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Canada Nickel Co Inc (CNIKF) is a leading nickel-sulphide project developer focused on delivering nickel to serve the growing electric vehicle and stainless steel markets. With projects like the Crawford Nickel Sulphide Project, Canada Nickel is advancing the next generation of nickel production, aiming to produce net zero carbon nickel, cobalt, and iron products. The company's exploration programs have yielded promising results across various properties, showcasing its commitment to sustainability and innovation in the mining industry.
Canada Nickel has announced a US$15 million loan facility with Auramet, expected to close by July 9, 2024. The loan, due on January 9, 2025, carries a 1.00% monthly interest rate and a 2.5% arrangement fee. Auramet will receive 750,000 1-year warrants with a strike price of $1.42. Funds will support the company's permitting, engineering, and financing activities for the Crawford project, with an anticipated mid-2025 construction decision. The agreement is pending TSX Venture Exchange approval and customary conditions.
Canada Nickel has completed its 2024 drilling program at Deloro, expanding the mineralized footprint by 50% to 1.2 km long and up to 700 m wide. Located 8 km south of Timmins, Deloro has shallow overburden and easy road and powerline access. Eleven drill holes were completed, with significant nickel mineralization noted, including 0.26% nickel over 431 meters and 0.27% nickel over 293 meters. A resource estimate is underway and expected by July 2024. CEO Mark Selby highlighted the success of the exploration program, which is part of a broader effort involving seven drill rigs across multiple properties.
Canada Nickel has achieved initial metallurgical success at its Mann Northwest property with strong recovery and concentrate quality results from the first set of metallurgical tests. The overall nickel recoveries were 58% and 59%, with nickel and magnetite concentrate grades meeting expectations. The company aims to leverage its development work at Crawford across the Timmins Nickel District, showcasing promising potential. The Mann property, located in a strategic area, is undergoing exploration efforts with metallurgical test work underway.
Canada Nickel Company Inc. continues to achieve excellent drill results at its Reid property, with new best intervals to date, including 687 meters of 0.27% nickel. The company's exploration program aims to deliver new resources by Q2-2025 and unlock the regional exploration potential of the Timmins Nickel District. With long drill intervals and higher grade mineralization reported, Canada Nickel highlights the large-scale potential of the Reid Property.
Canada Nickel Company participated in the 2024 Energy Transition Metals Summit in Washington, D.C., emphasizing the importance of nickel in clean energy solutions. The company's CEO highlighted the essential role of nickel in EVs and stainless steel production, promoting collaboration in critical minerals between Canada, Ontario, and the US. Canada Nickel showcased its Crawford Nickel Sulphide Project as a model of innovation and sustainability, projecting to be a top nickel sulphide operation globally with zero-carbon production potential. The summit addressed challenges and opportunities in the nickel market, focusing on securing a reliable supply of critical minerals for North America's EV and stainless steel markets.
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