10:26 AM EST, 12/23/2024 (MT Newswires) -- Canada Nickel ( CNIKF ) was at last look up 1.6%, but still at the low end of its 52 week trading range, as it reported Monday an initial resource estimate for the Reid nickel sulfide project in Ontario.

Among highlights, the company said the property hosts indicated resources of 590 million tonnes grading 0.24% nickel containing 1.4 million tonnes of nickel and inferred resources of 990 million tonnes grading 0.23% nickel containing 2.2 million tonnes of nickel. It cited exploration Target potential of an additional 0.9-2.1 billion tonnes grading 0.20-0.22% nickel.

CNC said Reid is second of seven new nickel resources expected to be published by mid-2025 demonstrating the potential scale of the Timmins Nickel District. Its 2024 drilling program across the Timmins Nickel District completed over 119,000 metres across 14 properties

"The size and scale of the Reid resource, which is significantly larger than the initial Crawford resource, validates our belief in the potential of the Timmins nickel district," CEO Mark Selby said. "Reid's target footprint is more than twice the size of our initial Crawford project and is only the second of seven new mineral resources we expect to announce by mid-2025."

Price: 0.94, Change: +0.02, Percent Change: +1.63