Ms. Misty Urbatsch reports

CORE NICKEL REPORTS NICKEL-BEARING SULFIDE MINERALIZATION WITH NICKEL TENORS UP TO 17% IN ASSAY RESULTS FROM 2024 WINTER DRILL PROGRAM AT HALFWAY LAKE

Core Nickel Corp. has identified disseminated nickel-bearing sulphide mineralization with nickel tenors up to 17 per cent in assay results from the 2024 winter drill program at the company's 100-per-cent-owned Halfway Lake project in the Thompson nickel belt, Manitoba.

Highlights:

• Successes: HFW-001 and HFW-002 intersected wide packages of serpentinized ultramafic rocks hosting disseminated nickel-bearing sulphide mineralization. HFW-001 and HFW-002 sulphide mineralization returned high nickel tenors up to 17 per cent.
• Next Steps: A property-wide VTEM (versatile time-domain electromagnetic) survey planned for July, 2024, paired with further interpretation of the high-resolution aeromagnetics on the property, will refine targets on the underexplored trend to the north of the W62 zone and throughout the Halfway Lake project.

As announced on April 8, 2024, the company completed its 2024 winter drill program at the company's 100-per-cent-owned Halfway Lake project. Core Nickel's inaugural drill program set out to confirm and build on the geological framework presented from historical drilling at the W62 zone. HFW-001 and HFW-002 intersected wide packages of serpentinized ultramafic rocks, containing disseminated nickel-bearing sulphide mineralization adjacent to the sulphide-rich Pipe formation, confirming the geological framework and characteristics for significant Ni-sulphide mineralization on the Halfway Lake project. In addition, the high nickel tenors up to approximately 17 per cent associated with the ultramafic-hosted, disseminated sulphide mineralization increases the prospectivity for economic nickel mineralization along the trend. Comparatively, sulphide mineralization from ultramafic rocks at the Birchtree deposit has 4-to-6-per-cent Ni tenor range, whereas the Pipe deposit has 3-to-9-per-cent Ni tenor range.

The wide packages of serpentinized ultramafics rocks hosting disseminated nickel-bearing sulphide mineralization (Ni greater than 0.3 per cent) in HFW-001 and HFW-002, and the localized one-metre intersections grading over 1 per cent Ni in HFW-002, indicate the Halfway Lake project contains all the key characteristics to host a significant, magmatic sulphide nickel deposit. The sulphide-facies iron formation intersected at the contact of the ultramafics and Pipe formation in HFW-001, and the highly deformed sulphide-facies iron formation intersected in HFW-003 provide ideal sulphide sources to precipitate nickel mineralization when in close proximity to ultramafic intrusions. The results of the inaugural drill program in the W62 zone have strengthened the exploration potential for the underexplored trend to the north which coincides with a 1.4-kilometre magnetic anomaly 300 m north of the W62 zone.

The next steps of the 2024 exploration program are to complete property-wide VTEM surveys on the company's Halfway Lake and Resting Lake projects. The high-resolution VTEM survey, paired with further interpretation of the airborne QMAGT and total field magnetics survey flown in 2021 on the Halfway Lake project, will refine targets on the trend to the north of the W62 zone and throughout the property.

The 2024 drill program expanded on the technical report on the Halfway and Resting Lake properties, Thompson, Man., prepared by Chris Beaumont-Smith in 2023, filed under the company's profile on SEDAR+.

Misty Urbatsch, chief executive officer, comments: "Assays confirming nickel-bearing sulphide mineralization associated with a broad ultramafic package, coupled with notable nickel tenors up to 17 per cent, highlight the exploration potential of the Halfway Lake property. We now know we have the components to generate a nickel sulphide deposit on the Halfway Lake property, and we plan to further develop our knowledge of the geological framework by conducting a property-wide VTEM survey this summer. In conjunction with Halfway Lake, Core Nickel will also run a property-wide VTEM survey on the company's 100-per-cent-owned Resting Lake property, which has very similar geology to Halfway Lake. Core Nickel has an exceptional land position in the Thompson nickel belt, Manitoba, and we are keen to continue to make progress on multiple properties in our portfolio to increase our potential for success."

Core Nickel vice-president, exploration, Caitlin Glew, comments: "Core Nickel's inaugural drill program confirmed and built on the geological framework presented from historical drilling at the W62 zone. HFW-001 and HFW-002 intersected a wide package of serpentinized ultramafics with disseminated nickel-bearing sulphide mineralization throughout. Seeing local grades above 1 per cent Ni in the disseminated mineralization, paired with the high nickel tenors, indicates we have the right ingredients for significant nickel mineralization along the trend. The team is looking forward to the results of our VTEM survey this summer to incorporate with our aeromagnetics and winter drill results to refine targets along the trend to the north of the W62 zone and throughout the Halfway Lake project."

Nickel tenors

The viability of most deposits is determined mainly by two factors: tonnage and grade. In magmatic nickel (Ni) deposits, however, another factor, known as tenor, often makes or breaks a deposit. Nickel tenor is defined as the concentration of nickel contained in 100 per cent sulphides. This is the nickel that can be extracted from the ore. High-tenor magmatic deposits can be very economically attractive because they can have much higher grades than laterite Ni deposits, produce valuable byproducts and consist of easily processed ore minerals.

Geochemical sampling procedures

All drill core samples were shipped to Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Sask., in secure containment for preparation, processing, and inductively coupled plasma optical emission spectroscopy analysis for major and minor elements and inductively coupled plasma mass spectrometry analysis for trace elements using total four-acid digestion (HF:HNO3:HCl:HClO4). All assay samples are analyzed for gold, platinum and palladium using the AU5 fire assay technique. Assay samples comprise 0.3- to 1.7-metre, generally one-metre, continuous split-core samples over the sulphide mineralized intervals. Select assays samples were reanalyzed for sulphur (percentage) using the LECO induction furnace method, to confirm sulphur values obtained by ICP-OES analysis. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials and duplicates are inserted into the sample stream at regular intervals by Core Nickel and the SRC in accordance with Core Nickel's quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Core Nickel prior to disclosure.

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

About Core Nickel Corp.

Core Nickel Corp. is a junior nickel exploration company that controls 100 per cent of five properties in the prolific nickel district, the Thompson nickel belt (TNB) in Northern Manitoba, Canada. The five properties consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, such as highways and operating mills.

The qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Ms. Glew, PGeo, vice-president, exploration, for Core Nickel, who has reviewed and approved its contents.

Technical disclosure

The historical results contained within this news release have been captured from Manitoba Integrated Mining and Quarrying System (iMaQs) as available and may be incomplete or subject to minor location inaccuracies. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a qualified person but form a basis for continuing work on the subject properties.

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