Quebec Nickel Corp. Receives Final Airborne VTEM(TM) Data & Plans to Mobilize a Second Drill to Its Ducros Ni-Cu-PGE Project, Abitibi Quebec

Highlights:

• Coincident electromagnetic and magnetic targets identified at the Fortin Sill nickel-copper-PGE showing that have never been evaluated by drilling.
• Numerous high-quality coincident electromagnetic-magnetic anomalies identified in the central part of the property which are spatially associated with occurrences of and along trend from known mafic and ultramafic sills & dikes, none of which have ever been drilled.
• Preliminary interpretation of the magnetic data suggests multiple regional-scale structures cut across the Ducros property and likely acted as deep-seated conduits for the emplacement of the Ducros Gabbro body and related Ducros Ultramafic Sill Complex.
• The next phase of work is focussing on 2-D and 3-D inversion modelling of the VTEM and magnetic data that will be used to guide the Phase II drilling program.

A preliminary review of the VTEM^TM data indicates the presence of many high-conductance, limited strike-length, electromagnetic anomalies coincident with magnetic high features across the property. Of note is the occurrence of a short strike length coincident electromagnetic-magnetic anomaly directly beneath the Fortin Sill nickel-copper-PGE showing at the eastern side of the project (Figures 1-3). This geophysical anomaly has never been drilled, as the two historical holes completed by Golden Valley Mines in 2008 at the Fortin Sill showing, namely GCF-08-06 and GCF-08-07, were collared too far east to intersect the newly identified anomaly. For reference, GCF-08-06 intersected 0.19% Ni and 0.11% Cu over a core length of 42 metres hosted within what is described in historical drill logs as an olivine gabbro unit. Assay results from hole GCF-08-07 returned 0.38% Ni, 0.44% Cu and 0.65 g/t Au-Pt-Pd over a core length of 20.7 metres within gabbro and olivine-bearing gabbro rock units. At the Fortin Sill showing, confirmation chip samples collected for the recently filed 43-101 Technical Report (2021), returned assay values ranging from 0.12 to 0.57% Ni and 0.62 to 2.36% Cu (refer to the Company's July 6, 2021 news release for additional information regarding the Ducros Project 43-101 Technical Report).

Figure 1. Geology map of Québec Nickel's Ducros property (red outline) showing the individual mining claims that comprise the property land package, along with the locations of the various Ni-Cu-PGE target areas. The regional geology is sourced from the Government of Québec's online SIGEOM database.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8152/121834_quebecfigure1.jpg

Outside of the Fortin Sill target area, many of the VTEM^TM anomalies are noted to be spatially associated with known occurrences or along strike of large mafic-ultramafic sills (i.e. dunites and pyroxenites), such as at the Ducros Ultramafic Sill Complex (Figures 1-3). Although the inversion modelling of the electromagnetic data has yet to be completed, indications are there may be Ni-Cu-PGE sulphide related geophysical targets associated with the Ducros Gabbro target at depth, both internally within and along the edges of the intrusion. These targets will be evaluated for future drilling once the inversion modelling is completed.

In addition to defining specific nickel-copper-PGE-related drill targets, a preliminary interpretation of the VTEM^TM magnetic data suggests there are multiple regional-scale faults that cut across the Ducros property (Figure 3). These probable long-lived and deep-seated structures are interpreted as being responsible for the emplacement of the large volumes of mafic and ultramafic rocks at Ducros, including the Ducros Gabbro intrusion. Plans are to use the new magnetic data to complete a detailed structural analysis of the Ducros Property geology, which in turn will aid in the prioritization of future drill targets.

Figure 2. Plan map of Québec Nickel's Ducros property (red outline) showing the VTEM^TM dB/dt Channel 30 late-time response overlain on top of geology (Québec Government), with Ni-Cu-PGE target areas indicated.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8152/121834_quebecfigure2.jpg

As a result of the preliminary review of the VTEM^TM data, the Company is making arrangements to mobilize a second diamond drill to the project, which will focus on testing the numerous coincident electromagnetic-magnetic anomalies at the Ducros Ultramafic Sill Complex target (Figure 1 & 2) and other areas on the property. The permits for this work are already in place and the drilling at this target area is expected to commence later this spring. For budgetary purposes, a total of up to 7,000 metres have been allocated for testing these targets.

Figure 3. Plan map of Québec Nickel's Ducros property (red outline) showing the VTEM^TM Residual Magnetics response overlain on top of geology (Québec Government), with initial interpreted structures (dashed lines) and Ni-Cu-PGE target areas indicated.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/8152/121834_quebecfigure3.jpg

Gary DeSchutter, QNI's Vice President of Exploration, comments, "I'm quite excited to have these VTEM results in hand as they will certainly help guide us to drill the best targets at Ducros. I'm especially looking forward to the start of drilling at the Ducros Ultramafic Sill Complex target area, where it looks like we have quality geophysical anomalies associated with more than 30 line-kilometres of mafic and ultramafic sills, none of which have ever been drilled. It's about to get a lot busier as our work programs start to ramp-up, and I know our Val-d'Or-based team is up to the challenge."

Dave Patterson, QNI's CEO, adds, "Now that we have these new geophysical data, we are going to start our Phase II drilling program soon and will begin to test the many other high-quality nickel targets at Ducros. I'm very proud of the hard work our team has put-in so far, and I look forward to reporting the results in due course."

Québec Nickel has retained personnel from the Toronto-based office of Southern Geoscience Consultants Pty Ltd to provide independent QAQC analyses and interpretive/data integration support for all Ducros project geophysical data needs.

About Southern Geoscience Consultants
Southern Geoscience Consultants (SGC) is a specialist group of geoscientists focused on providing the highest quality integrated geophysical solutions to the resource industry. The technical team is one of the largest groups of geophysicists globally with extensive experience throughout Asia Pacific, Africa, the Americas, and Europe, as well as the Middle East and Russia.

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 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 on 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.

On behalf of the Board of Directors

David Patterson
Chief Executive Officer and Director

1 (855) 764-2535 (QNICKEL)
info@quebecnickel.com

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