and remains in mineralized peridotite to the end of the hole. The hole averaged 0.31% nickel
over 291.8 metres and includes 0.59% nickel over 43.5 metres with 10.5 metres of 0.95% nickel.
Share Issuances
Canada Nickel also announces that it has agreed to issue 43,924 common shares of the Company
("Common Shares") in satisfaction of $60,000 due to a service provider for advisory services provided to
the Company. In addition, the Company has entered into an agreement to acquire a 100% interest in
certain mining claims located in the Timmins, Ontario nickel-sulphide mining district in exchange for
54,000 Common Shares. Canada Nickel has also entered into an agreement with the holder of certain
expired mining claims located in the area under which the Company has been provided with the right to
re-stake these claims in exchange for consideration of 10,000 Common Shares. Each of the foregoing
issuances of Common Shares are subject to the prior approval of the TSX Venture Exchange and will be
subject to a four-month hold period under Canadian securities laws.
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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) a nd 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 a t 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 p ress 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 p rocesses 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 Nic kel-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]