Core Nickel Provides Corporate Update, Including Plans for Winter Drill Program at Its Halfway Lake Property

Saskatoon, Saskatchewan--(Newsfile Corp. - February 7, 2024) - Core Nickel Corp. (CSE: CNCO) ("Core Nickel" or the "Company") announces that it is actively planning its inaugural drilling program on the Company's 100% owned Halfway Lake property (the "Project"), with drilling operations set to commence in early March. The program is expected to consist of ~1,000 metres of diamond drilling for approximately 3-4 drillholes. The drill targets for the Company's winter drill program will focus on the southwestern part of the Project proximal to the historical W62 zone. Historical drilling from the 1960s in the W62 anomaly area intersected sulphidic sedimentary Pipe Formation rocks closely associated with ultramafic rocks. Drill hole W62-D intersected mineralized horizons; the main horizon contained 18.9 m at 0.68% Ni, including 3.05 m at 1.32% Ni, as referenced from the Manitoba Assessment file AR93558. The 2024 winter drilling campaign is planned to focus on the historical W62 Zone coincident with a magnetic anomaly identified from an airborne survey completed in 2021. In addition, the Company is planning to test a magnetic anomaly ~300 m along strike to the north of the W62 Zone (Figure 1). The planned work will build on the Technical Report on the Halfway and Resting Lake Properties Thompson, Manitoba, prepared by Chris Beaumont-Smith in 2023, filed under the Company's profile on SEDAR+.

Figure 1: Halfway Lake - 2024 Drilling Program Target Area

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The Company is pressing ahead on obtaining exploration work permits through the Government of Manitoba and has solidified an agreement with Team Drilling on February 2, 2023, to conduct the drilling at Halfway Lake. The Company is fully funded to complete the drilling program on Halfway Lake.

In addition, on January 9, 2024, the Company signed a digital services consulting agreement with Business Financial Network (the "Consultant") to provide certain services for two months from January 9, 2024, to March 9, 2024, with an option to renew for an additional nine months. Services the Consultant will provide include, but are not limited to, YouTube digital video presentations and podcast interviews, written articles for online distribution and social media presentations and campaigns. The agreement may be terminated upon ten (10) days written notice by the Company or the Consultant. Under the agreement, the Company will pay the Consultant a monthly rate of $6,500/month (plus HST). The Company and the Consultant act at arm's length. The Consultant has no present interest, directly or indirectly, in the Company's securities.

About Core Nickel

Core Nickel Corp. is a junior nickel exploration company that controls 100% of five properties in the prolific nickel district, the Thompson Nickel Belt (TNB) in Northern Manitoba, Canada. The five properties consist of 150,000 hectares of land that is proximal to existing infrastructure, such as highways and operating mills.

Map: Core Nickel's Thompson Nickel Belt Properties

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Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 16-20 km from the City of Thompson. Core Nickel's northern TNB projects consist of three properties: Mel, Hunter, and Odei River. The Mel property encompasses the Mel deposit, which is characterized by a historical NI-43-101 resource estimate with an indicated resource of 4.3 million tonnes at 0.875% nickel, equating to 82.5 million lbs contained nickel, and a historical inferred resource estimate of 1.0 million tonnes at 0.839% nickel, equating to 18.7 million pounds of contained nickel. The target stratigraphy (Pipe Formation) that hosts the Mel deposit, and other deposits in the Thompson Nickel Belt, extend onto the Hunter and Odei River properties and drill hole intersections into the target stratigraphy on the Hunter project have successfully intersected elevated nickel.

The Company also holds two properties in the southern TNB near Wabowden: Halfway Lake and Resting Lake. Both properties host the target Pipe Formation associated with known elevated nickel mineralization and are proximal to existing nickel deposits, mills, and other infrastructure.

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Misty Urbatsch, MBA., P. Geo., CEO, President and Director for Core Nickel Corp., who has reviewed and approved its contents.

On behalf of the Board of Directors
"Misty Urbatsch"
Misty Urbatsch
CEO, President and Director
Core Nickel Corp.

Contacts:

Misty Urbatsch, CEO and President
Tel: 306-668-6927
Email: [email protected]

General Enquiry
Tel: 306-668-6927
Email: [email protected]

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197081