Giga Metals Corp (OTCMKTS: HNCKF) saw a wild rise on Friday after the Company was featured in a reuters article titled: “Exclusive: Tesla in talks to buy low carbon nickel from Canada – sources” The article stated “Tesla is in discussions with Canadian miner Giga Metals about helping to develop a large mine that would give the electric carmaker access to low carbon nickel for its batteries, three sources familiar with the matter said. Alongside its goal to reduce pollution from driving, Tesla is also striving to reduce its own carbon footprint. “Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way,” CEO Elon Musk said in July.
HNCKF took off on Friday trading as high as $1.46 off its base at $0.50. The Company issued a press release commenting on the action: GIGA President Martin Vydra stated: “Giga Metals has been mentioned in recent media articles as they pertain to ongoing efforts to advance the Turnagain deposit to commercialization. What I can say is that there is no material announcement forthcoming and we will keep regulators and investors informed of any material changes that require disclosure in accordance with securities regulations. It is evident that interest in sustainable and carbon neutral nickel production is driving renewed interests in deposits such as Turnagain as the world will need significant nickel to meet future EV demand. Turnagain is one of a handful of deposits that could meet this future demand.”
Giga Metals Corp (OTCMKTS: HNCKF) Operating out of Vancouver and trading on the venture exchange in Canada as GIGA and HNCKF in the USA Giga is a mineral exploration and development company focused on metals critical to modern batteries, especially those used in Electric Vehicles and Energy Storage. The Company’s core asset is the Turnagain Project, located in northern British Columbia, which contains one of the largest undeveloped sulphide nickel and cobalt resources in the world.
The big story on GIGA is its 100% owned Turnagain Project, located in north central British Columbia, it is among the largest undeveloped sulphide nickel deposit in the world in terms of total contained nickel. To date, locked-cycle flotation testing has been conducted at two laboratories on eight composites, including several locked-cycle tests at Blue Coast Research in 2018. Seven of the composites yielded high grade nickel concentrates averaging 23% nickel at 52% recovery. The achievement of successful locked-cycle testing on a variety of samples from different parts of the Horsetrail deposit represents a major milestone for the project as these tests provide an important indication of the technical feasibility of the process. The major focus of the locked-cycle flotation testing has been on composite samples from three horizontal holes drilled through the heart of the key Horsetrail zone, representing the expected production for the first several years of operation. Those tests employing the current standard process generally delivered repeatable results with recoveries in the range of 50-60% and concentrate grades in the range of 18-22% nickel, for samples ground to the target size of 80 µm.
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In July GIGA CEO Mark Jarvis commented on Tesla’s recent quarterly conference call during which Tesla CEO Elon Musk called on miners to start building nickel mines in anticipation of shortages of this critical material for electric vehicle batteries.
Tesla CEO Elon Musk stated “Well, I’d just like to re-emphasize, any mining companies out there, please mine more nickel. Okay. Wherever you are in the world, please mine more nickel and don’t wait for nickel to go back to some long – some high point that you experienced some five years ago, whatever. Go for efficiency, obviously environmentally friendly nickel mining at high volume. Tesla will give you a giant contract for a long period of time, if you mine nickel efficiently and in an environmentally sensitive way. So hopefully this message goes out to all mining companies. Please get nickel.
GIGA CEO Mark Jarvis commented: “If you want environmentally responsible nickel, I really think you have to look at sulphide deposits in first-world jurisdictions such as Canada and Australia. Canada has several very large, low-grade, open pittable sulphide nickel deposits waiting to be developed, including Canada Nickel’s Crawford deposit, Waterton’s Dumont deposit and our own Turnagain deposit. Canada has some of the toughest environmental regulations in the world, so if you buy your nickel from Canada, you can be assured that this part of your supply chain is ethically sourced.”
— ScalpIt (@nxtplse) September 12, 2020
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Currently exploding northbound Giga Metals is an exciting story developing in small caps; according to the reuters article on Friday and confirmed on twitter by “theteslalife” Tesla is in discussions with Giga Metals about helping to develop a large mine that would give the electric carmaker access to low carbon nickel for its batteries. Alongside its goal to reduce pollution from driving, Tesla is also striving to reduce its own carbon footprint. GIGA 100% owned Turnagain Project, located in north central British Columbia, it is among the largest undeveloped sulphide nickel deposit in the world in terms of total contained nickel. We will be updating on Giga Metals when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Giga Metals.
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Disclosure: we hold no position in Giga Metals either long or short and we have not been compensated for this article.