EV Nickel's stock soars after announcing 'enormous' maiden mineral resource in Ontario

Shaw Dome project in Ontario, Canada. Image from EV Nickel.

EV Nickel Inc. (TSX-V EVNI) announced a maiden mineral resource estimate for the Carl Lang A Zone target near its Shaw Dome project in Ontario that it says puts it into the league of the largest undeveloped nickel deposits in the world.

After acquiring the property, which is 25 km southeast of Timmins in April 2022, EVNi launched a diamond drilling program totalling 28 holes over 8,295 metres to complete a maiden mineral resource estimate in accordance with National Instrument 43-101 which shows Indicated Resources of 1.25m tonnes or 2.8bn pounds of contained nickel and Inferred Resources of 1.16M tonnes or 2.6bn pounds of contained nickel.  

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According to the latest results, A Zone resources total 1.0bn tonnes, averaging 0.24% Ni and 0.0107 ppm Co (0.12% NiEq cut-off), split between higher grade core with 290m tonnes at 0.27% Ni Indicated and 203m tonnes at 0.27% Ni inferred and lower grade with 219m tonnes at 0.22% Ni Indicated and 294M tonnes at 0.21% Ni inferred.

The CarLang A Zone represents only 20% of the full 10 km-long CarLang Area Trend, the company said, adding that analysis continues to review the integrated carbon capture and storage potential for CarLang.

“Defining this enormous Maiden Mineral Resource for our Large Scale A Zone is a major milestone for EV Nickel,” CEO Sean Samson said in a news release.  “The A Zone is just the beginning of the CarLang Area because we know the host units have been identified over approximately 5 times the strike length.”

If we consider the full potential of the CarLang Trend- this is the type of generational opportunity, which is near surface and in an excellent location, that the world needs for a supply of clean nickel to help fuel the energy transition,” Samson said.

The Toronto-based junior’s stock soared 60% by market close Wednesday on the TXS-V. Trading volume reached 634,970 compared to a daily average of 70,411. The company has a C$8.2 million ($6m) market capitalization.




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