North American Nickel Congratulates PNR on Purchase of Selebi and Selebi North Mines in Botswana

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Vancouver, British Columbia–(Newsfile Corp. – February 10, 2022) – North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108) (the “Society” Where “NOPE“) is pleased to announce that Premium Nickel Resources (“PNR“), in which NAN holds a 10% interest and has the right to purchase an additional 15% undiluted interest for US$10 million, entered into the Asset Purchase Agreement (the “Selebi APA“) transaction with the liquidator of BCL Limited (“BCL“) to acquire Selebi Nickel-Copper-Cobalt and Selebi North (“Ni-Cu-Co“) Mines (together, the “Selebi Mines(See press release dated September 28, 2021). The transfer of ownership of the Selebi mines and related infrastructure to PNR has been finalized and exploration activities are expected to begin immediately.

PNR launched comprehensive due diligence programs on the Selebi mines in March 2021 after being selected as the preferred bidder in the liquidation process and entering into a memorandum of understanding (“PE“) providing for a six-month exclusivity period. NAN provides corporate management and technical expertise to PNR on a contractual basis.

NAN CEO Keith Morrison said: “The completion of the transfer of ownership of the Selebi and Selebi North mines by BCL’s liquidator is an important milestone for PNR in Botswana. On behalf of NAN, a founding shareholder of PNR, I would like to congratulate PNR on this achievement. NAN will continue to provide technical and operational management expertise to PNR on a daily basis as it begins the process of requalifying the remaining resources supporting the ambition to rapidly redevelop these mines based on modern best practice and assuming preservative raw materials. ”

Since the execution of the MOU in March 2021, PNR has collected new information, including metallurgical sampling of approximately 700 kg of fresh representative ore. Subsequent metallurgical testing, carried out at SGS Lakefield, confirmed the plan to rehabilitate the Selebi mines to produce separate copper and nickel-cobalt concentrates.

PNR executed the Selebi APP in September 2021 and quickly entered into a 120-day closing period. During the closing period, PNR continued to acquire new data in preparation to begin an extensive exploration program to define the potential for further resource upside at Selebi and Selebi North.

The Selebi mines include two shafts and related infrastructure (rail, electricity and water). Shaft sinking and mill construction began in 1970. Mining ended in October 2016 when operations were placed on care and maintenance due to a failure in the separate processing facility from Phikwe. The Selebi mines were then placed in liquidation in 2017.

The proposed work plan for the Selebi mines includes diamond drilling which is expected to last up to 18 months. During this time, additional metallurgical samples will be taken and sent for more detailed studies. Underground infrastructure at Selebi North will be upgraded to support the underground drilling program as well as to improve health and safety at Selebi North.

About North American Nickel

North American Nickel is a mineral exploration company with wholly owned properties in Maniitsoq, Greenland and Ontario, Canada. In 2019, the Company became a founding shareholder of Premium Nickel Resources (“PNR“) a Canadian private company, to provide direct exposure to Ni-Cu-Co opportunities in the Southern Africa region. PNR has completed a transaction resulting in the transfer of ownership of the assets, in liquidation, formerly operated by BCL Limited and , has entered into an asset purchase agreement to acquire an additional asset, in liquidation, formerly operated by Tati Nickel Mining Company in Botswana. Simultaneously, the Company is expanding its area of ​​exploration interest in Morocco.

The Maniitsoq property in Greenland is a licensed camp-scale exploration project comprising 3,048 km2 covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The over 75 km long belt is located along and near the southwest coast of Greenland and is accessible from the existing deep water port of Seqi with a year-round sailing season and potential for hydroelectric power from a quantified watershed.

The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the former Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. These geological structures host significant Ni-Cu-PGM deposits and producing mines in the Sudbury camp.

The Company has acquired 100% ownership of a property near the southern extent of the Lingman Lake greenstone belt in northwestern Ontario known as Lingman Nickel and in the Quetico area near Thunder Bay, Ontario. The acquisition of these properties is part of the Company’s strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect acquisition opportunities for nickel assets worldwide.

ON BEHALF OF THE BOARD OF DIRECTORS

Keith Morrison
Chief executive officer
North American Nickel Inc.

For more information contact:

North American Nickel Inc.
Jaclyn Ruptash
Vice President Corporate Affairs
+1 (604) 770-4334

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION: This press release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws regarding the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements about the future prospects of any Company asset or property, the Company’s ability to carry out due diligence, the Company’s ability to access to capital, any expenditure commitments, the success of exploration activities, the future economics of minerals, including nickel and copper, the benefits of the development potential of the Company’s properties, the benefits of drilling and the progress of projects. Forward-looking information is necessarily based on a number of estimates and assumptions which, although believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors, which may cause actual results actual and future events differ materially from those expressed or expressed. implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based on the opinions and estimates of management and on information available to management as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause the actions, events or results are not anticipated, estimated or intended. . Statements regarding mineral reserves and resource estimates may also be considered forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113365

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