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Canada Nickel Successfully Completes Initial Infill Drilling at Bannockburn Property ‘B’ Zone. 2024 Exploration Program Conference Call to be Held on 23 February 2024

Press Release

TORONTO, February 20, 2024 – Canada Nickel Company Inc. (“Canada Nickel” or the “Company”) (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce assay results from its 2023 drill program within the “B” Zone at Bannockburn, a 100% owned Canada Nickel property.

“The five Canada Nickel holes drilled to infill the “B” Zone successfully intersected multi-hundred metre intervals of 0.27-0.29% nickel and more importantly, each contained higher grade intervals of 0.3% nickel or better,” said Mark Selby, CEO of Canada Nickel. “The Bannockburn “B” Zone has now been tested for its total 1.1-kilometre strike length with multiple intervals in excess of 0.3% nickel from both previous and current drilling. Bannockburn is highly complementary to our southern cluster of properties at Sothman, Midlothian, Van Hise and Powell.”

Bannockburn Property

The Bannockburn Property is located 100 kilometres south of Timmins and consists of 151 contiguous unpatented mining claims totaling 3,250 hectares. Bannockburn is situated near the Company’s Sothman, Midlothian, Van Hise, and Powell properties forming a southern cluster of highly prospective targets near established infrastructure in Matachewan, Ontario which is located approximately 20 kilometres east of the project area.

This drill program consisted of six holes that formed an infilling of previous work on the “B” Zone. All six drillholes intersected sections of moderate to strongly serpentinized dunite/peridotite. Highlights for the first five holes are listed in Table 1 and shown in Figure 1. Hole BAN23-06 was drilled to test for a possible continuation of the higher-grade “C” Zone into the much larger, lower-grade “B” Zone. Drilling highlights from previous drilling are shown in Table 2.

Other higher-grade historical prospective zones (A, C, D, E, & F) on the property (Figure 2) will be tested in future by Canada Nickel.

Table 1 – Bannockburn drilling downhole composites.

Hole ID From To (m) Length Ni % Co % Pd Pt Pd+Pt S %
(m) (m) g/t g/t g/t
BAN23-01 65.0 347.0 282.0 0.27 0.010 0.004 0.008 0.012 0.01
including 239.0 284.0 45.0 0.30 0.010 0.006 0.015 0.021 0.01
including 275.0 279.5 4.5 0.34 0.010 0.010 0.056 0.066 0.01
BAN23-02 63.5 386.0 322.5 0.28 0.010 0.007 0.008 0.015 0.09
including 285.5 360.5 75.0 0.31 0.010 0.021 0.018 0.039 0.10
including 300.5 312.5 12.0 0.34 0.012 0.098 0.068 0.166 0.12
BAN23-03 32.0 332.0 300.0 0.29 0.009 0.003 0.004 0.007 0.02
including 239.0 263.0 24.0 0.34 0.010 0.010 0.004 0.014 0.03
BAN23-04 44.0 399.9 355.9 0.27 0.010 0.011 0.009 0.020 0.05
including 197.0 251.0 54.0 0.38 0.011 0.034 0.017 0.051 0.05
including 233.0 249.5 16.5 0.54 0.013 0.072 0.034 0.106 0.21
BAN23-05 10.8 401.0 390.2 0.28 0.010 0.005 0.005 0.010 0.02
including 98.0 108.5 10.5 0.34 0.010 0.017 0.014 0.031 0.03
and 143.0 146.0 3.0 0.48 0.011 0.066 0.039 0.105 0.09
BAN23-06 62.0 214.8 152.8 0.21 0.010 0.006 0.008 0.014 0.13
and 271.7 332.0 60.3 0.21 0.010 0.005 0.006 0.011 0.07

*True width undetermined. All lengths are drillhole lengths.

The “B” Zone is a large mineralized ultramafic measuring 1.1 kilometres along strike by up to 600 metres across strike (based on its magnetic response) as shown in Figure 1 with a total target geophysical footprint of 0.5 km2. The “B” Zone was drilled in 2021 by Grid Metals Corp. (“Grid Metals”) to a depth of 340 metres, with the best hole, GBN21-03, intersecting 342 metres of 0.28% nickel. Historic drilling by Outokumpu Mines Inc. (“Outokumpu”) intersected 203 metres of 0.33% nickel in MBB4-09 and 25 metres of 0.46% nickel in BN-19-98. Preliminary mineral processing in 2005 by Grid Metals showed that a 0.33% nickel bulk sample from the “B” Zone resulted in a 52% or higher nickel recovery and a 35% nickel concentrate (see Grid Metals press release February 17, 2021).

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