Moving Loop Electromagnetic Survey Expands Mineralised Footprint At Hotinvaara

Nickel sulphide explorer Nordic Nickel Limited (ASX: NNL; Nordic, or the Company) is pleased to provide an update on its ongoing exploration program at its flagship Pulju Nickel Project (the Project) in the Central Lapland Greenstone Belt (CLGB) of northern Finland.

HIGHLIGHTS

• Moving Loop Electromagnetic (MLEM) geophysical survey completed at the Hotinvaara Prospect, within Nordic’s Pulju Nickel Project in Finland.
• Multiple discrete EM conductors detected both within, and external to, the JORC (2012) Mineral Resource Estimate1.
• High conductance plates (>5,000 Siemens) will be drill tested during the current Phase 1 drilling program.
• Ten (10) diamond drillholes now completed and one (1) in progress, for a total of 7,743m.
• First assay results expected within 3-4 weeks.

Diamond drilling at Hotinvaara commenced in early January 2023 within the historically defined Hotinvaara Mineral Resource Estimate (MRE) area, with two rigs operating.

Nordic is primarily targeting massive nickel-copper sulphide mineralisation of a similar style to the nearby world-class Sakatti deposit, while also aiming to enhance its understanding of the large mineral system and the extent of the disseminated nickel mineralisation that makes up the bulk of the current Hotinvaara MRE.

Management Comment

Nordic Nickel Managing Director, Todd Ross, said: “We are very encouraged by the additional conductors which have been identified at Hotinvaara, complementing the results of our other ground-based and downhole geophysical surveys.

“The MLEM program has extended and refined our drill targets and indicates that Hotinvaara is an extremely large prospect with outstanding potential. On the basis of the MLEM survey, the Hotinvaara prospect is estimated to extend over a strike length of ~3.4km and includes targets both within the ultramafic intrusions and also in the adjacent volcano-sedimentary rocks. We have an abundance of compelling drill targets at Hotinvaara to follow up on over the coming year, and we are looking forward to expanding the known extent of nickel-copper-cobalt mineralisation”.

Moving Loop Electromagnetic (MLEM) survey

Technical details of the MLEM survey are contained in Appendix 1. The survey consisted of 14 lines for 18.8-line kilometres. The MLEM program was designed to refine the orientation and position of sulphide conductors to be targeted by drilling.

Highly conductive features (up to 16,000 Siemens) have now been modelled over a strike length of ~3,400m and widths of up to ~1,400m, highlighting the potential for Hotinvaara to potentially host a bulk tonnage mineral resource (Figure 1). The modelled depth to the top of the conductors is as shallow as ~80m and coincident with the interpreted ultramafic and volcano-sedimentary sequences that host the sulphide mineralisation at Hotinvaara.

To date, drill testing of MLEM and borehole EM (BHEM) conductors have intersected sulphides, with the majority corresponding to sulphide- and graphite-bearing metasedimentary rocks which are interbedded with ultramafic subvolcanic and intrusive rocks. Importantly, several of the conductor plates are located outside the previously defined MRE area, highlighting the potential to expand the MRE.

Drilling update

As of 27th March 2023, ten (10) drillholes for 6,982m have been completed at Hotinvaara. One (1) more drillhole is progressing (HOT010: 761m) (Figure 1, Appendix 2).

The Company will now utilise one (1) diamond drilling rig for the remainder of the proposed 22,000m drilling program over the coming 11 months. All drillholes in the current program are designed to test both geological and geophysical targets (MLEM, BHEM, fixed loop EM, gravity and magnetics).

Visual observation of the drill core indicates widespread sulphide mineralisation, of varying intensity, in both the ultramafic subvolcanic and intrusive rocks and the interbedded volcano- sedimentary rocks (black shales and schists)2. The relationship between the two mineralisation styles is currently under investigation.

Nordic’s Geological Team is currently reconciling the geophysical models with the intersected lithological units and sulphide zones, with a view to improving the Company’s understanding of the Hotinvaara prospect geology.

Batches of samples are being regularly submitted for core cutting and assaying. First assays are anticipated within 3-4 weeks.

Geophysics update

The Company recently completed a large-scale UAV magnetic survey across the entirety of the Pulju Project (269km2; 7,430-line kilometres). The data is currently being processed and will assist the Geological Team with geological and structural interpretations and drillhole targeting.

Borehole electromagnetic EM surveys are ongoing and will be conducted on each drillhole following completion of drilling. To date, 9 drillholes (HOT001 – HOT009) have been surveyed with geophysical modelling ongoing.

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