Canada Nickel Intersects Massive Sulphide at Bannockburn Project
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Canada Nickel Intersects Massive Sulphide at Bannockburn Project
Highlights
• First massive sulphide drilled by Canada Nickel in Timmins Nickel District
• Intersects 3.9 metres of massive sulphide within 12.7 metres of mineralization
TORONTO, November 5, 2024 – Canada Nickel Company Inc. ("Canada Nickel " or the
"Company") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce it has intersected a significant
interval of massive sulphide on its Bannockburn Property located 65 kilometres south of Timmins, Ontario.
CEO Mark Selby said, “We have assembled a very large land package in the Timmins Nickel District which
has yielded millions of tonnes of contained nickel resources. While our focus has been primarily on large
scale, bulk tonnage deposits, today’s results clearly highlight our belief in the potential of these properties
with their large nickel endowment to also host high grade nickel deposits. We look forward to seeing the
assays from this hole next week, the follow-up geophysics to understand this Bannockburn target in more
detail, and upcoming drilling of other geophysical targets around Bannockburn.”
Bannockburn Property
The Bannockburn Property is located 65 kilometres south of Timmins and approximately 20 kilometres
west of Matachewan, Ontario and is located in the vicinity of the Company’s Midlothian and Sothman
properties. The Company has been primarily focused on the large tonnage, low grade nickel zone (the B-
Zone) and has identified a number of new prospective targets which are being tested for higher-grade
material. Historically, higher grade intervals have been drilled at the C-Zone and F-Zone at Bannockburn
(Figure 1) and at the nearby Sothman project.
Canada Nickel is conducting an infill drill program on the historically named B-Zone, a bulk tonnage target
composed primarily of strongly serpentinized and well mineralized ultramafics. The B-Zone initial resource
is expected to be completed by Q2 2025.
Bannockburn F-Zone
Massive sulphides were identified in drillhole BAN24-18 which collared into mafic volcanics and
intersected mineralized peridotite at 238 metres downhole. Mineralization within the peridotite was
weak at the contact and increased downhole into moderate to strong disseminated nickel sulphide for 8.7
metres and ending with a 3.9 metre section of massive sulphide (see Figures 2a,b,c) before returning to
mafic volcanics. An XRF analyzer was used to confirm the presence of nickel in the mineralized intervals.
Samples have been submitted for assays and are expected to be available early next week.
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The Company was testing the previously identified F-Zone which had been historically drilled by
Outokumpu Mining Oy and Mustang Minerals Corp. in the late 1990s and early 2000s and yielded narrow
intervals of net-textured and massive sulphide mineralization including 2.8 metres of 2.9% nickel
approximately 50 metres east of the current interval.
Canada Nickel is also following up with similar targets inside the B-Zone that were highlighted during a
semi-airborne EM survey (drone and ground loop) that was flown during the summer of 2024, performed
by Rosor Corp. The survey shows two other higher conductivity/lower resistivity targets within the B-Zone.
Figure 1 – Bannockburn B-Zone and F-Zone, ongoing drill program.
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Figure 2 – BAN24-18, core pictures a (256.1-267 metres) ,b (260.3-263.4 metres) ,c (select intervals
257.2-262.7 metres )
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Table 1: Logged Intervals BAN24-18
From
(m) To (m) Length
(m) Lithology % Sulphide*
238.5 251.4 12.9 Carbonated Peridotite. Disseminated Ni Min 1.0
251.4 260.1 8.7 Strongly Serpentinized peridotite. Strong diss Ni min 5
260.1 260.2 0.1 Net-textured sulphide peridotite. 25
260.2 264.1 3.9 Massive sulphide 90-100
*Visual estimation. For reference, Crawford % sulphide typically between 0.1-1%
a) Peridotite to Massive sulphide, to volcanics; b) Net-texture sulphides (Po (Pyrrhotite)>Pn (Pentlandite)>>Cpy
(Chalcopyrite); c) Disseminated sulphides on peridotite, into massive sulphides Po>Pn;
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Table 2: Drillhole Orientation
Hole ID Easting (mE) Northing (mN) Azimuth (⁰) Dip (⁰) Length (m)
B-Zone
BAN24-07 506617 5314086 240 -55 402.0
BAN24-08 506677 5313701 240 -55 381.0
BAN24-09 506475 5314390 240 -55 351.0
BAN24-10 505420 5315110 75 -50 402.0
BAN24-11 506342 5314134 60 -55 363.5
BAN24-12 507225 5313385 235 -55 351.0
BAN24-13A 507225 5313385 55 -75 173.0
BAN24-14 506931 5313715 235 -55 402
BAN24-15 506931 5313715 55 -50 426
BAN24-16 507233 5313389 55 -75 181.5
F-Zone
BAN24-18 507393 5311706 70 -80 420
Statement Regarding TSX Venture
Neither 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.
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, 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 National Instrument 43 -101 – Standards of Disclosure for Mineral Projects , 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.
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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 politi cal 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, corporate and technical
objectives, and the completion of assays, follow-up geophysics and further drilling . 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 sh areholder 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 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.