CNC.V · 2020-10-22 12:00:00

Canada Nickel Makes Third New Discovery at Crawford Nickel- Cobalt Sulphide Project

Exploration Programs

Canada Nickel Makes Third New Discovery at Crawford Nickel-

Cobalt Sulphide Project

Highlights

All four drill holes intersected mineralized dunite across width of 800 metres and along a strike length of 425 metres in 2.5 km by 400-800

metre wide geophysical anomaly approximately 850 metres northwest of Main Zone.

Fourth hole ended in mineralization (0.31% nickel, 0.09% sulphur, 0.06 g/t PGM, 0.014% Co, 7.37% Fe across 21 metres) with more

assays pending.

TORONTO

Oct. 22, 2020

/CNW/ - Canada Nickel Company Inc. ("

Canada Nickel

" or the "

Company

") (TSX-V:CNC) (OTCQB: CNIKF) today

announced the discovery of previously unknown mineralization at its Crawford Nickel-Cobalt Sulphide project. The discovery was made from

four new drill holes; assays are pending.

This discovery is separate and in addition to the Company's latest resource update, which focuses on the Company's first two discoveries. This

third discovery and resource update will be discussed on a conference call on

Thursday October 22

10am EDT

"This is yet another exciting discovery on the Crawford Nickel-Cobalt Sulphide project with a geophysical footprint larger than the Main Zone,"

said

Mark Selby

, Chair and CEO of Canada Nickel

. "These drill holes intersected mineralization consistent with what we've seen in the

Crawford Main Zone, and reinforces our geophysical understanding of Crawford's mineralization. I look forward to seeing these assay results

and our continued exploration results as we continue to unlock the potential at Crawford."

The Crawford Nickel-Cobalt Sulphide Project is located in the heart of the prolific

Timmins

Cochrane

mining camp in

Ontario, Canada

, and is

adjacent to well-established, major infrastructure associated with over 100 years of regional mining activity.

West Zone Discovery

The four holes intersected mineralized dunite (three of four holes both collared and ended in dunite), consistent with mineralization seen in the

Crawford Main Zone, across a width of 800 metres and strike length of 425 metres. The final 21 metres in the fourth hole intersected

disseminated mineralization with sulphide blebs (see Figure 1 for images from the 352.5 metre and 370 metre locations from this hole)

approximately 850 metres along strike from the westernmost portion of the Main -

Higher Grade Zone

. The 2.5 km by 400-800 metre wide

gravity anomaly in the West Zone is larger in area that the 1.8 km by 100-300 metre gravity anomaly in the Main Zone and confirms the

Company's understanding of gravity anomalies as a guide to mineralization. See Figure 1 and Table 1 and 2 for assays, and location and

position of holes relative to gravity anomaly.

Table 1 – West Zone Nickel – Drilling Results, Crawford Nickel-Cobalt Sulphide Project,

Ontario

DDH ID

From

Length

Estimated

True Width

(m)

(%)

(g/t)

(%)

CR20-69

45.0

501.0

456.0

assays pending

CR20-70

46.2

541.0

494.8

assays pending

CR20-71

48.0

594.0

546.0

assays pending

CR20-72

46.5

342.0

295.5

assays pending

CR20-72

342.0

372.0

30.0

0.29

0.014

0.043

0.023

0.07

7.38

including

351.0

372.0

21.0

0.31

0.014

0.045

0.026

0.09

7.37

Note: All holes drilled at a 50 degree inclination. The lengths reported are core lengths and not true widths. Canada Nickel has insufficient

information to determine the attitude, either of the ultramafic body or of mineralized zones within it. True widths will be less than the core

lengths by a number of factors.

Figure 1 – West Zone Discovery Holes CR20-69 through CR20-72 over top of gravity gradient

(Crawford Township airborne gravimetric survey completed in 2018)

Figure 1 – West Zone Discovery Holes CR20-69 through CR20-72 over top of gravity gradient

(Crawford Township airborne gravimetric survey

completed in 2018) (CNW Group/Canada Nickel Company Inc.)

Table 2 – Drill Hole Orientation, Crawford Nickel-Cobalt Sulphide Project,

Ontario

DDH ID

Easting

Northing

Dip

Azimuth

Length

(mE)

(mN)

(°)

(m)

CR20-69

470960.0

5409690.0

-50

498.6

CR20-70

471420.0

5409815.0

-50

270

156.0

CR20-71

471418.9

5409821.7

-50

315.1

594.1

CR20-72*

471555.9

5409818.6

-50

372.1

Conference Call Details

Canada Nickel is hosting a live Q&A conference call on

October 22

10:00 a.m. Eastern time

(

7:00 a.m. Pacific time

). Participants may join

the call by dialing:

Local:

Toronto

: 416-764-8688

North American Toll Free: 888-390-0546

Webcast URL:

https://produceredition.webcasts.com/starthere.jsp?ei=1389471&tp_key=79c1b4fb17

A playback version will be available for two weeks after the call at +1-416-764-8677 (local or international) or toll free at +1-888-390-0541

(passcode 442999).

Assays, Quality Assurance/Quality Control and Drilling and Assay Procedures

William E. MacRae

, MSc, P.Geo., a "qualified person" as defined by NI 43-101, is responsible for the on-going drilling and sampling program,

including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core

logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. Samples are bagged with QA/QC

samples inserted in batches of 35 samples per lot. Samples are transported in secure bags directly from the Canada Nickel core shack to

Actlabs Timmins, an ISO/IEC 17025 accredited lab. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay

while analysis for nickel, cobalt, sulphur and 17 other elements are performed using a peroxide fusion and ICP-OES analysis. Certified

standards and blanks are inserted at a rate of one QA/QC sample per 32 core samples making a batch of 35 samples that are submitted for

analysis.

Qualified Person and Data Verification

Stephen J. Balch P.Geo

. (ON), VP Exploration of Canada Nickel and a "qualified person" as such term is defined by National Instrument 43-101,

has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on

behalf of Canada Nickel Company Inc.

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the

high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms

NetZero Nickel

, NetZero Cobalt

, NetZero Iron

and is pursuing the development of processes to allow the production of net zero carbon

nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada

Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific

Timmins

Cochrane

mining camp.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities

legislation. Forward looking information includes, but is not limited to, drill results relating to the Crawford Nickel-Cobalt Sulphide Project, the

potential of the Crawford Nickel-Cobalt Sulphide Project, timing of economic studies and resource estimates, strategic plans, including future

exploration and development results, and corporate and technical objectives. Forward-looking information is necessarily based upon a number

of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause

the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could

affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability

to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and

unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, timing of the updated

resource estimate, risks of the mining industry, delays in obtaining governmental approvals, and failure to obtain regulatory or shareholder

approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially

from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-

looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management

and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any

forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE

Canada Nickel Company Inc.

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For further information:

please contact: Mark Selby, Chair and CEO, Phone: 647-256-1954, Email: [email protected]

CO: Canada Nickel Company Inc.

CNW 07:00e 22-OCT-20

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