07:26 AM EDT, 07/18/2024 (MT Newswires) -- Canada Nickel ( CNIKF ) reported Thursday an initial resource estimate for the Deloro nickel sulfide project in Ontario's Timmins nickel district.

The property hosts indicated resources of 81 million tonnes grading 0.25% nickel for 202,000 tonnes of contained nickel.

Inferred resources stood at 357 million tonnes grading 0.25% nickel for 885,000 tonnes of contained nickel.

The resource estimate was based on 8,242 meters of core drilling in 22 drill holes.

"We are very pleased with the size of this initial resource on Deloro particularly given the relatively small scale of the target footprint relative to the 20+ targets in our portfolio," CEO Mark Selby said.

The company said for its 2024 exploration program, it has completed 112 holes so far for a total of 47,482 meters.

Canada Nickel ( CNIKF ) said seven exploration rigs are currently drilling across the Timmins district.

The company's share price fell 0.9% yesterday to $1.14 on the TSXV.