This year's diamond drill hole program was designed to test the eastern edge of the W4 Extension,
March 28, 2023 TSX-V: EVNI
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US
WIRE SERVICES
• EV23-02 intersected 13.1m grading 1.47% Ni including 4.7m grading 2.77% Ni
• EV23-03 intersected 6.8m grading 1.58% Ni including 2.1m grading 3.01% Ni
• These results stretch the W4 Extension further to the East
• An Updated Resource Estimate, including the W4 Extension, is to be completed in Q2
2023
• EV Nickel management will host a live digital event this Friday, March 31st at 11 am ET,
to discuss these W4 Results and Upcoming Catalysts. The event will be accessible
through https://my.6ix.com/nPb6xPEP
TORONTO, ON - EV NICKEL INC. (TSX-V: EVNI) ("EVNi" or the "Company") is pleased
to announce high grade nickel intercepts from the 2023 drill program on the eastern extension of
the High -Grade W4 Zone. Drilling has intersected a continuation of the high -grade nickel
sulphides 50 metres to the east of the 2022 drill program. The high-grade assay results announced
today represent the first 4 holes of the program completed on Section 497550mE (For the W4 Zone
location in the Shaw Dome Project, please see Figure 1).
This year's diamond drill hole program was designed to test the eastern edge of the W4 Extension,
the mineralized Nickel Zone between 200 to 450 metres from surface, discovered last ye ar. The
objectives of this year's program included expanding the known mineralization along the
interpreted plunge of the mineralization and expanding the size of the nickel sulphide zone. This
year's drilling successfully expanded the known mineralization with drill intercepts of 1.47% Ni
over 13.1 metres, including 2.77% Ni over 4.7 metre in hole EV23 -02, the deepest hole on the
section and 1.58% Ni over 6.8 metres, including 3.01% Ni over 2.1 metres in hole EV23 -03. A
summary of the significant drill int ercepts is available in Table 1. Assay results are still pending
for hole EV23-04 and are anticipated in coming weeks.
"Extending the high-grade nickel sulphides to the east demonstrates the potential of the W4 Zone
and adds to the size of zone to be included in the upcoming updated resource estimate ," said Paul
Davis, Vice President Exploration. "Before this year's drilling, the exploration team had modeled
the W4 Zone and was able to predict the intercepts within a few metres of the actual locations.
This indicates to me that our understanding of the W4 Zone has improved significantly, and the
Company's interpretation is that the mineralization should continue deeper and potentially extend
further to the east than currently defined."
This year's drilling successfully extended the mineralized envelope approximately 50 metres
further to the east from the 2022 interpretation (see Figure 2). The sulphide mineralization was
intersected on, or near the basal contact of komatiitic p eridotite continuing to confirm the
similarities to Kambalda Style nickel sulphide deposits (see Figure 3). The sulphide mineralization
is open at depth below hole EV23 -02 and has not been closed off by the drilling. EVNI's
exploration team has identified a number of marker horizons associated with the host komatiitic
peridotite and were able to project the location of the sulphide mineralization on Section
497550mE to within a few metres of the actual drill intercepts, prior to the start of the drill program.
This extension of high -grade nickel sulphide will be included in the upcoming updated mineral
resource planned for second quarter of 2023.
About EV Nickel Inc.
EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel
exploration company, focussed on the Shaw Dome Project, south of Timmins, Ontario. The Shaw
Dome includes the CarLang Area with more than 10km of mineralization and where the first 20%
contains the A Zone- with a Resource which defined 1.3M Indicated and 1.2M Inferred tonnes of
Contained Nickel, and the W4 Zone, the basis of a 2010 historical estimate of 677K tonnes @
1.00% Ni, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a Clean Nickel ™
business, targeting the growing demand from the electric vehicle battery sector. EV Nickel has
over 30,000 hectares to explore across the Shaw Dome and has identified >100 km of additional
favourable strike length. The Company is focused on a 2-track strategy: Track 1- to produce High-
Grade Clean Nickel ™ (starting with W4) and Track 2- an integrated Carbon Capture & Storage
project with Large-Scale Clean Nickel TM production (starting with CarLang).
Qualified Person
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-
President of the Company. Mr. Davis is a Qualified Person as defined by NI 43 -101. He has
reviewed and approved the technical information in this press release. There are no known factors
that could materially affect the reliability of the information verified by Mr. Davis.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward -looking information. Such forward -looking stat ements or
information are provided for the purpose of providing information about management's current
expectations and plans relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes. Any suc h forward-looking information
may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects",
"intends", "plans", "may", "will", and similar expressions. Forward -looking statements or
information are based on a number of facto rs and assumptions which have been used to develop
such statements and information, but which may prove to be incorrect. Although EV Nickel
believes that the expectations reflected in such forward -looking statements or information are
reasonable, undue rel iance should not be placed on forward -looking statements because the
Company can give no assurance that such expectations will prove to be correct. Factors that could
cause actual results to differ materially from those described in such forward-looking information
include, but are not limited to, changes in business plans and strategies, market conditions, share
price, best use of available cash, the ability of the Company to raise sufficient capital to fund its
obligations under various contractual arrang ements, to maintain its mineral tenures and
concessions in good standing, and to explore and develop its projects and for general working
capital purposes, changes in economic conditions or financial markets, the inherent hazards
associated with mineral exploration, future prices of metals and other commodities, environmental
challenges and risks, the Company's ability to obtain the necessary permits and consents required
to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a
timely fashion relative to the Company's plans and business objectives, changes in environmental
and other laws or regulations that could have an impact on the Company's operations, compliance
with such laws and regulations, the Company's ability to obtain required shareholder or regulatory
approvals, dependence on key management personnel, natural disasters and global pandemics,
including COVID -19 and general competition in the mining industry. These risks, as well as
others, could cause act ual results and events to vary significantly. The forward -looking
information in this press release reflects the current expectations, assumptions and/or beliefs of
EV Nickel based on information currently available to the Company. Any forward -looking
information speaks only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to update any forward-
looking information, whether as a result of new information, future ev ents or results or expressly
qualified by this cautionary statement.
Contact Information
For further information, visit www.evnickel.com
Or contact: Sean Samson, President & CEO at [email protected].
EV Nickel Inc.
200 - 150 King St. W,
Toronto, ON M5H 1J9
www.evnickel.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this
release.