Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Canada Nickel to Acquire Bannockburn Nickel Property.

Document Cited in Related
Vincent

MANews-(C)2009-2022

Canada-based miner Canada Nickel Company Inc (TSX Venture: CNC) (OTCQX: CNIKF) has entered into an agreement with Grid Metals Corp. (TSX Venture: GRDM) (OTCQB: MSMGF) 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 company said.

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 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.

Previous drilling within the high-grade zones intersected up to 5% nickel in the "C" Zone, which averages 2.5 metres in true thickness, 0.85% nickel over 4.27 metres in the "D" Zone, which remains open and up to 4.54% nickel in the "F" Zone with widths ranging from 0.25 metres to 17.6 metres.

Canada Nickel is acquiring a 100% interest in Bannockburn, which is subject to an existing 2.0% net smelter return royalty with Outokumpu, in exchange for two m common shares of...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT