North American Nickel Congratulates PNR on Completing Purchase of the Selebi and Selebi North Mines in Botswana

Vancouver, British Columbia--(Newsfile Corp. - February 10, 2022) - North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") is pleased to announce that Premium Nickel Resources ("PNR"), in which NAN holds a 10% equity interest and has a right to purchase an additional undiluted 15% equity interest for US$10 million, has closed the asset purchase agreement (the "Selebi APA") transaction with the Liquidator of BCL Limited ("BCL") to acquire the Selebi and Selebi North nickel-copper-cobalt ("Ni-Cu-Co") Mines (together, the "Selebi Mines"). (See News Release dated September 28, 2021). The transfer of ownership to PNR of the Selebi Mines and related infrastructure has been finalized and exploration activity is expected to begin immediately.

PNR began comprehensive due diligence programs on the Selebi Mines in March 2021 following being selected as the preferred bidder in the liquidation process and entering into a memorandum of understanding ("MOU") providing for a six-month exclusivity period. NAN provides corporate management and technical expertise to PNR on a contractual basis.

NAN CEO, Keith Morrison, commented, "Completion of the transfer of ownership of the Selebi and Selebi North Mines from the BCL liquidator is a major milestone for PNR in Botswana. On behalf of NAN, a PNR founding shareholder, I would like to congratulate PNR on this achievement. NAN will continue to provide daily management, technical and operational expertise to PNR as they begin the process to re-characterize the remaining resources supporting the ambition to quickly redevelop these mines based on modern best practices and assuming conservative commodity prices."

Since executing the MOU in March 2021, PNR has been collecting new information, including metallurgical sampling of approximately 700 kgs of fresh representative ore. The subsequent metallurgical testing, carried out at SGS Lakefield, confirmed the redevelopment plan for the Selebi Mines to produce separate copper and nickel-cobalt concentrates.

PNR executed the Selebi APA in September 2021 and promptly entered into a 120-day closing period. During the closing period, PNR continued to acquire new data in preparation to begin an extensive exploration program to define the upside potential of the remaining resources at both Selebi and Selebi North.

The Selebi Mines include two shafts and related infrastructure (rail, power and water). Shaft sinking and plant construction started in 1970. Mining concluded in October 2016 when the operations were placed on care and maintenance due to a failure in the separate Phikwe processing facility. The Selebi Mines were subsequently placed under liquidation in 2017.

The proposed work plan for the Selebi Mines includes diamond drilling which is expected to be ongoing for up to 18 months. During that time, additional metallurgical samples will be collected and sent for more detailed studies. The underground infrastructure at Selebi North will be upgraded to support the underground drilling program as well as improve health & safety at Selebi North.

About North American Nickel

North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada. In 2019 the Company became a founding shareholder in Premium Nickel Resources ("PNR") a private Canadian company, to provide direct exposure to Ni-Cu-Co opportunities in the southern African region. PNR has finalized a transaction resulting in the transfer of ownership of assets, in liquidation, formerly operated by BCL Limited and, completed an asset purchase agreement to acquire an additional asset, in liquidation, formerly operated by Tati Nickel Mining Company in Botswana. Simultaneously, the Company is expanding its area of exploration interest into Morocco.

The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi deep water port with an all-year-round shipping season and hydroelectric power potential from a quantified watershed.

The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.

The Company acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties is part of the Company's strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.

ON BEHALF OF THE BOARD OF DIRECTORS

Keith Morrison
Chief Executive Officer
North American Nickel Inc.

For more information contact:

North American Nickel Inc.
Jaclyn Ruptash
Vice President Corporate Affairs
+1 (604) 770-4334

Neither 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 or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but is not limited to, statements about the future prospects of any assets or properties of the Company, the ability of the Company to successfully complete due diligence, the ability of the Company to access capital, any spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects. Forward-looking information is necessarily based upon a number of estimates and 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. 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. The Company 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.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.

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