Canada Finds New Nickel Deposit, 1.4 Billion Tons Of Nickel

Nickel Canada has received new assay results for its Deloro assets confirming a second significant discovery in the company's newly acquired asset package in Ontario. The project, outlined in a preliminary economic assessment based on previous resource estimates, will produce 842,000 tonnes of nickel over a 25-year operation.

The Deloro mine is located 9 km southeast of Timmins and contains a ultramafic target, 1.4 km north to south and 450 m east to west based on total magnetic field strength (TMI). Ultrabasic lithology and nickel mineralization were found throughout the anomaly.

Recent drilling was highlighted by hole DEL22-01, which intersected 487 m of 0.25% nickel, with a higher grade section near the bottom of the hole intersecting 0.28% nickel over 91 m. Hole DEL22-09 was also intersected with 393 m of 0.26% nickel.

As previously reported, in November 2021, Canadian Nickel announced the acquisition of 13 properties, including Deloro and Reid, located within a 95 km radius of the company's flagship Crawford Nickel sulfide project to consolidate its regional mining capabilities in the Timmins region.

The Crawford project, as recently updated, is said to contain the fifth largest nickel sulfide resource in the world with a total of 1.4 billion tons, with a nickel grade of 0.24% in the measured and indicated category and a nickel grade of 0.23% in the inferred category of 670.1 million tons.