Canada Nickel Announces Positive Exploration Results and Confirms New Discovery at Mann Township Properties

Highlights

• Positive results continue at Mann West with 28 of 31 holes with intervals greater than 0.3% nickel including 0.52% nickel over 37.5 metres in MAN24-61 within 0.28% nickel over 356 metres
• New discovery at Mann South with MAN24-81 delivering 0.24% nickel over 508 metres
• Several holes with anomalous PGM horizons such as 0.82 g/t Pt+Pd over 18.6 metres and 0.77 g/t Pt+Pd over 24.5 metres in MAN24-100C at Mann South
• Over 117,000 metres successfully drilled on 14 properties to date in 2024 as part of regional exploration program - on-track to deliver six additional resources in 2025

TORONTO, Dec. 11, 2024 - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce additional successful results from its 2024 exploration program from three separate properties at Mann West, Mann Central, and Mann South.

As part of its ongoing regional exploration program, the Company has now successfully drilled over 117,000 metres on 14 properties, including the Mann properties, all located within 100 kilometres of Timmins, Ontario in the Timmins Nickel District.

Canada Nickel's CEO Mark Selby said, "Today we announce another set of excellent results from our 2024 regional exploration program from three separate targets as we continue to unlock the potential of the Timmins Nickel District. Today's results confirm the significance of the discovery of Mann West with strong mineralization across a strike length of 1.7 kilometres long by 0.6 kilometres wide, and remaining open in multiple direction. The Company also confirms a prospective new discovery at Mann South while providing further positive results at Mann Central. We look forward to publishing six additional resources, in addition to Crawford and Deloro, from now through the first half of 2025, clearly demonstrating the scale of the nickel sulphide potential of the Timmins Nickel District."

Mann Property

The Mann property is located 22 kilometres east of Crawford between Timmins and Cochrane and is 80% owned by Canada Nickel and 20% by Noble Mineral Exploration. The Company has completed a drill program on four separate targets within the property in 2024, Mann North, Mann West (together formerly Mann Northwest), Mann Central and Mann South. (Figure 1). This release provides an assay update from 31 holes, 16 holes at Mann West, 11 holes at Mann South, and four holes at Mann Central.

Mann West

Mann West is approximately 3.5 kilometres long by up to 1.1 kilometres wide (covering 3.4 square kilometres). The drill program completed focused on the southern half of the target with drilling completed over a strike length of 1.7 kilometres and a width of at least 600 metres. All drillholes intersected long sections of well-serpentinized peridotite and minor dunite with disseminated and visible nickel sulphide mineralization consisting primarily of pentlandite and heazlewoodite. The Company has drilled a total of 39 holes to date at Mann West (Figure 2), with 31 holes drilled during the 2024 program. With this drilling, the Company has completed the first phase of exploration that is required for an initial resource estimate, expected in the first quarter of 2025. Assays from 16 additional holes are presented in this release.

Table 1 - Drilling highlights Mann Properties

Mann South

This target is approximately 5.9 kilometres long by up to 1.2 kilometres wide, having an arcuate and irregular shape, with an overall area of 4.1 square kilometres. The Company's drill program at Mann South started in August 2024 consisting of 20 drillholes, all of which intersected serpentinized peridotite and dunite. Assay results for 11 drillholes are provided in this release with nine drillhole assay results still pending. Mineralogical analyses are underway to help identify and prioritize the best areas, although almost half of the strike length of the target remains untested (Figure 3).

Table 2 - Mann South drilling Highlights

Mann Central

The outline of the ultramafic body at Mann Central is estimated by magnetics to be 4.5 kilometres long and between 0.5 to 1.0 kilometres wide (or 3.1 square kilometres). Drilling at this target was completed during the spring/summer of 2024 and now totals 32 drillholes, 27 of which were drilled during the 2024 program. Mineralization is more consistent near the center of the target over an area of 1.9 kilometres by 600 metres (1.1 square kilometres). This release provides an update for four drillholes (Table 3), all of which intersected peridotite.

Anomalous platinum group metals (PGM) consisting of platinum (Pt) and palladium (Pd) were identified in several holes, predominantly within pyroxenite units near the peridotite contacts on all properties (Table 4).

Table 3 - Mann Central drilling Highlights

*True width undetermined. All lengths are drillhole lengths.

Table 4 - Mann Properties PGM Highlights

Table 5: Drillhole Orientation

Statement Regarding TSX Venture

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Quality Assurance and Control, Drilling and Assaying

Edwin Escarraga, MSc, P.Geo., a "qualified person" within the meaning of National Instrument 43-101- Standards of Disclosure for Mineral Projects, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. One set of samples is transported in secured bags directly from the Canada Nickel core shack to Actlabs Timmins, while a second set of samples is securely shipped to SGS Lakefield for preparation, with analysis performed at SGS Burnaby. All are ISO/IEC 17025 accredited labs. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of 3 QA/QC samples per 20 core samples making a batch of 60 samples that are submitted for analysis.

Qualified Person and Data Verification

Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a "qualified person" within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, 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-sulphide projects to deliver nickel 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 Nickel^TM, NetZero Cobalt^TM, NetZero Iron^TM 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 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. For more information, please visit www.canadanickel.com.

For further information, please contact:
Mark Selby
CEO
Phone: 647-256-1954
Email: info@canadanickel.com

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, drill and exploration results relating to the target properties described herein (the "Properties"), the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the potential of the Crawford Nickel Sulphide Project and the Properties, timing and completion (if at all) of mineral resource estimates, the ability to sell marketable materials, strategic plans, including future exploration and development plans and results, and corporate and technical objectives. Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law.

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SOURCE Canada Nickel Company Inc.