EV Nickel intersects 3 New Zones of Mineralization at Carlang in Timmins

More and more nickel continues to be discovered in Timmins. EV NICKEL INC. is pleased to announce exploration results for its recently completed diamond drill program on the CarLand trend. The diamond drill program confirmed the presence of near surface nickel mineralization equal to, or better than CarLang A over 3 new target areas including CarLang B, CarLang C and CarLang E representing over 7 kilometres of additional strike length for the Large Scale Style Nickel Mineralization.

Results for the newly discovered zone Carlang C Zone included the highest nickel grades to date on the CarLang trend. The CarLang C zone covers an area of approximately 2 kilometers long by 1.5 kilometers wide (see Figure 2) and is approximately double the area of the Company's Carlang A zone which host its flagship deposit. The CarLang A Deposit contains in accordance with National Instrument 43-101, a combined Resource of 1.1B tonnes @ 0.24% Ni consisting of an Indicated Resource of 0.5B tonnes @ 0.25% Ni and an Inferred Resource of 0.5B tonnes @ 0.23% Ni (see press release dated February 28, 2023 and/or SEDAR filing dated April 12, 2023).

The Carlang C Zone was originally defined by Government of Ontario mapping and geophysical interpretation.

"I was confident that the diamond drill program would confirm that the hosting dunites and peridotites would extend along the interpreted locations," said Paul Davis, Vice President Exploration. "Intersecting the higher-grade zones in both holes CAR06 and CAR08 is extremely exciting and indicates that there is the potential for the CarLang C area to host a significantly higher-grade zone of nickel mineralization that could contain up to 10% to 20% more nickel covering an even a larger area than the CarLang A Deposit. The intersection of what appears to be magmatic sulphides in hole CAR08 is also very exciting as it indicates that there is the potential for the higher-grade nickel mineralization to be similar to a Mt. Keith Style of sulphide of nickel mineralization within the CarLang Trend area."

The assay results (see table 1 and table 2) for ten (10) diamond drill holes representing 2,568 metres of drill core from the CarLang Trend were designed to define the strike extent of the interpreted dunite and peridotite units (see Figures 1 and 2).

All ten holes intersected significant, near surface widths of dunite and peridotites that are similar, or better than that observed for the CarLang A Deposit (see press release dated February 28, 2023 and/or SEDAR filing dated April 12, 2023).

Seven (7) of the ten (10) diamond drill holes ended in the host dunites and peridotites, and did not define the basal contact of these units.

Holes EV24-CAR06 and EV24-CAR08 intersected significantly better nickel grades than had been observed at the CarLang A Deposit with drill intercepts of 241.70 metres grading 0.30% Ni and 234.00 metres grading 0.28% Ni, respectively.

Additional zones of higher-grade nickel mineralization were observed in both holes with EV24-CAR06 intersecting 7.50 metres grading 0.56% Ni and 1.5 metres grading 0.96% Ni.

EV24-CAR08 intersected three separate higher-grade zones of 37.50 metres grading 0.37% Ni, 13.50 metres grading 0.39% Ni and 19.50 metres grading 0.37% Ni with 1-5% disseminated sulfide observed in drill core.

Of significance is that both EV24-CAR06 and EV24-CAR08 bottomed in higher grade dunite/peridotite with assays of 0.27% Ni (CAR06 250.50 to 252.00 metres) and 0.35% Ni (CAR08: 250.50 to 252.00 metres), respectively indicating that the zone has not been closed off at depth and that the holes were still in nickel mineralization when they were stopped.

Holes EV24-CAR06 and EV24-CAR08 are approximately 1.5 kilometres apart suggesting a potentially higher-grade zone of nickel mineralization on the western side of the CarLang C mineralized trend over this widely spaced drill area.

The Company will be completing additional work on the higher-grade intercepts including running selected samples for Pt, Pd and Au, QEM Scan analysis to determine the type and distribution of nickel bearing minerals and developing an exploration strategy to further explore and expand the identified higher grade nickel mineralization.

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