Québec Nickel to Kick off Its 2023 Drilling Program at Ducros

Rhea-AI Summary

Québec Nickel Corp. (CSE: QNI; OTCQB: QNICF) announces the launch of its winter 2023 drilling program at the Ducros Ni-Cu-PGE Project, located northeast of Val-d’Or, Québec. Following a successful financing round raising over $8.5 million, the company plans to drill approximately 20,000 metres this year. The drilling, awarded to Orbit Garant Drilling Inc., targets the Fortin Sill Zone, Ducros Ultramafic Sill Complex, and Ducros Gabbro. Initial drilling is set to begin soon, focusing on expanding mineralized zones and testing high-priority geophysical anomalies.

Positive

• Raised over $8.5 million in recent financing, indicating strong investor interest.
• Commencement of a significant 20,000 metre winter drilling program to explore key targets.
• Focus on expanding known mineralization at Fortin Sill Zone could lead to increased resources.

Negative

• None.

A total of 20,000 metres to be completed at the Fortin Sill Zone, Ducros Ultramafic Sill Complex and Ducros Gabbro targets

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the "Company") is pleased to report the start of its winter 2023 drilling program at the Ducros Ni-Cu-PGE Project, located approximately 80 kilometres northeast of Val-d’Or, Québec. Upon completion of its recent highly successful financing , which saw more than $8.5 million dollars raised (see QNI’s December 30, 2022 News releases for details), the Company aims to complete approximately 20,000 metres of drilling in 2023.

David Patterson, QNI’s Chief Executive Officer, notes, “We are very excited to get right back to work after our inaugural 2022 exploration program at Ducros. The team and I are really looking forward to following-up on the exceptional drilling results we’ve seen so far at the Fortin Sill Zone in addition to testing the many other Ni-Cu-PGE targets we have across the property.”

The 2023 drilling contract has been awarded to Val-d’Or-based Orbit Garant Drilling Inc. who will supply up to three diamond drills throughout the course of the year to complete the planned 20,000 metre drill program. There are currently two drills on the property and field crews are actively preparing access trails to the various targets. Drilling is expected to begin within the next ten days and is planned at the Fortin Sill Zone, Ducros Ultramafic Sill Complex and Ducros Gabbro targets.

At the Fortin Sill Zone, drilling is focused on the continued evaluation and expansion of the Ni-Cu-PGE-mineralized mafic to ultramafic intrusion as well as the testing and exploration of the updated geological model (see QNI’s December 15, 2022 News Release for more details). Drilling at the Ducros Ultramafic Sill Complex and Ducros Gabbro targets is focussed on testing the numerous high-priority geophysical anomalies derived from the integration and 3-D modelling of the geophysical surveys completed during the 2022 exploration program at Ducros, including the VTEM^™, drone-based magnetics and airborne Falcon gravity surveys (see November 16, 2022 News Release for additional details).

QUALIFIED PERSON

Gary DeSchutter, M.Sc., P.Geo., Vice-President of Exploration for Québec Nickel Corp., and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed, and approved the scientific and technical content of this press release.

ABOUT QUEBEC NICKEL CORP.

Québec Nickel Corp. is well-financed a mineral exploration company focused on acquiring, exploring, and developing nickel projects in Québec, Canada. The Company has a 100% interest in the Ducros Property, consisting of 280 contiguous mining claims covering 15,147 hectares within the eastern portion of the Abitibi Greenstone Belt in Québec, Canada. Additional information about Québec Nickel Corp. is available at www.quebecnickel.com.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY AND FORWARD-LOOKING STATEMENTS

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market, or business conditions. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates, opinions, or other factors should change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230117005515/en/

On behalf of the Board of Directors

David Patterson

Chief Executive Officer and Director

1 (855) 764-2535 (QNICKEL)

info@quebecnickel.com

Source: Québec Nickel Corp.

FAQ

What is the latest development for Québec Nickel Corp. (QNICF)?

Québec Nickel Corp. has started its winter 2023 drilling program at the Ducros Ni-Cu-PGE Project, with plans to drill approximately 20,000 metres.

How much funding did Québec Nickel Corp. secure for its drilling program?

The company raised over $8.5 million in a recent financing round to support its drilling activities.

Where is the Ducros Ni-Cu-PGE Project located?

The Ducros Ni-Cu-PGE Project is located approximately 80 kilometres northeast of Val-d’Or, Québec.

Who is conducting the drilling for Québec Nickel Corp. (QNICF)?

Orbit Garant Drilling Inc. has been awarded the contract to conduct the drilling program.