Canada Nickel Company (TSXV:CNC) reported today a large-scale discovery at its Reid property.
The company is focused on its flagship Crawford nickel-cobalt sulphide project in the Timmins-Cochrane mining camp. The The Reid property is located just 16 km southwest of Crawford, or 37 km northwest of Timmins, and contains an ultramafic target with a target geophysical footprint
The company was up 14% to $1.42 a share.
CEO Mark Selby touted the findings.
“These results are very exciting for several reasons. First, our current drilling has delineated a mineralized footprint at Reid already 90% of the size of Crawford, which we believe is the world’s fifth largest nickel sulphide resource. Second, the results at Reid, Deloro, and Reaume with 33 of 34 holes hitting target mineralization and the historic drilling at Bannockburn, continue to reinforce the success of our geophysical targeting approach and increase the probability of success at our other over 20 properties within the 42 km2 of geophysical targets.”
