More Wide Nickel Intercepts Highlight Substantial Resource Upside

Nickel sulphide explorer Nordic Nickel Limited (ASX: NNL; Nordic, or the Company) is pleased to report further significant assay results received from drilling completed at its 100%-owned flagship Pulju project, situated in Northern Finland (Pulju, or the Project) within the Central Lapland Greenstone Belt (CLGB). The Company completed 28 diamond drill-holes for 15,432m as part of its maiden drilling program at the Project.

HIGHLIGHTS

• Assays from seven (7) diamond drill-holes return further wide intersections of disseminated nickel sulphide mineralisation, with discrete higher grade zones.
• Assay highlights:
  • 117.9m @ 0.22% Ni from 4.1m incl 2m @ 0.60% Ni from 96m; and
    • 98m @ 0.21% Ni from 216m; and
    • 85m @ 0.22% Ni from 349m; and
    • 95.9m @ 0.20% Ni from 442m incl 1.5m @ 0.86% Ni from 504m in HOT013.
  • 103.2m @ 0.19% Ni from 37.55m in HOT019.
  • 86.8m @ 0.22% Ni from 15.2m in HOT007.
  • 72.4m @ 0.18% Ni from 126.4m; and
    • 60.3m @ 0.16% Ni from 243.6m; and
    • 33m @ 0.23% Ni from 425m incl 2m @ 0.50% Ni from 452m; and
    • 42m @ 0.26% Ni from 472m incl 4.15m @ 0.58% Ni from 483m in HOT012.
  • 32.5m @ 0.24% Ni from 103.5m incl 2m @ 0.53% Ni from 132m in HOT011.
• Partial leach assaying confirms the predominance of nickel sulphide in the assays received to date.
• Results confirm the vast nickel sulphide system at Hotinvaara and the potential for a substantial increase in the current Mineral Resource Estimate (MRE) at Hotinvaara (133.6Mt @ 0.21% Ni, 0.01% Co).
• Hotinvaara Prospect represents just 2% of the total prospective mineralised belt within the broader Pulju Project.
• Assay results pending for an additional 14 drill-holes from the Phase 1 drilling program at Hotinvaara. Updated MRE scheduled for completion by the end of 2023.

New assays have been received for diamond drill-holes HOT007, HOT008, HOT009, HOT011, HOT012, HOT013 and HOT019, which targeted extensions to the current MRE and associated geophysical anomalies. Results have further confirmed and significantly expanded the footprint of disseminated nickel sulphide mineralisation at the Hotinvaara prospect (Figures 1 and 2; Table 1). On the basis of the assays received to date and logging of all the completed drillholes, the Company is optimistic about the potential to substantially increase the Mineral Resource Estimate (MRE) at Hotinvaara, which currently stands at 133.6Mt @ 0.21% Ni, 0.01% Co¹.

Figure 1. Collar plan showing Nordic’s drilling (green dots) and historical drilling (black dots). Drill-holes reported in this release highlighted in green text. Composite assay intersections highlighted (cut-off:>1,500ppm Ni-total; max. 6m internal dilution). Cross-sections A – A’, B – B’, C – C’, D – D’ and E – E’ see Figs. 3 – 7. Background image: TMI magnetics.

Management Comment

Nordic Nickel Managing Director, Todd Ross, said: “The maiden drill program at Hotinvaara is continuing to deliver outstanding results, with extremely wide zones of disseminated nickel mineralisation encountered in almost every hole drilled. The sheer scale and extent of the deposit is what stands out from these drillholes. HOT013 was a particular standout, intersecting multiple intervals of above cut-off nickel sulphide mineralisation over a cumulative thickness of 428m within 538m of surface.

“Also of note is the discrete higher grade zones, with grades of up to 0.86% Ni in HOT013. This shows the potential of the system to carry higher grades, and an encouraging sign for our ongoing exploration at Hotinvaara. If we can vector into larger accumulations of higher grade massive sulphides that are known to be present in the system, that will be a game-changer for the project.

“We are looking forward to receiving the balance of assays for the outstanding 14 drillholes over the next month. In the meantime, work has already started on the MRE upgrade, which we plan to complete by the end of this year.”

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