Widgie Nickel : Strong Initial Assay Results at Gillett

ASX Announcement

04 April 2022

Strong Initial Assay Results at Gillett

Highlights

• • First assay results received from ongoing drilling program with a continuous stream of results to be delivered

• • Mineralisation intersected in areas outside of the current resource envelope at the Gillett deposit indicates the resource remains open to the north, south and down dip

• • Width and grade of intervals drilled outside the existing Gillett resource indicates growth potential

• • Nickel sulphide intercepts of note from reverse circulation (RC) and diamond drilling (DD) include:

  • o 8.2 m at 0.54% Ni from 220.8 m and 20 m at 1.42% Ni from 234 m (including 2.2 m at 4.18% Ni from 242.4 m, 1 m at 2.27% Ni from 246.2 m and 5 m at 1.93% Ni from 248 m) in MERC143 (DD)

  • o 16 m at 1.79% Ni from 277.1 m (including 4 m at 3.10% Ni from 280 m) and 5.9 m at 2.16% Ni from 287.2 m in MERC144 (DD)

  • o 0.8 m at 1.84% Ni from 330.5 m and 4.4 m at 1.97% Ni from 334 m in MERC145 (DD)

  • o 3.5 m at 1.11% Ni from 244.1 m (including 0.7 m at 3.44% Ni from 244.1 m) and 8.6 m at 1.08% Ni from 269.6 m including 2 m at 1.63% Ni from 275.1 m in MERC134 (DD)

  • o 3 m at 1.43% Ni from 136 m (including 2 m @ 1.69% Ni from 137 m) and 3 m @ 1.02% Ni from 164 m in MERC132 (RC)

  • o 1.1 m at 1.9% Ni including 0.1 m at 4.33% Ni from 360.9 m in MERC129 (DD)

  • o 1 m at 1.38% Ni from 184 m in MERC130 (RC)

  • o 8 m at 1.16% Ni from 274 m including 3 m at 1.95% Ni from 278m in MERC137 (DD)

Widgie Nickel Limited (ASX: WIN, "Widgie" or "the Company") is pleased to provide the first assay results from its Reverse Circulation (RC) and diamond (DD) infill and extensional drilling program specific to the Gillett mineralisation(Figure 1).

This announcement details the assay results received for the first four RC holes and first eight DD holes. RC drillholes were primarily designed as pre-collars for the diamond drilling, and thus stop short of the Gillett mineralisation with the exception of the first four RC drillholes which were planned to drill through the Gillett mineralisation. It is highly encouraging that the results from two of the four RC holes demonstrate continuation of Gillett nickel mineralisation beyond the current defined limits of mineralisation.

The DD hole tails have been designed to:

• • Infill the known Gillett Inferred Mineral Resource with a view to upgrading a portion of the Mineral Resource to Indicated in a Resource update planned for release in the September 2022 quarter, and

• • Delineate extensions to the Gillett mineralisation.

To date, Widgie has completed forty-five RC drillholes for 8,217 metres and fourteen DD holes for 2,599.6 metres at Gillett. The Company expects an ongoing flow of assay results to be received progressively over coming months.

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 600

Managing Director Steve Norregaard said: "We've been eagerly anticipating receiving the first of many ongoing results from the diamond drilling. This marks the first major step in enabling us to expand and increase the confidence in our nickel resource base at Mt Edwards.

Results to date, whilst only the tip of the iceberg, suggest Gillett will continue to grow with infill results confirming the tenor of mineralisation. We are looking forward to continuing to build on the momentum we've generated during the early stages of our maiden drilling campaign".

Figure 1 - Gillett long section looking southwest

Geological Interpretation

Initial assays reported herein relate to drilling of both infill and extensional drilling of the Gillett mineralisation. A number of drillholes have been designed to target expected mineralisation outside the boundaries of the existing Gillett mineral resource. It is pleasing to note that all but two drillholes with assays received to date intercepted the mineralisation as expected.

To date the drilling has confirmed that the basal contact is mineralised. Importantly the drilling has also demonstrated that there are additional zones of mineralisation in stratigraphically higher positions within the volcanic pile (Figure 2). These are interpreted to be the mineralised basal contacts of multiple stacked ultramafic lava flows.

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 6000

Figure 2 - Oblique Gilllett cross section at 6,512,870mN

The nickel mineralisation intercepted to date has largely met expectations, with disseminated sulphide dominating and a number of massive sulphide intervals also observed.Figure 3shows an example of massive sulphide intersected in diamond tail MERC197 at approximately 424.8 m downhole (assays have not yet been received for this hole).

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 6000

Massive sulphide

Figure 3 - Massive sulphide interval in MERC197 from 424.8 m to 425.5 m

Since commencing work on the project in 2021, Widgie has been reviewing the large database of historical exploration data, including drilling, geochemical and geophysics data and geological interpretations. On the Widgie South trend, which includes the Widgie 3, Gillett and Widgie Townsite deposits the mineralised basal contact is interpreted to be both repeating due to folding and continuous from Widgie 3 through Gillett to Widgie Townsite.

Whilst the assays reported herein relate to the Gillett mineralisation, a number of drillholes completed highlight the potential for mineralisation to extend beyond the current drilling envelope. To test this, downhole electromagnetic (EM) surveying is planned to be completed on a number of holes at the northern and southern end and down dip from Gillett(Figure 4).

Figure 4 - Oblique long section looking west showing additional drill targets proximal to the current Gillett Mineral Resource

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 6000

Furthermore, drilling is also planned to target historically identified EM plates which are interpreted to be more conductive and therefore represent the more prospective zones of the interpreted basal contact. These EM targets are proximal to both the Gillett and Widgie Townsite mineralisation.Figure 4shows the location of these planned drillholes.

The drill results received to date combined with the extensive historical dataset further demonstrate the high prospectivity of the Widgie tenure, both at a local scale, with folded repetition of the mineralised basal contact and stacking of mineralisation, continuity of the mineralisation along the basal contact and potential to increase resources and EM targets beyond current Mineral Resources.

Figure 5 - DD (left) and RC (right) drill rigs at Gillett, with Widgie 3 open pit in background right

By-product Assaying (Copper, Cobalt, Platinum, Palladium and Gold)

With more than 20 significantly mineralised intercepts identified at Gillett, re-assay of pulps for by-products (specifically Cu, Co, Pt, Pd and Au) can now be completed with this to be reported in subsequent announcements.

Competent Person Statement

The information in this announcement that relates to exploration results and sampling techniques is based on and fairly represents information and supporting documentation compiled by Mr Don Huntly, who is a full-time employee of Widgie Nickel Limited. Mr Huntly is a Competent Person and a member of the Australian Institute of Geoscientists. Mr Huntly has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Huntly consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

ACN 648 687 094	PO Box 7713	T: [phone]	[e-mail]
Level 4, 220 St Georges Terrace	Cloisters Square WA 6850	F: [phone]	widgienickel.com.au
Perth WA 6000