Canada Nickel Company (TSXV: CNC) has completed the first round of metallurgical testing on samples from its Reid property. The testing was conducted using an existing flowsheet design by the company for its flagship Crawford Nickel project.
Overall the nickel recoveries are said to have hit 63%, which compares to recoveries of 62% at the firms Crawford property. Iron recoveries meanwhile came in at 31%, versus Crawford’s 45%, and chromium recoveries came in at 12%, versus 21% at Crawford.
Nickel concentrates were said to have a nickel grade of 46%, and a cobalt grade of 0.27%, while the magnetite concentrate had iron grades of 55% and chromium grades of 3.0%. Half of the recovered nickel is said to have reported to a nickel sulphide concentrate that graded 60%.
Sponsored · Antimony Resources
Sampling was conducted on a sample with a head grade of 0.35% nickel, 0.10% sulphur, and 6.2% iron.
Humorously, the company commented that “All grades and recoveries, with the exception of iron and chromium recovery, were at or above expected values,” implying that only nickel recoveries were satisfactory.
READ: Canada Nickel Sees Anglo American Take 9.9% Stake As Part Of Offtake Deal
“We are very pleased by this first test at Reid which achieved an overall nickel recovery of 63% and achieved expected or better than expected nickel, iron, and chromium concentrate grades. While it is early days at Reid, these results, achieved using the standard flowsheet developed for Crawford, demonstrate the potential to leverage our development work at Crawford, across the portfolio of targets throughout our entire Timmins Nickel District,” commented CEO Mark Selby.
Canada Nickel now intends to conduct a variability open circuit testing system to confirm parameters and performance before conducting locked cycle testing, similar to its process for Crawford.
The firm also confirmed this morning that it has closed on its 100% acquisition of the Texmont property, paying $4.0 million in cash while issuing a 2.5% NSR royalty on the property. The property consists of 14 claims, where the firm recently intersected 0.50% nickel over 91 metres. The company is currently investigating whether a legacy interest of 15% and net profits interest of 10% is still valid on the claims.
Canada Nickel last traded at $1.54 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
