Noble Mineral Exploration Inc. PROJECT 81 Exploration Update

Canada Nickel will undertake detailed airborne magnetic and gravity surveys, similar to what was flown to identify the company's flagship Crawford Nickel-Cobalt Sulphide Project. Canada Nickel's comprehensive review of all the optioned properties have revealed analogous geophysics characteristics seen at the Crawford Nickel-Cobalt Sulphide Project together with historical (non NI43-101 compliant) drill intersections of economic grade Nickel mineralization.

Vance White President and CEO said "Canada Nickel recently announced a $13.4million financing and we are very excited that certain of those funds will be put to use on the Noble Optioned Properties as expressed in their news release. We will continue to advance Project 81 using the project generator model to follow up on numerous drill ready targets."

The Canada Nickel news Release dated September 23, 2020 is detailed below:

"Canada Nickel Announces Airborne Geophysical Survey Underway
on Recently Acquired Option Properties

Highlights

• - Airborne magnetic and gravity survey will cover seven separate nickel-bearing target structures with more than 30 kilometres of total strike length and ranging from 150 to 600 metres wide. Survey provides same data that was successfully utilized in the discovery and subsequent delineation of its Crawford Nickel-Cobalt Sulphide Project

  - Historic drilling yielded nickel-bearing intersections on all of the target structures, including:

  • - Kingsmill - 0.30% Ni over core length of 503 metres from 118 metres in historic hole KML-12-02 (2012) and 0.31% Ni over 302 metres core length from 20 metres in historic hole 27090 (1966)

    - Nesbitt-North - 0.28% Ni over core length of 163 metres from 233 metres in historic hole 27083 (1966)

    - Mahaffy-Aubin - 0.23% Ni over core length of 127 metres from 82 metres in historic hole 31901 (1966) and core length of 276 metres of serpentinized ultramafic mineralization (similar host mineralization at Crawford) in historic hole T2-80-2 (1980) with no assays provided

TORONTO, September 23, 2020 - Canada Nickel Company Inc. (TSX-V:CNC) ("Canada Nickel" or the "Company") is pleased to announce that detailed airborne magnetic and gravity surveys, similar to what was successfully utilized at the Company's flagship Crawford Nickel-Cobalt Sulphide Project, began this week on its Option Properties which were acquired earlier this year with earn-in agreements with Noble Mineral Exploration.

"This airborne survey is the critical next step in unlocking the nickel-cobalt sulphide potential of the overall land package we have assembled in addition to our Crawford project: seven different structures ranging in size from 2.2 kilometres long by 375-600 metres wide (Kingsmill), to 8 kilometres long by 200-500 metres wide (Mahaffy-Aubin). Each structure has yielded historical drill intersections indicating that the geophysical targets identified are nickel-bearing," said Mark Selby, Chair and CEO of Canada Nickel.

"With our recently announced $13 million financing and this airborne survey underway, we look forward to building on the large resource we have already defined at our Crawford nickel-cobalt project and beginning to unlock the district scale nickel-cobalt potential we believe this region holds over the coming autumn and winter seasons."

Airborne survey and drilling results from the Crawford Main and East Zones showed a strong correlation between specific magnetic and gravity signatures and nickel mineralization. This unique geophysical signature was successfully utilized for ranking drill targets at Crawford.

The Crawford Nickel-Cobalt Sulphide Project is located in the heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to well-established, major infrastructure associated with over 100 years of regional mining activity.

Airborne Survey

The airborne survey, flown by CGG Canada Services Ltd. using the Falcon(R) system, will include measurements of the total magnetic intensity and the vertical gravity gradient made along flight lines oriented north-south and spaced 100 m apart. The current survey totals 2,731 l-km and adds to the previously acquired 2,000 l-km to completely cover Crawford and Carnegie Townships as well as the Nesbitt-North, Kingsmill, MacDiarmid and Mahaffy exploration targets. See Figure 1 below.

Figure 1 - Plan view of Planned Geophysical Survey Area over Crawford, Kingsmill, Nesbitt-Aubin, Nesbit North, MacDiarmid and Mahaffy-Aubin Properties, Ontario.

Click Image To View Full Size

Overview of Option Properties (Previously released on July 13, 2020)

Kingsmill

The Kingsmill target is a large serpentinized ultramafic intrusion which is 2.2 km long and between 375-600 metres wide. For reference, the Crawford Main Zone resource is 1.7 km long and 225-425 metres wide.

Initial review of historical drilling results has yielded both significant nickel and PGM intersections and the north side of the structure appears to have the same PGE enrichment as Crawford Main and East Zones: 1.0 g/t PGM over 2 metres from 96 metres within 0.3 g/t PGM over 30 metres from 69 metres in historic hole KML-12-11, 0.8 g/t PGM over 5 metres from 523 metres within 0.5 g/t PGM over 24 metres in historic hole KML-12-07.

The Company believes that the initial review points to several large portions of the structure which remain highly prospective for nickel-cobalt-PGM mineralization:

• - The two sections were 1.3 km apart leaving a large portion of the overall structure completely untested

  - There are several intersections which points to the potential for relatively higher quantities of recoverable minerals

• - Holes KML-12-06, KML-12-11, KML-12-12 on the Eastern section all contained intersections with significant nickel and sulphur content (which is necessary for formation of nickel sulphide minerals) across wide intersections (see Table 1 below)

  - Hole KML-12-03, yielding 0.26% nickel and 0.03% sulphur over 130 metres, was the only hole (of four holes on the Western section) drilled on the northern half of the structure, which has yielded the best mineralized portions of the Crawford Main and East Zones

• • - Historic hole 27090, also drilled on north side of the structure in 1966, yielded 0.31% nickel over 302 metres (sulphur was not assayed)

The understanding of the mineralogy of these deposits has evolved significantly since the Kingsmill drilling was completed eight years ago, particularly the controls and the deportment of potentially recoverable nickel minerals across a deposit. Initial mineralogy results from Kingsmill in 2012 were inconclusive as the test was conducted on one master sample compiled from all drill cores across a distance of 2 km - not taking into account the significant variability in mineralogy between rock types, and that some ultramafic rock will have low amounts of potentially recoverable nickel minerals.

See Tables 1a and 1b and Figure 2 for results. See below caution regarding Historical Information.

Table 1a - Kingsmill Selected Historical Drilling Key Nickel Intersections - Holes 6, 11, 12 (Eastern), 3 (Western), Kingsmill Township, Ontario

Note: the lengths reported are core lengths and not true widths. Canada Nickel has insufficient information to determine the attitude, either of the ultramafic body or of mineralized zones within it. True widths will be less than the core lengths by a number of factors. The drill hole orientations are reported in Table 2. See below caution regarding Historical Information.

Table 1b - Kingsmill Selected Historical Drilling Key PGM Intersections - Holes 6, 11, 12 (Eastern), 3 (Western), Kingsmill Township, Ontario

Note: the lengths reported are core lengths and not true widths. Canada Nickel has insufficient information to determine the attitude, either of the ultramafic body or of mineralized zones within it. True widths will be less than the core lengths by a number of factors. The drill hole orientations are reported in Table 2. See below caution regarding Historical Information.

Figure 2 - Plan view of Kingsmill Property - Historical drilling overlain on total field magnetic intensity, Kingsmill Township, Ontario.

Click Image To View Full Size

For details on Noble Mineral Exploration Inc.'s ("Noble") 2012 drilling program, please see Noble's press release dated March 15, 2018 that is filed on www.sedar.com.

Once the resource update for Crawford is complete, the historic drilling will be re-logged based on our understanding of the geology, and mineralogical samples will be selected to understand the deportment of potentially recoverable nickel minerals (pentlandite, heazlewoodite, awaruite).

Crawford-Nesbitt-Aubin

Two targets have been identified in Crawford-Nesbitt-Aubin Township, consisting of two ultramafic units 6 km long and 150-200 metres wide containing serpentinized peridotite, much of it was not assayed. Inco drilling in 1964-66 yielded highlights including narrow intervals of up to 0.35% Ni which tested the edges of the geophysical target. For reference, the Crawford Main Zone resource is 1.7 km long and 225-425 metres wide.

See Figure 3 for results. See below caution regarding Historical Information.

Figure 3 - Plan view of Crawford-Nesbitt-Aubin Property - Historical drilling overlain on total field magnetic intensity, Crawford, Nesbitt and Aubin Townships, Ontario.

Click Image To View Full Size

Nesbitt North

Two ultramafic units 3.7 km long by 150-300 metres wide with significant nickel intersections were identified in Nesbitt township. Inco 1966 drilling highlights included 0.28% Ni over 163 m in historic hole 27083. For reference, the Crawford Main Zone resource is 1.7 km long and 225-425 metres wide.

See Figure 4 for results. See below caution regarding Historical Information.

Figure 4 - Plan view of Nesbitt North Property - Historical drilling overlain on total field magnetic intensity, Nesbitt Township, Ontario.

Click Image To View Full Size

MacDiarmid

A target of 3 km by 150-600 metres wide ultramafic intrusion with serpentinized peridotite has been identified, much of it was not assayed. Highlights include historic hole 18127 which intersected 142 m of mineralized peridotite which was not assayed, and narrow intervals of up to 0.22% Ni over 1.5 m in NRK-65-7 (1965). For reference, the Crawford Main Zone resource is 1.7 km long and 225-425 metres wide.

See Figure 5 for results. See below caution regarding Historical Information.

Figure 5 - Plan view of MacDiarmid Property - Historical drilling overlain on total field magnetic intensity, MacDiarmid Township, Ontario.

Click Image To View Full Size

Note: Property continues beyond map boundary.

Mahaffy-Aubin

A target of 8 km by 200-500 metres wide interpreted ultramafic intrusion has been identified, much of it was not assayed. Highlights include historic hole 31901 (1966) which intersected 0.23% Ni over 127 m, and hole T2-80-2 (1980) which intersected 277 m of serpentinized ultramafic rock with no assays reported. For reference, the Crawford Main Zone resource is 1.7 km long and 225-425 metres wide.

See Figure 6 for results. See below caution regarding Historical Information.

Figure 6 - Plan view of Mahaffy-Aubin Property - Historical drilling overlain on total field magnetic intensity, Mahaffy and Aubin Townships, Ontario.

Click Image To View Full Size

Option Terms:

As detailed in its March 4, 2020 and May 22, 2020 news releases, Canada Nickel acquired the Crawford Annex property and the option to earn up to an 80% interest in 5 additional nickel targets within the Project 81 land package. The Crawford Annex comprises 4,909 hectares in Crawford and Lucas township and the 5 option areas (Crawford-Nesbitt-Aubin, Nesbitt North, Aubin-Mahaffy, Kingsmill-Aubin, and MacDiarmid) ("Option Properties") range in size of 903 to 5,543 hectares. See Figure 1 for a map of property locations.

Canada Nickel has the option to earn up to an 80% interest in each of the Option Properties on the following terms and conditions.

1. 1) Canada Nickel can initially earn a 60% interest in each of the Option Properties within 2 years by:

• --funding at least $500,000 of exploration and development expenditures on each option property

• --paying all property maintenance costs for each option property, including all applicable mining land taxes

• --making a payment to Noble of $250,000 in cash or, at Noble's election, Canada Nickel common shares.

1. 2) Canada Nickel has the right to then increase their interest to 80% in each of the Option Properties within 3 years by funding an additional $1,000,000 of exploration and development expenditures on each option property (for a total of $1,500,000 per option property)

If the conditions to earn a 60% interest or 80% interest have been satisfied, a joint venture would be formed on that basis and a 2% net smelter return royalty (NSR) would be granted to Noble on the portion of the property which are mining claims and currently do not have any royalty on them. (The overall result would be a total 2% NSR on each property.)

Cautionary Statement Concerning Historical Information

The historical information referenced in this press release is based primarily on drilling results reported by Inco Ltd. and Noble Mineral Exploration Inc. A majority of the holes were drilled more than forty years ago, only tested the periphery of the target structures, and did not traverse entire width of the mineralized targets. This historical information has been filed with the Ontario Government and is available on-line though the Mining Lands Administration System (MLAS) website.

The company believes this information is relevant, as it was completed by reputable companies using drilling and sampling practices that were industry standard at the time. The company or its "qualified person" (for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects) has reviewed the information to confirm it has been correctly reproduced from the public MLAS database, but given the company's and its qualified person's inability to access the underlying data, the company or its qualified person has not done sufficient work to verify the historical information contained in this news release.

Qualified Person and Data Verification

Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a "qualified person" as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc.

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp."

The Optioned Properties are all located within Noble Flagship Project 81 land package, which is located within the Kidd-Munro assemblage of the western Abitibi Sub-province in Northern, Ontario, and is one of the largest contiguous, underexplored land packages in Ontario. The assemblage is one of the most ultramafic-rich volcanic successions of any age in the world and is hosts to the giant Kidd Creek VMS deposit, an important example of bimodal-mafic (ultramafic) volcanic-associated massive sulphide (VMS) deposit, and the new developing Canada Nickel Company (CNC-TSX.V-CNC) Crawford Ni-Co-Pd Deposit, and NOB-CNC, JV Kingsmill Ni-Co-Pd deposit and the Lucas Gold Deposit.

Randy S.C. Singh P.Geo (ON), P.Eng (ON) VP- Exploration & Project Development a "qualified person" as such term is defined by National Instrument 43-101 has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Noble.

About Noble Mineral Exploration Inc.:

Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, holds approximately 72,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. More detailed information is available on the website at www.noblemineralexploration.com .



Contacts:

Noble Mineral Exploration Inc.
H. Vance White, President
Phone: 416-214-2250, Fax: 416-367-1954
Email: info@noblemineralexploration.com

Investor Relation
Email: ir@noblemineralexploration.com