Pacific Nickel Mines Limited announced that the company has completed an updated JORC (2012) nickel Mineral Resource estimate for ML 02/2022 (Kolosori tenement) on Isabel Island, Solomon Islands. The Mineral Resources estimate was carried out by Mining One Pty Ltd. (Mining One) an independent consultant to the company. Highlights: The mineral resource estimate for the Kolosori Project has been updated to reflect: Confirmed lease boundaries upon the granting of ML 02/22 on 14 September 2022; 199 (27 previously reported) holes drilled and assayed by the Company in 2021 and 2022 to increase the confidence in the resource classification; An updated topographical surface following the initial LiDAR survey in August 2022.

An updated total JORC Mineral Resource now estimated at Kolosori: 7.96 million tonnes at 1.44 % Ni at a 1.0% Ni cut off (ca. 113,000 tonnes of contained nickel); 6.02 million tonnes at 1.52 % Ni at a 1.2% Ni cut off (ca. 93,000 tonnes contained nickel).

This compares with the initial JORC Mineral Resource estimate of 5.89 million tonnes at 1.55% Ni at a 1.2% Ni cut off (ca. 91,000 tonnes contained nickel) reported on 19 November 2020 based on historical drilling. The resources in the Measured and Indicated categories increased by 27% from the initial resource estimate.

49% of the total resource is now in the Measured and Indicated categories. Further drilling is planned in 2023 to further upgrade Inferred resources and to test extensions to the current deposits. The previously quoted Exploration Target of 1.94 million to 3.19 million tonnes at 1.2% to 1.6% Ni remains unchanged.

Significant results from drilling carried out by Pacific Nickel include: HAK-S3132: 7m at 1.82% Ni from 0m; HAK-M01: 12.5m at 2.05% Ni from 2.5m (Metallurgical Hole); HAK-M03: 11.5m at 1.99% Ni from 4m (Metallurgical Hole); HAK-M04: 12m at 1.89% Ni from 3.5m (Metallurgical Hole); HAK-S3134: 6m at 1.92% Ni from 1m; HAK-M05: 7.5m at 1.89% Ni from 3m (Metallurgical Hole); HAK-S3142: 6m at 1.87% Ni from 2m; HAK-S348: 5m at 1.87% Ni from 3m; HAK-S3107: 5m at 2.16% Ni from 2m.