Canada Nickel Co Inc - CNIKF STOCK NEWS

Canada Nickel Company reported promising assay results from the Texmont property, revealing high-grade near-surface nickel mineralization. Assay data from 16 drill holes indicated significant mineralization, with nine holes showing over 1% nickel content. Noteworthy findings include TEX23-26, which intersected 3 metres of 1.47% nickel, and TEX23-19 with 7 metres of 1.03% nickel within broader intersections. The mineralization spans a footprint of 1 km along strike, with depths reaching 444 metres. The exploration program has completed 39 holes totaling 9,696 metres. CEO Mark Selby expressed optimism about near-term open pit production potential and plans for further drilling. The company also issued 43,924 shares to satisfy advisory service fees and announced the acquisition of mining claims with additional share issuances.

Canada Nickel Company announced positive preliminary drill results from its first four holes at the Midlothian Property, located 70 km south-southeast of Timmins, Ontario. The drilling program, totaling 1,548 meters, intersected significant mineralized dunite over a 2-kilometer strike length. Notably, the preliminary mineralogy samples revealed high concentrations of awaruite (nickel-iron alloy) and brucite, which is crucial for carbon sequestration. The findings indicate that the brucite content exceeds three times that found at the flagship Crawford Project. This discovery adds to Canada Nickel's exploration success in the Timmins Nickel District. The company aims to develop processes for producing net-zero carbon nickel and is evaluating additional drilling programs across its regional portfolio.

On April 5, 2023, Canada Nickel Company announced the appointment of Cutfield Freeman & Co. as project debt advisors to assist with financing for the Crawford Nickel Sulphide project. The company also revealed a change in its Board of Directors, with David Smith assuming the role of Chairman, effective April 7, 2023. This restructuring aims to enhance corporate governance practices. Smith, who recently retired as EVP Finance and CFO at Agnico Eagle Mines, brings extensive industry experience. This move aligns with Canada Nickel's strategy to advance its flagship project, hinting at a push towards becoming a significant player in the nickel market.

Canada Nickel Company is advancing its Crawford Nickel Project with the commencement of the Impact Statement Phase under the Impact Assessment Act. This phase focuses on identifying and mitigating potential impacts of the project. CEO Mark Selby expressed gratitude to partners and Indigenous communities for their support throughout this process. The Crawford Nickel Project aims to support the growing demand in the electric vehicle market and aims for net zero carbon nickel production. Canada Nickel is positioned in the Timmins-Cochrane mining camp, emphasizing low political risk for investors.

Canada Nickel Company has announced impressive results from its first metallurgical test on samples from the Reid property, achieving a nickel recovery rate of 63% and producing the highest grade nickel sulphide concentrate (60% grade) from over 120 previous tests. Utilizing the processing flowsheet from its Crawford project, the Reid tests indicate the potential for significant synergies in the Timmins Nickel District. Furthermore, Canada Nickel has finalized the acquisition of the Texmont property for $4 million, which could lead to smaller scale production. Overall, these developments signal robust prospects for future growth.

Canada Nickel Company has reported assay results from 12 drill holes at its Texmont property, confirming high-grade nickel mineralization over a 400-meter strike length. Highlights include:

• Hole 22-03: 5.2 meters of 2.60% nickel within a broader interval of 21.0 meters at 1.22% nickel.
• Hole 22-06: 4.0 meters at 2.43% nickel within 12.0 meters averaging 1.45% nickel.

The total drilling includes 39 holes over 9,670 meters, supporting the potential for near-term open-pit production. A mineral resource estimate is expected later this year.

Canada Nickel Company has secured a $24 million investment from Anglo American at a price of $1.95 per share, representing a 10% premium to the 30-day volume weighted average price. This investment will make Anglo American a 9.9% shareholder in Canada Nickel. In conjunction with this deal, an Offtake Term Sheet has been established, granting Anglo American exclusive rights to purchase 10% of nickel recoveries from the Crawford Nickel Project. Additionally, a Material Transfer and Technology Testing Agreement will explore operational efficiencies using Anglo American’s FutureSmart Mining™ technology. The deal is expected to close around February 28, 2023.

Canada Nickel Company has announced promising exploration results from its Reid Property, located 16 km from the Crawford Nickel discovery. All 16 drillholes intersected significant nickel mineralization, with the Central Core Area showing a mineralized width over 500 meters, 50% wider than Crawford Main Zone. The total target footprint of Reid is 3.9 km², over twice that of Crawford. Additionally, the company has extended the repayment of a $10 million loan with Auramet to March 3, 2023, facilitating planned financing initiatives. These developments mark Reid as a significant nickel discovery and bolster Canada Nickel's position in the market.