Drilling at the Fortin Sill Ni-Cu-PGE Zone continues, and multiple geophysical targets identified at the Ducros Gabbro target to be drilled this winter

Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the "Company") is pleased to provide an update of its recent exploration activities at its Ducros Ni-Cu-Co-PGE-Au Project, 80 kilometres northeast of Val-d’Or, Québec.

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Figure 1. Plan map of Québec Nickel’s Ducros property (red outline) showing the merged total field VTEMTM and drone magnetic data sets overlain on top of Québec Government geology. 2023 drilling target areas are indicated by dashed outlines. Drill targets comprise coincident geophysical anomalies (VTEM conductive features +/- magnetic highs responses +/- gravity features). (Graphic: Business Wire)

Highlights:

• Drilling at the Fortin Sill Zone continues with two drills, targeting extensions of the Ni-Cu-PGE zone, testing anomalies similar to the geophysical fingerprint of the Fortin Sill Zone as well as exploring the mineralized system at depth.
• Inaugural drilling program at the Ducros Ultramafic Sill Complex (DUSC) completed with permissive rock types encountered in all holes.
• Multiple coincident geophysical anomalies identified at the Ducros Gabbro and DUSC target areas that will be drilled this coming year as part of a planned 20,000 metres exploration drilling program.

2022 Diamond Drilling Program Update

Fortin Sill Zone

Drilling at the Fortin Sill Zone and the immediate area continues with two surface drills. The focus of drilling is the interpreted extensions of the nickel-copper-PGE zone, evaluating multiple geophysical anomalies that have similar expressions as that at the Fortin Sill Zone, as well as exploring the mineralized system at depth. As previously reported, a second drill was mobilized to the Fortin Sill Zone drilling program in October following the Company’s drilling success, including a 8.43 metre-long intersection assaying 1.85% Ni, 1.65% Cu (3.50% Ni + Cu), 576 ppm Co and 3.27 g/t Pt-Pd-Au in hole QDG-22-29 (see August 30, 2022 News Release). Core logging and sampling are in progress and results are pending for over 50% of the samples submitted to the assay lab for this phase of work.

Ducros Ultramafic Sill Complex

As announced on September 19, 2022, exploration drilling began in the central portion of the Ducros property at the Ducros Ultramafic Sill Complex (DUSC). The objective of the Phase I drill program at the DUSC was to obtain the first ever geological information from this ~2 kilometres wide by ~10 kilometres long exploration target area. This area is interpreted to be underlain by significant volumes ultramafic to mafic dikes and sills that have been injected into an extensive package of sulphide-bearing clastic metasediments and metavolcanics. As the target area is covered by variable thicknesses of overburden and contains little to no outcrop exposure, the current geological interpretation of the DUSC target area is derived from Québec Government geology maps that are in turn based on interpretations of historical airborne geophysical datasets.

The Company is happy to report its Phase I drilling program at the DUSC target has been successfully completed and the drill contractor has demobilized from the area. Over 3,650 metres in 10 holes were drilled along an east-west fence. This fence of holes spans more than 800 metres across the interpreted north-south strike of the regional geological trend. These holes targeted strong magnetic high geophysical features with well-defined flanking and/or coincident electromagnetic conductive anomalies, as highlighted by the VTEM^TM airborne survey completed in Q2 2022 (see news release from April 27, 2022 for reference) and further refined by high-resolution drone magnetic surveys (refer to news release from June 13, 2022). All drill holes encountered rock types that support the geological interpretation of the DUSC, including but not limited to thick mafic to ultramafic intrusive units, graphitic metasedimentary seams, sulphide +/- oxide facies iron formation, felsic to intermediate metavolcanics and related breccias as well as sequences of silicified +/- sulphide-bearing exhalative/volcanogenic/volcanoclastic rock units. Core logging and sampling is in progress and assay results from the Phase I DUSC drilling will be reported when available.

As previously reported, due to the saturated ground conditions along portions of the existing access trail into the DUSC target area, the Company engaged the services of Northern Mat & Bridge (NM&B) to facilitate the mobilization of the drill and support equipment to the work area. NM&B, a Canadian company with an office in Montreal, Québec, specializes in providing safe, environmentally benign, and cost-effective temporary access solutions to otherwise impassable terrain for reasons such as poor ground conditions, weather, sensitive farm/grass lands and traditional land use areas. Utilizing the expertise and services of NM&B supports Québec Nickel’s philosophy of minimizing the impact of its work programs on the environment. NM&B have returned to the Ducros project and have begun the process of removing the temporary environmental matting along the access trail into the DUSC target area.

2023 Drilling Program Planning

The Company is also pleased to report it has received the final results of the fixed-wing airborne gravity survey completed by Xcalibur Multiphysics in September (see the October 12, 2022 News Release for reference). The 2,054 line-kilometre Falcon Gravity system survey was flown at a 100-metre line spacing and covers the entire Ducros property. In addition, final data from the additional 3,000 line-kilometers of high-resolution drone magnetic surveys have also been received from Vision4K and have been incorporated into the geophysical database. The integration and modelling of these new datasets, in conjunction with the previously acquired VTEM^TM data has led to the identification of multiple high-priority drill targets at both the Ducros Gabbro and DUSC target areas.

At the Ducros Gabbro target, multiple coincident geophysical anomalies (magnetic highs + electromagnetic anomalies +/- anomalous gravity signatures) occur along and within the distinctive geophysics of the southeast edge of the gabbroic intrusion as well as within the southern tail of the gabbroic body (Figure 1). At the DUSC target area, numerous similar geophysical anomalies have been identified through the analyses of the updated dataset (Figure 1).

With these data sets and new Ni-Cu-PGE drill targets in hand, and with the positive drilling results returned from the Fortin Sill Zone to date, planning is currently underway that will see 20,000 metres of new drilling completed at all three targets in 2023.

Geology Studies

As part of the ongoing work to support the drilling and geology programs at the Ducros project, several representative outcrop and core samples from the Fortin Sill Zone drilling were delivered to IOS Services Géoscientifiques (IOS), of Chicoutimi Québec, during the summer for thin section petrographic analyses. The results from the first batch of 15 core samples have been received and are highlighted by the positive identification of coarse grained pentlandite as the nickel-hosting sulphide phase at Fortin Sill (Figure 2). In addition, the work by IOS has identified enstatite as the dominant pyroxene silicate mineral phase within the host rocks to the Fortin Sill Zone mineralization (Figure 2). As such, the host rocks at Fortin Sill Zone are classified as gabbronorites.

Additional representative core samples have been collected from more recent drilling and will be submitted for petrographic studies.

In addition to the thin section work completed by IOS, five additional mineralized core samples from more recent drilling at the Fortin Sill Zone were provided to the Mineral Deposit Research Unit (MDRU) of the University of British Columbia for a mineral (nickel) deportment study using its Brunker M4 Tornado micro-X-ray fluorescence spectrometer (micro-XRF). The provided samples represent the range of styles and concentrations of sulphide mineralization encountered at the Fortin Sill Zone to date; ranging from patchy disseminated through coarse blebby to heavy net texture pyrrhotite-chalcopyrite. Elemental maps of silicon, sulfur, iron, nickel, and copper were produced at a resolution of 40 microns per pixel and illustrate the nickel in the provided samples is contained within sulfides and not within silicate phases (Figure 3).

Data Room & Confidentiality Agreements

The Company also reports a digital data room has been created and populated with all pertinent Ducros project information collected to date and multiple Confidentiality Agreements have been executed with interested third parties allowing them access to the data.

Core Processing & QAQC

Québec Nickel has implemented a quality assurance and quality control (“QAQC”) program for its Ducros Project 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, 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 Val d’Or. 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’ sample preparation facility in Val-d’Or in secured and numbered rice bags by project personnel.

AGAT Laboratories is accredited to the ISO/IEC 17025:2017 and ISO 9001:2015 standards. 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 4 Acid Digest – Metals Package, 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 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 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.

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