Canada Nickel (TSXV:CNC) Expands Mineralization at Texmont Property, Ontario

Figure 1 – Plan View of Texmont –Drill results Overlain on TMI (Black rectangle is southern area). Source: Canada Nickel Company Inc.

Canada Nickel Company (TSXV:CNC) has just announced a significant expansion of high-grade nickel mineralization at the Texmont property, located just over 35 kilometres south of Timmins, Ontario. The results, which were obtained through a recent assay, show that the mineralization is near the surface, making it easier to extract.

The company has drilled 39 holes, totaling almost 10,000 metres, as part of an exploration program designed to support the development of a resource. Assay results from 16 additional holes were released, with assays pending from another 11 holes.

All 39 drill holes have intersected mineralized peridotite, with the drill program confirming Canada Nickel’s interpretation of the Texmont deposit, displaying zoning in its mineralization. The high-grade core ranges from 2 to 8 metres thickness and has been identified as the main target of previous mining, while an outer shell of moderate-high mineralization ranges from 0.6-1.0% and can be up to 20 to 30 metres thick. Further outward shells of moderate and lower grades were also identified.

Overburden in the area varied between 2 and 18 metres in downhole length, with an average of 7.5 metres. The mineralization has been drilled over a footprint of 1 kilometre along strike to a maximum depth of 444 metres where it remains open.

The latest results confirm the Texmont deposit’s potential, and Canada Nickel will continue with its exploration program, which aims to identify additional high-grade nickel mineralization.

Mark Selby, CEO of Canada Nickel Company, commented in a press release: “The latest assay results continue to confirm our thesis of near-surface high grade intervals within thick mineralized sections which support the potential for near-term, smaller scale, open pit production.  Of particular note, we are excited by the near-surface higher grade interval in hole TEX23-32 in the northern lens which is nearly half a kilometre from the southern high-grade lens. We have now planned additional drilling at the northern lens. We are looking forward to delivering an initial resource and Preliminary Economic Analysis (“PEA”) on Texmont this year as its near-term production potential is highly complementary to our large-scale Crawford and regional nickel sulphide project potential.”

Figure 2 – Texmont Property – Southern Area. Source: Canada Nickel Company Inc.

Highlights from the results are as follows:

  • Assay results from 16 drillholes continue to confirm high-grade near-surface mineralization
  • Nine drillholes with intersections of higher-grade (above 1% nickel) mineralization
  • Hole TEX23-26 intersected 3 metres of 1.47% nickel within 13.5 metres of 0.82% nickel within 52.5 metres of 0.5% nickel
  • Hole TEX23-19 intersected 7 metres of 1.03% nickel within 40.0 metres of 0.69% nickel
  • High grade mineralization intersected in northern lens 470 metres from original high grade lens in the south area
  • Hole TXT23-32 intersected 10.5 metres of 0.95% nickel within 43.5 metres of 0.59% nickel within 292 metres of 0.31% nickel

Table 1: Texmont exploration drilling results – high grade highlights

Hole ID

From

To

Length*

Ni

Co

Pd

Pt

Cr

Fe

S

(m)

(m)

(m)

( %)

( %)

(g/t)

(g/t)

( %)

( %)

( %)

TXT22-13

153.0

174.0

21.0

0.52

0.02

0.036

0.030

0.15

5.68

0.63

and

183.0

192.0

9.0

0.49

0.02

0.027

0.023

0.12

5.42

0.58

Including

184

185.5

1.5

1.02

0.035

0.053

0.044

0.13

6.01

1.27

TXT23-15

85.5

104.5

19.0

0.57

0.02

0.034

0.024

0.16

6.00

0.66

including

85.5

93.5

8.0

0.88

0.03

0.061

0.041

0.17

6.55

1.00

Including

91.5

93.5

2

1.24

0.05

0.068

0.049

0.15

6.50

1.70

TXT23-16

202.5

223.5

21.0

0.48

0.02

0.035

0.023

0.13

5.57

0.59

Including

217.5

223.5

6.0

0.72

0.02

0.060

0.040

0.14

5.65

1.09

Including

219

221

2

1.03

1.03

0.03

0.094

0.060

0.13

5.82

TXT23-19

63

184

121

0.52

0.02

0.038

0.029

0.15

5.56

0.48

TXT23-19

63.0

98.7

35.7

0.70

0.02

0.060

0.045

0.14

5.27

0.70

and

144.0

184.0

40.0

0.69

0.02

0.054

0.042

0.16

5.99

0.55

Including

145.0

148.3

3.3

1.24

0.02

0.124

0.087

0.15

5.12

1.06

and

156.5

160.0

3.5

1.20

0.03

0.100

0.071

0.15

5.75

0.94

including

170.0

177.0

7.0

1.03

0.03

0.083

0.069

0.16

6.73

0.81

TXT23-21

64.5

70.5

6.0

0.90

0.02

0.082

0.072

0.15

5.65

0.42

including

64.5

69.0

4.05

1.06

0.02

0.102

0.089

0.15

5.79

0.50

TXT23-22

153.0

193.5

40.5

0.34

0.01

0.017

0.015

0.17

5.83

0.50

TXT23-25

154.5

222.0

67.5

0.58

0.02

0.043

0.034

0.16

6.44

0.83

including

156.0

164.0

8.0

0.85

0.03

0.074

0.054

0.15

7.43

1.27

including

157.5

159.0

1.5

1.02

0.031

0.092

0.064

0.14

8.03

1.8

TXT23-26

112.5

165

52.5

0.50

0.01

0.047

0.044

0.14

5.48

0.53

Including

151.5

165.0

13.5

0.82

0.02

0.125

0.079

0.15

5.53

0.94

Including

151.5

156.0

4.5

1.13

0.02

0.159

0.102

0.15

6.04

1.29

TXT23-27

74.8

78.0

3.2

0.51

0.02

0.048

0.036

0.14

5.11

0.49

TXT23-28

103.5

130.5

27.0

0.52

0.02

0.033

0.042

0.14

5.47

0.62

Including

123.0

124.5

1.5

1.29

0.038

0.147

0.046

0.13

7.02

2.01

Including

129.0

130.5

1.5

1.43

0.045

0.156

0.519

0.14

6.37

1.91

and

225.0

261.0

36.0

0.42

0.01

0.039

0.032

0.15

5.59

0.46

including

258.0

261

3

1.15

0.04

0.235

0.177

0.13

5.63

1.62

TXT23-32

63.0

106.5

43.5

0.59

0.02

0.038

0.029

0.15

5.34

0.52

including

63.0

73.5

10.5

0.95

0.02

0.071

0.047

0.14

5.08

0.79

including

63

66

3

1.22

0.01

0.130

0.077

0.14

4.90

1.00

*Specified drillhole length, note that true widths are uncertain.  Initial interpretation by the Company is that the nickel mineralization is hosted in steeply dipping zones, implying true widths in the range of 70% to 95% of reported intervals

Table 2: Texmont exploration drilling results – downhole average

Hole ID

From

To

Length*

Ni

Co

Pd

Pt

Cr

Fe

S

(m)

(m)

(m)

( %)

( %)

(g/t)

(g/t)

( %)

( %)

( %)

TXT22-13

5.0

387.0

382.0

0.21

0.01

0.008

0.009

0.17

6.33

0.33

including

111.0

297.2

186.2

0.29

0.01

0.010

0.010

0.14

5.23

0.30

and

317.8

387.0

69.2

0.21

0.01

0.008

0.009

0.27

6.17

0.28

TXT23-14

47.0

129.9

82.9

0.20

0.01

0.006

0.006

0.18

5.48

0.21

TXT23-15

47.5

169.8

122.3

0.27

0.01

0.010

0.011

0.19

6.08

0.35

TXT23-16

114.5

444

329.5

0.25

0.01

0.009

0.007

0.16

5.45

0.23

including

192.0

285.0

93.0

0.30

0.01

0.016

0.011

0.15

5.37

0.28

TXT23-17

81.0

109.1

28.1

0.21

0.01

0.004

0.006

0.17

5.39

0.18

TXT23-18

40.5

109.7

69.2

0.21

0.01

0.008

0.007

0.15

4.90

0.15

and

123.0

158.0

35.0

0.19

0.01

0.007

0.006

0.18

6.09

0.56

TXT23-19

10.0

193.7

183.7

0.43

0.01

0.027

0.022

0.14

5.45

0.44

TXT23-20

84.0

243.0

159.0

0.23

0.01

0.008

0.008

0.12

5.45

0.34

TXT23-21

51.3

135.7

84.4

0.28

0.01

0.014

0.014

0.14

5.39

0.19

and

148.1

163.5

15.4

0.26

0.01

0.016

0.015

0.12

4.59

0.25

TXT23-22

12.0

260.8

248.8

0.26

0.01

0.011

0.009

0.16

5.44

0.24

TXT23-23

37.6

219.5

181.9

0.24

0.01

0.009

0.008

0.14

5.38

0.10

including

82.5

120.0

37.5

0.30

0.01

0.012

0.009

0.15

5.03

0.12

TXT23-25

3.0

311.8

308.8

0.24

0.01

0.013

0.013

0.13

6.19

0.35

including

125.0

240.0

115.0

0.44

0.01

0.029

0.024

0.15

5.84

0.58

TXT23-26

5.0

240.0

235.0

0.29

0.01

0.015

0.016

0.15

5.42

0.31

including

52.5

165.0

102.5

0.37

0.01

0.026

0.026

0.15

5.54

0.42

TXT23-27

4.0

124.6

120.6

0.21

0.01

0.007

0.010

0.12

5.70

0.29

and

191.2

231.0

39.8

0.20

0.01

0.007

0.014

0.19

5.88

0.14

TXT23-28

14.4

174.1

159.7

0.30

0.01

0.009

0.014

0.13

4.95

0.31

and

222.6

291.0

68.4

0.33

0.01

0.022

0.021

0.15

5.52

0.32

TXT23-32

8.2

300.0

291.8

0.31

0.01

0.016

0.015

0.15

5.11

0.27

*Specified drillhole length, note that true widths are uncertain.  Initial interpretation by the Company is that the nickel mineralization is hosted in steeply dipping zones, implying true widths in the range of 70% to 95% of reported intervals

able 3: Texmont Drillhole Orientation

Hole ID

Easting (mE)

Northing (mN)

 Azimuth (⁰)

Dip (⁰)

Length (m)

TXT23-13

484830

5334318

270

-82

387

TXT23-14

484790

5334263

270

-45

162

TXT23-15

484790

5334263

270

-65

180

TXT23-16

484790

5334263

270

-90

444

TXT23-17

484789

5334319

270

-45

171

TXT23-18

484799

5334365

270

-45

201

TXT23-19

484790

5334568

90

-48

201

TXT23-20

484790

5334568

90

-86

243

TXT23-21

484925

5334636

270

-57

234

TXT23-22

484893

5334663

270

-70

264

TXT23-23

484905

5334714

270

-52

246

TXT23-25

484720

5334400

90

-58

351

TXT23-26

484768

5334491

90

-55

240

TXT23-27

484755

5334450

90

-55

231

TXT23-28

484798

5334471

90

-70

291

TXT23-32

484915

5335188

265

-65

300

TXT23-13 was collared in komatiite, and intersected a thick sequence of mineralized peridotite, with minor dykes encountered near surface. The hole averaged 0.21% nickel over 382.0 metres, including a higher-grade section of 0.52% nickel over 21.0 metres (see Table 1 for higher grade composites, and Table 2 for entire mineralized composites).

TXT23-14 was collared 70 metres southwest of TXT23-13 and intersected weakly mineralized komatiite 4.7 metres below surface, intersecting mineralized peridotite for a length of 82.9 metres until encountering volcanics at the lower contact. The peridotite section averaged 0.20% nickel.

TXTX23-15 was collared in the same setup as TXT23-14 drilling steeper, intersected komatiite followed by well mineralized peridotite for 122.3 metres. The hole averaged 0.27% nickel, including 0.88% nickel and 0.10g/t Pt+Pd over 8.0 metres.

TXT23-16 was collared on komatiite at 3 metres followed by well mineralized peridotite to end of hole. The mineralized peridotite averaged 0.25% nickel over 329.5 metres, including 0.48% nickel over 21.0 metres.

TXT23-17 was collared in hanging wall mafic intrusive and followed a succession of komatiite and mafic volcanics before intersecting mineralized peridotite at 81 metres. The hole intersected 28.1 metres of peridotite averaging 0.21% nickel.

TXT23-18 was drilled 55 metres northwest of TXT23-13 in komatiite and intersected mineralized peridotite, interrupted by a section of metasediments. The top peridotite averaged 0.21% nickel over 69.2 metres, while the bottom peridotite averaged 0.19% nickel over 35.0 metres.

TEX23-19 was collared 55 metres northwest of the shaft, intersecting well mineralized peridotite at 10 metres below surface, interrupted by minor diabase dykes. The hole averaged 0.43% nickel over 183.7 metres including 0.69% nickel over 40.0 metres and 1.03% nickel over 7.0 metres.

TXT23-20 was collared and ended in mineralized peridotite. The bottom of the hole averaged 0.23% nickel over 159.0 metres including 0.31% nickel over 100.2 metres. Top of hole assays are still pending.

TXT23-21 was collared in komatiite with minor dykes, followed by mineralized peridotite. The top peridotite averaged 0.28% nickel over 84.4 metres, including 0.90% nickel over 6.0 metres and 0.35% nickel over 49.3 metres. The bottom peridotite averaged 0.26% nickel over 15.4 metres.

TXT23-22 was collared in mineralized peridotite at 12 metres below surface. The hole averaged 0.26% nickel over 248.8 metres including 0.34% nickel over 40.5 metres.

TXT23-23 was collared approximately 220 metres northeast of the shaft. The hole intersected 0.24% nickel over 181.9 metres, including 0.30% nickel over 37.5 metres.

TXT23-24 was collared at the hanging wall mafic volcanics and intersected well mineralized peridotite starting at 13.8 metres. The hole has 0.71% nickel over 21.0 metres. Top and bottom of hole assays are still pending.

TXT23-25 was collared on komatiite at 3 metres followed by diabase and a well mineralized peridotite to end of hole. The hole averaged 0.24% nickel over 308.8 metres, including a section of well mineralized peridotite averaging 0.58% nickel over 64.8 metres, including 0.85% nickel over 8.0 metres.

TXT23-26 was collared in mineralized peridotite at 5.0 metres below surface. The hole averaged 0.29% nickel over 235.0 metres including 0.50% nickel over 52.5 metres.

TXT23-27 collared on peridotite at 4 metres below surface and ended in peridotite except for a gabbro section near the bottom of the hole. The top peridotite averaged 0.21% nickel over 120.6 metres, while the bottom peridotite averaged 0.20% nickel over 39.8 metres.

TXT23-28 collared in mafic volcanics at 5.5 metres, followed by well mineralized peridotite starting at 14.4 metres. This section of the peridotite averaged 0.30% nickel over 159.7 metres and included a section of 0.52% nickel over 27.0 metres. The hole is interrupted by a section of a later intrusion but continues on well mineralized peridotite averaging 0.33% nickel over 68.4 metres and includes 0.42% nickel over 36.0 metres.

TXT23-32 is collared in the north zone approximately 650 metres from the shaft. The hole starts on komatiite and remains in mineralized peridotite to the end of the hole. The hole averaged 0.31% nickel over 291.8 metres and includes 0.59% nickel over 43.5 metres with 10.5 metres of 0.95% nickel.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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