Mr. Mark Selby reports

CANADA NICKEL CONFIRMS DISCOVERY AT MANN NORTHWEST PROPERTY

Canada Nickel Company Inc. has released drilling results from a further three holes and assay results from the first five of eight holes drilled on its Mann Northwest property located in the prolific Timmins nickel district in Ontario.

Mark Selby, chief executive officer of Canada Nickel, commented: "Our regional exploration program continues to deliver with today's confirmation of another discovery at Mann Northwest, part of Canada Nickel's Timmins nickel district. Mann Northwest has a target footprint more than three times that of Crawford and is one of 11 properties with a target footprint larger than Crawford. Three additional holes extended the strike length of mineralization by more than 1,100 metres to 2,650 metres, and assays from first five holes confirmed grades in line with expectations."

Mann Northwest property

The Mann property is located 22 kilometres east of Crawford, 20 kilometres south of Cochrane and 45 kilometres northeast of Timmins. Canada Nickel has an ability to earn an 80-per-cent interest in the property owned by Noble Minerals (see press release Nov. 22, 2021). Drilling began at Mann Northwest, which has a target footprint of 6.0 square kilometres compared with the Crawford target footprint of 1.6 square kilometres.

Drilling started in the Northwest zone, with a total of eight holes drilled, all of them intersecting mineralized sections of predominantly well-serpentinized peridotite and minor dunite. This release discloses assay results from the first five drill holes, and assays for the other three drill holes are pending.

The first five holes delineated mineralization along 1,150 metres of strike length and a width of at least 500 metres. The additional three holes extended the potential strike length to 2,650 metres. The target remains open in all directions.

MAN23-01 drilled to the southwest and intersected peridotite from top to bottom only, interrupted by 23.5 metres of pyroxenite with 0.44 gram per tonne platinum plus palladium. Initial samples were taken for mineralogical testing (Qemscan), confirming samples are very well serpentinized with varying amounts of heazlewoodite and pentlandite.

MAN23-02 intersected 348.5 metres at 0.23 per cent nickel in peridotite and finished in 28.9 metres of 0.52 g/t Pt plus Pd in pyroxenite.

MAN23-03 drilled to the northeast and intersected mineralized peridotite at the top and dunite at the bottom, with an average grade of 0.23 per cent Ni over 291.5 metres. The hole ended in dunite at 402 metres only interrupted by diabase dikes near the bottom.

MAN23-04 drilled near the southern end of the target and intersected 301.5 metres of peridotite with 0.18 per cent Ni, followed by 16 metres of 0.41 metre of Pt plus Pd in pyroxenite.

MAN23-05 drilled to the southwest and intersected a sequence of peridotite with minor dunite and pyroxenite. The hole assayed 366.5 metres of 0.20 Ni, including 11.0 metres of 0.44 g/t Pt plus Pd. The hole ended in mineralized peridotite.

MAN23-13 drilled to the southwest approximately 750 metres northwest of MAN23-05. The hole intersected 404.5 metres of interlayered dunite, peridotite and pyroxenite with predominantly moderate to strong serpentinization.

MAN23-14 drilled to the northeast collaring and terminating in mineralized dunite with intervals of peridotite. The hole is moderate to well mineralized and moderate to well serpentinized across core length of 390.0 metres.

MAN23-15 drilled to the northeast testing a fold hinge of a major structure, and it intersected 415 metres of a sequence of dunite, peridotite, pyroxenite and gabbro. The hole has sections of very-well-mineralized and well-serpentinized ultramafic.

Other updates

Canada Nickel also announces today that, subject to the approval of the TSX Venture Exchange, it has agreed to issue an aggregate of 61,982 common shares of the company at a deemed issue price of $1.15 per common share in satisfaction of an aggregate of $71,280 in obligations due to a service provider of the company. Such common shares will be subject to a four-month hold period under applicable securities laws.

The company also announces that it has entered into an amending agreement to the previously announced option agreement dated Feb. 2, 2022, pursuant to which the company and the optionor thereunder agreed to accelerate the option for the company to acquire a 100-per-cent interest in certain mining claims located in the province of Ontario. Under the amending agreement, the company agreed to advance the balance of the previously announced share and cash payments due thereunder in full satisfaction of the option without the need to incur any additional exploration expenditures.

Assays, quality assurance/quality control, drilling and assay

Edwin Escarraga, MSc, PGeo, a qualified person as defined by National Instrument 43-101, is responsible for the continuing drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5-metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins, while a second set of samples is securely shipped to SGS Lakefield for preparation, with analysis performed at SGS Burnaby or SGS Callao (Peru). All are ISO/IEC 17025-accredited labs. Analysis for precious metals (gold, platinum and palladium) is completed by fire assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of three QA/QC samples per 20 core samples making a batch of 60 samples that is submitted for analysis.

Qualified person and data verification

Stephen J. Balch, PGeo (Ontario), vice-president, exploration, of Canada Nickel, and a qualified person as is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel.

About Canada Nickel Company Inc.

Canada Nickel is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high-growth electric vehicle and stainless steel markets. Canada Nickel has applied in multiple jurisdictions to trademark the terms NetZero Nickel, NetZero Cobalt and NetZero Iron, and is pursuing the development of processes to allow the production of net-zero-carbon nickel, cobalt and iron products. Canada Nickel provides investors with leverage to nickel in low-political-risk jurisdictions. Canada Nickel is currently anchored by its 100-per-cent-owned flagship Crawford nickel-cobalt sulphide project in the heart of the prolific Timmins-Cochrane mining camp.

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