Mr. David Patterson reports

QUEBEC NICKEL REPORTS METALLURGICAL TEST PROGRAM RESULTS FROM THE FORTIN SILL ZONE

Quebec Nickel Corp. has released results from the metallurgical test work program completed on drill core (rich in nickel/copper/platinum group elements) from the Fortin sill zone at its 100-per-cent-owned Ducros project near Lebel-sur-Quevillon, Que. The objective of the scoping-level metallurgical program is to evaluate the amenability of the Fortin sill zone to produce saleable critical-metal-bearing mineral concentrate(s).

Highlights:

• Copper concentrate grades of 30 per cent copper with greater-than-90-per-cent recovery achieved;
• Nickel concentrate grades of 5 per cent nickel with recoveries averaging 72 per cent realized;
• Ball mill hardness testing indicates the sulphide-rich rocks are classified as moderately soft;
• Environmental characterization of the combined tails did not identify any notable leachable metals.

David Patterson, chief executive officer and chairman of Quebec Nickel, remarked: "I'm happy to see these strong test results confirm what we were thinking as soon as we saw the core come out of the ground at the Fortin sill zone in early 2022. The mineral assemblages and grades found at Fortin are not only quite unique for the Abitibi, but they also look like they could potentially be processed using conventional metallurgical processes. In a very short amount of time, we've completed several different technical studies of the host rocks and nickel/copper/PGE mineralization found at Fortin, and all signs suggest we're onto to something unique and important here."

Background

The metallurgical study was initiated in 2023 to follow up on significant drilling results returned from the Fortin sill zone, including 31.00 metres of 0.37 per cent nickel, 0.40 per cent copper, 176 parts per million cobalt and 0.55 gram per tonne platinum/palladium/gold in hole QDG-22-09 (see May 16, 2022, news release), 43.39 metres of 0.24 per cent nickel, 0.25 per cent copper, 146 parts per million cobalt and 0.35 gram per tonne platinum/palladium/gold in hole QDG-22-28 (see Aug. 30, 2022, news release), and 11.80 metres of 1.44 per cent nickel, 1,49 per cent copper, 461 parts per million cobalt and 2.79 grams per tonne platinum/palladium/gold in hole QDG-22-29 (see Aug. 30, 2022, news release).

During the first half of 2023, the company completed several dedicated HQ-diameter drill holes at the Fortin sill zone that supplied fresh material for the test work program. The metallurgical holes were designed to twin previously completed holes and targeted three styles and grades of nickel/copper/PGE mineralization, including:

• Low-grade disseminated and blebby sulphide mineralization with a target average grade of 0.30 per cent nickel plus copper;
• Moderate-grade blebby to heavily disseminated mineralization with a target average grade of 0.75 per cent nickel plus copper;
• High-grade net texture to semi-massive mineralization with a target grade of greater than 1.50 per cent nickel plus copper.

From the metallurgical drilling, three 50-kilogram samples of nickel/copper/PGE mineralized drill core, each representing one of the styles and target grades of mineralization, were collected and delivered to SGS Canada's Quebec City laboratory for the study.

Summary of metallurgical study results

Upon preparing a master composite sample from the three variability samples, the four samples were subjected to a metallurgical test program, which included amongst other protocols, comminution, flotation and environmental test work.

The Bond ball mill grindability test (comminution), which is used to estimate net power requirements for a potential mill grinding circuit, was performed on the master composite sample. Results from this test show the Fortin sill zone rocks are moderately soft.

The results from the flotation test work program demonstrate that the mineralized rocks at the Fortin sill zone are amenable to producing two distinct mineral concentrates, namely a high-grade copper-plus-gold-plus-palladium concentrate and a moderate-grade nickel-plus-cobalt-plus-platinum concentrate.

Copper grades ranging from 28.0 to 29.3 per cent copper at recoveries ranging from 89.2 per cent to 92.9 per cent were achieved from the four samples. The nickel concentrate grades were relatively low at about 5 per cent nickel for the four samples tested. Nickel recoveries improved significantly from the batch tests and ranged from a low of 48.2 per cent in the low-grade sample to 77.5 per cent in the high-grade sample.

A subsample of the combined tailings from the four locked-cycle tests was submitted for basic environmental characterization, including leachable metals and acid-base accounting (ABA). Environmental characterization of the combined tails did not identify any notable leachable metals but found the sample to be possibly acid generating.

Qualified person

Gary DeSchutter, MSc, PGeo, a qualified person as defined under National Instrument 43-101, has reviewed and approved the scientific and technical content of this news release.

About Quebec Nickel Corp.

Quebec Nickel is a mineral exploration company focused on acquiring, exploring and developing critical metals (nickel/copper/cobalt/PGE) projects in Quebec, Canada. The company has a 100-per-cent interest in the Ducros property, consisting of 282 contiguous mining claims covering 15,293 hectares within the eastern portion of the Abitibi greenstone belt in Quebec, Canada.

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