Canada Nickel Company Inc. announced that it has entered into an agreement with Grid Metals Corp. on June 6, 2022 to acquire a 100% interest in the Bannockburn Nickel Property located near Matachewan Ontario, and to provide further details on other recently acquired properties. The Bannockburn Property is located 100 kilometres south of Timmins and consists of 125 contiguous unpatented mining claims totaling 2,700 hectares.

Bannockburn is in close proximity to the Company's Sothman, Midlothian, and Powell properties. The property contains at least two ultramafic units with the larger one representing the "B" Zone, a large, lower-grade mineralized ultramafic measuring 1.3 kilometres along strike by up to 700 metres across strike (based on its magnetic response) that had yielded similar intervals to Canada Nickel's Crawford Deposit. The "B" Zone was drilled in 2021 by Grid to a depth of 340 metres, with the best hole, GBN21-03, intersecting 342 metres of 0.28% nickel.

Previous drilling by Outokumpu Oyj ("Outokumpu") intersected 203 metres of 0.33% nickel in MBB4-09 and 25 metres of 0.46% nickel in BN-19-98. Preliminary mineral processing testing in 2005 on the "B" Zone showed that a 0.33% nickel grade sample indicated a recovery of 52% to a 35% nickel concentrate.