Canada Nickel Successfully Completes Initial Infill Drilling at Bannockburn Property “B” Zone; 2024 Exploration Program Conference Call to be Held on February 23
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Canada Nickel Successfully Completes
Initial Infill Drilling at Bannockburn Property “B” Zone;
2024 Exploration Program Conference Call to be Held on February 23
Highlights
• First five holes drilled by Canada Nickel into the “B” Zone intersected multi-hundred metre
intervals of 0.27-0.29% nickel and contained higher grade intervals of 0.3% nickel or better
o Higher grade intervals included 16.5 metres of 0.54% nickel
within a larger interval of 54 metres of 0.38% nickel in BAN23-04
• Upcoming summer 2024 drill program will complete the Canada Nickel drill program in
preparation for an initial resource later in 2024
• Company to host a webcast and conference call to discuss 2024 exploration program on
Friday, February 23rd, 2024 at 11 a.m. Eastern Time
TORONTO, February 20 , 202 4 – Canada Nickel Company Inc. ("Canada Nickel " or the
"Company") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce assay results from its 2023 drill
program within the “B” Zone at Bannockburn, a 100% owned Canada Nickel property.
“The five Canada Nickel holes drilled to infill the “B” Zone successfully intersected multi-hundred metre
intervals of 0.27-0.29% nickel and more importantly, each contained higher grade intervals of 0.3% nickel
or better,” said Mark Selby, CEO of Canada Nickel. “The Bannockburn “B” Zone has now been tested for
its total 1.1-kilometre strike length with multiple intervals in excess of 0.3% nickel from both previous and
current drilling. Bannockburn is highly complementary to our southern cluster of properties at Sothman,
Midlothian, Van Hise and Powell.”
Bannockburn Property
The Bannockburn Property is located 100 kilometres south of Timmins and consists of 151 contiguous
unpatented mining claims totaling 3,250 hectares. Bannockburn is situated near the Company’s Sothman,
Midlothian, Van Hise, and Powell properties forming a southern cluster of highly prospective targets near
established infrastructure in Matachewan, Ontario which is located approximately 20 kilometres east of
the project area.
This drill program consisted of six holes that formed an infilling of previous work on the “B” Zone. All six
drillholes intersected sections of moderate to strongly serpentinized dunite/peridotite. Highlights for the
first five holes are listed in Table 1 and shown in Figure 1. Hole BAN23-06 was drilled to test for a possible
continuation of the higher-grade “C” Zone into the much larger, lower-grade “B” Zone. Drilling highlights
from previous drilling are shown in Table 2.
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Other higher-grade historical prospective zones (A, C, D, E, & F) on the property (Figure 2) will be tested
in future by Canada Nickel.
Table 1 – Bannockburn drilling downhole composites.
Hole ID From
(m)
To (m) Length
(m)
Ni % Co % Pd
g/t
Pt
g/t
Pd+Pt
g/t
S %
BAN23-01 65.0 347.0 282.0 0.27 0.010 0.004 0.008 0.012 0.01
including 239.0 284.0 45.0 0.30 0.010 0.006 0.015 0.021 0.01
including 275.0 279.5 4.5 0.34 0.010 0.010 0.056 0.066 0.01
BAN23-02 63.5 386.0 322.5 0.28 0.010 0.007 0.008 0.015 0.09
including 285.5 360.5 75.0 0.31 0.010 0.021 0.018 0.039 0.10
including 300.5 312.5 12.0 0.34 0.012 0.098 0.068 0.166 0.12
BAN23-03 32.0 332.0 300.0 0.29 0.009 0.003 0.004 0.007 0.02
including 239.0 263.0 24.0 0.34 0.010 0.010 0.004 0.014 0.03
BAN23-04 44.0 399.9 355.9 0.27 0.010 0.011 0.009 0.020 0.05
including 197.0 251.0 54.0 0.38 0.011 0.034 0.017 0.051 0.05
including 233.0 249.5 16.5 0.54 0.013 0.072 0.034 0.106 0.21
BAN23-05 10.8 401.0 390.2 0.28 0.010 0.005 0.005 0.010 0.02
including 98.0 108.5 10.5 0.34 0.010 0.017 0.014 0.031 0.03
and 143.0 146.0 3.0 0.48 0.011 0.066 0.039 0.105 0.09
BAN23-06 62.0 214.8 152.8 0.21 0.010 0.006 0.008 0.014 0.13
and 271.7 332.0 60.3 0.21 0.010 0.005 0.006 0.011 0.07
*True width undetermined. All lengths are drillhole lengths.
The “B” Zone is a large mineralized ultramafic measuring 1.1 kilometres along strike by up to 600 metres
across strike (based on its magnetic response) as shown in Figure 1 with a total target geophysical
footprint of 0.5 km2. The “B” Zone was drilled in 2021 by Grid Metals Corp. (“Grid Metals”) to a depth of
340 metres, with the best hole, GBN21 -03, intersecting 342 metres of 0.28% nickel. Historic drilling by
Outokumpu Mines Inc. (“Outokumpu”) intersected 203 metres of 0.33% nickel in MBB4-09 and 25 metres
of 0.46% nickel in BN-19-98. Preliminary mineral processing in 2005 by Grid Metals showed that a 0.33%
nickel bulk sample from the “B” Zone resulted in a 52% or higher nickel recovery and a 35% nickel
concentrate (see Grid Metals press release February 17, 2021).
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Figure 1 – Bannockburn “B” Zone – CNC Drillholes Over Total Magnetic Intensity.
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Figure 2 – Bannockburn Property with Nickel Sulphide Zones (modified after Outokumpu, 1999).
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Table 2 – Grid Metals Previous Drilling – “B” Zone.
(previously reported)
Hole ID From
(m)
To (m) Length
(m)
Ni %
GBN21-01 71.5 232.4 160.9 0.24
including 103.0 125.6 22.6 0.30
with 118.0 125.6 7.6 0.38
GBN21-02 40.5 337.0 296.5 0.28
including 98.0 210.0 112.0 0.32
with 147.0 195.0 48.0 0.34
GBN21-03 39.3 381.0 341.7 0.28
including 256.5 321.0 64.5 0.30
GBN21-04 115.5 309.0 193.5 0.31
including 133.5 162.0 28.5 0.40
and 225.0 247.5 22.5 0.41
GBN21-05 49.7 219.0 169.3 0.20
including 79.5 105.0 25.5 0.27
GBN21-06 60.0 247.5 189.0 0.27
including 133.5 174.0 40.5 0.30
and 210.0 235.5 25.5 0.31
GBN21-07 36.0 405.0 369.0 0.24
including 160.5 273.0 112.5 0.27
with 231.0 273.0 42.0 0.29
GBN21-08 72.0 303.0 231.0 0.24
including 132.0 258.0 126.0 0.28
Table 3: Drillhole Orientation
Hole ID Zone Easting (mE) Northing (mN) Azimuth (⁰) Dip (⁰) Length (m)
BAN23-01 B 506714 5313946 245 -50 347
BAN23-02 B 507020 5313630 235 -50 386
BAN23-03 B 507113 5313412 240 -61 332
BAN23-04 B 506820 5313767 245 -55 401
BAN23-05 B 506890 5313398 55 -50 401
BAN23-06 B 506855 5313908 120 -50 332
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Repayment of Auramet Loan Facility
The Company has also repaid the US$12 million loan facility with Auramet International, Inc.
Conference Call Details:
Date: Friday, February 23, 2024
Time: 11 a.m. ET
Participants may join the webcast and call as follows:
Audience URL: https://app.webinar.net/P1exkL4kgN2
Dialing local Toronto: 416-764-8688
Dialing North American Toll Free: 888-390-0546
Dialing International Toll Free:
Australia: 1800076068
Germany: 08007240293
Switzerland: 0800312635
South Africa: 0800994942
UK (England): 448006522435
For those unable to participate, a web based archive of the conference call will be available for playback
at the same Audience URL used to access the live webcast.
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, 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 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
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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.
Certain data disclosed in this news release is related to previous and historical drilling results. Canada
Nickel has not undertaken any independent investigation of the sampling nor has it independently
analyzed the results of the historical exploration w ork in order to verify the results. Canada Nickel
considers the historical drill results relevant as the Company is using this data as a guide to plan
exploration programs.
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, has verified the data disclosed in this news release, and has
otherwise reviewed and approved the technical inform ation 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 potential
of the Crawford Nickel Sulphide Project and the Properties, timing of the 2024 drill program, the ability to
sell marketable materials, strategic plans, including future exploration and d evelopment 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 cau se 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 shareholder approvals, and the impact
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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 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.