“The acquisition of the Texmont property provides near-term smaller-scale production potential and is highly complementary to our large-scale Crawford and regional nickel sulphide projects,” said Mark Selby, chairman and CEO of Canada Nickel Co. “We are excited by the potential for leveraging the understanding of the geology at Texmont and additional high-grade areas at Sothman and Bannockburn and applying these learnings to our large regional property package. In our discussions with nickel consumers for the battery market, many of them are keen to have new nickel production that could come to market by 2025.”

The Texmont property is located 36 km south of Timmins and contains an ultramafic body with a target geophysical footprint approximately 1.2 km long by 150 m wide. A historic resource estimate reported 3.2 million metric tons (mt) grading 0.9% nickel was reported. A mine and mill operated on the site from July 1971 to December 1972 at a rated capacity of 500 mt/d. The total amount milled cannot be confirmed as the data and final stope plans are not available. The mine targeted narrow mineralization, exceeding 1% nickel.

Canada Nickel believes that this highgrade mineralization is contained within a larger bulk tonnage deposit that extends to surface. Initial drilling results from an ongoing drilling program confirmed the presence of high-grade mineralization in ultramafic rock. To date, Canada Nickel has drilled four drill holes, all intersecting significant intervals of mineralization.