11:41 AM EDT, 03/18/2024 (MT Newswires) -- Canada Nickel Co. Inc. ( CNIKF ) reported Monday positive initial assays from its 2024 exploration program at the Newmarket and Reid properties.

The company said the first two holes at Newmarket intersected target mineralization including 373 meters of 0.24% nickel.

Canada Nickel ( CNIKF ) also outlined its best drill results to date at Reid of 675 meters grading 0.25% nickel, including 142 meters of 0.32% nickel and 24 mters of 0.40% nickel.

The company said its 2024 exploration program aims to deliver seven additional resources by the second quarter of 2025 and six further discoveries.

"The long drill interval of higher-grade material at Reid is very encouraging and the first section delineating an over 800-meter width of target ultramafic sequence - nearly 2 times thicker than Crawford - highlights the very large-scale potential of this property," CEO Mark Selby said. "The initial Newmarket results are also very encouraging, despite the fact we were only able to drill at the least attractive geophysical target due to seasonal logistical constraints."

Canada Nickel ( CNIKF ) at last look gained 4.7% in early Monday trading.

Price: 1.56, Change: +0.07, Percent Change: +4.70