Core Nickel posts re-assay results for Mel Deposit on the Mel Project, Manitoba

Core Nickel Corp. [CSE: CNCO] reported results of the re-analysis of twelve historical diamond drill holes from the 100%-owned Mel Project in the Thompson Nickel Belt, Manitoba. The resampling program was completed, in part, to verify historical assay results and help define methods and the overall approach for an updated NI 43-101 mineral resource estimate. Understood Mineral Resources was retained by Core Nickel to confirm historical nickel assay results.

Highlights: Confirmation of high-grade nickel mineralization with the following results: 1.73% Ni over 36.3 m in DDH 102503 (previously reported at 1.73% Ni); 2.81% Ni over 11.6 m in DDH 89300 (previously reported at 2.60% Ni); 2.32% Ni over 14.4 m in DDH 89299 (previously reported at 2.21% Ni); 2.42% Ni over 10.2 m in DDH 89296 (previously reported at 2.43% Ni); 2.08% Ni over 9.3 m in DDH 102510 (previously reported at 1.91% Ni) and 2.92% Ni over 5.8 m in DDH 102501 (previously reported at 2.69% Ni).

Nickel resampling results correlate well with the historical data and no meaningful bias was identified between the two datasets.

The Mel project encompasses the Mel deposit which is characterized by a historical mineral resource consisting of an indicated resource of 4,279,000 tons grading 0.875% Ni, plus an inferred resource of 1,010,000 tons grading 0.839% Ni, at a cut-off of 0.5% Ni.

Misty Urbatsch, CEO, President, and Director of Core Nickel, commented, “We are very encouraged by the re-assay results as it confirms both the integrity of the historical data and high-grade core of the deposit. This gives us added confidence in the quality and accuracy of the historical resource as well as provides a solid foundation as we move toward a modern mineral resource estimate. Highlights such as 1.73% Ni over 36.3 metres and 2.81% Ni over 11.6 metres reflect the strength and continuity of mineralization at the Mel deposit. Based on the confirmation from the re-assay results, Mel has the potential to be one of the highest-grade undeveloped nickel deposits in North America.

“Located just 20 km from key infrastructure, including existing mines, mills with available capacity, rail access, and nearly 100% renewable hydroelectric power-Mel is well-positioned for further advancement as we continue to evaluate its development potential.

“Historical drilling at Mel over the past 50 years has focused on shallow depths averaging only 200 metres, with the near-surface deposit originally discovered in the 1960s at a depth of just 50 metres. The recently completed VTEM survey over Mel will help us image down to 400 metres depth and provide a better understanding of the geology at depth. While previous exploration has primarily targeted near-surface mineralization, we see compelling potential below 200 metres, particularly given that the neighbouring Thompson Mine operates at depths exceeding 1,000 metres within a similar geological setting.”

The nickel results from the resampling program were compared against the historical data through a variety of statistical techniques. It was determined the resampling results correlate well with the historical data and no meaningful bias was identified between the two datasets.

The resampled nickel grades were compared to the global original distribution (nickel grades of the entire deposit) to ensure representative grade ranges were selected for reanalysis.

The historic and resampled results of the individual intervals were compared to validate the precision and accuracy of the historical results through histograms, quantile-quantile (Q-Q) plots, and scatter plots.

The company selected previously sampled mineralized NQ core for re-analysis and maintained the sample intervals defined by the historical assays (also referred to as original results). The interval ranges between 0.1 m to 3.7 m with an average of 1.35 m. The samples were collected from previously halved NQ core that was further split into quarter core. The quarter core was placed in plastic sample bags pre-marked with the sample number along with a sample number tag. The other quarter was returned to the core box for long-term storage.

The bags containing the split samples were then placed in rice bags with zip ties for transport to the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, Saskatchewan, by Core Nickel personnel.

In total, 310 samples from 12 drill holes were collected and analyzed. Core Nickel inserted 17 blank samples and 17 certified reference material samples into the sample stream for quality control and quality assurance (QA/QC) purposes.

Core Nickel controls 100% of five projects in the Thompson Nickel Belt (TNB), a prolific nickel district located in Northern Manitoba, Canada. The five projects consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, including highways, railways, major hydroelectric transmission lines, and operating mills.

Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 15-20 km from Thompson. Core Nickel’s northern TNB land package consists of three projects: Mel, Hunter, and Odei River.

The Mel project encompasses the Mel deposit, which is characterized by a historical mineral resource consisting of an indicated resource of 4,279,000 tons grading 0.875% Ni, plus an inferred resource of 1,010,000 tons grading 0.839% Ni, at a cut-off of 0.5% Ni. 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 projects and drillhole intersections into the target stratigraphy on the Hunter project have successfully intersected anomalous nickel.

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

Core Nickel is treating the 2007 Mineral Resource Estimate (MRE) prepared for Victory Nickel Inc. by Shane Naccashian (P. Geo.) of Wardrop Engineering Inc. as a historical mineral resource under NI 43-101 Standards. Core Nickel has not done sufficient work to classify the historical estimate as a current mineral resource.

To upgrade or verify the 2007 historical estimate as current, Core Nickel will need to complete a thorough review of all the 2007 historical MRE information and drill data, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical MRE subsequent to the publication of the resource.

Additionally, a full review of the economic parameters utilized to determine current Reasonable Prospectus for Eventual Economic Extraction (RPEEE) would be required in order to produce a current MRE for the property. Any future mineral resource will need to evaluate the open pit and/or underground potential taking into consideration the current cost and pricing conditions or constraints, along with continuity of the resource blocks.

Core Nickel has been approved for a $300,000 non-repayable grant from the Manitoba Mineral Development Fund (MMDF) to support exploration work in the Thompson Nickel Belt. The first $100,000 has been received, with the balance expected by June 2025.