Mel Project Re-Analysis Of Historic Diamond Drill Holes

SASKATOON - Core Nickel Corp. reported on the results of the re-analysis of twelve historical diamond drill holes (DDH) from the 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 National Instrument 43-101 mineral resource estimate. Understood Mineral Resources (UMR) was retained by Core Nickel to confirm historical nickel assay results.

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, Chief Executive Officer, President, and Director, said, "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 kilometres 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."