Flying Nickel Drills 69.6 Meters Grading 1.10% Nickel, 0.60 g/t PGM at the Minago Nickel Project in Canada's Thompson Nickel Belt

Vancouver, British Columbia--(Newsfile Corp. - October 11, 2022) -  Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) ("Flying Nickel" or the "Company") announces diamond drill results from the Company's 100% owned Minago nickel sulphide project 270km south of Thompson, Manitoba. Six holes totaling 2,718 meters were drilled this past winter. Assays have been received for the first three holes of the program.

FN-22-01 intersected 1.10% Ni, 0.05% Cu, 0.01% Co, 0.026 g/t Au, 0.192 g/t Pt and 0.383 g/t Pd over 69.6 meters including 1.69% Ni, 0.13% Cu, 0.055g/t Au, 0.33g/t Pt, and 0.679 g/t Pd over 7.57 meters.

FN-22-02 intersected 0.79% Ni, 0.05% Cu, 0.01% Co, 0.015 g/t Au, 0.103 g/t Pt and 0.207 g/t Pd over 113.24 meters including 1.25% Ni, 0.09 Cu, 0.02% Co, 0.035 g/t Au, 0.186 g/t Pt, 0.373 g/t Pd over 23.78 meters.

The Company anticipates assay results from remaining three Minago diamond drill holes in November.

John Lee, CEO of Flying Nickel states: "We are delighted to observe broad intercepts of significant nickel mineralisation, along with platinum and palladium assays (up-to to 1g/t Pt+Pd) in all three reported Minago drill holes. The Company will immediately commence metallurgical testing and explore value-added circuit designs to potentially extract precious metals from Minago concentrate as part of the on going Minago Feasibility Study to be published by early 2023."

Reported results* are tabulated below:

*Detection limit is 10 ppm for Ni, 10 ppm for Cu, 10 ppm for Co, 5 ppb Au, 10 ppb Pt and 5 ppb Pd. When calculating composite grades, half the detection limit value was used when assay results were less than the detection limit. Composite grades are weighted by sample length. True widths are approximately half the width observed in core.

FN-22-01 is a 567 meter infill drill hole located at the eastern part of Minago's main Nose deposit. Approximately 483 meters of ultramafic rocks were observed containing varying percentages of disseminated mineralization. Three zones of anomalous nickel were identified. The most significant zone contained 1.10% Ni, 0.05% Cu, 0.01% Co, 0.026 g/t Au, 0.192 g/t Pt and 0.383 g/t Pd over 69.6 meters. The drilling confirmed the location of the upper mineralized zone with grades slightly higher than the 1.02% Ni over 90 meters that was intersected in the historic adjacent hole, NM-06-02.

FN-22-02 is a 407 meter infill drill hole located at the western part of the Nose deposit. 266 meters of ultramafic rocks containing varying percentages of disseminated mineralization was intersected. The zone of significant mineralization contained 0.79% Ni, 0.05% Cu, 0.01% Co, 0.015 g/t Au, 0.103 g/t Pt and 0.207 g/t Pd over 113.24 meters. This is slightly better than the 0.71% Ni over 110 meters that was intersected in the historic adjacent hole, MXB-71-94.

Drill hole FN-22-03 was drilled to test the down dip extension of previously drilled nickel mineralization in the North Limb deposit. The hole confirmed the continuation at depth beyond the previously drilled maximum depth of approximately 250 meters from surface. Partial results were reported in the September 7, 2022 Flying Nickel news release. Additional assays demonstrated further mineralization at depth of higher nickel grades. Overall, the hole intersected 0.46 % Ni, 0.02% Cu, 0.01% Co, 0.006 g/t Au, 0.041 g/t Pt and 0.110 g/t Pd over 108.59 meters with several higher grade concentrations of up to 0.69% Ni over 15.36 meters.

Qualified Person

The technical contents of this news release have been prepared under the supervision of Robert Smith, P.Geo. Mr. Smith is not independent of the Company in that he is employed by it. Mr. Smith is a Qualified Person as defined by the guidelines in NI 43-101.

About Flying Nickel

Flying Nickel Mining Corp. is a premier nickel sulphide mining and exploration company. The company is advancing its 100% owned Minago nickel project in the Thompson nickel belt in Manitoba, Canada.

Further information on the Company can be found at www.flynickel.com.

FLYING NICKEL MINING CORP.

ON BEHALF OF THE BOARD

John Lee
Interim Chief Executive Officer

For more information about the Company, please contact:
Phone: Phone: 1.877.664.2535 / 1.877.6NICKEL
Email: info@flynickel.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding Flying Nickel's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Flying Nickel's forward-looking statements. Flying Nickel believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Flying Nickel 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 as anticipated, estimated or intended. Flying Nickel undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

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