Impact: Mildly Positive
Canada Nickel announced drill results from its five properties in the Timmins Ni district of Ontario. Results are from infill drilling at Reid and drilling at Mann and Reaume projects. All seven holes reported from Reid encountered broad intervals of Ni mineralization, with highlights of: 1) 0.23% Ni over 664m, including 0.30% Ni over 33m (REI24-46), and 2) 0.24% Ni over 713.7m, including 0.34% Ni over 73.5m (REI24-52). Drilling at Mann encountered broad mineralized intervals in all three areas (Mann West, Mann Central, and Mann North). The best results were from Mann West with highlights of: 1) 0.24% Ni over 395.8m (MAN24-33), and 2) 0.24% Ni over 384.8m (MAN24-45). One hole from Mann Central encountered 0.24% Ni over 543m (MAN24-22). Lower grade intervals were also reported from the Reaume project. Drilling is ongoing, with assays pending from multiple projects. CNC has completed over 100,000m of drilling on 14 properties in 2024. In our opinion, these are mildly positive results, continuing to demonstrate CNC’s exploration model of identifying and drilling geophysical targets with characteristics similar to Crawford. Reid continues to look like one of the more significant targets in CNC’s project pipeline, while some targets such as Reaume may be placed lower on the priority list, given the lower-grade results to date.
