Canada Nickel grows Main and East zones at Crawford

Canada Nickel (TSXV: CNC) has released full assays for hole CR20-33 as well as nickel assays for hole CR20-32, which step out the East zone nickel-PGM mineralization by 400 metres to the east and extend the Main zone nickel mineralization by 1.5 km to the north.

Drill highlights include 38 metres of 0.37% nickel and 0.17 gram per tonne PGMs within a 315-metre interval of 0.25% nickel starting at 120 metres from hole CR20-33, as well as 243 metres of 0.25% nickel and 0.013% cobalt starting at 390 metres in hole CR20-32 (PGM assays for this intercept were reported on May 19).

“We are very pleased with the latest significant nickel mineralization step-outs – extending our Main zone by 1.5 km and our East zone discovery by 400 metres,” Mark Selby, the company’s chairman and CEO, said in a news release on May 27. “Importantly, this is the second of three holes on the East zone with a higher-grade interval (0.37% nickel over 38 metres) that also contained elevated palladium and platinum grades. Our latest drilling results further reinforce our belief that Crawford is one of the leading next-generation nickel-cobalt sulphide and palladium projects.”

Crawford features two known zones of nickel-cobalt-PGM mineralization: the Main and East zones. These latest results suggest a 3.2-km total strike of the Main zone, which remains open to the west and extends to the East zone, which lies within a 2.8-km long geophysical anomaly.

Canada Nickel announced the discovery of the East zone on May 19, and initial assays reported earlier this month included 55 metres of 0.42% nickel and 0.2 gram per tonne PGMs within a 256-metre interval grading 0.3% nickel and 0.05 gram PGMs.

The PGM-bearing zone at Crawford appears to lie at the geologic contact directly to the north of and parallel to the nickel-bearing structure. The company first discovered this zone in April. According to the company, it may span the entire length of the Crawford unit.

At press time in Toronto, Canada Nickel was trading at $1.03 per share within a 52-week range of 38¢ and $1.41.

The junior exploration company has 57 million listed shares outstanding for a $58.7-million market capitalization.