Measured And Indicated Resources Increase At Turnagain

VANCOUVER - Mark Jarvis, CEO of Giga Metals Corp. said, “The updated mineral resource estimate for the Turnagain Project represents an important milestone in the path towards developing a large, long-life operation. The updated geological modeling has increased our level of certainty in the contained resources to feed a global-scale nickel sulphide concentrate facility. The new model reflects resources in the Horsetrail zone, north of the Turnagain river (95% of M&I resources) and the Hatzl zone south of the river, but excludes resources which underlie the river and an ecological setback on either side.”

The mineral resource estimate is based on an additional 15 drill holes totaling 6,295 meters drilled in 2021 that were drilled for resource expansion and resource classification upgrade in addition to supplying geotechnical data.

Since the 2019 mineral resource update, Giga Metals has performed resource expansion and geotechnical drilling in addition to revising its geological modeling. In addition, the schema for classification of resources has been adjusted to reflect drill spacing and reflect confidence that the proposed production rate can reasonably be realized within specified periods of time (i.e. quarterly and yearly). In addition, metal prices have been adjusted to reflect the current economic environment.

As a result, the Measured plus Indicated resources have grown; however, the Inferred resources have also grown as the volumes of the ultimate conceptual pit have expanded. This comparison is provided for information purposes only. This comparison should not be interpreted as a statement of mineral reserves; mineral reserves can only be defined in a Pre-Feasibility or Feasibility study.