Canada Nickel Company Inc. announced assay results at its Reid property, where two drill holes have been completed as part of its regional exploration program. Drilling was highlighted by hole REI21-02 which intersected 354 meters of 0.24% nickel and includes 15 meters of 0.39% nickel and 6 meters of 0.57% nickel. Mineralogy completed on samples from these holes confirmed that they contain the same heazlewoodite-pentlandite-awaruite minerals as Crawford.

The Reid Property is located just 16 kilometres southwest of Crawford and contains an ultramafic target that measures 3.3 kilometres north-south by 2.1 kilometres east-west based on the total magnetic intensity ("TMI"). Hole REI-22-02 collared on dunite in the SE corner of the target, and was drilled to the NW. It remained in dunite for a total length of 354 metres grading 0.24% nickel, with a higher-grade section near the bottom of the hole intersecting 0.39% nickel over 15 metres.

The hole ended in mineralized dunite, and the contact is open to the north. REI22-01 collared on dunite in the same setup, drilling towards the south contact where the magnetic anomaly is at its highest. The hole transitioned from dunite to a sequence of peridotite-pyroxenite-gabbro similar to that seen at Crawford.

The pyroxenite in the sequence yielded 1.6g/t Pt+Pd over 4.5 metres similar in grade and thickness to PGM zone at Crawford. Mineralogy completed on samples from these holes confirmed that they contain the same heazlewoodite-pentlandite-awaruite minerals as Crawford. As of June, drilling at Reid resumed with a helicopter supported program that will test the extent of the anomaly.

Highlights: Assays achieved expected grades over entire core length of 354 metres: 0.24% nickel including 15 metres of 0.39% nickel and 6 metres of 0.57% nickel. Confirmed same mineralogy as Company's Crawford Project. id property has larger geophysical footprint than Crawford.

Crawford resource update expected to be released by July 6, 2022.