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Canada Nickel Makes New Discovery at Newmarket Property, Achieves Best Drill Results at Reid to Date and Announces Grant of Options and RSUs

Press Release


  • First two holes at Newmarket successfully intersect target mineralization including 373 metres of 0.24% nickel in NEW24-01
  • Best interval to date at first hole at Reid – 675 metres of 0.25% nickel including 142 metres of 0.32% nickel and 24 metres of 0.40% nickel in REI24-17
  • First five holes at Reid each intersect over 650 metres of target mineralization within an 800-metre-thick ultramafic sequence – approximately 2 times thicker than Crawford’s Main zone

TORONTO, March 18, 2024 – Canada Nickel Company Inc. (“Canada Nickel” or the “Company”) (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce positive initial assay results from its 2024 exploration program including the first two holes at the Company’s Newmarket property and results from the first hole from its Reid property, which delivered the best drill results to date from Reid. A total of six holes have been completed at Reid and seventeen holes have also been completed at Crawford as part of a program to delineate an initial palladium-platinum (PGM) resource for which assays are pending. Four drill rigs are currently operating, and a fifth drill rig is expected to begin on April 1st. As outlined in a conference call held on February 23, 2024, the Company’s 2024 exploration program is targeting delivery of seven additional resources by Q2-2025 and six further discoveries.

Mark Selby, CEO of Canada Nickel said, “Our 2024 exploration program has started very strongly with the best drill interval to date at Reid and a new discovery at Newmarket. The long drill interval of higher-grade material at Reid is very encouraging and the first section delineating an over 800 metre width of target ultramafic sequence – nearly 2 times thicker than Crawford – highlights the very large-scale potential of this property”.

“The initial Newmarket results are also very encouraging, despite the fact we were only able to drill at the least attractive geophysical target due to seasonal logistical constraints. This initial drilling occurred on the edge of the eastern end of the 7-km long Newmarket target, which is contiguous with the Mann Southeast target and is part of an overall geophysical target more than three times larger than Crawford,” Selby continued.

Reid Property

The Reid Property is located just 16 km southwest of Crawford and contains a geophysical target of 3.9 km2 nearly 2.4 times larger than Crawford (see Figure 1). The Company currently has an ongoing drilling program, with all six initial drillholes intersecting long intervals of dunite and five holes ending in mineralization. Complete assays for hole REI24-17 are disclosed in this release and five holes have assays pending. Hole REI24-17 was collared near the west border of the target and drilled north toward the center of the intrusion. The full interval of 675 metres, beginning at 27 metres downhole, assayed 0.25% nickel including 142.5 metres of 0.32% nickel and 24 metres of 0.4% nickel. In this area the ultramafic sequence is more than 800 metres thick, nearly twice that of Crawford’s main zone (Figure 2).

The Company aims to complete an initial resource at Reid by Q4 2024.

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