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Saskatoon, Saskatchewan--(Newsfile Corp. - October 22, 2024) - Core Nickel Corp. (CSE: CNCO) ("Core Nickel" or the "Company") is pleased to announce it has received interest above the previously announced private placement offering of up to 1,000,000 units at a purchase price of $0.175 per unit for gross proceeds of up to $175,000. Accordingly, the Company is increasing the offering such that it now proposes to sell up to 3,315,000 units to be sold to eligible purchasers at a price of $0.175 per unit for gross proceeds of up to $580,125. The Company may pay finders' fees to eligible finders in connection with the offering, subject to compliance with applicable securities laws and the policies of the CSE.
All other terms of the offering remain as set out in the Company's earlier news release of October 21, 2024. The offering remains subject to compliance with applicable securities laws and the policies of the CSE.
All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance in accordance with the policies of the CSE and applicable securities laws.
About Core Nickel
Core Nickel Corp. is a junior nickel exploration company that controls 100% of five properties in the prolific nickel district, the Thompson Nickel Belt (TNB) in Northern Manitoba, Canada. The five properties consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, such as highways, railways, major hydroelectric transmission lines, and operating mills.
Map: Core Nickel's Thompson Nickel Belt Properties
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Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 16-20 km from the City of Thompson. Core Nickel's northern TNB projects consist of three properties: Mel, Hunter, and Odei River. The Mel property encompasses the Mel deposit, which is characterized by a historical NI-43-101 resource estimate with an indicated resource of 4.3 million tonnes at 0.875% nickel, equating to 82.5 million lbs contained nickel, and a historical inferred resource estimate of 1.0 million tonnes at 0.839% nickel, equating to 18.7 million pounds of contained nickel1. The target stratigraphy (Pipe Formation) that hosts the Mel deposit, and other deposits in the Thompson Nickel Belt, extend onto the Hunter and Odei River properties and drillhole intersections into the target stratigraphy on the Hunter project have successfully intersected elevated nickel.