Flying Nickel’s Minago Drill Core PGM Assay Program Returns 14.2 meters Grading 0.69g/t Platinum+Palladium+Gold in Addition to Previously Reported 1.28% Nickel in Manitoba’s Thompson Nickel Belt.

Vancouver, British Columbia, April 19, 2023 – Flying Nickel Mining Corp. (“Flying Nickel” or the “Company”) (TSX-V:FLYN, OTCQB:FLYNF) is pleased to announce the second batch  platinum-group-metals (PGM) assay results from the Company’s 100% owned Minago Nickel PGM project (the “Minago Project”) in the Thompson Nickel Belt, Manitoba. 

The assay results from the initial batch of 898 samples totalling 1,046 meters from 12 holes were published in the news release dated March 30, 2023. All 12 reported holes returned significant platinum, palladium and gold intersections at Minago’s Nose deposit.

Assay results from the second batch, which included 968 samples totalling 1,144 meters of sections from 22 drill holes, have been returned and further confirmed significant platinum and palladium intersections throughout the Nose Deposit. 

Highlights from the newly acquired assay data include: 

N-07-22 grading 1.25% Ni, 0.07% Cu, 0.147 g/t Pt, 0.433 g/t Pd and 0.008 g/t Au (0.588 g/t PGM+Au) over a 7.45 meter interval from 275.25 meters downhole.

N-07-22 grading 1.20% Ni, 0.07% Cu, 0.156 g/t Pt, 0.449 g/t Pd and 0.007 g/t Au (0.611 g/t PGM+Au) over a 6.71 meter interval from 286.39 meters downhole.

N-07-28 grading 1.33% Ni, 0.01% Cu, 0.198 g/t Pt, 0.540 g/t Pd and 0.010 g/t Au (0.749 g/t PGM+Au) over a 6.24 meter interval from 102.23 meters downhole.

N-07-41B grading 1.29% Ni, 0.06% Cu, 0.180 g/t Pt, 0.506 g/t Pd and 0.010 g/t Au (0.695 g/t PGM+Au) over a 14.15 meter interval from 281.79 meters downhole.

N-07-41B grading 1.47% Ni, 0.04% Cu, 0.169 g/t Pt, 0.497 g/t Pd and 0.019 g/t Au (0.685 g/t PGM+Au) over an 8.84 meter interval from 300.07 meters downhole.

Assay results from all 22 holes are tabulated below: 

Hole ID	From (m)	To (m)	Width (m)	Ni %	Cu %	Au g/t	Pt g/t	Pd g/t	Au+Pt+Pd g/t	NiEq %
N-07-01	161.00	173.44	12.44	0.82	0.10	0.004	0.097	0.214	0.315	0.91
N-07-02	107.00	113.00	6.00	0.26	<0.01	0.004	0.028	0.074	0.106	0.29
N-07-06	118.00	126.75	8.75	0.62	<0.01	0.012	0.064	0.165	0.241	0.67
N-07-07	199.00	204.00	5.00	0.31	0.01	0.002	0.064	0.131	0.197	0.34
N-07-11	313.10	330.64	17.54	0.50	0.02	0.004	0.036	0.096	0.136	0.53
N-07-13	242.00	246.72	4.72	0.61	0.03	0.013	0.064	0.133	0.210	0.66
N-07-20	154.22	159.35	5.13	0.52	0.01	0.003	0.076	0.213	0.293	0.57
N-07-21	85.34	90.09	4.75	0.18	0.01	0.003	0.032	0.072	0.107	0.20
N-07-22	249.41	255.44	6.03	0.68	0.04	0.003	0.109	0.308	0.420	0.77
N-07-22	266.88	272.64	5.76	0.94	0.06	0.007	0.124	0.347	0.478	1.04
N-07-22	275.25	282.70	7.45	1.25	0.07	0.008	0.147	0.433	0.588	1.38
N-07-22	286.39	293.10	6.71	1.20	0.07	0.007	0.156	0.449	0.611	1.34
N-07-25	173.60	183.14	9.54	0.14	<0.01	0.003	0.006	0.004	0.012	0.14
N-07-28	102.23	108.47	6.24	1.33	0.01	0.010	0.198	0.540	0.749	1.47
N-07-30	108.00	118.50	10.50	0.28	0.00	0.003	0.005	0.003	0.010	0.29
N-07-32	270.79	276.10	5.31	0.33	0.01	0.003	0.026	0.049	0.078	0.34
N-07-34	79.40	90.00	10.60	0.19	<0.01	0.003	0.005	0.003	0.010	0.19
N-07-35	221.88	229.52	7.64	0.40	0.01	0.002	0.060	0.132	0.193	0.44
N-07-36	315.05	320.00	4.95	0.60	0.01	0.006	0.077	0.189	0.272	0.65
N-07-38	175.55	184.47	8.92	0.75	0.04	0.043	0.062	0.159	0.264	0.81
N-07-39	290.27	293.75	3.48	0.94	0.03	0.004	0.110	0.274	0.387	1.02
N-07-41B	281.79	295.94	14.15	1.29	0.06	0.010	0.180	0.506	0.695	1.43
N-07-41B	300.07	308.91	8.84	1.47	0.04	0.019	0.169	0.497	0.685	1.61
N-07-43A	136.69	141.13	4.44	0.41	<0.01	0.005	0.109	0.312	0.427	0.49
N-07-43A	172.11	178.22	6.11	0.59	0.01	0.006	0.105	0.299	0.409	0.67
V-08-04B	254.72	256.14	1.42	0.16	0.02	0.003	0.005	0.003	0.010	0.17
V-08-06	165.71	168.90	3.19	0.16	0.00	0.004	0.020	0.043	0.067	0.18

 

* 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. True widths are approximately half the width observed in core.

NiEq % (Resource) = ( (Ni% x 22.04 x Ni Price $/lb) + (Cu% x 22.04 x Cu Price $/lb) + (Pt gpt / 31.1035) x Pt $/oz +(Pd gpt / 31.1035) x Pd $/oz + (Au gpt / 31.1035) x Au $/oz)/(22.04 x Ni $/lb). This calculation assumes 100% recovery rates and does not include Cobalt due to a lack of data. Calculation is an estimation of resource potential. Metal prices are Ni $12.4/lb, Cu $4.1/lb, Pd $1,721/oz, Pt $1,068/oz, Au $1,904/oz based on January 13, 2023.

Ni, Cu results are from historical assays previously released. Pt, Pd, and Au are part of maiden PGM assay in 2023 by SGS at its Burnaby B.C. lab.

Flying Nickel Minago PGM  Assay Program Update

The Company has prepared and submitted a total of 3,371 samples (4,041 meters) from 47 drill holes to SGS from Minago’s Nose deposit. The Company expects to receive and publish the final two batches of assay results in April and May 2023.  

The sample size is smaller compared to originally planned 5,450 samples totalling 7,061 meters described in detail in the news release dated January 17, 2023. This is because Flying Nickel had found favourable PGM assays from additional 2,116 samples totalling 2,972 meters from 13 historical (1990) drill holes by Blackhawk Mining. Nuinsco Resources Ltd. assayed those 13 drill holes for PGM in 2004 with the following results and yet did not publish them in public.  

Assay highlights from the Blackhawk series holes are tabulated below:

BHK 46A-90 grading 1.24% Ni, 0.03% Cu, 0.260 g/t Pt, 0.566 g/t Pd and 0.011 g/t Au (0.837 g/t PGM+Au) over a 13.41 meter interval from 376.73 meters downhole.

BHK 46A-90 grading 1.54% Ni, 0.09% Cu, 0.212 g/t Pt, 0.588 g/t Pd and 0.015 g/t Au (0.815 g/t PGM+Au) over a 5.79 meter interval from 558.09 meters downhole.

BHK 48-90 grading 1.15% Ni, 0.10% Cu, 0.196 g/t Pt, 0.524 g/t Pd and 0.036 g/t Au (0.756 g/t PGM+Au) over a 13.94 meter interval from 278.97 meters downhole.

BHK 54-90 grading 1.63% Ni, 0.05% Cu, 0.352 g/t Pt, 0.735 g/t Pd and 0.037 g/t Au (1.124 g/t PGM+Au) over a 6.10 meter interval from 147.83 meters downhole.

 

Hole ID	From (m)	To (m)	Width (m)	Ni %	Cu %	Au g/t	Pt g/t	Pd g/t	Au+Pt+Pd g/t	NiEq %
BHK 41-R1-90	297.18	302.51	5.33	1.32	0.10	0.015	0.188	0.372	0.575	1.45
BHK 41-R1-90	338.94	344.73	5.79	0.95	0.02	0.012	0.135	0.291	0.437	1.03
BHK 42-R2-90	382.52	400.20	17.68	1.03	0.03	0.008	0.122	0.251	0.382	1.11
BHK 45-90	187.45	196.06	8.61	1.22	0.07	0.034	0.232	0.477	0.742	1.38
BHK 46A-90	376.73	390.14	13.41	1.24	0.03	0.011	0.260	0.566	0.837	1.40
BHK 46A-90	558.09	563.88	5.79	1.54	0.09	0.015	0.212	0.588	0.815	1.72
BHK 46A-90	581.06	589.79	8.73	0.91	0.05	0.006	0.134	0.359	0.499	1.02
BHK 48-90	278.97	292.91	13.94	1.15	0.10	0.036	0.196	0.524	0.756	1.32
BHK 49-R9-90	248.11	258.17	10.06	1.10	0.06	0.015	0.166	0.342	0.524	1.21
BHK 49-R9-90	259.69	272.49	12.80	0.88	0.04	0.012	0.161	0.321	0.494	0.99
BHK 49-R9-90	417.96	425.96	8.00	1.25	0.08	0.010	0.140	0.381	0.531	1.37
BHK 50-90	157.58	187.91	30.33	1.02	0.05	0.008	0.118	0.354	0.479	1.12
BHK 50-90	203.91	213.97	10.06	1.01	0.05	0.028	0.129	0.344	0.501	1.12
BHK 52-90	294.74	301.75	7.01	0.93	0.05	0.012	0.189	0.375	0.577	1.04
BHK 53-91	254.31	262.54	8.23	0.93	0.03	0.013	0.149	0.388	0.550	1.04
BHK 54-90	147.83	153.92	6.10	1.63	0.05	0.037	0.352	0.735	1.124	1.84
BHK 54-90	180.64	196.96	16.32	1.11	0.02	0.012	0.146	0.299	0.457	1.20
BHK 54-90	297.18	318.52	21.34	0.92	0.05	0.012	0.108	0.290	0.410	1.01

 

*  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. True widths are approximately half the width observed in core.

There has been a cumulative 90,783 meters of drilling at the Minago Project by 6 operators since 1966. Additionally, Flying Nickel drilled 2,718 meters in 2022 since acquiring the Minago Project in February 2021. 112 of 148 boreholes (76%) that intersected the proposed Nose deposit pit shell were missing PGM assays.

At the conclusion of the PGM assay program, PGM assay results from 7,074 samples totalling 9,050 meters of sections from 83 holes in the Nose deposit will be modeled to develop a maiden PGM resource at the Minago Project.

 

Drilled by	PGM Assayed by	#Samples	Meters	Drill Holes
Various	Flying Nickel 2023	3,371	4,041	47
Flying Nickel 2022	Flying Nickel 2022	336	524	3
Blackhawk 1990	Nuinsco 2004	2,116	2,972	13
Victory Nickel 2008–12	Victory Nickel 2008-12	1,251	1,513	20
Total		7,074	9,050	83

 

Total length of PGM assay sections and number of boreholes is estimated. Maps and charts are available at www.flynickel.com

 

About Minago Project

The Minago Project is located in Canada’s Thompson Nickel Belt and currently has a NI 43-101 compliant open-pit optimized and underground, Measured and Indicated resource of 44.2 million tonnes grading 0.74% Ni (722 million lbs contained nickel) and Inferred resource of 19.6 million tonnes grading 0.74% Ni (319 million lbs contained nickel). The resource split is approximately 78% Nose deposit and 22% North Limb deposit at Minago. This technical report, completed by Mercator and AGP, has an effective date of February 28, 2022, and is available under the Company’s profile on SEDAR.

QA/QC

The sampling process incorporated blanks, standards (certified reference material) and duplicates. The blank samples were comprised of crushed limestone; two standard types were used which alternated from a high Ni concentration to a low Ni concentration; and duplicates were created from half the material of the previous sample. QAQC samples were inserted at intervals of 20. 

 

Qualified Person

The technical contents of this news release have been prepared under the supervision of Robert Smith, P.Geo. and he approves its content. Mr. Smith is independent of the Company. Robert Smith is a Qualified Person as defined by the guidelines in NI 43-101.

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

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