Impact: Mildly Positive
Canada Nickel (CNC) reported assay results from the second drill hole (BAN24-20) targeting massive sulphides at the F-Zone within its 100%-owned Bannockburn Ni project 65km south of Timmins. The company had previously reported that hole BAN24-20 had encountered 15.7m of net-textured sulphides within a disseminated sulphide-bearing peridotite (read notable). This hole was drilled to target a down-hole BHEM target. Assays from this interval returned 0.80% Ni over 15.7m, including 1.32% Ni over 4.4m, from a down-hole depth of 470.3m. Notably, this intercept is 138m northwest of previously reported hole BAN24-18, which had also encountered high-grade Ni mineralization (read note). CNC is drilling hole BAN24-21 to follow up. The company has also been drilling at the lower-grade, bulk tonnage B-Zone, where a resource estimate is planned for H1/25 (read notable). In our opinion, this is a mildly positive result. While it is encouraging that this hole encountered Ni sulphides, the Ni grade is lower than that in BAN24-18 (1.61% Ni over 12m, including 3.95% Ni over 4m). However, we believe this area is worthy of further exploration, as two holes encountered +1% Ni mineralization 138m apart. CNC has been focused on lower-grade bulk tonnage deposits such as Crawford (read notable), but a high-grade Ni discovery in the Timmins camp could be a game changer.
