EV Nickel drills 1.47% nickel over 13.1 metres at Shaw Dome, Ontario

EV Nickel Inc. [EVNI-TSXV; EVNIF-OTC; JR1-FSE] reported high-grade nickel intercepts from the 2023 drill program on the eastern extension of the high-grade W4 zone at its Shaw Dome Project, 25 km southeast of Timmins, northeastern Ontario. Drilling has intersected a continuation of the high-grade nickel sulphides 50 metres to the east of the 2022 drill program. The high-grade assay results released today represent the first four holes of the program completed on Section 497550mE.

This year’s diamond drill hole program was designed to test the eastern edge of the W4 Extension, the mineralized Nickel zone between 200 to 450 metres from surface, discovered last year. The objectives of this year’s program included expanding the known mineralization along the interpreted plunge of the mineralization and expanding the size of the nickel sulphide zone.

This year’s drilling successfully expanded the known mineralization with drill intercepts of 1.47% nickel over 13.1 metres, including 2.77% nickel over 4.7 metres in hole EV23-02, the deepest hole on the section and 1.58% nickel over 6.8 metres, including 3.01% nickel over 2.1 metres in hole EV23-03. Assay results are still pending for hole EV23-04 and are anticipated in coming weeks.

“Extending the high-grade nickel sulphides to the east demonstrates the potential of the W4 zone and adds to the size of zone to be included in the upcoming updated resource estimate,” said Paul Davis, vice-president of exploration. “Before this year’s drilling, the exploration team had modeled the W4 zone and was able to predict the intercepts within a few metres of the actual locations. This indicates to me that our understanding of the W4 zone has improved significantly, and the company’s interpretation is that the mineralization should continue deeper and potentially extend further to the east than currently defined.”

This year’s drilling successfully extended the mineralized envelope approximately 50 metres further to the east from the 2022 interpretation. The sulphide mineralization was intersected on, or near the basal contact of komatiitic peridotite continuing to confirm the similarities to Kambalda-style nickel sulphide deposits. The sulphide mineralization is open at depth below hole EV23-02 and has not been closed off by the drilling. EVNI’s exploration team has identified a number of marker horizons associated with the host komatiitic peridotite and were able to project the location of the sulphide mineralization on Section 497550mE to within a few metres of the actual drill intercepts, prior to the start of the drill program. This extension of high-grade nickel sulphide will be included in the upcoming updated mineral resource planned for second quarter of 2023.

The Shaw Dome includes the CarLang Area with more than 10km of mineralization and where the first 20% contains the A zone with a resource which defined 1.3M Indicated and 1.2M Inferred tonnes of Contained Nickel, and the W4 zone, the basis of a 2010 historical estimate of 677K tonnes of 1.00% nickel, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a Clean Nickel^(TM) business, targeting the growing demand from the electric vehicle battery sector. EV Nickel has over 30,000 hectares to explore across the Shaw Dome and has identified >100 km of additional favourable strike length. The company is focused on a 2-track strategy: Track 1- to produce high-grade Clean Nickel (starting with W4) and Track 2- an integrated Carbon Capture & Storage project with large-scale Clean Nickel production (starting with CarLang).