Québec Nickel Corp. reported additional assay results from drilling completed at its Ducros Ni-Cu-Co-PGE-Au Project, 80 kilometres northeast of Val-d'Or, Québec. Assay results are reported here for four holes completed at the Fortin Sill Zone and demonstrate the zone extends from the mineralized surface outcrop to the southeast.

In addition, the assay results also highlight the potential for discovery of additional Fortin Sill Zone-like bodies at depth. Dill holes QDG-22-30 through QDG-22-33 were collared southeast of the Fortin Sill Zone discovery outcrop at the same location as holes QDG-22-28 & QDG-22-29, the results of which were previously reported in Third Quarter 2022 and include an 11.80 metre interval containing 1.44% Ni, 1.49% Cu, 461 ppm Co and 2.79 g/t Pt-Pd-Au in hole QDG-22-29. The four holes were directed towards the surface showing, of which three returned long intervals of Ni-Cu-Co-PGE-Au mineralization.

Notably, Hole QDG-22-30 cored through a 33.00-metre-long interval averaging 0.35% Ni, 0.35% Cu, 167 ppm Co, and 0.67 g/t Pt-Pd-Au which includes higher-grade subintervals of 0.58% Ni, 0.60% Cu, 230 ppm Co and 1.26 g/t Pt-Pd-Au over 13.77 metres and 1.07% Ni, 1.19% Cu, 364 ppm Co and 2.70 g/t Pt-Pd-Au over 4.77 metres. Results for the fourth hole, QDG-22-33, are still pending. Assay results are also reported for hole QDG-22-38, which was collared on the northeast side of the Fortin Sill Zone discovery outcrop and drilled towards the southwest under the bedrock exposure.

The occurrence of strongly anomalous Ni-Cu-Co-PGE-Au mineralization well below the Fortin Sill Zone within QDG-22-38 highlights the potential of discovering additional Ni-Cu-Co-PGE-Au mineralization at depth and throughout the greater Fortin Sill Zone target area. A series of holes was completed from an existing drill pad to the southwest of the Fortin Sill Zone to test for the continuity of this deeper mineralization, and assays are pending for these holes. The Company is also pleased to announce its inaugural 2022 drilling program at the Ducros project has been successfully completed.

Just over 21,000 metres were drilled in 91 holes across the Ducros property utilizing up to three drills. A multitude of geophysical and geological targets were drill tested across the property this year. The vast majority of the new data were collected in areas that have had very little or no previous exploration work completed.

Core logging and sampling is ongoing and core samples are being delivered to the assay laboratory on a regular basis. To date, approximately 50% of the assay results from submitted and yet to be submitted core samples have been received. It is expected all remaining core samples will be delivered to the assay lab before the end of December.

An analysis of all the data collected at the Ducros property this year has resulted in a refined geological/exploration model for the Fortin Sill Zone. A review and integration of relevant geophysical data (VTEMTM, drone magnetics, airborne gravity), along with historical and QNI drilling results in addition to recent surface geological mapping indicates the Ni-Cu-Co-PGE-Au mineralization at the Fortin Sill Zone occurs at or near the footwall contact of a large west-southwest-dipping embayment structure within the larger mafic to ultramafic Fortin Sill. The overall Fortin Sill intrusive body is interpreted to span several hundred metres or more in an approximate northwest-southeast trend and is characterized by the occurrence of a large blow-out, or embayment, at the Fortin Sill Zone.

The conceptual geologic model is supported by several lines of evidence including: Hanging wall and footwall contacts between the Fortin Sill and host country rocks identified during detailed surface geological mapping completed this past summer. The observation of large blocks (xenoliths) of country rock basalts and sediments within the Fortin Sill intrusion, as seen in the discovery outcrop, regional mapping and within drill core. Identification of a gradation in composition of the host rocks at the Fortin Sill Zone from ultramafic pyroxenitic (PXT) rocks at the footwall side of the embayment, through varitexture gabbronoritic rocks in the centre of the embayment (GBNOR), to more evolved gabbroic rocks (GBRO) at the hanging wall side of the structure.

The Fortin Sill intrusion and corresponding embayment structure is identifiable within the various geophysical datasets, specifically in the recently collected drone magnetic data as well as within some of the historical datasets. This refinement in the exploration model is being used to plan the next phase of work at Fortin Sill Zone and will likely include the drill testing of the newly modelled footwall contact along its entire surface, both along strike and at depth. In addition to the processing of the remaining 2022 drill core, logistical planning is in progress that envisages the completion of up to 20,000 metres of new drilling across the Ducros claims in 2023.

While additional drilling and 3D geological modelling will continue at the Fortin Sill Zone, it is expected the bulk of the 2023 drilling program will be focused on exploring the remaining 98% of the Ducros claims, including at the Ducros Ultramafic Sill Complex and Ducros Gabbro targets.