Canada Nickel Company Inc. entered into an agreement with Grid Metals Corp. on 6 June 2022 to acquire a 100% interest in the Bannockburn Nickel Property located near Matachewan, Ontario, and has provided further details on other recently acquired properties.
Mark Selby, Chair and CEO, said: “The acquisition of Bannockburn is highly complementary to our southern cluster of properties at Sothman, Midlothian, and Powell. The Bannockburn ‘B’ zone has already been successfully tested for 600 m of its total 1.3 km strike length with multiple intervals in excess of 0.3% nickel (Ni) and has smaller, higher grade potential at other zones on the property. Historical mineral processing work confirmed presence of heazlewoodite, similar to Crawford, and the ability to generate a 35% nickel concentrate.”
Selby continued: “This transaction, in combination with our acquisition of the Newmarket property – another very large ultramafic target adjacent to our Mann properties, conclude our consolidation of large Crawford-type targets in the Timmins region. We have been very pleased with our ongoing regional drilling program and look forward to sharing results on these regional properties through the year as assays become available.”
The Bannockburn Property is located 100 km south of Timmins and consists of 125 contiguous unpatented mining claims totalling 2700 ha. Bannockburn is in close proximity to the company’s Sothman, Midlothian, and Powell properties. The property contains at least two ultramafic units with the larger one representing the ‘B’ Zone, a large, lower-grade mineralised ultramafic measuring 1.3 km along strike by up to 700 m across strike (based on its magnetic response) that had yielded similar intervals to Canada Nickel’s Crawford Deposit.
The ‘B’ Zone was drilled in 2021 by Grid to a depth of 340 m, with the best hole, GBN21-03, intersecting 342 m of 0.28% Ni. Previous drilling by Outokumpu Oyj intersected 203 m of 0.33% Ni in MBB4-09 and 25 m of 0.46% Ni in BN-19-98. Preliminary mineral processing testing in 2005 on the ‘B’ Zone showed that a 0.33% Ni grade sample indicated a recovery of 52% to a 35% Ni concentrate.
Previous drilling within the high-grade zones intersected up to 5% Ni in the ‘C’ Zone, which averages 2.5 m in true thickness, 0.85% Ni over 4.27 m in the ‘D’ Zone, which remains open, and up to 4.54% Ni in the ‘F’ Zone, with widths ranging from 0.25 m to 17.6 m.
Canada Nickel is acquiring a 100% interest in Bannockburn, which is subject to an existing 2% NSR royalty with Outokumpu, in exchange for 2 million common shares of the company. Closing of the transaction is subject to the satisfaction of certain customary conditions, including the approval of the TSX Venture Exchange.
Read the article online at: https://www.globalminingreview.com/finance-business/10062022/canada-nickel-completes-acquisitions-of-additional-property/