Nickel

Canada Nickel Company Inc. announces that it has closed a secured loan facility with Auramet International LLC of US$10 million previously announced on December 21 2021.  The proceeds will be used to ensure the Company remains well-funded as it continues to aggressively advance the Crawford Nickel Sulphide Project through the first quarter of 2022 when the Company expects to conclude its strategic investor process. ...

Canada Nickel Company Inc. (" Canada Nickel " or " The Company ") (TSXV: CNC) (OTCQX: CNIKF) announces that it has closed a secured loan facility with Auramet International LLC ("Auramet") of US$10 million previously announced on December 21 2021. The proceeds will be used to ensure the Company remains well-funded as it continues to aggressively advance the Crawford Nickel Sulphide Project through the first quarter of 2022 when the Company expects to conclude its strategic investor process.

The loan is due on April 5, 2022 and will carry an interest rate of 1% per month and has an arrangement fee of 2% of the loan amount. In addition, the Company has issued to Auramet 325,000 one-year warrants at a strike price of $3.94 per share, a 10% premium to the Company's 10 day VWAP when loan terms were agreed. The term of the warrant was reduced from two years to one year, and the number of warrants increased by 75,000 to 325,000. The loan will be subject to such terms and conditions including certain specified positive and negative covenants that are customary for a transaction of this nature. The warrants will be subject to a four month hold period under applicable Canadian securities law.

About Auramet
Auramet is one of the largest physical precious metals merchants in the world with over $22 billion in annual revenues and provides a full range of services to all participants in the precious metals chain, from extraction and production to manufacturing and consumption. Auramet is a private company established in 2004 by a team who had worked previously together since 1989. Their business is comprised of three main activities: physical metals trading, metals merchant banking and advisory. Auramet has built a consistently successful and prominent franchise in the metals space on the back of an experienced management team that has proven to be innovative and capable of delivering the highest quality service to participants in the sector. In fiscal year 2020, it purchased over 6 million ounces of gold, 70 million ounces of silver and 3.2 million ounces of PGMs sourced from a diversified base of over 75 mining companies, 15 recycling companies and 20 refineries/smelters (with none comprising more than 5%). Auramet has also provided term financing facilities in excess of $850 million to date in the mining sector and is looking to grow its capital investment business in the precious metals and battery-related metals mining space.

About Canada Nickel
Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has successfully registered and applied for trademarks in various jurisdictions for NetZeroNickel™, NetZero Cobalt™ and NetZero Iron™ and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins - Cochrane mining camp. For more information, please visit www.canadanickel.com .

Contact:
Mark Selby , Chair and CEO
Phone: 647-256-1954
Email: info@canadanickel.com

Cautionary Statement Concerning Forward Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the metallurgical results, the timing and results of the feasibility study, the results of Crawford's PEA, including statements relating to net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, carbon footprint and sequestration levels, estimates of capital and operating costs, timing for permitting and environmental assessments, realization of mineral resource estimates, capital and operating cost estimates, project and life of mine estimates, ability to obtain permitting by the time targeted, size and ranking of project upon achieving production, economic return estimates, the timing and amount of estimated future production and capital, operating and exploration expenditures and potential upside and alternatives. Readers should not place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The PEA results are estimates only and are based on a number of assumptions, any of which, if incorrect, could materially change the projected outcome. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable.

Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/canada-nickel-closes-previously-announced-us10-million-loan-facility-with-auramet-international-llc-301454947.html

SOURCE Canada Nickel Company Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2022/05/c7969.html

News Provided by Canada Newswire via QuoteMedia

CNC:CA
Canada Nickel

Canada Nickel

Overview

Canada Nickel (TSXV:CNC, OTC:CNIKF) is advancing the next generation of nickel-sulphide projects to deliver nickel  required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel TM , NetZero Cobalt TM , NetZero Iron TM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. 

Canada Nickel provides investors with leverage to nickel  in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. The Company’s shares trade on the TSX Venture Exchange under the symbol ‘CNC’ and are quoted on the OTCQX under the symbol ‘CNIKF’. For more information, please visit www.canadanickel.com

Canada Nickel’s Company Highlights

  • Completed Preliminary Economic Assessment on wholly-owned Crawford Nickel Sulphide Project $US1.2 billion NPV8% and 16%IRR.  Feasibility study scheduled for mid 2022.
  • One of the top 10 nickel sulphide resources globally, with significant expansion potential from regional land package
  • Peak production of 42ktpa of nickel – would be one of five largest nickel sulphide operations when in production.  25 year mine life generates 842kt of nickel, 21 Mt of iron, and 1.5 Mt of chrome.
  • First percentile CO2e intensity according to Skarn Associates.  Launched wholly-owned NetZero Metals Inc. to develop zero-carbon production of Nickel, Cobalt and Iron and applied for the trademarks NetZero NickelTM, NetZero CobaltTM and NetZero IronTM across several jurisdiction

Canada Nickel’s Crawford Project

Canada Nickel’s flagship Crawford nickel-sulfide project is located in Ontario’s Timmins mining camp, which is home to nearby mining infrastructure including the Kidd Metallurgical Site. The Timmins mining camp has a 100 year history of mining activity.

Canada Nickel filed its maiden resource at the Crawford project in February 2020, including a measured and indicated resource of approximately 263 million tonnes at 0.31 percent nickel, 0.013 percent cobalt, and 0.038 g/t palladium and platinum. Existing exploration establishes the resource as one of the 12 largest nickel sulfide assets in the world.

The company provided a mineral resource update for the project in October 2020. The update  reported that measured resources in the Main Higher Grade Zone measured increased by 162 percent to 153 million tonnes (Mt) at 0.32% nickel and the total measured and indicated resource increased by 9 percent to 657 Mt at 0.26 percent nickel for 1.7 Mt nickel. Lastly, the total inferred resource increased by 121 percent to 646 Mt at 0.24 percent nickel for 1.6 Mt nickel, including an increase of 50 percent in the Main Zone (433 Mt at 0.23 percent nickel) and an initial resource from the East Zone of 213 Mt at 0.24 percent nickel (505,000 tonnes nickel).

 

The Crawford property was previously explored by Inco in the 1960s in each large anomaly, with minimal exploration conducted in the following decades. The land package was then owned by a forestry company before being acquired by Noble Mineral Exploration for resource purposes again in 2011. In December of 2019 ownership of the Crawford project was transferred from Noble Mineral Exploration to Canada Nickel in exchange for 12 million shares of Canada Nickel and $2 million in cash.

Canada Nickel believes the Crawford nickel-sulfide project shares similarities to the Dumont project. The Dumont deposit contains approximately 6.1 billion pounds of nickel in proven and probable reserves, with another 9.75 billion pounds of nickel resources in the measured and indicated category.

 Significant Exploration Potential
>50% Crawford + Multiple New Targets

The 4,909 hectare Crawford Nickel-Sulphide Project and five other option properties ranging in size of 903 to 5,543 hectares give Canada Nickel access to five additional  high potential, regional nickel targets.

Fully consolidated properties contain multiple nickel-bearing target structures 30km of total strike length and 150 – 600m wide

  • For reference, the Crawford Main Zone resource
    is 1.7 km long and 225-425 metres wide

Historic drilling yielded nickel-bearing intersections on all of the target structures

  • Kingsmill – 0.30% Ni over 503m from 118m in historic hole KML-12-02 (2012) and 0.31% Ni over 302m from 20m in historic hole 27090 (1966)
  • Nesbitt-North – 0.28% Ni over 163m from 233m in historic hole 27083 (1966)
  • Mahaffy-Aubin – 0.23% Ni over 127m from 82m in historic hole 31901 (1966) and  of 276m of serpentinized ultramafic mineralization (similar host mineralization at Crawford) in historic hole T2-80-2 (1980) with no assays provided
  • Dargavel – 0.24% nickel over 173m with local assays up to 0.40% nickel in historic hole 25014

PGM-enriched structures similar to Crawford also identified at Kingsmill

  • 1.0 g/t PGM over 2m from 96m within 0.3 g/t PGM over 30m from 69m in historic hole KML-12-11 (2012), 0.8 g/t PGM over 5m from 523m within 0.5 g/t PGM over 24m in historic hole KML-12-07 (2012)

Airborne magnetic and gravity survey totaling 2,731 km completed.

Canada Nickel’s Management Team

Mark Selby — Chairman and CEO

Mark was formally President & CEO of RNC Minerals (Royal Nickel Corporation) where he led a team that successfully raised over $100 million and advanced the Dumont nickel-cobalt project from initial resource to a fully permitted, construction-ready project. He has held a number of senior management roles with Quadra Mining, Inco, and Purolator Courier, and was a partner at Mercer Management Consulting.

Since 2001, Mr. Selby has been recognized as one of the leading authorities on the nickel market.  He graduated from Queen’s University with a Bachelor of Commerce (Honours) and has also served on the boards of multiple junior mining companies and is currently a Director and Chair of Orford Minerals.

Wendy Kauffman — CFO

Wendy brings more than twenty-five years of experience leading junior and mid-tier publicly-listed mining companies in project financing, capital structuring, capital markets, accounting and internal controls, tax, and financial reporting and public disclosure. Her skills and experience include the completion of a $4 billion finance package for Cobre Panama during her time at Inmet Mining, one of largest finance packages assembled by mid-tier mining company. She was also previously the CFO at Khiron Life Sciences Corporation and held CFO and senior finance positions at Pasinex Resources Limited, Primero Mining Corporation and Inmet Mining Corporation. Wendy holds a Bachelor of Business Administration from Wilfrid Laurier University and is a Chartered Professional Accountant (CPA, CA).

Steve Balch — VP of Exploration

Steve is an Ontario registered geoscientist with 32 years of experience in geophysics, specializing in the magnetic and electromagnetic methods, but also with experience in large exploration compilations. After working at Inco for six years in the Sudbury Basin and at Voisey’s Bay, Steve joined Aeroquest in 2001 and helped develop the AeroTEM system, focusing on the on-time measurements of the linear triangular waveform. In 2007, Mr. Balch founded Triumph Instruments and developed the AirTEM system, a multi-coil helicopter-borne EM system that is now in use in Mexico, China, Canada, and Eastern Europe. Steve has also been active in borehole geophysics and has worked to develop new technology including north-seeking gyros, temperature compensated induction conductivity probes, UAV-based magnetometers, and high sensitivity magnetic gradiometers.

David Smith — Director

David is Senior Vice-President, Finance and Chief Financial Officer of Agnico Eagle and has held this position since 2012. He has also held the position of Senior Vice-President, Strategic Planning and Investor Relations. Prior to joining the Company’s investor relations team in 2005, Mr. Smith, a Professional Engineer, was a mining analyst and held a variety of mining engineering positions in Canada and abroad. He is a Chartered Director holding a Directorship with Sprott Resource Holdings Inc. and is formerly a Director at eCobalt Solutions Inc. He holds a B.Sc. (Queen’s University) and M.Sc. in Mining Engineering (University of Arizona).

Mike Cox — Director

Mike has over thirty years of experience in Base Metal operations with Inco Ltd and Vale SA. He has held a number of senior leadership positions in Europe, Canada and Asia including the oversight of operations which have delivered nickel products to consumers for use in multiple generations of nickel batteries. Most recently, Mr. Cox was Head of UK and Asian Refineries at Vale with responsibility for a portfolio of precious metal and nickel refineries. He is now a Managing Partner at CoDa Associates, a consultancy that provides a range of advisory services to the corporate and public sectors in Europe and Asia. Mr. Cox holds a BSc (Hons) in Chemistry and an MBA, both from the University of Glamorgan.

Keep reading... Show less
Toronto Stock Exchange, Canada Nickel Company Inc., C-Suite at The Open

Toronto Stock Exchange, Canada Nickel Company Inc., C-Suite at The Open

 Mark Selby, Chairman, CEO & Director, Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV:CNC) shares his Company's story in an interview with TMX Group.

Keep reading... Show less
Canada Nickel Continues to Demonstrate Significant Improvements in Metallurgical Performance at Crawford Nickel Sulphide Project

Canada Nickel Continues to Demonstrate Significant Improvements in Metallurgical Performance at Crawford Nickel Sulphide Project

Highlights:

  • Achieves 61% nickel recovery and produces 37% nickel concentrate from lower grade sample of 0.22% nickel and 0.08% sulphur
  • Nickel recovery 19 percentage points or 45% higher than the PEA model
  • Iron recovery of 63% was 15 percentage points or 31% higher than the PEA model

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce further results of metallurgical testing at its Crawford Nickel Sulphide Project that continue to demonstrate significant improvements in metal recoveries relative to the Preliminary Economic Assessment ("PEA").

Keep reading... Show less
Canada Nickel Expands Timmins Nickel District - Acquires 13 Additional Highly Prospective Nickel Properties in Timmins Region

Canada Nickel Expands Timmins Nickel District - Acquires 13 Additional Highly Prospective Nickel Properties in Timmins Region

Highlights

  • Acquisition of 13 additional target properties consolidates district scale potential.
  • Combined target surface footprint of 37.7 square km – 40 times larger than current Crawford Main Zone resource of 0.85 square km.
  • Ten target properties have larger footprint than Crawford and nine confirmed to contain the same host mineralization as Crawford.
  • Sothman target property has historical higher grade, shallow resource of approximately 190,000 tons of 1.24% nickel (with 300 metres strike length) 1 ; remaining 2.2 km of strike length is largely untested.
  • Four target areas have yielded drill intersections of > 0.3% nickel including:
    • Sothman: 2.31% nickel and 0.19% copper over true width of 3.2 metres within 1.58% nickel and 0.12% copper over true width of 8.6 metres from 41 metres;
    • Deloro : 0.38% nickel and 0.22 g/t PGM over core length of 15.5 metres within 0.28% nickel and 0.09 g/t PGM over core length of 299 metres from 241 metres;
    • Midlothian: 0.24% nickel over core length of 345 metres, including 0.30% nickel over 42 metres;
    • Mann Southeast: multiple 3 metre intervals grading 0.31-0.33% nickel within 111 metres of dunite across entire core length

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) today announced that the Company has concluded 18 separate transactions resulting in the outright acquisition or earn-in to 13 additional target properties within a radius of 95 km of the Company's flagship Crawford Nickel-Sulfide Project, consolidating Canada Nickel's position in the Timmins area.  Each of the additional properties contains one or more ultramafic targets based on combinations of historical geophysical work and drilling over the past 65 years. See transaction summary at the end of the release for a summary of the acquisition terms.

Keep reading... Show less
Centaurus Metals

$75m Institutional Placement To Drive Continued Growth And Development Of The Jaguar Nickel Sulphide Project

Proceeds to underpin a Definitive Feasibility Study (DFS) due by the end of 2022 including more than 90,000m of drilling to further expand and upgrade the resource inventory

Centaurus Metals (ASX Code: CTM) is pleased to announce it has received firm commitments from over 20 high- quality Australian and international institutional investors to raise $75 million as part of an institutional placement (Placement) to underpin the next phase of growth and development of its 100%-owned Jaguar Nickel Sulphide Project in northern Brazil (JaguarProject).

Keep reading... Show less

Talon Metals Announces $27.5 Million Bought Deal Public Offering and Concurrent Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Talon Metals Corp. (TSX: TLO) (" Talon " or the " Corporation ") is pleased to announce that the Corporation has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. (the " Lead Underwriter " and collectively the " Underwriters ") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 38,200,000 common shares of the Corporation (the " Shares ") at a price of $0.72 per Share (the " Issue Price ") for aggregate gross proceeds of approximately $27.5 million (the " Offering ").

Keep reading... Show less
Pedro Resources Geological Advisor Dr. Derek Wilton

Pedro Resources Geological Advisor Dr. Derek Wilton: Getting Ready for an Airborne Survey at Voisey’s Bay

Pedro Resources (CSE:VBN) Geological Advisor Dr. Derek Wilton is excited to announce that the company is getting ready for an airborne survey that will cover the whole property to select more targets and do groundwork.

Keep reading... Show less
Centaurus Metals

Centaurus Metals Limited (ASX: CTM) – Trading Halt

The ecurities of Centaurus Metals Limited (‘CTM’) will be placed in trading halt at the request of CTM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 21 January 2022 or when the announcement is released to the market.

Keep reading... Show less
Renforth Resources logo

Channel Sampling at Renforth's Victoria West Delivers Consistent Surface Nickel Mineralization Combined with Copper Enrichment

Renforth Resources Inc. (CNSX:RFR.CN) (OTC:RFHRF) (FSE:9RR) (“Renforth” or the “Company”) is pleased to share the consistent results of channel sampling across the ~275m stripped surface area of the ~5km Victoria West nickel/copper mineralized system within Renforth’s wholly owned ~30,000 hectare Surimeau District Property in NW Quebec. The channel samples demonstrate consistent elevated nickel and cobalt values, along with elevated copper and zinc values. In several locations the two mineralization types “mix”, the highlight of this “mixing” is a 12.9m section of Channel 49 which overall assays 0.121% Ni and 0.013% Co, including 0.224% Ni over 1m, which also includes 5.5m of 0.43% Cu and 1.63% Zn, within which 0.8m assays 2.05% Cu.

Keep reading... Show less
Queensland Pacific Metals

First 4N HPA Production for QPM from New Caledonian Ore

Queensland Pacific Metals Ltd (ASX:QPM) (“QPM” or “the Company”) is pleased to announce that lab scale testwork undertaken by Lava Blue has successfully produced 4N High Purity Alumina (“HPA”) from aluminium hydroxide feedstock produced by QPM as part of its piloting of the DNi ProcessTM on New Caledonian ore. The purity of the HPA was 99.996%.

Keep reading... Show less

Latest Press Releases

Related News

×