Québec Nickel Corp. Provides an Update of Exploration Activities at Its Ducros Project, Abitibi, Québec - Seite 2

The Phase II drilling program began in April at the Fortin Sill Ni-Cu-PGE showing and started with hole QDG-22-09, which was designed to verify the results returned from Golden Valley Mines Ltd.’s historical hole GCF-08-07. Assay results from QNI hole QDG-22-09 improved upon the historical drill intercept in terms of both overall grade and core length (see May 16, 2022 news release for more details). Two additional holes were completed from the same set-up as QDG-22-09, namely QDG-22-10 & 11, to test for the continuity of the Ni-Cu-Co-PGE-Au mineralization on section with QDG-22-09 and GCF-08-07. This drilling was successful at expanding the mineralized zone at Fortin Sill on section to the southwest (see June 6, 2022 news release for more information). These encouraging results prompted the drilling of additional holes from the same location in efforts to determine the continuity of the Ni-Cu-bearing sulphide mineralization at Fortin Sill in three-dimensions (Table 1, Figure 2). Drill collar information for Phase I and II holes are presented in Table 3.

Potential Size of the Fortin Sill Zone
Ongoing compilation of historical exploration works and their integration with current datasets has shed some light on the potential size of the Fortin Sill Ni-Cu-Co-PGE-Au zone. In December 2005, an Induced Polarization (I.P.) survey at the Fortin Sill Target area was completed by Géophysique TMC with the data subsequently interpreted in March of 2006 by Lambert Géosciences Ltée. (Québec Assessment Report GM 62408). This work was completed on behalf of Golden Valley Mines Ltd. and consisted of a dipole-dipole resistivity + chargeability survey using a dipole “a” spacing of 25 metres along 100 metre-spaced NE-SW cut grid lines. The survey grid spanned from ~200 metres northwest of the original Fortin Sill mineralized outcrop showing to ~1,000 metres to the southeast (Figure 1).

The historical I.P. survey data outlines a well-defined chargeability anomaly, the axis of which begins approximately 100 metres northwest of the original Fortin Sill Ni-Cu surface showing, trends directly over the now stripped mineralized bedrock exposure, and extends for an additional 250 metres to the southeast (Figure 1).

Golden Valley Mines Ltd. followed-up on this geophysical work by completing two drill holes to test the I.P. chargeability anomaly (Figure 2). As summarized in past news releases and the Ducros Project 43-101 Technical Report (May, 2021), hole GCF-08-07 was collared on the Fortin Sill Ni-Cu showing and intersected 0.82% Ni + Cu and 0.65 g/t Pt-Pd-Au over a core interval of 20.7 metres. Hole GCF-08-06, collared approximately 35 metres to the southwest of hole GCF-08-07, was drilled to test the southern strike continuation of the I.P. chargeability anomaly and returned 0.32% Ni + Cu and weakly anomalous gold values over a 33 metres core length within what the drill logs describe as an olivine gabbro; assay values for PGE’s are not included in the assessment report drill log for hole GCF-08-06 (Québec Government Assessment report GM 65886). The drill collars for the Golden Valley holes have not been located in the field as the casing was pulled from the BQ-diameter holes.