Quebec Nickel Corp. reported drilling assay results from its Ducros Ni-Co-Cu-PGE project, located 85 kilometers northeast of Val-d'Or, Quebec. Results discussed herein come from multiple drill holes completed at the southern margin of the large 25 square kilometer Ducros Gabbro target this spring.

The newly discovered nickel and cobalt-bearing ultramafic intrusion, now referred to as the "Q-Zone", has a surface geophysical footprint of approximately two square kilometers. Previous exploration conducted in the Q-Zone target area is limited to a single 145-metre-long hole drilled in57 that encountered mostly gabbroic rocks. In addition to this lone drill hole, Quebec Nickel completed a till sampling program during the spring of 2021 approximately two kilometers west of the Q-Zone target.

Hole QDG-23-301 was collared to the test a portion of the southern lobe of the Q-Zone magnetic anomaly. The hole encountered a thick succession of intercalated mafic, ultramafic and sedimentary rock units with multiple narrow intervals of gabbronorite and serpentinized dunite. No significant assay results were returned from this hole.

QDG-23-303 was drilled towards the northwest to test the southern lobe magnetic high and encountered ultramafic intrusive rocks throughout most of its 351-metre length (weakly to moderately serpentinized peridotite to dunite). Assay results for this hole include 0.17% nickel and 114 ppm cobalt over 322.77 metres and includes a 52.50 metre interval of 0.20% Ni + 115 ppm Co at the bottom of the hole. Hole QDG- 23-304 was collared approximately 800 metres northeast of QDG-23- 303 and was drilled towards the southeast to evaluate the margin of the Q-Zone central lobe magnetic anomaly.

The 315-metre-long hole drilling through a mixed package of felsic to intermediate and mafic dykes, including quartz monzonite and gabbro until 242 metres depth after which the hole cored through 75 metres of mafic volcanic country rock. No significant assay results were return from this hole. QD Gabbro was directed towards the northwest to test the central lobe of the Q-Zone Magnetic high.

After collaring in sedimentary rocks at 42 metres hole depth, QDG-23-306 encountered 40 metres of gabbro before cored a 475-metre-long interval of variably altered ultramafic rocks (dunite). Assay results from this hole are highlighted by 0.22% Ni + 122 ppm Co over the final 164.50 metres of the hole. Hole Q DG-23-307 was collared 275 metres northwest of QDG-23 - and also drilled towards the northwest to locate the contact between the ultramafic intrusion and surrounding host country rocks.

Assays are pending for this hole however results are expected to be in-line with the results from the holes drilled immediately to the south. A drill section summarizing the results of holes QDG-23-304, 306 & 307 at the Q-Zone's central lobe magnetic high is shown as Figure 3 and a summary of all assay results from the Q-Zone drilling can be found below as Table 1. These drilling results in combination with the modeled geophysical fingerprint of the target area indicate the Q-Zone spans approximately two kilometres in a northeast-southwest direction by about one kilometer in width. Drill core is collected by Ducros Project personnel daily from the drill rigs and transported in secured core boxes to QNI's core logging facilities in Lebel-sur-Quevillon.

Analysis for precious metals, and the Q-Zone targets are expected to be used to test the Q-Zone target area.