Widgie Nickel Limited announced assay results from its Reverse Circulation (RC) and Diamond (DD) drilling program targeting the Gillett and Gillett North mineralisation. This announcement pertains to all holes completed as of 31 December 2022 and not previously reported or included in the January 2023 Resource Estimation. As of 8 February 2023, a further 14 pre-collars out of a planned 20 holes within the Gillett area have been drilled in preparation for diamond tails targeting higher grades within the resource wireframes and testing for strike extensions to the south. The Company sees the Greater Widgie South area, comprising Widgie 3, Widgie Townsite and Gillett/Gillett North as the potential second nickel production centre in the Company's portfolio. Given the existing significant nickel endowment (71,860t Ni Indicated and Inferred Resource) across these three deposits, in close proximity, this potential operation will be larger in scale and longer life than the Company's first planned nickel mine at Armstrong. Discussion of Results: Drilling at the northern end of the Gillett Resource has expanded the extent of the known nickel mineralisation up to 80m beyond the current resource wireframes with results of 23m @ 1.03% Ni, 0.11% Cu, 0.03% Co from 246m (MERC236), 10m @ 1.00% Ni, 0.10% Cu, 0.03% Co from 331m (MEDD039) and 15m @ 1.18% Ni, 0.13% Cu, 0.04% Co from 303m (MEDD041). The Gillett Mineral Resource is a nickel sulphide deposit hosted within an ultramafic package dipping steeply (75o to 85o) to the south-west sitting on the eastern limb of a tight upright anticline. Mineralisation at Gillett occurs over a strike
length of more than 1,000 metres in an altered ultramafic on or near the basal contact with three separate sub parallel
lens now identified. A contact lode position lying directly adjacent to the older hanging wall basalt. The main lode within the ultramafic position lying 5 - 10m away from the contact. The UM2 disseminated lode lying a further 5 - 10m from the main lode (not shown on cross section below). The mineralisation styles within the contact and main lodes range from disseminated to very strong matrix sulphide
mineralisation. Zones of massive sulphides have been intersected with grades of up to 8% Ni returned from individual assays.
The nickel sulphide mineralisation within the UM2 lens is typically heavily disseminated sulphide which runs between 0.6% and 2.0% nickel. Mineralisation at Gillett North is similar in style to Gillett but sits on the western limb (and possibly around the fold nose) of the same anticline with the geological and structural relationship between the two deposits yet to be fully determined. A significant feature of the recent drilling and ongoing structural studies is the apparent strong structural control on the mineralisation where it has been significantly deformed into smaller secondary "drag folds" on the limbs of larger D2 folds resulting in thick higher grade "pods" with short down dip continuity over approximately 20 -100 metres. These thicker zones do have strong plunge components, as seen at Gillett which has both a flat and moderate to the southeast
plunges which are postulated to represent an earlier D1 folding event that has then be refolded during D2. Later stage
D3 and D4 faulting have then displaced the lodes. This is important for drill spacing as these better zones can easily be missed in wider spaced drilling and has implications across the field. This is highlighted by wide spaced follow up drilling at Gillett North based on hole
MERC225 which intersected 12 metres at 3.40% Ni from 200 metres downhole and 18 metres at 4.69% Ni from 246
metres downhole where detailed structural logging of follow up diamond drilling including a twin hole (MEDD072 results pending) advances this
geological model. The Company intends to improve the building of 3D geological models and where appropriate tighten drilling up and/or
increase the use of down hole electromagnetics (DHEM). Numerous DHEM conductors remain to be tested throughout
the Company`s tenure and a full review of these plates will be conducted and prioritised for drill testing.