Canada Nickel Confirms Higher Grade Interval at Reid, Announces Discovery at Sothman

Canada Nickel Confirms Higher Grade Interval at Reid, Announces Discovery at Sothman

Highlights

  • Additional assay results confirm scale of discovery at Reid
  • Higher grade interval at Reid – REI22-07 325 metres of 0.29% nickel including 81 metres of 0.35% nickel
  • New discovery at Sothman

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) today announced positive drilling results from its ongoing regional exploration drilling campaign at its Reid and Sothman properties.

Mark Selby , Chair & CEO of Canada Nickel, "We continue to have excellent success with our regional exploration program. The latest results provide further confirmation of the potential at Reid with a large higher-grade interval in hole REI22-07 and multiple holes well-mineralized across their entire core lengths. Our targeting approach was further confirmed with another bulk tonnage discovery at Sothman with all five holes intersecting mineralization. These latest results continue to reinforce the success of our geophysical targeting approach and increase the probability of success at our other 20-plus properties within the 42 km 2 of geophysical targets. We look forward to drilling our high-grade target at Sothman where historical drilling achieved multiple intervals greater than 1% nickel."

Reid Nickel Property

The Reid Property is located just 16 km southwest of Crawford, or 37 km northwest of Timmins , and contains an ultramafic body with a target geophysical footprint of 3.9 km 2 (see Figure 1). Preliminary assay results from our summer/fall drilling program confirms the presence of mineralized dunite, as well as currently undefined higher-grade sections. Partial assay results confirm expected nickel grades (Table 1). Nickel mineralization in serpentinized dunite was found in all 16 holes drilled to date.

This release provides an update with assays from five more holes to a total of eight holes with complete assays. True widths are unknown at this point. Hole REI22-07 collared near the center of the anomaly in dunite containing a series of late dykes and remained in a strongly serpentinized, moderate to strongly mineralized dunite to the end of the hole. The hole averaged 0.29% nickel over 325.5 metres, including a wide higher-grade section with 0.35% nickel over 81.5 metres. The hole then continued through mineralized dunite that averaged 0.27% nickel over the last 132 metres of the hole.

REI22-03 collared in dunite on the east flank of the anomaly and was drilled to the west. The hole intersected 358.4 metres of dunite and finished in dunite, interrupted by a late dyke in the center. The hole shows moderate to strong serpentinization and visible pentlandite-heazlewoodite mineralization averaging 0.24% nickel over 223.1 metres.

REI22-04 collared in peridotite on the east flank of the anomaly 500 metres north of REI22-03, drilling to the northeast. The hole intersected peridotite, followed by dunite only interrupted by minor dykes. The hole averaged 0.19% nickel over 269.8 metres and 0.21% nickel over 79 metres.

REI22-05 collared in dunite and remained in dunite to the end of hole, only interrupted by a small late dyke. The hole was collared near the center of the anomaly and drilled to the west. The hole was strongly serpentinized throughout and averaged 0.24% nickel over 409.5 metres including 0.26% nickel over 55.5 metres.

REI22-08 collared in dunite on the same setup as REI22-03 but drilling to the northwest. The hole remained in dunite to the end of the hole, encountering minor peridotite sections. The hole averaged 0.24% nickel over 372.8 metres, including 0.26% nickel over 63 metres.

Results from the remaining eight holes are still pending, but with the encouraging results as provided in this release, Canada Nickel plans to resume drilling in 2023. The south limb of the anomaly remains to be drilled.

Figure 1 – Plan View of Reid – Drill results Overlain on Total Magnetic Intensity (CNW Group/Canada Nickel Company Inc.)

Table 1: Reid exploration drilling results

Hole ID

From

To

Length

Ni

Co

Pd

Pt

Cr

Fe

S


(m)

(m)

(m)

( %)

( %)

(g/t)

(g/t)

( %)

( %)

( %)

REI22-03

58.6

354.0

295.4

0.24

0.01

0.003

0.003

0.80

5.51

0.04

including

140.8

259.5

118.7

0.25

0.01

0.003

0.003

0.84

5.34

0.04

REI22-04

48.5

318.3

269.8

0.19

0.01

0.005

0.007

0.61

6.31

0.08

and

338.0

417.0

79.0

0.21

0.01

0.010

0.007

0.57

6.30

0.11

REI22-05

52.5

462.0

409.5

0.24

0.01

0.004

0.005

0.76

5.63

0.06

including

380.5

436.0

55.5

0.26

0.01

0.007

0.005

0.82

4.90

0.09

REI22-07

136.5

462.0

325.5

0.29

0.01

0.028

0.010

0.75

5.38

0.08

including

147.0

228.5

81.5

0.35

0.01

0.050

0.015

0.74

5.40

0.10

REI22-08

57.2

430.0

372.8

0.24

0.01

0.004

0.006

0.85

6.11

0.08

including

229.0

292.0

63.0

0.26

0.01

0.003

0.005

0.94

5.59

0.07

Sothman Nickel Property

The Sothman property is located 70 km south of Timmins and contains an ultramafic target that measures 2.2 km east-west by 200 metres north-south (Figure 2).

Five drillholes were drilled on the eastern half of the target anomaly (SOT22-01 to SOT22-05). These holes succeeded in confirming the continuation of ultramafic lithologies, primarily peridotite, with moderate to strong serpentinization and variable amounts of mineralization throughout (see Table 2). Assays from all holes are pending.

Table 2: Sothman Selected lithology intervals

Hole #

From

To

length

Rock Type

SOT22-01

39.7

77.0

37.3

Pyroxenite

77.0

234.7

157.7

Dunite

SOT22-02

48.3

77.0

33.3

Dunite

77.0

149.0

72.0

Peridotite

149.0

201.5

52.5

Dunite

201.5

266.0

64.5

Peridotite

SOT22-03

39.5

143.0

103.5

Dunite


143.0

184.9

41.9

Peridotite

SOT22-03

39.5

143.0

103.5

Dunite

143.0

184.9

41.9

Peridotite

SOT22-04

40.0

90.0

50.0

Peridotite

117.0

125.0

8.0

Peridotite

SOT22-05

38.0

245.0

207.0

Peridotite

245.0

315.5

70.5

Dunite

315.5

353.0

37.5

Peridotite

Figure 2 – Plan View of Sothman – Drill results Overlain on Total Magnetic Intensity (CNW Group/Canada Nickel Company Inc.)

Assays, Quality Assurance/Quality Control and Drilling and Assay

Edwin Escarraga , MSc, P.Geo., a "qualified person" as defined by National Instrument 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins, while a second set of samples is securely shipped to SGS Lakefield for preparation, with analysis performed at SGS Burnaby or SGS Callao ( Peru ). All are ISO/IEC 17025 accredited labs. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.

Qualified Person and Data Verification

Stephen J. Balch P.Geo . (ON), VP Exploration of Canada Nickel and a "qualified person" as is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc.

The magnetic images shown in this press release were created from Canada Nickel's interpretation of datasets provided by the Ontario Geological Survey.

About Canada Nickel Company

Canada Nickel Company Inc. 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. For more information, please visit www.canadanickel.com.

For further information, please 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, drill and exploration results relating to the target properties described herein (the "Properties"), the potential of the Crawford Nickel Sulphide Project and the Properties, timing of economic studies and mineral resource estimates, the ability to sell marketable materials, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals, and the impact of COVID-19 related disruptions in relation to the Company's business operations including upon its employees, suppliers, facilities and other stakeholders. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law.

CNCLogo (CNW Group/Canada Nickel Company Inc.)

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Canada Nickel Company Inc. (CNW Group/Canada Nickel Company Inc.)

About Samsung SDI

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About Canada Nickel

Canada Nickel Company Inc. 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™, 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 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 .

Cautionary Note and 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 potential of Crawford; potential size of carbon storage facilities and ability to be a net negative carbon footprint; mineral resource estimates and mineral reserve estimates; ability to realize on projected economic estimates, including EBITDA, NPV, IRR, all-in sustaining costs, free cash flow and C1 cash costs; scale, capital costs, operating costs and life of mine projections; potential to commercialize the IPT Carbonation process; timing of receipt of permits and commencement of construction and initial production; eligibility for Canadian federal refundable tax credits; the ability to sell marketable materials; strategic plans, including future exploration and development results; and corporate and technical objectives.  Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.  Factors that could affect the outcome include, among  others:  future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise  the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities  (known  and  unknown), general business, economic, competitive, political and social uncertainties, results of  exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals, and the impact of COVID-19 related disruptions in relation to the Company's business operations including upon its employees, suppliers, facilities and other stakeholders.  There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.  Accordingly, readers should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.  Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law.  Neither 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.

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Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) has extended the repayment date of the US$12 million loan facility announced September 18, 2023 with Auramet International, Inc. ("Auramet") from January 18, 2024 to February 16, 2024 . The loan will carry an interest rate of 1.25% per month for the extension period.

Canada Nickel Company Inc. logo (CNW Group/Canada Nickel Company Inc.)

Canada Nickel has also entered into seven purchase and sale agreements with arm's length vendors pursuant to which the Company has agreed to acquire mining claims in the Timmins, Ontario region in exchange for the issuance by the Company of an aggregate of 723,000 common shares of the Company and the payment by the Company of an aggregate of $67,760 in cash. Under one of the agreements, the Company agreed to grant to the vendor a 2.0% net smelter returns royalty on the applicable claims. The Company has the exclusive option at any time until the property enters into commercial production to repurchase one quarter of the royalty (being a 0.5% net returns interest) from the vendor for $1,000,000 . Under four other agreements, the Company agreed to grant to the vendors thereunder royalties equaling a 2.0% net returns interest on the applicable claims. The Company has the exclusive option at any time and from time to time to repurchase one half of each such royalty (being a 1.0% net returns interest) from the vendors for a cash purchase price of $1,000,000 per royalty.

Canada Nickel has further agreed to issue 100,000 common shares to Taykwa Tagamou Nation ("TTN") pursuant to the terms of the exploration agreement between Canada Nickel and TTN (the "TTN Exploration Agreement") and 100,000 common shares to Apitipi Anicinapek Nation ("AAN") pursuant to the terms of the exploration agreement between Canada Nickel and AAN (together with the TTN Exploration Agreement, the "Exploration Agreements"), in each case in respect of the Company's regional properties surrounding its Crawford project. The Exploration Agreements continue important relationships through which Canada Nickel recognizes and respects the Aboriginal and Treaty rights of TTN and AAN while engaged in exploration activities on the Company's properties. The Exploration Agreements also each provide for the Company to make certain cash payments to TTN and AAN based on the cost of the Company's exploration program on the subject properties.

Each of the foregoing issuances of common shares are subject to the prior approval of the TSX Venture Exchange, and the shares will be subject to a four-month hold period under Canadian securities laws from the date of the respective issuances.

The Company also wishes to confirm that, in connection with the private placement of flow-through units announced in the Company's news release dated January 2, 2024 , the Company has agreed to pay each of Scotiabank and Deutsche Bank a cash fee of $520,380 (being an amount equal to 1.5% of the gross proceeds of the offering).

About Auramet

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Canada Nickel Company Inc. 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™, 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 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 .

For further information, please contact:

Mark Selby
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 in this news release includes, but is not limited to, the expected use of proceeds of the loan, the closing of the transactions described herein, the receipt of TSX Venture Exchange approvals in respect thereof, the ability of the Company to advance permitting and detailed engineering activities, and statements relating to the Company's operations a goals. 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. 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 applicable laws; 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 the Company's Crawford project 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 the Company's Crawford project 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 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.

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(TheNewswire)

Grid Battery Metals Inc..

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Fireweed Upgrades to Trade Shares on the OTCQX Best Market

Fireweed Upgrades to Trade Shares on the OTCQX Best Market

Fireweed Metals CORP. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQX: FWEDF; FSE: M0G) is pleased to announce its upgrade from the OTCQB® Venture Market to the OTCQX® Best Market ("OTCQX"), a top-tier public market in the United States. As of today, Fireweed's common shares are actively trading on OTCQX under the trading symbol "FWEDF." This significant step underscores the Company's commitment to accessibility for U.S. investors, aligning with the high standards set by OTCQX.

CEO Statement

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OTC Markets Group Welcomes Fireweed Metals Corp. to OTCQX

OTC Markets Group Welcomes Fireweed Metals Corp. to OTCQX

OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Fireweed Metals Corp. (TSX-V: FWZ; OTCQX: FWEDF; FSE: M0G), a mineral exploration company, has qualified to trade on the OTCQX® Best Market. Fireweed Metals Corp. upgraded to OTCQX from the OTCQB® Venture Market.

Fireweed Metals Corp. begins trading today on OTCQX under the symbol "FWEDF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com .

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