Base Metals

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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SOURCE Canada Nickel Company Inc.

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CNC:CA
TSXV:CNC

Canada Nickel


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Canada Nickel Confirms Major Discovery at Reid, Provides Financing Update

Canada Nickel Confirms Major Discovery at Reid, Provides Financing Update

Highlights
  • All 16 holes at Reid intersected multi-hundred metre intervals of mineralization
    with 6 holes in Central Core Area intersecting higher grades
  • Holes REI22-14 and REI22-16 confirm mineralization of over 500 metres width – approximately 50% wider than Crawford Main Zone and more than 100% wider than Crawford East Zone
  • Reid geophysical target footprint of 3.9 km 2 , is more than two times larger than
    the 1.6 km 2 footprint of the flagship Crawford Nickel Project resource

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) today announced an exploration update for its Reid Property located within 16 km of the Crawford Nickel discovery which has now been successfully targeted by all 16 drillholes.

Mark Selby , Chair & CEO of Canada Nickel Company, said "Today's results confirm Reid as a major discovery with a target footprint larger than our flagship Crawford discovery and a mineralized core that is 50% wider than our Crawford Main Zone. Grades and mineralization are consistent with what the Company has observed at the Company's East Zone deposit. The success of this initial drilling, targeted solely with our team's proprietary approach using provincial geophysical data, highlights the significant potential of our total regional land package with over 42 km 2 of target geophysical footprint which is more than 20 times larger than our flagship Crawford project."

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Canada Nickel Acquires Past Producing Texmont Mine, Highlights High Grade Potential of Regional Land Package

Canada Nickel Acquires Past Producing Texmont Mine, Highlights High Grade Potential of Regional Land Package

Highlights

  • Provides potential for near-term open pit production from near-surface high grade mineralization at Texmont.
  • High grade potential of regional package already demonstrated at multiple properties – Texmont, Sothman, Bannockburn . Mineralization outcrops at all three properties
    • Texmont – Historic resource 1 of 3.2 million tonnes of 0.9% nickel hosted within bulk tonnage target.
    • Sothman – Historic resource 2 of 190,000 tons grading 1.24% nickel
    • Bannockburn – Historic drilling with multiples intervals greater than 2%
  • Crawford PGM zone results include two holes with core length of 30 metres of 1.82 g/t palladium + platinum and 15.0 metres of 1.88 g/t platinum + palladium

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) today announced that it has signed a deal to acquire a 100% interest in the past producing Texmont property situated between the Company's Deloro and Sothman properties south of Timmins, Ontario . The Company is also reporting results from the first four holes at Texmont and first five holes targeting higher grade mineralization at Sothman.  All nine holes have assays pending.

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Canada Nickel Appoints Financial Advisors, Reaches Next Permitting Milestone

Canada Nickel Appoints Financial Advisors, Reaches Next Permitting Milestone

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce that it has engaged Deutsche Bank Securities Inc ("Deutsche Bank") and Scotiabank as financial advisors for the equity component of the project financing for the Company's Crawford Nickel Sulphide Project ("Crawford").

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

"As we move into the next phase of advancing Crawford towards production, we are pleased to engage two of the world's leading investment banks with a broad base of mining and industrial expertise, Scotiabank and Deutsche Bank, to advise the Company on alternatives for the equity portion of the project financing for Crawford," said Mark Selby , Chair & CEO of Canada Nickel. "We are also pleased to announce that our team has completed another significant permitting milestone on the critical path towards production, by filing the detailed project description with the Impact Assessment Agency of Canada earlier this week. We continue to target receipt of permits by mid-2025 with construction to immediately follow."

Advisory

The Company has been engaged in discussions with a number of strategic and industry participants over the past 18 months. With the upcoming completion of the feasibility study, the Company is turning its focus towards project financing and permitting activities to ensure that the Company has its financing package in place well in advance of the receipt of project permits which are targeted to be received by mid-2025. Deutsche Bank and Scotiabank will assist the company with the evaluation of strategic and financial alternatives for the equity portion of the project financing. The financial advisors will also assist the Company in providing defense advisory and planning. In addition, the Company is engaged in discussions with multiple groups and expects to appoint an advisor for the debt portion of the project financing in early 2023.

Filing of Detailed Project Description

Following Canada Nickel's August 2022 submission of the Initial Project Description, the Impact Assessment Agency of Canada (the Agency) conducted a round of consultation with Indigenous communities, the public, and various federal and provincial authorities before supplying Canada Nickel with the Summary of Issues in September. After reviewing the Summary of Issues, Canada Nickel is pleased to announce the filing of the Detailed Project Description (DPD) and the Response to the Summary of Issues, a significant step in progressing the federal Impact Assessment Process for the Crawford Project.

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.

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.

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SOURCE Canada Nickel Company Inc.

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Canada Nickel Announces Improved Iron and Chromium Recoveries from Pilot Plant Testing

Canada Nickel Announces Improved Iron and Chromium Recoveries from Pilot Plant Testing

Highlights

  • Initial phases of pilot plant testing successfully completed
  • Testing confirms significant improvements in both recovery and product quality from updated magnetite circuit
    • 18% improvement in iron recovery and 15% improvement in chromium recovery
    • 16% improvement in iron grade to 55%
  • Discussions underway with multiple stainless and ferroalloy producers on downstream processing partnership

Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) today announced the results from initial phases of pilot plant testing on 34 tonnes of material from the Company's Crawford Nickel Project with the major focus on testing an updated magnetite recovery circuit and generation of both nickel and magnetite concentrates for further downstream testing.  While the Crawford Nickel Project is primarily a nickel development project, it can produce value-generating by-products including cobalt, palladium, and platinum contained in the nickel concentrates, and iron and chromium contained in the magnetite concentrate expected to be produced from Crawford.

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Highlights

  • Recent test work accelerates carbon capture by three times and achieves majority of carbon capture in just 24 hours
  • Simple carbon capture approach could allow production of Net Zero Nickel and generation of 21 tonnes of CO 2 credits per tonne of nickel
  • Crawford Project could produce an estimated average of 710,000 tonnes of CO 2 credits annually and 18 million total tonnes of CO 2 credits over expected life of mine

Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) today announced the results of further laboratory test results that build on the success of initial work on the In Process Tailings ("IPT") Carbonation Process, which is a novel method for accelerated carbon capture that the Company believes has transformative potential.

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Notable VRIC keynote speakers include former Premier of BC Christy Clark and former Premier of Saskatchewan, Brad Wall. Other keynote speakers will include dozens of globally respected economists, legendary money managers, and investors.

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The flow test confirmed high lithium concentrations ranging from 77 to 148 mg/l within 3 zones targeted for future development within the Duperow beds ( Figure 2 ).
The Wymark C zone tested 147 to 148 mg/l from a 11.6 m thick zone with average porosity of 10.4%.
The Wymark E zone tested 101 to 106 mg/l from a 4.9 m thick zone with average porosity of 12.7%.
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Power Nickel Inc. (the "Company" or "Power Nickel") (TSXV:PNPN)(OTCQB:CMETF)(Frankfurt:IVVI) announced today that the company has retained Karbon-X Corp (OTCQB:KARX) to retire 159 high quality Verra VCU carbon offsets, in the name of Power Nickel Inc. These 159 carbon offsets will counteract 159 tonnes of greenhouse gas (GHG) emitted by the burning of 60,000 litres of diesel in their exploratory drilling operations and represents Power Nickel's commitment to offsetting their drilling program in the years to come

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As Wealth holds more than 10% of the issued and outstanding common shares of the Company (and is a Non-Arm's Length Party (as defined in TSXV policies)), the Transaction constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, as at the time the Share Purchase Agreement was entered into neither the fair market value of the ELEC Shares, nor the fair market value of the consideration to be provided by Wealth for same, exceeded 25% of the Company's market capitalization. The Company also notes that the ELEC Shares to be sold to Wealth will be under a contractual restriction on resale until March 2, 2023.

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BULLETIN TYPE: Transfer and New Addition to NEX, Symbol Change, Remain Suspended
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