Canada Nickel Achieves Best Drill Results to Date at Reid

Canada Nickel Company Inc. has announced positive assay results from its ongoing 2024 exploration program at its Reid property, located 37 kilometres northwest of Timmins.

All 34 holes drilled this year at Reid have intersected long intervals of targeted mineralized dunite and minor peridotite. Complete assay results for 18 holes have been received, 13 of which are announced today with assay results for the remaining holes pending. Assay results for five holes were previously released on March 18 and May 6, 2024.

Mark Selby, CEO of Canada Nickel said, “Reid continues to deliver excellent results, including the best individual hole to date with long core lengths grading in excess of 0.4% and 0.5% nickel and all holes delivering large intervals of target mineralization. With a target geophysical footprint larger than our flagship Crawford project and a width in the central core more than double Crawford, we look forward to the initial resource estimate for Reid expected to be released in the fourth quarter of 2024.”

Mr. Selby continued, “The ongoing success of our regional exploration program clearly demonstrates the potential scale of the Timmins Nickel District. We now have seven drill rigs drilling five separate targets – Reaume, Reid, Mann Central, Mann Northwest-SE, and Mann Northwest-NE – which are in addition to the two properties where we have already published a resource. Few companies have more than one project resource and we remain on-track and expect to deliver seven additional resources by this time next year.”

Reid Property

The Reid Property is located just 16 km southwest of Crawford and contains a geophysical target of 3.9 km2, which is nearly 2.4 times larger than Crawford (see Figure 1). The Company expects to complete the first phase of drilling later in August and to produce an initial resource at Reid in Q4 2024. The remaining drillhole assays will be released once they have been received.

Hole REI24-35 was collared near the very center of the ultramafic body and drilled south. The full interval of 661.5 metres, beginning at 40.5 metres downhole, assayed 0.29% nickel including 100.5 metres of 0.42% nickel, and 40.5 metres of 0.51% nickel, ending the hole in strong mineralization. In this area the ultramafic sequence opens to the north and is more than 900 metres wide, roughly twice the width of Crawford’s Main Zone. Hole REI24-27 was collared near the west border of the ultramafic body and drilled north. The full interval of 674.8 metres, beginning at 27.2 metres downhole, assayed 0.27% nickel including 34.5 metres of 0.30% nickel. In this area the ultramafic sequence is more than 800 metres thick, nearly twice that of Crawford’s main zone. Holes REI24-27, REI24-28, REI24-29, REI24-30, REI24-31, REI24-32, REI24-35, REI24-37, REI24-38 were drilled to continue to infill the Central Core area of the deposit with an approximate width of 900 metres and strike length of 1.7 kilometres.

The drilling campaign has identified a NNW-SSE trending corridor of dykes running through the center of the deposit which is approximately 150 metres wide, less than 7% of the overall strike length of 2.2 kilometres in the central core. Holes REI24-23, REI24-24, REI24-25, REI24-26 were drilled to identify the extent of mineralization within the local dunite, and better define the structural controls and extent of the dykes.

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