Toronto (ots/PRNewswire) – Canada Nickel Company Inc. (“Canada Nickel“or”The enterprise“) (TSXV: CNC) (OTCQB: CNIKF) is pleased to announce that it has entered into a non-binding letter of intent (” MOU “) with Glencore Canada Corporation (” Glencore “) to identify the potential use of Glencore’s Kidd concentrator and Metallurgical Site (“Met Site”) in Timmins, Ontario for the treatment and processing of material mined on Canada Nickel’s wholly owned Crawford (“Crawford”) nickel-cobalt-sulphide project. Crawford located 25 miles north of Glencore’s operations.
“The ability to leverage the excess capacity and infrastructure at the Kidd Met site has the potential to enable Crawford to be faster, easier up and running on a smaller scale at a much lower cost of capital, while the company continues the much larger project it is now Given the potential for this significant change in the scope of the project launch, the publication of the Preliminary Economic Assessment (PEA) will be postponed until the end of March 2021 in order to incorporate this option, if successful “, said Mark Selby, Canada Nickel Chairman and CEO.
Canada Nickel has completed an initial high-level assessment and is now completing a detailed study of the potential for upgrading overcapacity in the Kidd concentrator and / or using the existing infrastructure at the Kidd-Met site for milling and further processing of the nickel-cobalt and magnetite concentrates expected to be produced at Crawford. Should the study produce a positive result for both parties, the parties will continue negotiations in good faith with the aim of reaching a binding agreement. The letter of intent is not exclusive.
This detailed study should be completed by the end of March 2021. Ausenco Engineering Canada Inc. (“Ausenco”), currently serving as the lead academic advisor for the ongoing preliminary economic evaluation of Crawford, has been appointed to assist in the evaluation of the Kidd Met Site facilities.
Learn about Kidd Operations
In Timmins, Ontario, Glencore Canada Corporation operates the Kidd facility, which consists of the Kidd metallurgy site and the Kidd mine.
The concentrator is located on the property of the Kidd Metallurgical Site (Kidd Met Site). The Kidd Met site is located 17 miles east of Timmins, Ontario, in the Hoyle and Matheson parishes, within the Timmins city limits. The concentrator, built in 1966 and upgraded several times over the years, currently processes metal ores into copper and zinc concentrates. The plant has a nominal capacity of 12,500 tons per day and has a full permit for water abstraction and discharge as well as a thickened spoil storage facility. The site has incoming and outgoing rail traffic on the Ontario Northland Railway.
Canada Nickel Company information
Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulfide projects to provide the nickel and cobalt needed to power the fast-growing electric vehicle and stainless steel markets. Canada Nickel Company has registered the terms NetZero NickelTM, NetZero CobaltTM, and NetZero IronTM as trademarks in multiple jurisdictions and is pursuing the development of processes that enable the production of carbon-free nickel, cobalt and iron products. Canada Nickel offers investors access to nickel and cobalt in countries with low political risk. Canada Nickel is currently supported by its wholly-owned flagship Crawford Nickel-Cobalt-Sulphide project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the potential of the Crawford Nickel-Cobalt-Sulphide Project, the timeline for the completion of the proposed transaction, strategic plans including future exploration and development results, and business and technical goals. Forward-looking information is necessarily based on a number of assumptions that, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors that could cause actual results and future events to differ materially from those anticipated in such forward-looking statements Information is expressed or implied. Factors that could affect earnings include, but are not limited to, future metal prices and supply, future metal demand, results of drilling, inability to raise the funds necessary to maintain and further develop the property make necessary expenditures, (known and unknown) environmental liabilities, general business, economic, competitive, political and social uncertainties, results of exploration programs, risks in the mining industry, delays in obtaining governmental permits, failure to obtain regulatory or shareholder approvals and the impact of COVID-19-related disruptions on the company’s business operations, including the impact on its employees, suppliers, facilities and other stakeholders. There can be no assurance that this information will prove to be accurate, as actual results and future events could differ materially from those anticipated in this information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is based on the opinions and estimates of management and the information available to management at the time of publication. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by law.
Mark Selby, Chairman and CEO, phone: 647-256-1954, email: firstname.lastname@example.org