A total of 5,000 metres of new drilling and downhole geophysics planned at the high-grade nickel-copper-PGE prospect

VANCOUVER, British Columbia--(BUSINESS WIRE)--Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the “Company”) is pleased to announce the Company has resumed exploration at its Ducros Ni-Co-Cu-PGE project, located 85 kilometers northeast of Val-d’Or, Québec, including the start of drilling at the Fortin Sill Ni-Cu-PGE Zone.

On June 6, 2023, the Company announced that due to an emergency order from the Québec Ministère des Ressources naturelles et des Forêts (Ministry of Natural Resources and Forests) prohibiting access to lands in the province impacted by forest fires, all field-based exploration activities were temporarily suspended at the Ducros Property (see June 6, 2023 News Release). In addition, all project personnel were relocated from the project’s base of operations in Lebel-sur-Quévillon to Val-d’Or upon receiving an evacuation notice on June 2. The work restriction order has since been lifted and the Company has resumed exploration activities at Ducros.

Richard Dufresne, QNI’s interim CEO and director, notes “Although we are excited to get back to work, we wouldn’t be able to do so without the tireless efforts of the firefighters, first responders and local community members who fought the fires this summer. We’d like to extend our sincere appreciation and gratitude to everyone that helped make our return to work possible.”

Fortin Sill Zone Drilling

During the first half of 2023, exploration drilling by the Company focused on testing targets that require winter conditions to access and drill, notably in the central and western portions of the Ducros claims. Now that the fire related work restrictions have been lifted, exploration has resumed at the highly prospective Fortin Sill Zone where ground conditions allow for year-round access.

New drilling at the Fortin Sill Zone will follow-up on some of the exceptional results achieved in 2022, including from hole QDG-22-29, which returned 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). Step-out drilling completed later in 2022 discovered additional nickel-copper-PGE mineralization down-plunge from the main sulphide zone including a 4.90-metre-long intercept averaging 0.77% Ni, 0.56% Cu, 340 ppm Co and 0.80 g/t Pt-Pd-Au which includes a higher grade three-metre-long subinterval of 1.06% Ni, 0.77% Cu, 447 ppm Co and 1.09 g/t Pt-Pd-Au in hole QDG-22-63 (see March 1, 2023 News Release for more information).

The new drilling at Fortin Sill is focused on exploring for additional Ni-Cu-PGE sulphides down plunge and along strike of the main outcropping mineralized zone. Up to 5,000 metres of drilling is planned, which will span more than two kilometers of the strike length of the prospective geology. This work will also test the refined geological model discussed in the Company’s December 15, 2022 news release. Downhole electromagnetic geophysical surveys will be used to vector towards large accumulations of conductive Ni-Cu-PGE sulphides.

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.

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)

[email protected]