Canada Nickel Company Inc. announced positive initial assay results from its 2024 exploration program including the first two holes at the Company's Newmarket property and results from the first hole from its Reid property, which delivered the best drill results to date from Reid. A total of six holes have been completed at Reid and seventeen holes have also been completed at Crawford as part of a program to delineate an initial palladium-platinum (PGM) resource for which assays are pending. Four drill rigs are currently operating, and a fifth drill rig is expected to begin on April 1st.

As outlined in a conference call held on February 23, 2024, the Company's 2024 exploration program is targeting delivery of seven additional resources by second quarter-2025 and six further discoveries. The Reid Property is located just 16 km southwest of Crawford and contains a geophysical target of 3.9 km2 nearly 2.4 times larger than Crawford. The company currently has an ongoing drilling program, with all six initial drillholes intersecting long intervals of dunite and five holes ending in mineralization.

Complete assays for hole REI24-17 are disclosed in this release and five holes have assays pending. Hole REI24-17 was collared near the west border of the target and drilled north toward the center of the intrusion. The full interval of 675 metres, beginning at 27 metres downhole, assayed 0.25% nickel including 142.5 metres of 0.32% nickel and 24 metres of 0.4% nickel.

In this area the ultramafic sequence is more than 800 metres thick, nearly twice that of Crawford's main zone. The Company aims to complete an initial resource at Reid by fourth quarter of 2024.