07:41 AM EDT, 05/06/2024 (MT Newswires) -- Canada Nickel Company ( CNIKF ) , which rose more than 2% last Friday, provided an update Monday on its 2024 exploration program with assay results that included the "best drill result to date" from the Reid property.

Among highlights, the company cited a new best interval to date at Reid; 687 metres of 0.27% nickel including 36.0 metres of 0.41% nickel and 7.5 metres of 0.56% nickel in REI24-18. And it saidall four holes intersected core lengths of at least 676 metres with average grades of 0.24% to 0.27% nickel.

Monday's statement noted that six drill rigs are currently operating across the company's exploration portfolio. The company's 2024 exploration program is targeting delivery of seven new resources by Q2-2025 and six further discoveries, "unlocking the regional exploration potential of the Timmins Nickel District."

"We are encouraged by these four additional drill results with long drill intervals and three of the four holes reporting higher grade intervals," said Mark Selby, CEO of Canada Nickel ( CNIKF ). "These results continue to highlight the very large-scale potential of this property. With six drill rigs now operating, we expect a steady flow of drill results from across the company's exploration portfolio."