Resource Estimate doubles measured & indicated resources at Canada Nickel’s Crawford Project

“We are very pleased with our continued exploration success at Crawford," Mark Selby, Chair and Chief Executive Officer said. "Our overall Measured & Indicated resource has more than doubled, driven in large part by outstanding exploration success in our East Zone. In less than three years from initial discovery, we believe Crawford has quickly become the fifth largest nickel sulphide resource globally. When combined with the potential for zero carbon production, Crawford is expected to become an important source of nickel for electric vehicle and stainless-steel producers. With additional potential from a number of holes still pending assays at the resource cut-off date, we expect the final feasibility study resource to support the upper end of our mine plan target of 1.3 to 1.8 billion tonnes. The Crawford feasibility study continues to be on track for completion by year-end.”

Canada Nickel Company Inc. announced today an updated mineral resource estimate for its 100% owned Crawford Nickel Sulphide Project (“Crawford”) near Timmins, more than doubling the project’s Measured & Indicated (M&I) mineral resources.

Crawford Mineral Resource Estimate Update

Total M&I resources more than doubled to 1.43 billion tonnes at 0.24% nickel and Inferred resource was 0.67 billion tonnes at 0.23% nickel (see Table 1). The East Zone M&I resource increased by more than 14-fold to 701 Mt at 0.23% nickel and the Main Zone resource increased by 17% to 724 Mt at 0.25% nickel. With 3.48 Mt of contained nickel in M&I resources, the company believes Crawford has the fifth largest contained nickel sulphide resource globally. M&I resources also include 93.9 Mt of iron, 8.5 Mt of chromium, 183 kt of cobalt, and 1.06 million ounces of palladium + platinum.

This updated resource is based on a combined total of 113 drillholes and 56,286 metres of drilling. Consistent with previously reported resources, a cut-off grade of 0.15% nickel was used in the Mineral Resource Estimate. Higher grade-Lower grade, and block model views of the resource estimate are provided in Figures 2 and 3 below. Sixty percent of assays from 54 additional exploration drillholes in the East and Main Zone that had not yet been received as of the resource cutoff date will be subsequently incorporated into the final feasibility study resource. Given the focus on the Main and East Zone as resources for this phase of the feasibility study, resources for North Zone (15 drill holes) and Western Extension (38 drill holes) are expected to be completed later this year and incorporated into the final feasibility study.

This Mineral Resource Estimate was prepared by Caracle Creek International Consulting Inc. in accordance with CIM Definition Standards on Mineral Resources and Reserves. A Technical Report in support of the Mineral Resource Estimate will be filed on SEDAR (www.sedar.com) within 45 days. The Mineral Resource Estimate is effective as of July 6, 2022.

East Zone

Drilling completed during 2021 and early 2022 joined the two previously isolated sections of mineralization. The updated resource, consisting of a total of 47 drill holes and 22,563 metres, extended the resource by 500 metres to the east for a total of 2.6 kilometres in strike length, up to 350 metres in width, and more than 650 metres deep. Drilling extended mineralization a further 200 metres to the east and mineralization remains open at depth. Higher grade mineralization continues at depth beyond the current resource as tested by hole CR22-230 which was completed to a depth of 1,155 metres. Assays for this hole are pending.

Main Zone

Drilling in the Main Zone focused near the west extension as well as testing the continuation of higher-grade targets at depth. The Main Zone resource now consists of a total of 66 drillholes and 33,723 metres of drilling and is defined across strike length of 1.9 kilometres, a width of up to 580 metres and 700 metres deep. Higher grade mineralization continues at depth beyond the current resource as tested by hole CR22-198 which was completed to a depth of 1,044 metres. Assays for this hole are pending.

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