Quebec Nickel completes $8.7 million placement deal

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Quebec Nickel Corp. [QNI-CSE] said Friday it has closed the second and final tranche of a brokered private placement that raised $8.7 million for exploration on its Quebec properties.

They include the Ducros nickel-copper-cobalt-PGE-gold project, which consists of 280 contiguous mining claims covering 15,147 hectares within the eastern portion of the Abitibi greenstone belt, and located about 80 kilometres northeast of Val-d’Or, Quebec.

The second tranche raised over $3.06 million and consisted of 1.05 million units priced at 20 cents each, 1.9 million national flow-through shares priced at 24 cents per share and 9.7 million Quebec flow-through shares priced at 25 cents each. Total proceeds from both tranches amounted to $8.7 million.

Each unit consists of one common share and one half of a common share purchase warrant. Each whole warrant entitles the holder to acquire one additional share for 30 cents for up to two years from the closing date.

On Friday, Quebec nickel shares were unchanged at 17 cents and currently trade in a 52-week range of 32 cents and $0.09.

Two known nickel-copper-PGE magmatic sulphide showings (the Fortin Showing and Ducros Sill) are known to exist on the Ducros property and have only seen limited surface sampling and drilling. However, based on the extensive mapped ultramafic intrusions mapped, considerable potential exists for delineating new sulphide occurrences or extensions of the known historical exploration at depth and along strike, the company has said.

Drilling on the Fortin Sill has previously returned 0.82% nickel plus copper and 0.65 g/t platinum-palladium-gold over a core interval of 20.7 metres.

In a December 15, 2022 news release, the company released assays from four holes completed on the Fortin Sill Zone. The company said they demonstrate that the zone extends from the mineralized surface discovery outcrop to the southeast. Assays also highlight the potential for discovery of additional Fortin Sill Zone-like bodies at depth, the company said.

Drilling highlights include 1.07% nickel, 1.19% copper, 364 ppm cobalt, 2.70 g/t platinum-palladium-gold over 4.77 metres in Hole QDG-22-30, one of three new holes collared to the southeast of the Fortin Sill Zone discovery outcrop.

Quebec Nickel said the 2022 drilling program at the Ducros property is now complete and plans are in progress to launch winter work programs, including 20,000 metres of new drilling in 2023. Just over 21,000-metres were drilled in 91 holes across the property in 2022, utilizing up to three rigs.

To date, approximately 50% of the assay results from submitted and yet to be submitted core samples have been received, the company said.

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