Highlights:
- All 16 holes at Reid intersected multi-hundred meter intervals of mineralisation with 6 holes in Central Core Area intersecting higher grades.
- Holes REI22-14 and REI22-16 confirm mineralisation of over 500 m width – approximately 50% wider than Crawford Main Zone and more than 100% wider than Crawford East Zone.
- Reid geophysical target footprint of 3.9 km2 is more than two times larger than the 1.6 km2 footprint of the flagship Crawford Nickel project resource.
Mark Selby, Chair & CEO of Canada Nickel Company, said:
“Today’s results confirm Reid as a major discovery with a target footprint larger than our flagship Crawford discovery and a mineralised core that is 50% wider than our Crawford Main Zone. Grades and mineralisation are consistent with what the company has observed at the company’s East Zone deposit. 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.”
“I am also pleased that we are extending repayment of our loan with Auramet to 3 March 2023, utilising 45 days of the 90 day extension right that we had as part of the original loan agreement which allows us to advance various financing initiatives, which we expect to complete during this timeframe.”