Further Wide Zones Of Nickel Sulphide Mineralisation Intersected At Pulju

Nickel sulphide explorer Nordic Nickel Limited (ASX: NNL; Nordic, or the Company) is pleased to report further assay results from drilling completed at its flagship Pulju Nickel Project (the Project) in the Central Lapland Greenstone Belt (CLGB) of northern Finland.

HIGHLIGHTS

• Assays received for a further three diamond drillholes following the initial wide intersections reported from HOT001 on 26 May 2023.
• Latest assay highlights include¹:
  • 199.1m @ 0.22% Ni from 20.9m in HOT006
  • 25.3m @ 0.29% Ni from 340m in HOT006
    • incl 0.6m @ 4.66% Ni, 0.1% Co from 359.6m
  • 63.8m @ 0.22% Ni, 0.01% Co from 140.2m in HOT003
  • 63.0m @ 0.22% Ni from 211.0m in HOT003
  • 20.0m @ 0.26% Ni, 0.01% Co from 284.0m in HOT003
    • incl 2.4m @ 0.73% Ni, 0.03% Co from 288.0m
    • which included 0.4m @ 1.68% Ni, 0.06% Co from 288.0m
• Pervasive disseminated nickel sulphide mineralisation with discrete high-grade semi-massive and net textured sulphide zones.
• Partial leach assay results confirm nickel is predominantly sourced from nickel sulphides in the main mineralised zones.
• Peak assayed nickel grade from drilling to date of 4.66% Ni obtained in HOT006.
• Shallow, anomalous copper intersected for the first time in HOT003.
• Results support the potential to significantly expand the current Hotinvaara MRE, with an updated MRE scheduled for completion later this year.
• Twenty (20) diamond drillholes now completed for a total of 12,385.2m.

HOT003 and HOT006 encountered multiple near-surface disseminated sulphide zones as well as discrete zones of semi-massive and net-textured massive sulphides². The grade of the mineralisation intersected is consistent with the current Mineral Resource Estimate (MRE) for Hotinvaara of 133.8Mt @ 0.21% Ni and 0.01% Co³.

The Phase 1, 22,000m drilling program at Hotinvaara is focused on a dual exploration strategy of targeting high-grade massive nickel-copper sulphides of a similar style to the nearby world-class Sakatti Deposit and bulk tonnage-style disseminated nickel sulphide mineralisation with the potential to host long-life Mineral Resources.

Management Comment

Nordic Nickel Managing Director, Todd Ross, said: “Nordic’s maiden drill campaign continues to confirm historical drilling and, importantly, expand the mineralisation footprint at Hotinvaara. The wide intersections of shallow disseminated nickel sulphides we are seeing in the assays bodes well for when we re-evaluate the Mineral Resource at the end of the Phase 1 drilling program.

“The high-grade nickel sulphide intersections are highly encouraging, confirming that the mechanisms for the massive sulphide formations were operating at Hotinvaara.

“When drilling re-commences after the northern summer break, our activities will continue to focus on zones of both known and potential massive sulphides and systematically step-out from historically drilled areas with the aim of expanding the Mineral Resource. Based on what we are seeing at Hotinvaara, the Company believes that the Pulju project has the potential to host multiple world-class nickel deposits and thereby produce for many generations the critical minerals desperately needed for the energy transition.”

Figure 1. Collar plan showing Nordic Nickel’s drilling (green dots) and historical drilling (black dots). Composite assay intersections highlighted (cut-off: >1,500ppm Ni-total; max. 6m internal dilution). Nordic Nickel’s drilling results highlighted in blue.

Drillhole summaries

Nordic’s diamond drilling and assay results confirm those from the historical drilling as well as increasing the mineralisation footprint and confidence level of the MRE (Figure 2). Significantly, near-surface disseminated nickel mineralisation has been intersected consistently by drilling. Following is a brief description of the three new drillholes for which assay results have recently been received. Full details of the assay results are provided in Appendix 1.

Figure 2. 3D oblique view (looking NNW) highlighting Nordic Nickel drilling (purple lines) and historical drilling (black lines) overlain on JORC (2012) MRE. Weighted average composite nickel assays highlighted by blue and red cylinders (cut-off: >1500ppm Ni-total; max. 6m internal dilution).

Drillhole HOT002

Drillhole HOT002 was positioned near the northernmost extent of the known mineralised zone and designed to test multiple geological and geophysical targets, including the basal ultramafic sequences where magma interacted with a regionally extensive evaporite (including anhydrite) sequence.

HOT002 intersected an interlayered sequence of ultramafics, ultramafic skarn and schists down to 165m and appears to lie near the edge of, rather than within, the main mineralised channel. It did not intersect the basal sequences as planned, however, a zone of disseminated nickel mineralisation grading 49.85m @ 0.18% Ni from 119.5m was intersected in an area not currently in the MRE4.

Drillhole HOT003

Drillhole HOT003 was also positioned to test multiple geological and geophysical targets, including the basal ultramafic sequences, and the eastern part of the MRE. Electromagnetic features being targeted included FLEM, MLEM and borehole EM (BHEM) conductor plates.

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