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    CNC   CA13515Q1037

CANADA NICKEL COMPANY INC.

(CNC)
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Delayed Bourse de Toronto  -  03:59 2022-06-28 pm EDT
1.500 CAD   -1.96%
06/27Canada Nickel Edges Down After Detailing Assay Results and Confirming Discovery at Reid Property
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06/27CANADA NICKEL : Q2 2022 CFO Certification
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06/27CANADA NICKEL : Interim consolidated financial statements for the three and six months ended April 30, 2022
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Canada Nickel Company Inc. Announces New Nickel Discovery at Reid with Larger Footprint than Crawford Property Main Zone and Provides Update on Regional Exploration

05/10/2022 | 07:04am EDT

Canada Nickel Company Inc. announced a new nickel discovery at its Reid property, where two drill holes have been completed as part of its regional exploration program. Drilling has commenced at Reid, as well as the Company's Deloro and Reaume properties, and assays from earlier drilling at Nesbitt have been received. The Reid Property is located just 16 kilometres southwest of Crawford. The property contains a series of folded ultramafic bodies that measure 3.3 kilometres north-south by 2.1 kilometres east-west based on the total magnetic intensity. The Company has completed two holes both of which collared in dunite. Hole REI22- 01 was collared to intersect the south contact intersecting dunite, peridotite, pyroxenite and gabbro - the same sequence on the north contact at Crawford. This sequence has the potential to host PGM mineralization. Hole REI22- 02 was drilled northwest toward the center of the intrusion and intersected dunite across the entire core length with an interval of 84 metres, beginning at 292 metres, visibly mineralized to similar extent as Crawford Higher Grade Core. Mineralogy completed on samples from these holes confirmed that they contain the same heazlewoodite- pentlandite-awaruite minerals as Crawford. Additional drilling at Reid postponed until the spring thaw. Drilling will resume in late spring. The Deloro property is located 8 kilometres south of Timmins and contains an ultramafic target measuring 1.4 kilometres long by 300 - 500 metres wide. The Company has now completed seven holes at Deloro, all on the northern half of the intrusion. The first five holes collared in mineralized dunite and stayed primarily in dunite/peridotite. The last two holes (DEL22-06 and DEL22-07) were collared closer to the west contact to test for the presence of PGM in pyroxenite and for gold which was intersected in a historical hole. Mineralogy completed on samples from these holes confirmed that they contain the same heazlewoodite-pentlandite-awaruite minerals as Crawford. DEL22-01, collared in the centre of the ultramafic target and drilled toward the west contact, intersected mineralized dunite (including some narrow dykes) starting at 1.8 metres downhole. Holes DEL22-03, DEL22-04 and DEL 22-05 all intersected thick dunite sequences with some peridotite. DEL22-06 and DEL22-07 intersected dunite followed by pyroxenite and then gabbro. Drilling will resume later this spring. Nesbitt Nickel Property: Nesbitt NES21-08 was collared over a strong magnetic high and drilled to the south to test for the presence of a mineralized, dunitic core within the centre of the ultramafic sill. The hole encountered 336.5 metres (core length) of 0.27% nickel including 31 metres of 0.33% nickel. Nesbitt NES21-09 was collared 250 metres west of NES21-09 to determine the consistency of mineralization farther to the west. The hole intersected 415.3 (core length) metres grading 0.26% nickel including a higher-grade zone of 25.5 metres (core length) grading 0.31% nickel. The hole intersected a thick interval of peridotite grading to dunite from 41.7 to 459.0 metres, ending in peridotite. Eight holes in total tested the western extent of the main ultramafic sill at Nesbitt with all holes intersecting mineralization. Grades were lower near the end of the mineralization to the west. There appears to be a break in the sill east of NES21-08 which has not yet been drill-tested. Farther east holes NES21-03 and NES21-11 intersected thick sections of lower-grade mineralization. NES21-06 was drilled in the northern sill and intersected lower-grade mineralization encountering 483.8 metres of 0.17% nickel within a peridotite sill containing minor dunite.


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Financials
Sales 2021 - - -
Net income 2021 -6,38 M -4,95 M -4,95 M
Net cash 2021 3,13 M 2,42 M 2,42 M
P/E ratio 2021 -38,4x
Yield 2021 -
Capitalization 169 M 131 M 131 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 96,2%
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Number of Analysts 6
Last Close Price 1,50 CAD
Average target price 5,58 CAD
Spread / Average Target 272%
Managers and Directors
Mark Thomas Henry Selby Chairman, President & Chief Executive Officer
Wendy Kaufman Chief Financial Officer
David Smith Independent Non-Executive Director
Michael James Cox Independent Non-Executive Director
James Russell Starr Independent Non-Executive Director