Mining MarketWatch

Valuation Commentary: Québec Nickel Corp. (CSE: QNI) (OTCQB: QNICF) (Frankfurt: 71B) is a Canadian-based critical metals exploration company focused on advancing its 100%-owned Ducros Critical Metals (Ni-Cu-Co-PGE-Au) Property in Québec, located in the prolific Abitibi Greenstone belt. The Abitibi region is world renown for world-class gold-copper deposits, however QNI is best known for its spectacular elevated nickel, copper, cobalt, platinum, palladium, and gold, on its large (15,147 ha) Ducros land-package.

QNI has a recently improved share structure that makes now an opportune time for existing shareholders to consider participation (first-dibs) in its capital raise for an exciting 2024 exploration season that will see a highly experienced nickel-copper-PGE-Au geological team apply its refined geological interpretation to AI technology delineated targets with huge upside potential. QNI currently only has a nominal market cap of ~C$1.2M (~11.53 million shares trading near ~C$0.10). The share price of QNI appears on sale here considering the significant quality and quantity of the Fortin Sill Ni-Cu-PGE mineralized area discovered to date. Additionally, the geological team has a plan to build on its experience and is aiming to deliver quality numbers with enormous potential in future drilling.

QNI first drilled the Ducros project in 2022, encountering spectacular success at the Fortin Zone, the geological team has proven it knows how to target both high-grade and bulk tonnage types of mineralization at the Ducros, it has essentially only scratched a fraction of the land package, and the geological team is optimistic in its ability to bust open latent world-class potential.

1) Advancing High-Grade Nickel Pocket(s); QNI's Fortin Sill Zone Ni-Cu-Co-PGE-Au discovery appears to be a classical high-grade Raglan-style phenomena; the well-known Raglan nickel mine is known as a "string of pearls", numerous high-grade pockets in close proximity (each in the 100,000 tonne to 3 million tonne range) -- such nickel pocket occurrences are usually never one-off, its just a matter of vectoring-in on more. In QNI's case at Fortin, the geological team has already found one and believes more are nearby. Québec Nickel Corp. is a young company, it was formed in 2020 to specifically tackle the Ducros property. QNI's maiden multi-phase drill program began in Q1-2022 when it completed just over 21,000 metres in 91 holes across the Ducros property, a majority of the 2022 drilling occurred on the Fortin Sill Ni-Cu-Co-PGE-Au Zone, where the mineralization starts at surface and appears amenable to a high-grade open pit scenario. Exceptional Fortin Zone drill results were returned in 2022 include hole QDG-22-29, which drilled an 11.80 metre interval containing 1.44% Ni, 1.49% Cu, 461 ppm Co and 2.79 g/t Pt-Pd-Au that includes a higher-grade subinterval assaying 1.85% Ni, 1.65% Cu (3.50% Ni + Cu), 576 ppm Co and 3.27 g/t Pt-Pd-Au over 8.43 metres (see August 30, 2022 News Release for reference). A further 5,883 metres of drilling was completed in 2023 focused on exploring for additional Ni-Cu-PGE sulphides down plunge and along strike of the main outcropping mineralized zone. New geophysics in 2023 coupled with AI targeting is adding to the understanding of where to explore next to maximize outcomes.

The following Plan Map from the December 15, 2022 news release shows a sizeable Ni-Cu-PGE pocket at the Fortin Sill Zone, the geological team is confident there are more pockets to be discovered in close proximity.

Figure 1. (above) Plan map showing the locations of selected drill holes completed at the Fortin Sill Zone with Ni + Cu assays (%) in relation to the outline of the Fortin Sill discovery outcrop (the black dotted lines represent an expression of the stripped outcrop area). Voluminous body of quality material: the Fortin Sill pocket seen above measures ~30 m deep, 65 m from North to South, and ~30 m East to West -- further below in this article you can see the grades for each drill hole -- already the reader can start working out back-of-the-envelope calculations with assumptions (e.g. non-43-101 specific gravity of say maybe 3 to 3.5, spot price for Ni, Cu, Co, Pt, Pd) and an impressive number develops assuming decent recoveries. New (February 1, 2024) metallurgical test results of Fortin Sill Zone affirm the potential for solid economics;

Metallurgical Highlights (Click Here to view full Feb. 1, 2024 news release):
• Copper concentrate grades of 30% Cu with greater than 90% recovery achieved;
• Nickel concentrate grades of 5% Ni with recoveries averaging 72% realized;
• Ball mill hardness testing indicates the sulphide-rich rocks are classified as “moderately soft”;
• Environmental characterization of the combined tails did not identify any notable leachable metals.

2) Discovering Ni-Co Bulk Tonnage with Enormous Potential. The land-package is large (15,147 ha), and the highly experienced nickel generation team has a high level of confidence in its ability to make a major discovery of significance. New Q-Zone Discovery: This September 12, 2023 the Company announced "Québec Nickel Discovers New Large Nickel + Cobalt-Bearing Ultramafic Intrusion at Ducros".

Assay result highlights for newly discovered nickel and cobalt-bearing ultramafic intrusion, now referred to as the “Q-Zone”:

Figure 2 (above) -- Plan map of Québec Nickel’s Ducros property. The new Q-Zone drill target area was originally highlighted in a 2021 till sample results news release with base metal Zscores (defined as the number of standard deviations in excess of the average abundance) at extremes.

The nickel generation team appears to have hit just the edge of a potentially very large bulk-tonnage scenario unfolding at the new Q-Zone discovery -- some of the grades encountered are comparable to the average grade of Canadian Nickel Company. This marks the second discovery of a large Ni-Co-bearing ultramafic intrusion at Ducros this year -- See further below in this article for an overview of both those discoveries.

Tier 1 Geological Team: The geological team leadership, directors, and board of advisors are an impressive who's-who of nickel expertise with career accomplishments across the spectrum from nickel exploration & discovery, development, and major production (see CV's at the bottom of this article). Gary DeSchutter, M.Sc., P.Geo., is Vice-President of Exploration for Québec Nickel Corp., he started his career with Falconbridge and transitioned to Anglo American for 6 years as part of their global nickel generation team. Gary joined Québec Nickel in February-2022 -- in-short, he picked Québec Nickel because he knows nickel and was attracted by the anomalous Nickel-Copper-Platinum Group Element (PGE) occurrences and elephant-size potential at Ducros.

Below is an overview of the project and why investors seeking exposure to nickel as a commodity should consider establishing a long position in Québec Nickel Corp.

Nickel is a hot commodity: Nickel is a key component of most lithium ion batteries, enabling more energy density. With EV demand on the rise so is the demand for nickel. The trend has been for increased nickel content in EV batteries as energy density is further optimized by various manufacturers; ~20 kg to 50 kg of Ni is in a typical EV battery, depending on make. There is a shortage of the type of high-grade nickel that’s needed for EV batteries. Russia has traditionally been a source for a lot of this nickel, however it is now considered black-market. There is a lack of western-world domestic sources of nickel. To quote Elon Musk on July 22, 2020 “Any mining companies out there, please mine more nickel ... Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way.” Currently stainless steel production accounts for the majority (~85% - 90%) of nickel used globally, however demand from battery production is expected to increase steadily. Not all nickel can go into batteries, it has to be clean ‘class-1’, dirty laterite nickel from Indonesia, Australia, Philippines, and Brazil generally does not meet the grade – the purest nickel comes from sulphides (such as that which Québec Nickel Corp. has at Ducros). Trying to upgrade low-grade laterites involves extremely energy-intensive processes such as pressure acid leaching which results in an environmentally destructive CO2 footprint ~20 times more than can be achieved from sulphide sourced nickel.

Figure 3. (above) Location map -- Located in the eastern Abitibi Greenstone Belt, northeast of Val-d'Or Québec. The Abitibi Greenstone Belt is ~700 km long and home to numerous Cu-Au producers. The Timmins area has had several past nickel producers.

● Located 80 km northeast of Val-d’Or, between the nearby towns of Lebel-sur-Quévillon and Senneterre (2 towns that are driven by mineral exploration and logging, providing QNI access to workforce and support (e.g. labs and drill contractors). Québec Nickel Corp. rents office space in Val-d'Or and is logging its core there. Additionally, Québec Nickel Corp. is populating a data-room on an ongoing basis to facilitate majors/entities that sign a CA (several have been signed to date [source: Nov. 17, 2022 news release]). Val-d'Or is a huge gold town with 4 operating mills with another 2 set to come online -- no need to sleep in tents and no need for choppers -- the team can hit the property in ~50 minutes from Val-d'Or.

● Provincial Highway 113 crosses east side of property + network of logging roads.

● There are 2 small airports ~15 minute drive either side of the property, N & S.

● Mining-friendly jurisdiction at the local, provincial and national levels. Québec Nickel Corp. has already begun environmental and community work behind the scenes.

Background/Property acquisition: The project originated from what was originally known about an outcrop that has since become the Fortin Sill discovery zone. The showing had been known since the 70s and 80s; the outcrop returned anomalous chip samples from prospectors, and the prospectors made a deal with Golden Valley Mines which was a Glenn Mullan company. Back in 2008 Glenn Mullan drilled two holes in the area of the showing and came back with ~20 m of ~.3 Ni, ~.4 Cu + Platinum and Gold. That was 2008 and the market went south resulting in the project laying dormant for the next ~13 years. The now Executive Chairman and Director of Québec Nickel Corp., David Patterson, recognising the coming demand for nickel and potential of the anomalous land package, contacted Glenn in 2020 and made a deal; essentially for a 9.9% equity position once public plus a 1.5% NSR -- they struck a deal and the company was created.

Figure 4. (above) Claims Map - Property Geology and Exploration Zones/Targets. The image above has been annotated / augmented (inset & description on right) by Mining MarketWatch Journal. The Fortin Sill Zone is the anchor, where a high-grade pocket of significance is being advanced, working/expanding from the known to the unknown with great success. The other targets (e.g. Ducros Gabbro) on the rest of the property are a story of big-nickel bulk tonnage exploration potential.

Figure 5a. (above) VTEM^TM Airborne Geophysics & Geology, with inset of channel dug at striped expression of outcrop at Fortin Sill Ni-Cu-PGE zone. In addition to geophysics completed earlier in 2022 the VP of Exploration Exploration, Gary DeSchutter, also recently had high-resolution magnetics flown from drones in key areas to zoom-in and see micro structures in incredible detail. The geological team has in-depth magnetic imagery overlaying the geology with in-house lines representing its guess of large faults and structures; essentially translating to "X marks the spot" in some cases. Numerous high-quality coincident electromagnetic-magnetic anomalies have been identified throughout the project. 2-D and 3-D inversion modelling of the VTEM^TM and magnetic data are now being used to guide exploration efforts.

AI Technology Identifies Multiple Nickel-Copper-PGE Sulphide Targets at QNI's Ducros Project

On October 5, 2023 Québec Nickel Corp. released the results from an Artificial Intelligence (“AI”) nickel-sulphide-focused targeting exercise at the Company’s Ducros claims which has recently been completed by ALS GoldSpot Discoveries (click here for related news release):

Figure 5b. (above) Map of the Ducros property showing the locations of select AI-derived nickel-sulphide and nickel-cobalt targets in relation to the Property’s key target areas underlain by the newly interpreted geology.

Progression of drilling -- Advancing the Fortin Sill Ni-Cu-PGE zone -- building quality 3-dimensional volume of material

NOTE: Now consider that step-outs 28 & 29 (not shown above) are ~25 m away to the SE (from holes 9, 10, & 11 at the original outcrop), the geological team is already building a 3-dimensional volume of material.

Figure 6. (above) Section at Fortin Sill Ni-Cu-PGE zone at outcrop looking ~NW. The colour red represents over 1% combined Ni-Cu. Holes 9 is Québec Nickel's confirmation hole stemming from the 2008 (historical) hole that Glenn had done at the outcrop; the geological team simply continued and drilled a hole ~45° and tilted the head and drilled two more holes (hole 10 & 11) on the expression of the stripped outcrop, yielding quality results of higher and higher grades.

Figure 7. (above) -- Drill section showing the locations of selected holes completed at the Fortin Sill Ni-Cu-PGE Zone in relation to historical hole GCF-08-07 and the Fortin Sill Zone discovery outcrop.

Figure 8. (above) -- Plan map showing the locations of selected drill holes completed at the Fortin Sill Zone in relation to the Fortin Sill discovery outcrop. The location of hole QGD-22-28 has been moved ~2 metres to the SE from its actual collar location for illustrative purposes. Image sourced from Oct. 12/22 news release.

2022 Drill Program Highlights at Fortin Sill Zone (presented in order progress occurred):

Figure 9 c. (above) -- A 0.50 m sample of semimassive to net texture sulphides from QDG-22-09: contains 1.31 % Ni, 0.38 % Cu, 413 ppm Co and 2.12 g/t Pt-Pd-Au.

29.0 metres @ 0.36% Ni, 0.41% Cu, 167 ppm Co, 0.95 g/t Pt-Pd-Au, including high-grade subintervals:

● 9.0 m @ 0.70% Ni, 0.79% Cu, 271 ppm Co, 1.71 g/t Pt-Pd-Au over 9.0 m, and

● 4. 0 m @ 0.90% Ni, 1.01% Cu, 324 ppm Co and 2.39 g/t Pt-Pd-Au

QDG-22-11

32.67 metres @ 0.33% Ni, 0.32% Cu, 170 ppm Co and 0.57 g/t Pt-Pd-Au, including a high-grade
subinterval:

Hole QDG-22-28 cored through a 29.90 metre interval averaging 0.30% Ni, 0.31% Cu, 167 ppm Co, and 0.45 g/t Pt-Pd-Au which includes a higher-grade subinterval containing 0.46% Ni, 0.64% Cu, 209 ppm Co and 0.72 g/t Pt-Pd-Au over 3.24 metres.

QDG-22-29Hole QDG-22-29 intersected a 11.80 metre interval containing 1.44% Ni, 1.49% Cu, 461 ppm Co and 2.79 g/t Pt-Pd-Au which includes a higher-grade subinterval assaying 1.85% Ni, 1.65% Cu (3.50% Ni + Cu), 576 ppm Co and 3.27 g/t Pt-Pd-Au over 8.43 metres.

Figure 10. (above) Fortin Sill Zone Step-out Drilling hole 28 & 29. These step-outs are ~25 m SE from holes 9, 10, & 11 at the original showing; the geological team is already building a voluminous body of quality material. -- Image source: Company Q3-2022 Presentation, related news release: August 30, 2022 "Québec Nickel Corp Intersects 1.85% Ni, 1.65% Cu and 3.27 g/t Pt-Pd-Au Over 8.43 Metres In Step-out Drilling At The Fortin Sill Zone, Ducros Project, Abitibi, Québec". Seen in the image above are stellar grades (nearly 5% Ni-Cu and 6 g/t Pt-Pd-Au -- these are probably the best grades combined of Ni-Cu + PGEs + Gold in the history of the Abiti region). In image of core seen above you can see the foliation of sulphides with multiple events going on (good for the formation of nickel deposits), the material is running ~35% - 40% sulphides.

[Footnotes: Reported assay intervals seen in image are sample length weighted, the true width of mineralized intervals is not known due to insufficient information, 3E = Pt+Pd+Au]

Figure 11. (above) Results from 2022 channel sampling program at the Fortin Sill discovery outcrop. Channel sample assay results were draped on a georeferenced Fortin Sill discovery outcrop drone image (oblique view looking 345° Az and down 30°).

Also seen in the image is Table 4. (above) -- Summary of assay results from the Fortin Sill discovery outcrop channel sampling program completed [Reported assay intervals are sample length weighted]. When Québec Nickel first acquired the project the team stripped as much as it could, exposing the full expression of the outcrop -- essentially the whole outcrop is mineralized.

Exploration Model for the Fortin Sill Zone

A review and integration of relevant geophysical data (VTEMTM, drone magnetics, airborne gravity), along with historical and QNI drilling results in addition to recent surface geological mapping indicates the Ni-Cu-Co-PGE-Au mineralization at the Fortin Sill Zone occurs at or near the footwall contact of a large west-southwest-dipping embayment structure within the larger mafic to ultramafic Fortin Sill. The overall Fortin Sill intrusive body is interpreted to span several hundred metres or more in an approximate northwest-southeast trend and is characterized by the occurrence of a large blow-out, or embayment, at the Fortin Sill Zone. The conceptual geologic model is supported by several lines of evidence including:

Figure 12. Plan view sketch map showing a conceptual geological model for the location and emplacement of the Fortin Sill Zone within the larger mafic to ultramafic Fortin intrusion. Shown is the gradational nature of the Fortin Sill Zone host rocks from an ultramafic footwall base (PXT = pyroxenite), through a mafic/ultramafic mid-zone (GBNOR = gabbronorite) to a mafic hanging wall top (GBRO = gabbro).

Québec Nickel Discovers New Large Nickel + Cobalt-Bearing Ultramafic Intrusion at Ducros

This marks the second discovery of a large Ni-Co-bearing ultramafic intrusion at Ducros this year

Vancouver, British Columbia, September 12, 2023 – Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the “Company”) is pleased to report drilling assay results from its Ducros Ni-Co-Cu-PGE project, located 85 kilometers northeast of Val-d’Or, Québec. Results discussed herein come from multiple drill holes completed at the southern margin of the large 25 square kilometer Ducros Gabbro target this spring. The newly discovered nickel and cobalt-bearing ultramafic intrusion, now referred to as the “Q-Zone”, has a surface geophysical footprint of approximately two square kilometers.

Highlights:

Hole QDG-23-306 intersected dunite for most of its 567-metre length and returned 0.22% nickel + 122 ppm cobalt over 164.50 metres;
Hole QDG-23-307 returned 0.20% nickel + 107 ppm cobalt over a 249.00 metre core length which includes a higher-grade subinterval of 182.80 metres @ 0.21% Ni + 109 ppm Co;
The surface geophysical footprint of the Q-Zone spans approximately two kilometers long by one kilometer wide.

Richard Dufresne, QNI’s interim CEO and director, comments “…this is the second discovery of a large nickel + cobalt-bearing ultramafic intrusion at Ducros made by our exploration team during the first half of this year. These results, combined with the high-grade nickel-copper-PGE sulphide zone we have at Fortin Sill, make us a very rare Abitibi-focused junior exploration company that can boast of having these two styles of nickel targets in its inventory. We look forward to seeing what else this prospective property has to offer.”

The Q-Zone

Figure 1. Geology map of Québec Nickel’s Ducros property (red outline), along with the locations of the current Ni-Cu-Co-PGE target areas. The regional geology is sourced from the Government of Québec’s online SIGÉOM database, edited to include data derived from QNI’s exploration work. (Photo: Business Wire)

The Q-Zone lies at the southern edge of the large five by five-kilometer Ducros Gabbro target, which is interpreted to be a large gabbroic intrusion, as outlined in the Québec Government’s digital SIGÉOM database (Figure 1). The airborne geophysical data collected by QNI in 2022 demonstrates the Q-Zone is characterized as having a strong magnetic high signature, divided into southern, central and northern lobes (Figure 2).

Figure 2. Plan map of the Q-Zone target area showing the locations of the lone historic drill hole (white symbol) and the recently completed QNI drill holes (black symbols) overlain on the shaded total magnetic intensity image as derived from the compiled/combined VTEMTM and drone magnetic surveys completed in 2022. (Photo: Business Wire)

Previous exploration conducted in the Q-Zone target area is limited to a single 145-metre-long hole drilled in 1957 that encountered mostly gabbroic rocks (Québec Government assessment report GM 38569; Figure 2). In addition to this lone drill hole, Québec Nickel completed a till sampling program during the spring of 2021 approximately two kilometers west of the Q-Zone target. The results of this till sampling program as summarized in the Company’s September 23, 2021 News Release.

Q-Zone Drilling Results

Hole QDG-23-301 was collared to the test a portion of the southern lobe of the Q-Zone magnetic anomaly. The hole encountered a thick succession of intercalated mafic, ultramafic and sedimentary rock units with multiple narrow intervals of gabbronorite and serpentinized dunite. No significant assay results were returned from this hole.

QDG-23-303 was drilled towards the northwest to test the southern lobe magnetic high (Figure 2) and encountered ultramafic intrusive rocks throughout most of its 351-metre length (weakly to moderately serpentinized peridotite to dunite). Assay results for this hole include 0.17% nickel and 114 ppm cobalt over 322.77 metres and includes a 52.50 metre interval of 0.20% Ni + 115 ppm Co at the bottom of the hole (Table 1).

Hole QDG-23-304 was collared approximately 800 metres northeast of QDG-23-303 and was drilled towards the southeast to evaluate the margin of the Q-Zone central lobe magnetic anomaly (Figure 2). The 315-metre-long hole drilled through a mixed package of felsic to intermediate and mafic dykes, including quartz monzonite and gabbro until 242 metres depth after which the hole cored through 75 metres of mafic volcanic country rock (Figure 3). No significant assay results were returned from this hole.

QDG-23-306 was directed towards the northwest to test the central lobe of the Q-Zone magnetic high (Figure 2). After collaring in sedimentary rocks at 42 metres hole depth, QDG-23-306 encountered 40 metres of gabbro before coring a 475-metre-long interval of variably altered ultramafic rocks (dunite). Assay results from this hole are highlighted by 0.22% Ni + 122 ppm Co over the final 164.50 metres of the hole (Figure 3, Table 1).

Hole QDG-23-307 was collared 275 metres northwest of QDG-23-306 (Figures 2) and also drilled towards the northwest to locate the contact between the ultramafic intrusion and surrounding host country rocks. The hole collared in the variably altered dunite intrusion at 30 metres hole depth and remained in this ultramafic until 310 metres hole depth where it cored through a 50-metre-long interval of gabbro before encountering a mixed interval of mafic volcanics, sediments and thin ultramafic dykes until the end of the 402-metre-long hole (Figure 3). Hole QDG-23-307 returned 0.20% Ni + 107 ppm Co over 249 metres core length starting at 30 metres down hole and includes a 90-metre-long interval assaying 0.22% Ni + 114 ppm Co (Table 1).

Hole QDG-23-308 was collared approximately 500 metres to the north of QDG-23-307 and was drilled towards the east within the northern lobe of the Q-Zone magnetic high feature (Figure 2). The 267-metre-long hole collared in variably altered dunite at 63 metres hole depth and remained in the ultramafic intrusion for its entire length. The hole was terminated earlier than planned due to the onset of the spring thaw, which necessitate the demobilization of the drill from the field. Assays are pending for this hole however results are expected to be in-line with the results from the holes drilled immediately to the south.

A drill section summarizing the results of holes QDG-23-304, 306 & 307 at the Q-Zone’s central lobe magnetic high is shown as Figure 3 and a summary of all assay results from the Q-Zone drilling can be found below as Table 1.

These drilling results in combination with the modeled geophysical fingerprint of the target area indicate the Q-Zone spans approximately two kilometres in a northeast-southwest direction by about one kilometer in width (Figure 2). The discovery of the Q-Zone, another large nickel + cobalt-bearing ultramafic intrusion, and the Ducros Sill Zone (see results in July 12, 2023 News Release) makes this the second such discovery by the Company during the first half of 2023.

Figure 3. Drill section of the Q-Zone target showing the summary assay results at the Central Lobe for holes QDG-23-306 and QDG-23-307. Plan view magnetic data derived from combined VTEMTM and drone data collected in 2022. Section is looking 30° Azimuth. (Photo: Business Wire)

Table 1. Summary of assay results for Q-Zone drill holes QDG-23-301 through QDG-23-308. Reported results are sample length weighted. (Photo: Business Wire)

Core Processing & QAQC

Québec Nickel has implemented a quality assurance and quality control (“QAQC”) program for its drilling programs to ensure best practices for logging, sampling and analysis of its drill core as well as for the collection and analyses of rock samples. This includes the regular insertion of geochemical blanks, sample duplicates and multiple Ni-Cu-PGE-Au certified reference material standards (CRMs) into the sample stream.

Drill core is collected by Ducros Project personnel daily from the drill rigs and transported in secured core boxes to QNI’s core logging facilities in Lebel-sur-Quévillon. Logging is completed on laptops and data are captured using fit-for-purpose computer software.

Core destined for geochemical analyses is identified and labeled by core logging geologists and is then sawed in half by a diamond blade. One half of the NQ-diameter core sample is placed in a labeled and secured sample bag. The remaining half of the core sample is returned to its core box for archiving. All core samples are transported from QNI’s logging facilities to AGAT Laboratories’ and/or SGS Canada’s sample preparation facilities in Val-d’Or in secured and numbered rice bags by Project personnel.

SGS Canada and AGAT Laboratories operate under a Quality Management System that complies with the ISO/IEC 17025:2017 standard. Analysis for precious metals (gold, platinum, and palladium) is completed by Fire Assay with an ICP-OES finish while analyses for nickel, copper and 41 other elements are performed using AGAT’s and SGS’s 4 Acid Digest – Metals Packages, with an ICP-OES finish.

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 QUÉBEC NICKEL CORP.

Québec Nickel Corp. is a mineral exploration company focused on acquiring, exploring, and developing critical metals (Ni-Cu-Co-PGE) projects in Québec, Canada. The Company has a 100% interest in the Ducros Property, consisting of 282 contiguous mining claims covering 15,293 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.

Contacts
On behalf of the Board of Directors
Richard Dufresne
Interim Chief Executive Officer and Director
1 (855) 764-2535 (QNICKEL)
info@quebecnickel.com

...click here for full copy of news release from source

Mining MarketWatch Journal opinion on Ducros Sill drill results: QNI's original though to drill the Ducros Sill was based on an old hole from a past operator in 87 that hit interesting grades but never went through to the footwall contact, so the thought was that there could be an accumulation of sulphides. In-short they hit some bulk tonnage numbers on the Ducros Sill, however they failed to find an accumulation of sulphides they were hoping for in this area, numbers here are no different than what a dozen of other companies have drilled in ultramafics in the last 20 years -- interesting but we would like the chemistry to be there to break the bond of the silica in the nickel. This was just one area, definitely the Ducros Sill warrants more work in other areas as the geology is better understood...

2023 Ducros Sill Complex Exploration Update - Copy of July 12, 2023 news release:

Québec Nickel Intersects 152 Metres of 0.21% Nickel + 114 ppm Cobalt at Ducros Sill

Results suggest the presence of large tonnage nickel-cobalt target with a geophysical expression spanning several hundred metres in width and multiple kilometers long

Vancouver, British Columbia, July 12, 2023 – Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the “Company”) is pleased to report drill assay results from the Ducros Sill target at its Ducros Ni-Co-Cu-PGE project, located 85 kilometers northeast of Val-d’Or, Québec.

Highlights:

Hole QDG-23-503 was terminated at 450 metres depth in nickel + cobalt-bearing dunite, the last 118.30 metres of which returned 0.21% Ni + 117 ppm Co;
Hole QDG-23-505 returned 293 metres at 0.19% Ni + 106 ppm Co, including a higher-grade subinterval of 152 metres @ 0.21% Ni + 114 ppm Co;
Confirmation that the Ducros Sill is mineralized with nickel and cobalt across its entire ~300 metre width; the geophysical expression of the ultramafic body extends for seven kilometers along strike.

Ducros Sill Target

The Ducros Sill target lies at the southern half of the two-kilometer wide by fifteen-kilometer long Ducros Ultramafic Sill Complex (DUSC), in the south-central portion of QNI’s Ducros claims (Figure 1). Historically, four widely spaced holes were drilled in the immediate area by Abitibi Resources Ltd. (“Abitibi”) in 1987 (Figure 3, 4). Assessment report drill logs for the Abitibi holes describe variably serpentinized and magnetic dunitic +/- pyroxenitic rocks with occurrences of trace amounts of native copper and brucite throughout their entire drilled lengths (Quebec Government report GM 47268). Notable results include hole 87-6 which returned greater than 0.22% nickel and 120 ppm cobalt over the last 20 metres of the 106.7 metre long BQ diameter hole.

As previously announced, the Company completed a series of holes this winter along an east-west fence approximately 100 metres north of the historical Abitibi hole 87-06 (see April 19,2023 news release). The fence of holes was designed to cut across the entire 600-metre-wide magnetic high feature (Figure 2, 3). In addition to drilling this fence of holes, the Company also completed a hole approximately one kilometer north of the drill fence to test the continuity of the Ducros Sill magnetic high anomaly, hole QDG-23-506, at the very end of the winter exploration program (Figure 2, 3). All four holes completed at Ducros Sill by the Company this winter intersected long core lengths of serpentinized ultramafic rocks, including dunite, peridotite and pyroxenite units (see April 19, 2023 News Release for additional information).

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

Current Drilling Results

Hole QDG-23-503 was collared on the west side of the targeted magnetic high and was drilled eastward at a dip of -45°, towards the centre of the ultramafic intrusion (Figure 2). The hole encountered a package of intercalated mafic and ultramafic intrusive rocks, including gabbro, pyroxenite, peridotite and dunite, from 23.00 to 308.00 metres downhole depth before cutting a 142-metre-long interval of serpentinized dunite, believed to be the same unit encountered in Abitibi hole 87-6. The hole was terminated in this lower dunite unit until the planned end of hole of 450 metres depth. Assay results returned 0.19% Ni + 111 ppm Co over the last 217 metres of the hole (233.00-450.00 m depth) including a higher-grade subinterval of 118.30 metres @ 0.21% Ni + 117 ppm Co (308.20-426.50 m depth).

Hole QDG-23-505 was collared approximately 210 metres east of QDG-23-503 and drilled towards the east at a -45° dip to the planned end of hole depth of 402 metres (Figure 2, 3). The hole collared in variably serpentinized dunite at 21.00 metres hole depth and remained in the altered ultramafic unit until 314.00 metres, a 293-metre-long intersection, where it encountered metasedimentary footwall rocks.

Assay results for this hole returned a 293-metre-long intersection of 0.19% Ni + 106 ppm Co (21.00- 314.00 m) including a higher-grade subinterval of 0.21% Ni + 114 ppm Co over 152 metres (79.50-231.50 m).

Hole QDG-23-504 was collared approximately 210 metres east of QDG-23-505 and was also drilled towards the east at a -45° dip to a depth of 243 metres (Figure 2, 3). This hole collared in variably serpentinized dunite until 117.00 metres downhole, after which it entered the package of metasedimentary footwall rocks.

Assay results from this hole returned 109.50 metres @ 0.16% Ni + 90 ppm Co (21.00-130.50 m) including a higher-grade subinterval of 0.20% Ni + 105 ppm Co over 29 metres near surface (21.00-50.00 m hole depth).

A drill section summarizing the results from these three holes can be found as Figure 2. A summary of the assay results is found in Table 1.

Hole QDG-23-506 was collared approximately one kilometer north of the three-hole fence noted above to test the interpreted strike extension of the Ducros Sill ultramafic intrusion. This interpretation is based on the continuity of the airborne magnetic high feature identified by the 2022 VTEMTM survey as well as the lone historical hole completed by Abitibi in the immediate area (hole 87-1, Figure 3). After passing through overburden, hole QDG-23-506 collared in variably serpentinized dunite at 30.00 metres hole depth and finished in the same dunite unit at 366.00 metres. The hole was terminated earlier than planned due to the onset of spring breakup. Assays are pending for this hole, but the results are expected to be in line with those returned from QDG-23-503 through QDG-23-505.

Given these results, this part of the Ducros Sill where hole QDG-23-506 was completed is now referred to as “Ducros Sill North” whereas the area which includes the recently completed three-hole drill fence is referred to as “Ducros Sill South” as shown in Figures 3 and 4.

Figure 2. Drill section of the Ducros Sill target drill fence showing the summary assay results for holes QDG-23-503 through QDG-23-505. Magnetic data derived from combined VTEMTMand drone data collected in 2022. Section is looking north.

Table 1. Summary of assay results for holes QDG-23-503 through QDG-23-505. Reported results are sample length weighted.

Figure 3. Plan map of the Ducros Sill target area showing the locations of the historic Abitibi Resources Ltd. drill holes (white symbols) and the recently completed QNI drill holes (black symbols) overlain on the total magnetic intensity image as derived from the compiled/combined VTEMTM and drone magnetic surveys completed in 2022.

Extents of the Ducros Sill Intrusion

The digital Québec government geology for QNI’s Ducros Project claims, as sourced from the SIGEOM database, combined with these recent results indicates the Ducros Sill ultramafic intrusion now spans two kilometres north of QNI’s most recent drilling, as confirmed by hole QDG-23-506, to approximately five kilometers to the south-southeast (Figure 1, 4). There is no evidence of this magnetic high feature being exposed at surface or drilled beyond the recent work conducted by QNI and Abitibi Resources Ltd. in 1987. Should this seven-kilometer-long magnetic anomaly be the geophysical expression of the Ducros Sill intrusion, as is currently hypothesized, its overall dimensions would rival the size of other high-profile large tonnage nickel-cobalt projects currently being advanced in the Abitibi Greenstone Belt.

Figure 4. Plan map of the Ducros Sill target area showing the locations of the historic Abitibi Resources Ltd. drill holes (white symbols) and the recently completed QNI drill holes (black symbols) overlain on the total magnetic intensity image derived from the compiled/combined VTEMTM and drone magnetic surveys completed in 2022. The multi-kilometer Ducros Sill Trend is indicated by the dashed line.

Fortin Sill Zone Work Update

During the first part of the year, exploration drilling focused exclusively on testing targets that require winter conditions to access, such as at the Ducros Ultramafic Sill Complex and Ducros Gabbro targets (Figure 1). The Company intends to resume exploration at the Fortin Sill Zone, where local ground conditions allow for year-round access, once the forest fire-related work restrictions are lifted. Drilling at the Fortin Sill Zone this summer and fall will follow up on some of the exceptional results returned in 2022, including from hole QDG-22-29, which drilled an 11.80 metre interval containing 1.44% Ni, 1.49% Cu, 461 ppm Co and 2.79 g/t Pt-Pd-Au that includes a higher-grade subinterval assaying 1.85% Ni, 1.65% Cu (3.50% Ni + Cu), 576 ppm Co and 3.27 g/t Pt-Pd-Au over 8.43 metres (see August 30, 2022 News Release for reference).

Core Processing & QAQC

Québec Nickel has implemented a quality assurance and quality control (“QAQC”) program for its drilling programs to ensure best practices for logging, sampling and analysis of its drill core as well as for the collection and analyses of rock samples. This includes the regular insertion of geochemical blanks, sample duplicates and multiple Ni-Cu-PGE-Au certified reference material standards (CRMs) into the sample stream.

Drill core is collected by Ducros Project personnel daily from the drill rigs and transported in secured core boxes to QNI’s core logging facilities in Lebel-sur-Quévillon. Logging is completed on laptops and data are captured using fit-for-purpose computer software.

Core destined for geochemical analyses is identified and labeled by core logging geologists and is then sawed in half by a diamond blade. One half of the NQ-diameter core sample is placed in a labeled and secured sample bag. The remaining half of the core sample is returned to its core box for archiving. All core samples are transported from QNI’s logging facilities to AGAT Laboratories’ and/or SGS Canada’s sample preparation facilities in Val-d’Or in secured and numbered rice bags by Project personnel.

AGAT Laboratories and SGS operate under a Quality Management System that complies with the ISO/IEC 17025:2017 standard. Analysis for precious metals (gold, platinum, and palladium) is completed by Fire Assay with an ICP-OES finish while analyses for nickel, copper and 41 other elements are performed using AGAT’s and SGS’s 4 Acid Digest – Metals Packages, with an ICP-OES finish.

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 critical metals (Ni-Cu-Co-PGE) projects in Québec, Canada. The Company has a 100% interest in the Ducros Property, consisting of 282 contiguous mining claims covering 15,293 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.

On behalf of the Board of Directors

Richard Dufresne
Interim Chief Executive Officer and Director

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

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.

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