Widgie Nickel : Exploration drilling discovers new mineralisation at Gillett

ASX Announcement

30 May 2022

Exploration drilling discovers new mineralisation at Gillett North

onlyHighlights

• Gillett North drilling intercepts multiple broad zones of mineralisation in first hole
• First brownfields exploration drilling generates immediate success, initial drilling potentially extending mineralisation at Gillett up to 300 metres to the north-west along strike
• Massive and semi-massive nickel sulphides intersected approximately 200 metres below surface in a blind position

usepersonalWidgie Nickel Limited (ASX: WIN, "Widgie" or "the Company") is pleased to provide an update from an initial two drillhole brownfields exploration program carried out at its Mount Edwards Project.

The first Reverse Circulation (RC) exploration drillhole at the Gillett North target (MERC225) encountered significant widths of visual sulphides across two intervals. MERC225 was drilled approximately 300 metres north of the drilling previously announced by the Company (Figure 1; refer ASX announcement 4 April 2022 Strong Initial Assay Results at Gillett).

ForManaging Director, Steve Norregaard said: "Widgie investors will have heard me use the phrase 'drill where the Nickel is'. This first brownfields exploration hole on the Gillett North target is a validation of that ethos.

Intersecting significant mineralisation 300 metres north of the current Gillett Resource indicates that we may have the makings of a new standalone deposit or indeed a continuation of the existing Gillett Resource. The current Widgie 3, Gillett and Widgie Townsite Resources which sit over a length of over 1.7 kilometres already has an endowment of over 70,000 tonnes of Nickel. To see an intersection of this width between the Gillett and Widgie Townsite Mineral Resources demonstrates the ample opportunity that exists to see the resource base grow in this Widgie South area."

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 600

3-5

5-7

3-5

8-10

80-85

80-85

3-5

80-85

3-5

80-85

176

178

201

207

210

249

253

254

261

264

MERC225

MERC225

MERC225

MERC225

MERC225

MERC225

MERC225

MERC225

MERC225

MERC225

Hole ID

From

(m)

168

176

198

201

207

246

249

253

256

261

po %

To(m)

Table 1 - Observations in MERC225

1-2

2-4

1-3

2-4

10-15

10-15

2-3

10-15

2-3

10-15

Disseminated sulphides in talc-carbonateultramafic

Heavily disseminated sulphides in talc-carbonateultramafic

Disseminated sulphides in talc-carbonateultramafic

Heavily disseminated sulphides in talc-carbonateultramafic

Massive sulphides

Massive sulphides

Disseminated sulphides in talc-carbonateultramafic

Massive sulphides

Disseminated sulphides in talc-carbonateultramafic

Massive sulphides

pe %

Description

Exploration drilling discovers new mineralisation at Gillett North

30 May 2022

useonly	MERC225
MERC226
		Figure 1- Oblique long section looking south-west showing Gillett North target proximal to the Gillett & Widgie
		Townsite Mineralisation
Geological Interpretation
personal

The sulphide mineralisation intersected in hole MERC225 includes pyrrhotite (po), pentlandite (pe) and minor amounts of chalcopyrite (cp) which is indicative of the style of nickel sulphide mineralisation in the region (Table 1). No significant sulphide mineralisation was intersected in MERC226, which was drilled 100 metres to the north of MERC225. A summary of the significant sulphide intersections with sulphide mineral estimates is included in Table 1 below. This information is based solely on visual inspection of the RC chips. The RC chips from MERC225 and MERC226 are yet to be assayed and analysed, however the presence of nickel is supported by in-fieldreadings taken using a portable x-rayfluorescence (pXRF) instrument(Figure 2).

ForNote: The Company cautions that preliminary visual mineralisation observations in the field - even when accompanied by pXRF values - are indicative only and should not be considered a substitute for conventional laboratory analysis. Laboratory results are required to confirm the widths and grade of visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory results become available.

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 6000

Figure 2 - Gillett North - MERC225 RC chips showing massive sulphide intervals

Exploration drilling discovers new mineralisation at Gillett North

30 May 2022

onlyuse

personalThe sulphide intervals vary in sulphide content from massive sulphides (>80%) to very low concentrations of less than one percent sulphide. It is interpreted that the sulphides are hosted within the same ultramafic or komatiitic unit that

is host to the Gillett nickel sulphides located to the south-east(Figure 4).

ForThe two distinct mineralised zones observed in MERC225 are hosted within ultramafic and are separated by a zone of mafic rock. As indicated in Figure 3 below, the drillhole has been interpreted to have been drilled in or near the hinge z ne of an anticlinal (fold) structure. The fold structure presents a repetition of the same basal contact of an ultramafic unit overlying a mafic basalt unit. The fold has been interpreted to be plunging shallowly to the north, and MERC226 has therefore been drilled in poorly or unmineralised ultramafic rock above the fold hinge (Figure 4).

A downhole electromagnetic (EM) survey crew is currently surveying holes at Gillett, once these surveys are completed downhole EM will be completed on both MERC225 and MERC226. Due to the encouraging results from the first hole, an additional five holes have been added to the Gillett North RC percussion program, which now makes a total of eleven holes in the program with two holes completed to date. The drilling is scheduled to be completed over the next few weeks.

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 6000

Exploration drilling discovers new mineralisation at Gillett North

30 May 2022

onlyuse personalFigure 3 - Gillett North cross-section (looking NW), showing RC hole MERC225 and geological interpretation For

Figure 4 - Gillett long-section (looking SW), showing Gillett North sulphide intervals

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 6000

Exploration drilling discovers new mineralisation at Gillett North

30 May 2022

The Company has expedited samples from this drilling for assay and will advise the market following receipt.

only
Approved by: Board of Widgie Nickel Ltd
	-ENDS-
For further details please contact
use	Media Inquiries:
Shane Murphy
Steve Norregaard
Managing Director	FTI Consulting
[e-mail]	[e-mail]
0472 621 529	0420 945 291

Competent Person Statement

The information in this announcement that relates to exploration results and sampling techniques is based on and fairly personalrepresents information and supporting documentation compiled by Mr Don Huntly, who is a full-time employee of Widgie Nickel Limited. Mr Huntly is a Competent Person and a member of the Australian Institute of Geoscientists. Mr Huntly

h s sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Huntly consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

For

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 6000