Coal News Hubb
Advertisement Banner
  • Home
  • News
  • Coal Mining
  • Contact
No Result
View All Result
  • Home
  • News
  • Coal Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Canada Nickel confirms major discovery larger than flagship Crawford project in Ontario

admin by admin
January 18, 2023
in News


The new holes generally returned 100 to 470 metres of predominantly nickel sulphide mineralization with grades ranging from 0.2% to 0.31% nickel. Two holes had mineralization of over 500 metres width – approximately 50% wider than Crawford Main Zone and more than 100% wider than Crawford East Zone.

All 16 drill holes completed on the Reid property have now intersected multi-hundred-metre intervals of nickel mineralization. To date, the broader intervals at yielded weighted average grades of 0.22% nickel over an average interval of 272 metres.

According to Canada Nickel’s CEO Mark Selby, the grades and mineralization at Reid are consistent with what the company has observed at the the East Zone deposit at Crawford.

“The success of this initial drilling, targeted solely with our team’s proprietary approach using provincial geophysical data, highlights the significant potential of our total regional land package with over 42 km2 of target geophysical footprint which is more than 20 times larger than our flagship Crawford project,” Selby said in a news release.

The Reid property is located 16 km southwest of Crawford and contains an ultramafic body with a target geophysical footprint of 3.9 km2, compared to just 1.6 km2 for Crawford.

With the drilling confirmation, the Reid project now represents another bulk-tonnage discovery anchored by Crawford, which is said to contain the fifth-largest nickel sulphide resource globally at 2.1 billion tonnes grading 0.24% nickel. A preliminary economic assessment for the Crawford project based on prior resource estimates outlined a 25-year operation capable of producing 842,000 tonnes of nickel metal.

In addition to the new drill results, Canada Nickel has also extended the repayment of its $10 million loan with Auramet to March 3, 2023. The extension “allows us to advance various financing initiatives, which we expect to complete during this timeframe,” Selby noted.

Shares of Canada Nickel rose 1.8% at C$1.61 a share by 12:30 p.m. ET following the latest exploration update, giving the company a market capitalization of C$191.3 million ($142m).

Echelon Capital Markets is maintaining a “Spec Buy” rating and C$6.00 price target for the stock based on the longer-term positive view of Crawford’s potential resource base, along with its alignment with global climate goals.





Source link

Previous Post

Kleemann Interlinked PRO plant train impresses in the Caribbean

Next Post

Alpha Lithium secures drilling permit for Argentina property

Next Post

Alpha Lithium secures drilling permit for Argentina property

Recommended

Komatsu facility in Christchurch powers on with solar

2 months ago

Harnessing data to improve equipment safety

5 months ago

© 2022 Coal News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Coal Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Coal Mining
  • Contact

© 2022 Coal News Hubb All rights reserved.