Canada Nickel (TSXV: CNC) has reported high-grade drill results from its Bannockburn property, located approximately 65 km south of Timmins, Ontario.
The highlight of the drilling campaign, hole BAN24-20, intersected 10.1 meters grading 1.11% nickel, 0.13% copper, 0.04% cobalt, 0.318 grams of palladium per tonne, and 0.126 grams of platinum from a depth of 470.3 meters.
Within this intercept, 4.4 meters graded 1.32% nickel, 0.17% copper, 0.05% cobalt, 0.394 grams of palladium, and 0.157 grams of platinum. This hole was drilled into the F-Zone of the Bannockburn property.
CEO Mark Selby commented on the results, stating, “The second hole at Bannockburn aligns with both the geophysical target identified in prior surveys and the observed mineralization.
We are excited to continue exploring the high-grade potential of this target and to test other promising conductors identified at the property.”
In a note on Friday, Cormark Securities analyst Stefan Ioannou highlighted that these results are encouraging, marking the second high-grade intersection in the F-Zone, following hole BAN24-18 last month.
That hole, located 138 meters northwest of BAN24-20, returned 4 meters grading 3.95% nickel, 0.399% copper, 0.152% cobalt, 0.658 grams of palladium, and 0.427 grams of platinum from 260 meters depth, with 3 meters grading 4.36% nickel.
Ioannou remarked, “The intersections in BAN24-18 and BAN24-20, though deep, underscore the higher-grade potential within the Timmins Nickel District.”
Additionally, BAN24-20 intersected 15.7 meters of net-textured sulphides within a disseminated sulphide-bearing peridotite, further supporting the project’s promising mineralization.
The Bannockburn property, located about 20 km west of Matachewan, is adjacent to Canada Nickel’s Midlothian and Sothman properties and about 100 km south of its flagship Crawford project.
Crawford is home to the world’s second-largest nickel reserves, with 1.72 billion tonnes of proven and probable reserves grading 0.22% nickel, along with copper, palladium, and platinum.
The project holds 2.4 billion tonnes of measured and indicated resources, containing 13.3 billion pounds of nickel, with additional inferred resources of 1.7 billion tonnes grading 0.22% nickel.
Canada Nickel has secured nearly $1.5 billion in loan and debt financing for Crawford, as well as C$23.1 million from Agnico Eagle Mines for a 12% stake in the $3.5 billion capital expenditure project.
Despite the positive drilling results, Canada Nickel’s shares fell 1.6% to C$0.93 on Friday, marking a year-low for the stock, which has previously traded as high as C$2.24. The company has a market capitalization of C$167.1 million ($118 million).
