EV Nickel Defines Resource Estimate at CarLang's A Zone, 1.25m Indicated and 1.16m Inferred Tonnes of Contained Nickel- A Zone Represents First 20% of the Full CarLang
EV Nickel Defines Resource Estimate at
CarLang's A Zone, 1.25m Indicated and
1.16m Inferred Tonnes of Contained Nickel-
A Zone Represents First 20% of the Full
CarLang
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE
SERVICES
• Defined a resource which puts it into the league of the largest undeveloped nickel
deposits in the world1
• A Zone Resources total 1.0B tonnes, averaging 0.24% Ni and 0.0107 ppm Co (0.12%
NiEq cut-off), split between:
o Higher Grade Core with 290M tonnes at 0.27% Ni Indicated and 203M tonnes at
0.27% Ni Inferred.
o Lower Grade with 219M tonnes at 0.22% Ni Indicated and 294M tonnes at 0.21%
Ni Inferred.
• The contained nickel defined in the CarLang A Zone is roughly equivalent to the nickel in
~34M Electric Vehicles.
• CarLang A Zone represents just 20% of the full 10 km-long CarLang Area Trend.
• Analysis continues to review the Integrated Carbon Capture and Storage potential for
CarLang.
• EV Nickel management will host a live digital event this Friday, March 3rd at 11 am ET,
to discuss the Maiden Resource Estimate for the CarLang A Zone. The event will be
accessible through https://my.6ix.com/uo6AqxjD
TORONTO, ON / February 28, 2023 / EV NICKEL INC. (TSXV:EVNI) ("EVNi" or the
"Company") today announced a maiden mineral resource estimate for the "A Zone", part of its
large-scale nickel target in the northeast of its Shaw Dome Project, referred to as the Carman-
Langmuir or, "CarLang Area" (the "Property") (Figure 1). A Technical Report in support of the
Mineral Resource Estimate will be filed on SEDAR (www.sedar.com) within 45 days. The
Mineral Resource Estimate is effective as of February 27, 2023.
After acquiring the Property in April 2022 (see News Release dated April 4, 2022), EVNi
launched a diamond drilling program (28 holes totalling 8,295 m) to complete a maiden mineral
resource estimate in accordance with National Instrument 43-101 ("NI 43-101") which shows
Indicated Resources of 1.25M tonnes or 2.8B pounds of contained nickel and Inferred Resources
of 1.16M tonnes or 2.6B pounds of contained nickel (Table 1).
"Defining this enormous Maiden Mineral Resource for our Large Scale A Zone is a major
milestone for EV Nickel," said Sean Samson, President & CEO. "The A Zone is just the
beginning of the CarLang Area because we know the host units have been identified over
approximately 5 times the strike length. So if we consider the full potential of the CarLang
Trend- this is the type of generational opportunity, which is near surface and in an excellent
location, that the world needs for a supply of Clean Nickel™ to help fuel the energy transition."
1. The independent Qualified Person for the Mineral Resource Estimate, as defined by NI
43-101, is Simon Mortimer (FAIG #4083), of Atticus Geoscience Consulting. The
effective date of the Mineral Resource Estimate is February 27, 2023.
2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated
economic viability. The quantity and grade of reported Inferred Resources in this Mineral
Resource Estimate are uncertain in nature and there has been insufficient exploration to
define these Inferred Resources as Indicated or Measured. However, it is reasonably
expected that the majority of Inferred Mineral Resources could be upgraded to Indicated
Mineral Resources with continued exploration.
3. Mineralised domains were based on lithological contacts and a cut-off grade of 0.25% Ni
was used to define the high-grade domain. This threshold was determined through
analysis of the distribution of nickel grade within the drill core lithologies.
4. Geological and block models for the Mineral Resource Estimate used data from a total of
28 surface drill holes. The drill hole database was validated prior to resource estimation
and QA/QC checks were made using industry-standard control charts for blanks, core
duplicates and commercial certified reference material inserted into assay batches by EV
Nickel.
5. Estimates have been rounded to two significant figures.
6. The mineral resource estimates have been constrained by conceptual pit envelopes using
the following optimization parameters. Metal prices used (US$) were $8.00/lb for nickel,
and $23/lb for cobalt. An overall pit slope of 45 degrees was used. Mining and processing
costs (US$) were based on benchmarking from similar deposit types in the area, utilising
a mining cost of 3.5$/t, a processing cost of 4.5$/t, a G&A cost of 2.5$/t, and a selling
cost of 0.8$/lb.
7. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral
Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).
8. The geological model as applied to the Mineral Resource Estimate comprises of a
mineralized domain hosted by variably serpentinized ultramafic rocks with a domain of
relatively higher-grade material within the core of the unit. Individual wireframes were
created for each domain.
9. The block model was prepared using Micromine 2020. A 20 m x 20 m x 15 m block
model was created and samples were composited at 7.5 m intervals. Grade estimation
from drill hole data was carried out for Ni, Co, Fe, S, using Ordinary and Dual Kriging
interpolation method.
10. Grade estimation was validated by comparison of input and output statistics (Nearest
Neighbour and Inverse Distance Squared methods), swath plot analysis, and by visual
inspection of the assay data, block model, and grade shells in cross-sections.
11. Density estimation was carried out for the mineralized domains using the Ordinary
Kriging interpolation method, on the basis of 941 specific gravity measurements
collected during the core logging process, using the same block model parameters of the
grade estimation. As a reference, the average estimated density value within the higher-
grade is 2.68 g/cm3 (t/m3), while low-grade domains of the resource model yielded
averages of 2.77 g/cm3 (t/m3).
For context- equivalent number of EVs in the Resource's Contained Nickel
It is estimated that the average electric vehicle battery requires ~145 pounds of nickel
(Bloomberg New Energy Finance ("BNEF") estimate, for 100kWh battery2) and based on this,
the Contained Nickel in this Maiden Resource represents the equivalent nickel which would be
used in roughly 34M electric vehicles. For comparison, BNEF forecasts that roughly 21M
electric vehicles will be sold globally in 2025 (BNEF's Economic Transition Scenario, which
assumes no new policies and regulations are enacted, is primarily driven by techno-economic
trends and market forces).
Potential for the Full CarLang area- extends over 10 km along strike
The Company believes the CarLang Area has a massive amount of potential mineralization,
hosted in nearly continuous units of dunite and peridotite. The CarLang's potential for hosting
similar mineralization extends well beyond the A Zone and this is supported by publicly
available historical analysis and exploration results. Outcrop and grab sample analysis (see
Figure 2), in addition to historical drilling (see Figure 3) confirm that the CarLang Area contains
more than a 10km long trend within EVNi's Property boundaries. Specific geological boundaries
are defined by government geology map interpretations of outcrop exposure and geophysical
surveys which estimate the potential dimensions of the dunite/peridotite units (used in Figures 2
& 3).
In combination, the publicly available historical analysis supports the thesis that the host units
on the EVNi-controlled portion of the CarLang is likely more than 5 times larger than the drill
defined A Zone.
Integrated Carbon Capture and Storage potential for CarLang
The mineralization of the CarLang Area is hosted in ultramafic rock, which naturally absorbs and
sequesters CO2. The potential to actively capture and sequester carbon is a key part of EVNi's
interest in this Large -Scale mineralization and the Company believes i t will be a key part of its
Clean Nickel ™ Strategy.
EVNi is now working with leading consultants on various streams of research and development,
primarily coordinated through The EPCM Group, a global engineering firm based out of Oakville,
Ontario. Regarding the Carbon Capture and Storage, EPCM is now working with Arca (based in
Vancouver, BC, formerly known as "Carbin Minerals"), global leaders in the space. Arca was co-
founded by Professor Greg Dipple and other geoscientists from the University of British Columbia,
Arca has developed technologies that accelerate a natural geochemical process called carbon
mineralization and have received recognition for their innovation including investment -
highlighted in 2022 by wining a $1 million milestone award from XPrize and the Musk
Foundation.
EV Nickel believes that the CarLang Area hosts Clean Nickel ™ that can help fuel the energy
transition but recognizes it will need to aggressively innovate to make this a reality. Part of this
innovation is to gain a full un derstanding of the Carbon Capture and Storage potential and
integrating the full benefit with any future CarLang nickel production.
Drill Data Detail
EV Nickel's Phase 3 Drill Program targeted the Large Scale potential of the CarLang A Zone and
was completed in the Summer of 2022. The preliminary resource estimate consists of a total of 28
holes and 8,295 m (see Tables 2 & 3 and Figure 4). The CarLang A Zone is defined across a strike
length of 1.6 km, a width of between 350 to 550 metres. Both higher grade and lower grade nickel
mineralization extends below 250 metres vertical depth with a number of holes bottoming in both
the higher grade and lower grade mineralization.
Table 2 -Shaw Dome Project's CarLang A Zone Drill Holes- Assay Results
Table 3 -Shaw Dome Project's CarLang A Zone Drill Holes- Locations and Depths