Infinico Metals Corp. Intersects 1.37% Nickel over 51.94 metres and discovers extension of mineralization in a 120 metre step out at its Nicobi Magmatic Nickel Sulphide Project
Infinico Metals Corp. Intersects 1.37% Nickel over 51.94 metres and
discovers extension of mineralization in a 120 metre step out at its Nicobi
Magmatic Nickel Sulphide Project
Vancouver, Canada, February 27, 2024 – Infinico Metals Corp. (“Infinico” or the “Company”)
(TSX-V: INFM) is pleased to report assay results from 3 boreholes, as well as visual results from
the remaining 2 boreholes, at the recently completed drill program carried out on its Nicobi
Project, located 160 kilometres northeast of Val-d’Or, Québec. Five boreholes were drilled,
totalling 1,167 metres, in the Company’s maiden drill campaign at the Nicobi Project. All holes
have been logged and sampled and all core samples are now at the analyYcal laboratory for
assay.
Highlights
Hole NBI-24-001:
• 51.94 m at 1.37% Ni, 0.38% Cu, 418 ppm Co & 0.16 g/t 2PGE from 6.10 m
Including: 2.36 m at 7.36% Ni, 0.28% Cu, 1701 ppm Co & 0.85 g/t 2PGE
• Average nickel tenor of 8.2% over the 51.94 m intersect and up to 10.5%.
• NBI-24-001 intercepted massive to semi -massive and net-texture pyrrhoYte-
pentlandite-chalcopyrite sulphide mineralizaYon. Th is intercept represents a
significant improvement in both the length and grade reported in any historic assay
results on the Nicobi Project to date.
Hole NBI-24-003:
• 53.95 m at 0.33% Ni, 0.22% Cu & 115 ppm Co from 83.00 m
Including 0.81 m at 2.47% Ni, 0.67% Cu & 510 ppm Co.
• Average nickel tenor of 10.1% over the 53.95 m intersect, consistent with NBI-24-001.
• The mineralized intercept is interpreted to represent the strike extension of
mineralizaYon, extending 75.0 m westward from NBI-24-001.
Hole NBI-24-005:
• 0.32 m at 0.26% Ni, 0.09% Cu & 107 ppm Co from 191.75 m.
• The intercept in hole NBI-24-005 represents what is believed to be the down plunge
extension of mineralizaYon and steps out 120.0 metres from any previously known
mineralizaYon. The idenYficaYon of mineralizaYon in NBI -24-005 suggests
mineralizaYon plunges to the north-northeast into an area which has not seen any
previous drilling.
2
Sam Walding, Infinico’s CEO commented “Results from the first hole are extremely
encouraging and represent a significant improvement in both length and grade from
historically reported assay results at Nicobi, which intersected 37.61 metres at 0.89% Ni and
0.75% Cu (Minorca Resources Ltd., 1993). Furthermore, the idenMficaMon of nickel sulphide
mineralizaMon in NBI-24-005, which steps out 120 metres into an area not previously tested
with drilling, shows the potenMal for further discovery, and demonstrates the mineralized
system remains open down plunge and at depth.
In our iniMal 1,167 m drill program, management believes it has quickly and effecMvely
demonstrated the enormous potenMal for discovery at Nicobi. The high-tenor sulphides over
substanMal widths, coupled with good infrastructure and full road accessibility, provide a
unique opportunity. Going forward our objecMve is to demonstrate the size potenMal of the
mineralizaMon and expand the project through tesMng high-priority drill targets across the
property.”
Table 1. Summary of significant intercepts.
NBI-24-001
From
(m) To (m)
5Interval
(m)
2Ni (%) Cu (%) Co
(ppm)
Pt+Pd
(ppm)
1NiEq 4Ni T
(%) (%)
Main 6.1 58.04 51.94 1.37 0.38 418 0.16 1.63 8.20
Inc 20 25.55 5.55 1.99 0.3 1013 0.27 2.30 7.20
Inc 35.54 37.9 2.36 7.36 0.28 1701 0.85 7.78 9.90
Inc 44.18 47.9 3.72 2.96 1.03 688 0.24 3.58 8.30
Inc 50.15 53 2.85 2.69 1.38 600 0.24 3.47 7.30
NBI-24-002
Pending No significant mineralization observed
NBI-24-003
From
(m) To (m)
5Interval
(m)
2Ni (%) Cu (%) Co
(ppm)
Pt+Pd
(ppm)
1NiEq 4Ni T
(%) (%)
Main 73.15 74.35 1.20 0.23 0.23 310 0.07 0.39 5.10
Main 80.00 81.00 1.00 0.20 0.22 83 0.07 0.32 10.10
Main 83.00 136.95 53.95 0.33 0.22 115 0.08 0.46 10.20
Inc 106.5 107.31 0.81 2.47 0.67 510 0.10 2.89 8.80
Inc 110.17 110.76 0.59 1.09 0.16 254 0.15 1.21 10.30
NBI-24-004
Pending No significant mineralization observed
NBI-24-005
From
(m) To (m)
5Interval
(m)
2Ni (%) Cu (%) Co
(ppm)
Pt+Pd
(ppm)
1NiEq 4Ni T
(%) (%)
Main 191.75 192.07 0.32 0.26 0.09 107 0.10 0.32 3.90
1NiEq Calculated using LME spot prices on the 23/02/2024 NiEq = 1Ni + 1.63Co + 0.5Cu.
2A cut-off grade of 0.2% Ni was applied.
3Recovery is assumed to be 100% as no metallurgical data is available.
4Ni Tenor calculations were performed on samples containing >1% Sulphur using Ni%/(S%/36.5) and averaged across intersects.
5Length-weighted average applied; a maximum of 2.86 meters of internal waste included in the calculations.
3
Figure 1. Plan map showing the 2024 phase 1 drill program with significant intercepts.
Figure 2. Cross secMon displaying significant drill intercept and interpretated mineralized
body. Note holes NBI-24-003 & 005 are off secMon and dips are apparent.
4
Figure 3. Image of mineralized drill core from hole NBI-24-001. Boxes contain drill core from
37.0 m to 54.0 m.
Figure 4. Hole NBI-24-001 - Massive pyrrhoMte-pentlandite with coarse grained pentlandite
and minor sMngers of chalcopyrite, from a 1.36 m sample that returned 8.08% Ni, 0.19% Co,
0.23% Cu, and 0.85 g/t Pt+Pd.
Scale = 5.0 cm
5
Discussion of Results
Hole NBI-24-001
Hole NBI-24-001 was designed to confirm historically reported mineralizaYon and test the
inferred thickness of a mineralized body defined in historic drilling. NBI-24-001 was collared
into a weakly mineralized mafic intrusion, drilling in a south-easterly direcYon. From 6.1
metres, massive to semi-massive and net-texture pyrrhoYte-pentlandite-chalcopyrite
sulphide mineralizaYon is present throughout the borehole down to a depth of 58.04 metres.
At 59.6 metres the borehole intersected a granite footwall. The mineralized intercept
represents a significant improvement in both length and grade from historically reported
assay results (Minorca Resources Ltd., 1993). Furthermore, nickel tenor (concentraYon of
nickel contained in 100% sulphide), calculated from Infinico’s assay results, indicates the high-
grade potenYal of the project, with nickel tenors averaging 8. 2% over the 51.94 metre
intersect and up to 10.5%. The high-grade nature of mineralizaYon is demonstrated by a single
sample returning 8.08% Ni over 1.36 metres.
Hole NBI-24-002
Previous interpretaYon based on modelling of historic drill data suggested the known
mineralizaYon had a projected plunge to the west-northwest. Hole NBI-24-002 was designed
to test the down plunge extension of the known mineralizaYon. Hole NBI-24-002 collared into
barren mafic intrusive ro ck and did not intersect any visually significant sulphide
mineralizaYon. The granite footwall was not intercepted unYl 393.5 metres.
Hole NBI-24-003
Borehole NBI-24-003 was designed to intercept the lower most point of the known
mineralizaYon to improve the understanding of the geometry and establish depth conYnuity.
The hole was collared into very weakly minerali zed mafic intrusive rock. Between 73.15
metres and 136.9 metres, disseminated sulphide with zones of net-texture to semi-massive
sulphide were intercepted, the mineralized intersect is interpreted to represent the strike
extension of mineralizaYon to the west. From 139.9 metres to 233.35 metres the hole
conYnued in barren mafic intrusive rock unYl the granite footwall was intercepted at 233.35
metres. This is contrary to NBI-24-001 in which mineralizaYon is reported directly above the
granite footwall.
Hole NBI-24-004
NBI-24-004 was designed to target a conducYvity feature idenYfied in the 2023 geophysical
survey. No significant visual mineralizaYon was intercepted, only trace disseminated sulphide.
Hole NBI-24-005
Structural measurements from mineralized zones collected from orientated core in NBI-24-
001 and NBI-24-003 suggested a north-northeast plunge component to the reported
mineralizaYon, contrary to the west-northwest plunge interpreted from historic drill data. NBI-
6
24-005 was designed to target this newly recognised plunge component, and despite a sub-
opYmal drill pad locaYon, the borehole successfully intercepted a short zone of magmaYc
nickel sulphide mineralizaYon. The mineralized intersect in NBI-24-005 represents a 120.0
metre step out from any previously known mineralizaYon, and at 182.0 metres below surface
is also the deepest reported minerali zed intercept. Structural measurements from the
mineralized secYon of NBI-24-005 also suggest a north-northeast plunge component and fit
with measurements collected in holes NBI-24-001 and NBI-24-003.
The idenYficaYon of sulphide mineralizaYon in NBI-24-005, although limited, is significant, and
suggests mineralizaYon plunging to the north-northeast into an area which has not seen any
previous drill tesYng. The mineralizaYon in NBI-24-005 not only represents the down plunge
extension of mineralizaYon, but suggests mineralizaYon remains open to the north-northeast
and at depth.
Future Work
The 2024 phase 1 drill program has clearly demonstrated the potenYal for the discovery of
high-tenor nickel sulphides over substanYal widths at the Nicobi Project. The mineralizaYon
remains open down plunge and at depth, with immediate targets to follow up on. Further
drilling and geophysical surveys are required to test the down plunge and depth extent of
mineralizaYon to the north, as well as drill tesYng high priority targets elsewhere on the
property.
Sampling, Quality Assurance and Quality Control
Half-core samples were sent to ALS Laboratories in Val -d'Or (Québec), where they were
prepared and then sent to ALS Laboratories in Vancouver (BriYsh Columbia) for analysis. The
samples were analysed for 48 elements using the mulY-element method, which combines a
four-acid digesYon with ICP-MS instrumentaYon. Samples were also analysed for Pt, Pd and
Au using a 30 g lead fire assay with an ICP-AES finish, as well as for total sulphur by oxidaYon,
inducYon furnace, and infrared spectroscopy.
The Qualified Person has completed a comprehensive review of the laboratory procedures
and the company's internal Quality Control samples. The findings are as follows:
• The results for CerYfied Reference Materials, along with the cerYfied blank and coarse
blanks, are in compliance with industry standards.
• Internal duplicate samples showed good repeatability. Duplicates were chosen from
high-grade mineralized secYons in accordance with accepted industry pracYce.
7
Table 2. Summary of drilled holes and the status of the assay results.
Hole ID Easting Northing Total depth (m) Azimuth Dip Assay status
NBI-24-001 420751 5461866 102 155 -54 Finalized
NBI-24-002 420448 5462032 423 123 -45 Pending
NBI-24-003 420685 5461867 249 100 -80 Part Finalized
NBI-24-004 420809 5461932 114 160 -67 Pending
NBI-24-005 420809 5461932 279 280 -65 Part Finalized
Projected Coordinate System: NAD 83 / UTM 18N.
Qualified Persons
The technical informaYon in this news release has been prepared by Szabolcs Orban, MSc,
EFG, EurGeol (#1883), OGQ (AS-1617), Vice President of ExploraYon at Infinico Metals Corp.,
Mr Orban is a 'Qualified Person' as defined in NI 43-101. Mr . Orban has read and approved
the content of this news release.
About the Nicobi Project
The Nicobi Project is located approximately 160 kilometres northeast of Val d’Or, Québec,
Canada. The project is host to a cluster of magmaYc nickel sulphide occurrences within a
mafic-ultramafic intrusive complex. Drilling of a surface showing in the 1960’s by Noranda
revealed disseminated to massive nickel sulphide mineralizaYon. Noranda went on to define
a non-compliant resource on the project. MulYple drill campaigns have been carried out by
six different operators, including the most recent in 1991 which intersected 37.61 metres at
0.89% Ni and 0.75% Cu from surface (Minorca Resources Ltd., 1993).
About Infinico Metals Corp.
Infinico Metals Corp. is a public company on the TSX Venture Exchange (TSX-V: INFM) focusing
on the exploraYon for criYcal metals in the province of Québec. The Company has signed
opYon agreements on the Nicobi Project, hosYng magmaYc Ni-Cu-Co sulphide mineralizaYon,
and on the Dalhousie Project, which also hosts magmaYc Ni-Cu-Co sulphide mineralizaYon,
and a recently discovered lithium bearing pegmaYte.
For more informaYon, please contact:
Sam Walding, Chief ExecuYve Officer
Telephone: +44 7568 508610
swalding@infinicometals.com
www.infinicometals.com
References
1. Minorca Resources Ltd. (1993, January 27). Assessment Report on the Nicobi Lake
Cu-Ni-Co Property GM51748, Le Tac Township, Quebec, NTS 32F/8, 17 Claim OpYon
8
Forward Looking Statements
Neither TSX Venture Exchange nor its RegulaYon Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
This News Release includes certain “forward-looking statements” which are not comprised of
historical facts. Forward looking statements include esYmates and statements that describe
the Company’s future plans, objecYves or goals, including words to the e ffect that the
Company or management expects a stated condiYon or result to occur . Forward looking
statements may be idenYfied by such terms as “believes” , “anYcipates” , “expects” ,
“esYmates” , “may” , “could” , “would” , “will” , or “plan”. Since forward-looking statements are
based on assumpYons and address future events and condiYons, by their very nature they
involve inherent risks and uncertainYes. Although these statements are based on informaYon
currently available to the Company, the Company provides no assurance that actual results
will meet management’s expectaYons. Risks, uncertainYes and other factors involved with
forward-looking informaYon could cause actual events, results, performance, prospects and
opportuniYes to differ materially from those expressed or implied by such forward-looking
informaYon. Forward looking informaYon in this news release includes, but is not limited to,
drill results from the Nicobi Project , the Company’s objecYves, goals or future plans,
statements, exploraYon results, potenYal mineralizaYon, the esYmaYon of mineral resources,
exploraYon and mine development plans, Yming of the commencement of operaYons and
esYmates of market condiYons. Factors that could cause actual results to differ materially
from such forward-looking informaYon include, failure to idenYfy mineral resources, failure
to convert esYmated mineral resources to reserves, the inability to complete a feasibility study
which recommends a producYon decision, the preliminary nature of metallurgical test results,
delays in obtaining or failures to obtain required governmental, environmental or other
project approvals, poliYcal risks, inability to fulfil the duty to accommodate First NaYons and
other indigenous peoples, uncertainYes relaYng to the availability and costs of financing
needed in the future, changes in equity markets, inflaYon, changes in exchange rates,
fluctuaYons in commodity prices, delays in the development of projects, capital and operaYng
costs varying significantly from esYmates and the other risks involved in the mineral
exploraYon and development industry, an inability to predict and counteract the effects of
COVID-19 on the business of the Company, including but not limited to the effects of COVID-
19 on the price of commodiYes, capital market condiYons, restricYon on labour and
internaYonal travel and supply chains, and those risks set out in the Company’s public
documents filed on SEDAR. Although the Company believes that the assumpYons and factors
used in preparing the forward-looking informaYon in this news release are reasonable, undue
reliance should not be placed on such informaYon, which only applies as of the date of this
news release, and no assurance can be given that such events will occur in the disclosed Yme
frames or at all. The Company disclaims any intenYon or obligaYon to update or revise any
forward-looking informaYon, whether as a result of new informaYon, future events or
otherwise, other than as required by law.