Québec Nickel Initiates Metallurgical Test Program at Fortin Sill Zone

Figure 1. Select photographs of some of the metallurgical test work program drill core provided to SGS Canada. A – blebby sulphide mineralization from hole QDG-23-29M at 22.00 metres depth (HQ core, long dimension of photograph is 8 cm); B – net texture sulphides from hole QDG-23-29M at 36.45 metres depth (HQ core, long dimension of photograph is approximately 6.0 cm); C – disseminated and semi massive sulphides from hole QDG-23-29M at 36.60 metres (HQ core, long dimension of photograph is approximately 6.0 cm); and D – semi massive sulphide vein from hole QDG-23-28M at 41.25 metres hole depth (HQ core, long dimension of photograph is approximately 6.0 cm). (Photo: Business Wire)

Vancouver, British Columbia, May 10, 2023 – Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the “Company“)

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Québec Nickel Drills Over 250m of Serpentinized Ultramafic Rock at Ducros Sill Target & Provides Corporate Update

Results suggest the presence of large tonnage nickel-cobalt target with a geophysical expression spanning several hundred metres in width and multiple kilometers long

Vancouver, British Columbia, April 19, 2023 – Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the “Company“) is pleased to report drilling at its Ducros Ni-Cu-PGE project has returned long core lengths of serpentinized ultramafic rocks, including dunitic and peridotitic rock units. These results, coupled with results from the limited historical drilling completed in the immediate area, suggest the Ducros Sill represents a very large nickel-cobalt exploration target very similar to surrounding high-tonnage nickel-cobalt projects in the Abitibi Greenstone Belt. The company also provides a corporate update as Richard Dufresne, nickel expert and current director of QNI takes the helm as interim CEO.

 
Highlights:

• QNI has drilled a fence of holes at the Ducros Sill target which cuts across a wide magnetic high feature representing the geophysical expression of the serpentinized portion of the ultramafic intrusion.

• The fence of holes was designed to follow-up on historical drilling completed in 1987 which yielded 0.22% nickel and 120 ppm cobalt returned from dunitic rocks occurring in the last 20 metres of an abandoned 107-metre-long drill hole.

• The three recently completed holes encountered long core intervals of variably serpentinized dunite and peridotite, including an almost 300-metre-long intersection in hole QDG-23-505.

Ducros Sill
 

The Ducros Sill target lies in the southern half of the two-kilometer wide by ten-kilometer long Ducros Ultramafic Sill Complex, in the south-central portion of QNI’s Ducros property (Figure 1). Historically, three widely spaced holes were drilled at the Ducros Sill target by Abitibi Resources Ltd. (“Abitibi”) in 1987 (Figure 2). Assessment report drill logs for these holes describe variably serpentinized, magnetic dunitic +/- pyroxenitic rocks with occurrences of trace amounts of native copper and brucite throughout their entire drilled lengths (Quebec Government report GM 47268). Notable results include hole 87-6 which returned greater than 0.22% nickel and 120 ppm cobalt over the last 20 metres of the 106.7 metre long BQ diameter hole before being abandoned in bad ground.
 

Current Drill Results
 
Québec Nickel completed a series of holes this winter along an east-west fence approximately 100 metres north of the Abitibi hole 87-06 which cuts across the entire 600-metre-wide magnetic high feature (Figure 2). The ultramafic intrusion responsible for the magnetic response is understood to dip steeply to the west, as is the case for most of the stratigraphy in this part of the Ducros property.
 
Hole QDG-23-503 was collared on the west side of the targeted magnetic high and was drilled eastward at a dip of -45°, towards the centre of the ultramafic intrusion (Figure 2). The hole encountered a package of intercalated mafic and ultramafic intrusive rocks, including gabbro, pyroxenite and dunite, from 23 to 308 metres downhole depth before cutting a 142-metre-long interval of serpentinized dunite, believed to be the same unit encountered in hole 87-6 by Abitibi. The hole remains in this lower dunite unit until the planned end of hole at 450 metres depth. Of note is the occurrence of native copper on fracture surfaces within the altered dunite unit (Figure 3).
 
Hole QDG-23-505 was collared approximately 210 metres east of QDG-23-503 and drilled towards the east at a -45° dip to the planned end of hole depth of 402 metres (Figure 2). The hole collared in variably serpentinized dunite at 21 metres hole depth and remained in the altered ultramafic unit until 314 metres, a 293-metre-long intersection, where it encountered metasedimentary basement rocks. The ultramafic unit is cut by rare narrow <1.0m to ~2.0-meter core length intermediate to felsic dikes.
 
Hole QDG-23-504 was collared approximately 210 metres east of QDG-23-505 and was also drilled towards the east at a -45° dip to a depth of 243 metres (Figure 2). This hole collared in variably serpentinized dunite until 117 metres downhole depth, after which it entered the package of metasedimentary basement rocks.

Figure 2. Plan map of the Ducros Sill target area showing the locations of the historic Abitibi Resources Ltd. drill holes (open symbols) and the recently completed QNI drill holes (filled symbols) overlain on top of the total magnetic intensity image as derived from the compiled/combined VTEMTM and drone magnetic surveys completed in 2022.
 

 
Figure 3. Photograph of drill core from QNI hole QDG-23-503 at 341.70 metres depth showing abundant native copper on a fracture plane within the serpentinized dunite unit. NQ core, long axis of photograph is approximately 2.5 cm.
 
The digital Québec government geology for QNI’s Ducros project area, as sourced from the SIGEOM database, indicates the ultramafic intrusion in which the Ducros Sill target is included spans from approximately 500 metres north of the most recent drilling to approximately five kilometers to the south-southeast (Figures 1). Modelling of the VTEMTM and drone magnetic data collected by QNI during its 2022 exploration program supports this interpretation (Figure 4). There is no record of this multi-kilometer-long magnetic high feature being exposed at surface or having ever been drilled beyond what Abitibi Resources completed in 1987. If this geophysical anomaly is an expression of a serpentinized ultramafic/dunite intrusion, as currently hypothesized, it would rival the size of other high-profile large tonnage nickel-cobalt projects currently being advanced in the Abitibi Greenstone Belt.
 
Drill core from the three QNI holes referred to above are being processed and samples are being delivered to the preparation facility in Val-d’Or on a regular basis. In addition, representative half-core samples from each of the drill holes have been sent for quantitative analyses to determine the abundances of nickel-bearing minerals such as pentlandite, an iron-nickel sulphide (Fe,Ni)9S8, heazlewoodite, a nickeliferous sulphur-poor sulphide mineral (Ni3S2) and awaruite, a nickel-iron alloy (Ni2Fe to Ni3Fe). Awaruite and nickel-iron alloy are typically formed during the serpentinization of ultramafic rocks.
 

 
Figure 4. Plan map of the Ducros Sill target area showing the locations of the historic Abitibi Resources Ltd. drill holes (open symbols) and the recently completed QNI drill holes (filled symbols) overlain on top of the total magnetic intensity image as derived from the compiled/combined VTEMTM and drone magnetic surveys completed in 2022. The postulated multi-kilometer Ducros Sill Trend indicated.
 
This year, exploration drilling by the Company has focussed exclusively on testing targets that require winter conditions to access and drill. Now that the spring thaw is in full swing, work will resume at the Fortin Sill Zone where ground conditions allow for year-round access. Drilling at the Fortin Sill Zone will follow-up on some of the exceptional results achieved in 2022, including from hole QDG-22-29, which returned an 11.80 metre interval containing 1.44% Ni, 1.49% Cu, 461 ppm Co and 2.79 g/t Pt-Pd-Au that includes a higher-grade subinterval assaying 1.85% Ni, 1.65% Cu (3.50% Ni + Cu), 576 ppm Co and 3.27 g/t Pt-Pd-Au over 8.43 metres (see August 30, 2022 News Release for reference).
 
Core Processing & QAQC
 
Québec Nickel has implemented a quality assurance and quality control (“QAQC”) program for its drilling programs to ensure best practices for logging, sampling and analysis of its drill core as well as for the collection and analyses of rock samples. This includes the regular insertion of geochemical blanks, duplicates and multiple Ni-Cu-PGE-Au certified reference material standards (CRMs) into the sample stream.
 
Drill core is collected by Ducros Project personnel daily from the drill rigs and transported in secured core boxes to QNI’s core logging facilities in Lebel-sur-Quévillon. Logging is completed on laptops and data are captured using fit-for-purpose computer software.
 
Core destined for geochemical analyses is identified and labeled by core logging geologists and is then sawed in half by a diamond blade. One half of the NQ-diameter core sample is placed in a labeled and secured sample bag. The remaining half of the core sample is returned to its core box for archiving. All core samples are transported from QNI’s logging facilities to AGAT Laboratories’ sample preparation facility in Val-d’Or in secured and numbered rice bags by Project personnel. AGAT Laboratories is accredited to the ISO/IEC 17025:2017 and ISO 9001:2015 standards. Analysis for precious metals (gold, platinum, and palladium) is completed by Fire Assay with an ICP-OES finish while analyses for nickel, copper and 41 other elements are performed using AGAT’s 4 Acid Digest – Metals Package, with an ICP-OES finish.
 
Corporate Update
 
Québec Nickel is pleased to announce a leadership transition within the company. David Paterson, our current CEO, will be stepping down and moving to Executive Chairman and Director. Richard Dufresne will be stepping in as interim CEO as we continue the search for a new CEO to take us through the coming growth stage.
 
Richard Dufresne is a seasoned mining professional with over 35 years of experience in the industry, with a strong focus on nickel exploration. He has worked with both major and junior companies and has made significant contributions to the industry throughout his career. During his nine-year tenure with Falconbridge, he played a key role in exploring and developing the Raglan Nickel mine, which led to its production decision in 1996. He then spent five years overseeing nickel exploration for eastern Canada at Anglo American.
 
Mr. Dufresne’s expertise in nickel exploration will undoubtedly be a valuable asset to the company. We are confident that he will be able to provide the leadership and guidance needed to drive our exploration efforts forward and deliver value to our shareholders.
 
David Paterson has been instrumental in bringing Québec Nickel to fruition. As Executive Chairman and Director, he will continue to provide valuable guidance and support to the company.
 
“We are grateful for David’s leadership and contributions to the company,” said Richard Dufresne. “I look forward to working with him in his new role as we continue to build on the foundation that he has helped establish.”

QUALIFIED PERSON
 
Gary DeSchutter, M.Sc., P.Geo., Vice-President of Exploration for Québec Nickel Corp., and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed, and approved the scientific and technical content of this press release.

ABOUT QUEBEC NICKEL CORP.
 
Québec Nickel Corp. is a mineral exploration company focused on acquiring, exploring, and developing critical metals (Ni-Cu-Co-PGE) projects in Québec, Canada. The Company has a 100% interest in the Ducros Property, consisting of 282 contiguous mining claims covering 15,293 hectares within the eastern portion of the Abitibi Greenstone Belt in Québec, Canada. Additional information about Québec Nickel Corp. is available at www.quebecnickel.com.
 
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
 
On behalf of the Board of Directors
 
David Patterson
Chief Executive Officer and Director
1 (855) 764-2535 (QNICKEL)
info@quebecnickel.com

CAUTIONARY AND FORWARD-LOOKING STATEMENTS
 
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market, or business conditions. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates, opinions, or other factors should change.

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Québec Nickel Intersects Greater Than 1.25% Nickel in Fortin Sill Zone Drilling

Vancouver, British Columbia, March 2, 2023 – Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the “Company“) (“QNI” or the “Company“) is pleased to report new drilling assay results from its Ducros Ni-Cu-PGE Project, located 80 kilometres northeast of Val-d’Or, Québec. These results come from exploration drilling completed at the Fortin Sill Zone in late 2022 and suggest the critical metals-rich (Cu-Ni-PGE) zone is open at depth and along strike.

Highlights:

• Hole QDG-22-63 returned a 4.90-metre-long drill intercept averaging 0.77% Ni, 0.56% Cu, 340 ppm Co and 0.80 g/t Pt-Pd-Au which includes a higher grade three-metre-long subinterval of 1.06% Ni, 0.77% Cu, 447 ppm Co and 1.09 g/t Pt-Pd-Au.

• Individual one-metre-long samples from the reported intersection returned up to 1.27% Ni, 1.21% Cu, 559 ppm Co and 1.46 g/t Pt-Pd-Au.

• The drill intercept occurs approximately 60 metres below and 55 metres to the southwest of the known extents of the Fortin Sill Zone and suggests the zone is open both at depth and along strike.

• Assay results from five additional holes completed from the same drill pad as QDG-22-63 are pending.

• Follow-up exploration, expansion and definition drilling are planned for this winter and spring at the Fortin Sill Zone.

Fortin Sill Zone Drilling Results

Hole QDG-22-63 was completed in late 2022 in response to anomalous Ni-Cu-PGE results (all critical metals) returned from hole QDG-22-38, which was collared on the northeast side of the Fortin Sill Zone discovery outcrop and drilled towards the southwest under the mineralized bedrock exposure (Figure 1). Hole QDG-22-38 returned anomalous nickel, copper, and PGE values well below and to the southwest, potentially down plunge, of the Fortin Sill Zone. The geology and mineralization encountered in hole QDG-22-38 are summarized in the Company’s October 19, 2022 news release for reference. Later during the same drilling program, hole QDG-22-63 was collared to the southwest of the Fortin Sill discovery outcrop and drill towards 105° Azimuth at a -75° dip from an existing permitted drill pad to follow-up on the results from hole QDG-22-38.

The 4.90-metre-long mineralized interval cut by QDG-22-63 begins at 109.10 metres downhole depth and returned 0.77% Ni, 0.56% Cu, 340 ppm Co and 0.80 g/t Pt-Pd-Au and includes a higher-grade three metre sub-interval of 1.06% Ni, 0.77% Cu, 447 ppm Co and 1.08 g/t Pt-Pd-Au. A one-metre sample within this interval assayed 1.27% Ni, 1.21% Cu, 559 ppm Co and 1.46 g/t Pt-Pd-Au (see Table 1 for details). The entire mineralized interval is characterized by the presence of heavily disseminated to net texture pyrrhotite and chalcopyrite with frequent multi centimeter to decimeter-wide semi-massive to massive sulphide veins, stringers, and clasts within a variably chlorite-altered and moderately to strongly foliated pyroxenite to gabbronorite host rock. Assay results for holes QDG-22-60, QDG-22-61, QDG-22-62, and QDG-22-64 through QDG-22-66, which were all collared from the same drill pad as QDG-22-63, are pending (Figures 1 & 2).

The occurrence of high-grade nickel-copper-PGE sulphides at depth of the at-surface Fortin Sill Zone warrants follow-up drilling and as such, several additional holes will be completed during the 2023 exploration program to evaluate the potential size and extent of this new target and/or potential extension of the Fortin Sill Zone. In addition, the new drilling will also test the updated geological model for the emplacement of the mineralized Fortin Sill intrusion, as discussed in the Company’s December 15, 2022 news release.

The occurrence of strongly anomalous to high-grade Ni-Cu-Co-PGE-Au mineralization in multiple drill holes at depth and potentially down plunge from the Fortin Sill Zone reinforces the potential for discovering additional Ni-Cu-Co-PGE-Au sulphide mineralization in the immediate area as well as throughout the greater Project area.

In addition to the assay results from hole QDG-22-63, anomalous Ni-Cu-Co-PGE-Au values from holes QDG-22-33 and QDG-22-34 are also reported herein (Table 1, Figures 1 & 2). These two holes were collared within 50 metres of the Fortin Sill Zone mineralized outcrop exposure and intercepted long core intervals of anomalous Ni-Cu-Co-PGE-Au mineralization starting at surface (Table 1).

Figure 1. Plan map showing the locations of selected drill holes completed at the Fortin Sill Zone with Ni + Cu assays (%) in relation to the outline of the Fortin Sill discovery outcrop. Drill holes with new assay results reported herein are highlighted in orange.

Figure 2. Drill section looking 330° azimuth (75 metres thick) showing the locations of selected holes completed at the Fortin Sill Zone during the 2022 drilling program in relation to the Fortin Sill Zone discovery outcrop. Drill holes with assay data reported in this news release are highlighted in orange text.

  Table 1. Summary assay results for holes QDG-22-33, QDG-22-34 and QDG-22-631,2,3

1. Reported assay intervals are sample length weighted.

2. The true width of mineralized intervals is not known due to insufficient information.

3. 3E = Pt+Pd+Au

2023 Exploration Program

As previously announced, the Company’s 2023 winter exploration activities kicked-off on January 20th with the start of its planned ~20,000 metre drilling program at the northern portion of the Ducros Ultramafic Sill Complex (DUSC) (see January 17, 2023 News Release). This year’s drilling program will test numerous coincident geophysical (electromagnetic, magnetic and gravity anomalies) and geological targets at the DUSC and Ducros Gabbro target areas. Drilling is planned to resume at the Fortin Sill Zone later this winter and spring. In addition to the ongoing drilling program, approximately 600 line-kilometers of additional high-resolution drone-based magnetic surveys have been completed this winter that cover selected targets in the central and southwestern portions of the Ducros property. These new geophysical data will be incorporated into the project database and will help guide and refine the ongoing exploration work.

The Company also announces the successful relocation of its base of field operations and core processing facilities from Val-d’Or to the town of Lebel-sur-Quévillon. The new office space, core shack and core sawing facilities in Lebel-sur-Quévillon are less than a 30-minute drive from the Ducros property, allowing for significantly improved work efficiencies and overall safety of Project personnel and contractors.

PDAC 2023

Company representatives will be attending the Prospectors & Developers Association of Canada conference (PDAC) on March 5-8, 2023, in Toronto, Canada. Conference attendees are invited to visit the QNI booth (#3250) during the four-day event to examine some of the high-grade Ni-Cu-PGE core drilled at the Fortin Sill Zone in 2022 and to discuss the Company’s exploration plans for 2023.

Core Processing & QAQC

Québec Nickel has implemented a quality assurance and quality control (“QAQC”) program for its Ducros Project to ensure best practices for logging, sampling and analysis of its drill core as well as for the collection and analyses of rock samples. This includes the regular insertion of geochemical blanks, duplicates and multiple Ni-Cu-PGE-Au certified reference material standards (CRMs) into the sample stream.

Drill core is collected by Ducros Project personnel daily from the drill rigs and transported in secured core boxes to QNI’s core logging facilities in Lebel-sur-Quévillon. Logging is completed on laptops and data are captured using fit-for-purpose computer software.

Core destined for geochemical analyses is identified and labeled by core logging geologists and is then sawed in half by a diamond blade. One half of the NQ-diameter core sample is placed in a labeled and secured sample bag. The remaining half of the core sample is returned to its core box for archiving. All core samples are transported from QNI’s logging facilities to AGAT Laboratories’ sample preparation facility in Val-d’Or in secured and numbered rice bags by Project personnel.

AGAT Laboratories is accredited to the ISO/IEC 17025:2017 and ISO 9001:2015 standards. Analysis for precious metals (gold, platinum, and palladium) is completed by Fire Assay with an ICP-OES finish while analyses for nickel, copper and 41 other elements are performed using AGAT’s 4 Acid Digest – Metals Package, with an ICP-OES finish.

QUALIFIED PERSON

Gary DeSchutter, M.Sc., P.Geo., Vice-President of Exploration for Québec Nickel Corp., and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed, and approved the scientific and technical content of this press release.

ABOUT QUEBEC NICKEL CORP.

Québec Nickel Corp. is a mineral exploration company focused on acquiring, exploring, and developing critical metals (Ni-Cu-Co-PGE) projects in Québec, Canada. The Company has a 100% interest in the Ducros Property, consisting of 282 contiguous mining claims covering 15,293 hectares within the eastern portion of the Abitibi Greenstone Belt in Québec, Canada. Additional information about Québec Nickel Corp. is available at www.quebecnickel.com.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

On behalf of the Board of Directors

David Patterson
Chief Executive Officer and Director

1 (855) 764-2535 (QNICKEL)
info@quebecnickel.com

CAUTIONARY AND FORWARD-LOOKING STATEMENTS

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market, or business conditions. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates, opinions, or other factors should change.

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