Step-out and expansion drilling of the Fortin Sill Ni-Cu-PGE Zone continues as planned

Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the "Company") is pleased to announce a second drill rig began operating this past week at the Company’s Ducros Ni-Cu-PGE property, located approximately 80 kilometres northeast of Val-d’Or, Québec. This second machine will see the completion of approximately 3,000 metres of drilling in the central portion of the Company’s Ducros property, at the Ducros Ultramafic Sill Complex (DUSC) target area, on the west side of Provincial Highway 113 (Figures 1 & 2).

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Figure 1. Geology map of Québec Nickel’s Ducros property (dark red outline) showing the individual mining claims that comprise QNI’s land package, along with the locations of the various Ni-Cu-PGE target areas. The regional geology is sourced from the Government of Québec’s online SIGÉOM database. (Graphic: Business Wire)

The DUSC comprises an area of approximately 2 kilometres wide by ~10 kilometres long that is interpreted to be underlain by significant volumes ultramafic and mafic dikes and sills that have been injected into a large package of sulphide-bearing clastic metasediments (Figures 1 & 2). As the target area is covered by variable thicknesses of overburden and contains little to no outcrop exposure, the current geological interpretation of the Ducros property is derived from Québec Government geology maps that are in turn based on interpretations of historical airborne geophysical datasets.

Ultramafic rocks, which can be associated with massive sulphide nickel-copper-PGE deposits, are known to occur a few kilometres to the southeast of QNI’s current drilling at the DUSC, in an area historically referred to as the Ducros Sill (Figures 1 & 2). Previous drilling completed at the Ducros Sill by Abitibi Resources in the mid-1980’s intersected ultramafic rocks, namely variably serpentinized peridotites and dunites, over entire hole lengths of over 200 metres.

Sulphide-bearing metasediments, which can also be an important component in the creation of nickel-copper-PGE deposits, as local sulphur source, are also known to occur in the region from work completed during the late 1950’s by Valray Exploration. During this time, Valray outlined an iron-sulphide resource from sulphide-facies iron formation units located to the southeast of QNI’s current drilling at the DUSC target (Figures 1 & 2).

QNI’s first phase of drilling at the DUSC is targeting strong magnetic high geophysical features with well defined flanking and/or coincident electromagnetic conductive anomalies (conductors), as highlighted by the VTEM™ airborne survey completed in Q2 2022 (see news release from April 27, 2022 for reference) and further refined by high resolution UAV (drone) magnetic surveys (refer to news release from June 13, 2022, Figure 2). The drilling program at the DUSC is expected to take approximately nine weeks to complete and includes a scheduled brief hiatus of field work during the fall moose hunt.

Northern Mat & Bridge contracted to facilitate drill access to the DUSC

Due to saturated ground conditions along portions of the existing access trail into the DUSC target area, Québec Nickel has engaged the services of Northern Mat & Bridge to facilitate the mobilization of the drill and support equipment to the drilling areas (Figure 3). Northern Mat & Bridge (NMB), 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 Northern Mat & Bridge is very much in-line with Québec Nickel’s philosophy of minimizing the impact its work programs have on the environment.

Upon completion of this phase of drilling at the DUSC, Northern Mat & Bridge will remove the environmental access mats from the access trail. Additional drilling is planned for the DUSC and Ducros Gabbro targets this coming winter.

Fortin Sill Ni-Cu-PGE Zone Exploration Update

As a response to the high-grade Ni-Cu-PGE+Au assay results returned from recent drilling at the Fortin Sill Zone (1.85% Ni, 1.65% Cu and 3.27 g/t Pt-Pd-Au over 8.43 metres in hole QDG-22-29), the Company applied to the Québec Government for a new drill permit that will allow for the continued step-out and expansion drilling of the mineralized body (refer to August 30, 2022 news release for details). Québec Nickel is please to report the new drilling permit has been received and the brushing-out of new drilling pads and access trails has begun. Drilling at the Fortin Sill Zone continues as planned with another 5,000-6,000 meters expected to be completed by the end of the year.

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 news 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 owns 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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