Nickel

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES

  • EVNi has received the exploration permit to start drilling in the Carman-Langmuir area, from Ontario's Ministry of Northern Development, Mines, Natural Resources and Forestry
  • Historic exploration has identified large dunitic bodies with elevated nickel contents
  • Many of the units are exposed in outcrop and EVNi will initiate sampling this week
  • After the updated surface sampling, EVNi plans to be drilling the area this summer

EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company") continues to target the large-scale nickel potential of its Carman-Langmuir Zone located in Carman and Langmuir Townships, approximately 30 km southeast of Timmins, Ontario (for further detail, please see May 17, 2022 news release

EV Nickel Inc., Wednesday, May 25, 2022, Press release picture

The Company has more than 30,000 hectares to explore and has identified more than 100km of favourable strike length.

Historically, the district produced from the Redstone, Langmuir #1 & #2, and McWatters mines, with grades ranging from 0.5% Ni (McWatters) to 2.14% Ni (Redstone). In addition to this production, the Shaw Dome hosts the Hart Deposit and EVNi's W4 Zone, plus the permitted Redstone and Carshaw mills (as detailed in Figure 1).

"Receiving this permit to drill and getting started on our own surface sampling across Carman-Langmuir are great steps towards beginning to realize our great exploration potential," said Sean Samson, President, CEO of EV Nickel, "we are very excited about finding more Large Scale mineralization up at Carman-Langmuir, and what success there will mean for the trajectory of the Company."

EV Nickel Inc., Wednesday, May 25, 2022, Press release picture

Outcrop exposure along a ridge of ultramafic dunite to peridotite extending from the Langmuir Access Road up into central Carman Township is good and the mapping indicate an ultramafic sequence with an apparent thickness of between 250 and 1,000 metres (E.J. Leahy, Ontario Department and Mines and Northern Affairs Geological Report 96, 1971; and D.R. Pyke, Ontario Department of Mines, Geological Report 86, 1970). Several geochemical analyses of the exposed ultramafic units have been completed from the area of interest by the Ontario Geological Survey and the University of Alabama to better understand the mineral potential of these ultramafic units (see Figure 2). Historic sampling of the large dunite-peridotite sequences returned analyses with nickel contents all occurring above 0.25% along the entire length and breadth of the outcrop exposures (Pyke, D.R. 1982. Geology of the Timmins Area, District of Cochrane; Ontario Geological Survey, Report 219, Map 2455, 141p.; and Sproule et al., 2003, OGS Open File Report 6073). All of the analyses are available in the public domain

EV Nickel Inc., Wednesday, May 25, 2022, Press release picture

It is along these large dunitic bodies that the Company will immediately start its own surface sampling this week and is now permitted to begin drilling. EV Nickel plans to be drilling the area this summer.

About EV Nickel Inc.

EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed on the Shaw Dome area, south of Timmins, Ontario. In addition to extensive historic production, the Shaw Dome area is home to its Langmuir Project which includes W4, the basis of a 2010 historical estimate of 677K tonnes @ 1.00% Ni, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a Clean Nickel TM business, targeting the growing demand for Class 1 Nickel from the electric vehicle battery sector. EV Nickel has more than 30,000 hectares to explore and has identified more than 100km of favourable strike length.

Qualified Person

The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.

Cautionary Note Regarding the Langmuir Project's 2010 historical estimate:

Historical mineral resources for Langmuir were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, "Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada", dated June 28, 2010 (the "Historical Report"). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the Historical Report, or the estimates therein. The historical estimates are presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.

Contact Information

For further information, visit www.evnickel.com

Or contact: Sean Samson, Chief Executive Officer at samson@evnickel.com.

EV Nickel Inc.
200 - 150 King St. W,
Toronto, ON M5H 1J9
www.evnickel.com

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 of this release.

SOURCE: EV Nickel Inc.



View source version on accesswire.com:
https://www.accesswire.com/702639/EV-Nickel-Receives-Exploration-Permit-for-Phase-3-Drilling-and-Initiates-Surface-Sampling-in-Carman-Langmuir-Area

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