Mr. Mark Selby of Canada Nickel Company reports

CANADA NICKEL CONFIRMS DISCOVERY AT MANN CENTRAL, SUCCESSFULLY COMPLETES INITIAL DRILLING AT MANN NORTHWEST PROPERTY

Canada Nickel Company Inc. has released the final set of assay results from its initial exploration program at the Mann property, a joint venture with Noble Mineral Exploration Inc. whereby Canada Nickel can earn an 80-per-cent interest by completing certain cash and share payments and exploration expenditures (see original press release dated Nov. 22, 2021).

Highlights:

• A new discovery, Mann Central, successfully delineated across a 2.5-kilometre strike length by six holes;
• Three additional drill holes at previously announced Mann Northwest discovery, extended mineralization across a 2.7-kilometre strike length;
• Mann Northwest and Mann Central are two of five targets (others are Mann Southeast, Newmarket and Reaume), each with a geophysical footprint larger than Crawford and a combined strike length of over 25 kilometres.

Commenting on these initial results, Mark Selby, chief executive officer of Canada Nickel, said: "Mann is an exceptionally large property with ultramafic targets extending beyond the township from Reaume through Mann and into Newmarket with a combined target strike length of over 25 kilometres. All 15 initial holes at these first two targets successfully intersected large intervals of target mineralization. This area will be a focus of our exploration program in 2024. Further details on our 2024 exploration program will be provided at a conference call on Friday, Feb. 23 at 11 a.m."

Mann property

The Mann property is located 22 kilometres east of Crawford, 20 kilometres south of Cochrane and 45 kilometres northeast of Timmins, covering Mann township. The property contains three large ultramafic bodies, each of which has a target geophysical footprint larger than Crawford at 1.6 square kilometres. Mann Northwest has a target footprint of 6.0 square kilometres; Mann Central is 3.1 square kilometres and Mann Southeast is 4.1 square kilometres. Mann Northwest is on the same trend to mineralized ultramafics in Reaume township while Mann Southeast connects to a long ultramafic sill in Newmarket township, both properties being owned by Canada Nickel. The total trend from Reaume to Newmarket exceeds 25 kilometres as various units.

This press release summarizes drill results from Mann Northwest and Mann Central that were completed during the summer of 2023. Mann Southeast is planned to be drilled during the summer of 2024.

Mann Northwest

The drill program at Mann Northwest consisted of nine drill holes, with all holes intersecting mineralized sections of predominantly well-serpentinized peridotite and dunite (see press release dated Aug. 22, 2023, for results of the first five holes).

Eight of the nine drill holes delineated mineralization along a 2.7-kilometre strike length within a folded structure having a width of at least 500 metres (see attached table). The target remains open in all directions. The ninth hole (MAN23-06) was drilled on a north extension of the main target area. The strike length of this subextension remains to be tested.

Platinum group metals (PGMs) were also intersected in addition to the nickel mineralization. The PGMs are associated with highly serpentinized peridotite-pyroxenite with hole MAN23-13, for example, intersecting interlayered pyroxenite grading 0.43 gram per tonne platinum plus palladium over 16.5 metres.

Mann Central

Six drill holes delineated mineralization along a 2,500-metre strike length and over a width of at least 600 metres. The target remains open in all directions. All six drill holes intersected strongly serpentinized peridotite/dunite, with visible nickel mineralization. PGMs were also intersected in Mann Central within a pyroxenite horizon, with hole MAN23-11 intersecting 0.55 gram per tonne Pt+Pd over 28.5 metres.

Conference call details

Date:  Friday, Feb. 23, 2024

Time:  11 a.m. ET

Participants may join the webcast and call as follows.

Local Toronto:  416-764-8688

North American toll-free:  888-390-0546

International toll-free

Australia:  1-800-076-068

Germany:  0-800-724-0293

Switzerland:  0-800-312-635

South Africa:  0-800-994-942

United Kingdom (England):  44-800-652-2435

For those unable to participate, a Web-based archive of the conference call will be available for playback.

Quality assurance/quality control, drilling and assaying

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 and quality control. 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) are 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 are submitted for analysis.

Qualified person and data verification

Stephen J. Balch, PGeo (Ontario), vice-president, exploration, of Canada Nickel and a qualified person as such term 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 Company 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 Company 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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