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Canada Nickel announces successful drill results from Deloro target and provides corporate update

Jan 24, 2022

“I’m very excited to start the year with successful drilling of Deloro the first of the thirteen targets we acquired at end of last year and the first step in confirming the potential of the Timmins Nickel District," said Mark Selby, Chair CEO. "After two very successful years in 2020 and 2021, the year 2022 sets the stage for Canada Nickel to move to the next level with the formal launch of Crawford permitting this quarter, an updated resource next quarter, and a feasibility study expected to be completed by the fourth quarter which is just over three years from our Crawford discovery. I am also pleased to expand our capabilities with the latest additions to our team Canada Nickel is well positioned not only for success this year but for continued success in 2023 and beyond as we advance Crawford towards production."

Canada Nickel Company Inc. today announced assay results from its Mahaffy, Dargavel, Kingsmill, and MacDiarmid properties, and provided an update on drilling and corporate activities.
In addition to completed drill assay results, partial assays have been received to date from 11 holes drilled at the Company’s Nesbitt property these results have also been in line with expectations and will be released when all assays are received.

Steve Balch, VP Exploration, added Today’s successful assay results from our initial set of properties outside of Crawford and the success of the first hole at Deloro confirm our targeting approach is correct Deloro is a great first example having intersected mineralized dunite from just two metres below surface over a length 4 80 metres. This year we will move beyond our flagship Crawford property and start exploring our thirteen newly acquired regional properties, confident that our targeting approach will yield multiple discoveries W ith over 40 km 2 of ultramafic rocks yet to explore we believe our project has the potential to grow to a massive scale I look forward to further success as we continue to delineate this potential during 2022.”


Exploration Results

All 20 holes from the regional drill program intersected thick sequences of peridotite and/or dunite with some holes collared in, or ending in, volcanics. The highest grade intersection was 0.34% nickel over 28.5 metres in Dargavel hole DAR21 01 ( cutoff) within a larger zone grading 0.30% nickel over 16 2 .0 metres ( cuto ff) starting at 375 metres downhole. The thickest interval of mineralization was in Kingsmill drillhole KML21 01 which intersected 0.24% nickel over 334.5 metres starting at 16.5 metres downhole. The overburden encountered was highly variable with as little as 12.5 metres at Nesbitt and as much as 16 0 metres at Mahaffy.

Deloro Property
DEL22-01, collared in the centre of the ultramafic target measuring 1.4 km long by 300 500 metres wide, and
drilled toward the west contact, intersected mineralized dunite (including some narrow dykes) starting at 1.8
metres downhole. The hole remained in dunite beyond its projected length of 400 metres to 482 metres at the
west contact for a total interval of 480 metres.

Previously, six holes (FY-02-02, FY-02-06, FY-02-10, FY-02-11, FY-02-12, FY-02-13) were drilled at Deloro by other
explorers, inside or on the edge of the ultramafic, with five intersecting serpentinized dunite/peridotite. Hole FY-
02-10 intersected 24.2 metres, FY-02-13 intersected 138.4 metres and four holes ended in serpentinized
dunite/peridotite. All five holes noted magnetite (up to 20-25% magnetite in FY-02-02 from 39.4-89.5 metres) and
disseminated sulphides. Only specific non-consecutive intervals were assayed. Two of the four holes had nickel
mineralization exceeding 0.40% nickel: FY02-02 with 0.42% nickel over 4.2 metres, with up to 0.73 g/t Pd and 0.23
g/t Pt over 1.2 metres, and FY-02-10 intersecting 0.48% nickel, 0.28 g/t Pd, and 0.14 g/t Pt over 2.8 metres.

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