EV Nickel samples up to 0.64% Ni at Gemini North

Executive Summary

• EV Nickel Inc. reported surface sampling results from the Gemini North zone on its Shaw Dome project, identifying significant nickel mineralization with the highest-grade samples assaying 0.64% and 0.51% nickel.
• The company announced the exercise of 99% of its remaining 2023 warrants, raising $2,957,882, which provides a cash buffer for over 48 months of operations at current overhead rates.
• Exploration activities are continuing with next-phase drilling on Gemini North and metallurgical testing, including bioleaching, with a preliminary mineral resource estimate anticipated upon completion of data analysis.

Key Details

• Surface Sampling Results:
  • 109 surface samples collected from the Gemini North zone.
  • 86 samples from targeted peridotites and dunites assayed between 0.15% and 0.64% nickel.
  • 73% of assay samples graded above 0.24% nickel.
  • Two samples from the westernmost outcrop exposures returned high-grade values: 0.64% Ni and 0.51% Ni.
  • These results represent the best surface nickel grades observed along the Carlang trend to date.
• Context and Comparison:
  • Gemini North is one of five large-scale targets on the Shaw Dome project, located ~2 km from the flagship Carlang A deposit.
  • Carlang A contains a combined NI 43-101 resource of 1.1 billion tonnes at 0.24% Ni (500M tonnes indicated at 0.25% Ni; 500M tonnes inferred at 0.23% Ni).
  • Management notes that each 0.01% increase in nickel above 0.24% increases contained in situ nickel pounds by ~4% relative to the Carlang A resource grade.
• Financing / Warrant Exercise:
  • 32,865,356 warrants issued in 2023 were exercised (representing 99% of remaining 2023 warrants).
  • Gross proceeds raised: $2,957,882.
  • Proceeds to be retained as a cash buffer for general corporate purposes.
  • Combined with existing cash, this provides >48 months of financed operations at current overhead rates.
• Future Work:
  • Next phase of drilling on the Gemini North zone is currently underway.
  • Metallurgical program testing recovery characteristics of nickel sulphide mineralization.
  • Testing amenability of bioleaching process for sulphide concentrates.
  • Preliminary mineral resource estimate for Gemini North expected after all data is received and analyzed.
• Assay Methodology:
  • Samples analyzed at ALS Canada Ltd. and SGS.
  • Nickel, copper, cobalt, and sulfur analyzed by sodium peroxide fusion with ICP finish.
  • Platinum, palladium, and gold analyzed by fire assay and ICP-AES finish.

Notable Quotes

• "It is extremely exciting to have two values over 0.5 per cent nickel exposed at surface on the Gemini North zone and represent the best surface nickel grades observed along the Carlang trend to date. The impact of the higher nickel contents on these large-scale deposits is that, with each increase of 0.01 per cent nickel above 0.24 per cent nickel, it increases the contained in situ nickel pounds by approximately 4 per cent relative to the Carlang A resource grade," said Paul Davis, vice-president, exploration.