Canada Nickel Company (TSXV: CNC; OTCQX: CNIKF) is exercising its option to acquire an 80% interest in the Mann nickel property from Noble Mineral Exploration (TSXV: NOB; OTCQB: NLPXF). The nickel-cobalt project near Timmins, Ont., includes the Mann Northwest, Central, and Southeast properties along a combined 25-km strike length of ultramafic rocks.
Canada Nickel plans resource delineation programs for the Northwest and Central properties, and the Southeast property will be drilling for the first time this year.
Mark Selby, CEO of Canada Nickel, commented, saying, "We are pleased to complete the option agreement with Noble after our successful drill program in 2023 where all 15 holes intersected target mineralization. We are looking forward to further unlocking the potential of these three targets in 2024."
Canada Nickel has completed $1.7-million of exploration at Mann and made a cash payment of $350,000 to Noble. The company will also make annual cash payments to Noble of $100,000. The project is to be a joint venture, 80% Canada Nickel and 20% Noble.
Earlier this year, Noble said Canada Nickel drilled a new discovery called Mann Central across a 2.5-km strike length. Drilling at Mann Northwest extended mineralization across a 2.7-km strike length. Noble further commented that the three Mann finds, plus the Newmarket and Reaume finds, each have a geophysical footprint larger than the Crawford nickel mine that Canada Nickel is developing north of Timmins.
Canada Nickel published the feasibility study for the Crawford project in October 2023. It includes an open pit and concentrator, plus a unique carbon capture technology, named in-process tailings. This method involves injecting carbon dioxide into the tailings stream where it is geologically combined as non-toxic carbonates.
The Crawford nickel resource is believed to be the second-largest in the world. Measured and indicated resources are 2.6 million tonnes grading 0.24% nickel and 0.013% cobalt, containing 13.23 billion lb. of nickel. The inferred portion is 1.7 million tonnes grading 0.22% nickel and 0.013% cobalt, containing 8.16 billion lb. of nickel.
Proven and probable reserves included in the M+I portion are 1.7 million tonnes grading 0.22% nickel and 0.013% cobalt, containing 8.35 billion lb. of nickel.
More information is available on www.CanadaNickel.com.
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