ZEB Nickel Corp. (‘Zeb' or the ‘Company') announced that the company has completed Phase 2 of exploration drilling on the Zebediela Project and has successfully intersected Critical Zone lithologies in all drillholes with reported assay results in this recent phase, located beneath the historical 43-101-compliant 1.5 billion-ton sulfide nickel resource which contains approximately 3,955 kt of nickel. A weighted average calculation using a cut-off grade of 0.31% Ni from this phase of drilling has resulted in an increased grade of 76% higher than that declared in the historical resource used in the existing Preliminary Economic Assessment (PEA).

This existing historical resource consists of an Indicated Resource of 485.4 million tonnes averaging 0.245% Ni, with an additional Inferred Resource of 1,115.1 million tonnes at 0.248% Ni using a cut-off grade of 0.1% Ni. The Critical Zone of the Bushveld Complex is the geological horizon that hosts Platreef-style mineralization in the Northern Limb, which is the mineralised zone currently being mined at Anglo American Platinum's Mogalakwena Mine, and Ivanhoe Mines Platreef Mine (average depth of 800 m). This phase of drilling is a continuation of the first phase conducted by the Company for a total of 4,901 m in both Phase 1 and Phase 2, targeting higher grade nickel PGE mineralisation in Critical Zone rocks found beneath the existing NI43-101 compliant nickel resource.

The company announced that these Critical Zone rocks have been discovered along a strike length of at least 3 km. 6 holes were completed in the Phase 1 drill campaign and a further 8 holes were completed in the Phase 2 drill campaign (assay results for 5 holes are outstanding). Exploration results from the drilling campaign are presented in the table below, and the location of these holes are presented in Figure 2 below.

Drill core diameter for all holes is NQ and drill holes are drilled at an inclination of 50 degrees on an azimuth of approximately 45 degrees. Based on whole rock geochemistry and methodologies developed by the Zebediela technical team, this exploration program has now conclusively proved that mineralized Critical Zone rocks are present beneath the historical NI43-101 resource that could be mined using open pit mining methods. The Company is extremely pleased with the successful drill campaign which has confirmed the geological model targeting higher-grade Ni-PGE mineralization beneath the historical NI43-101 resource, and towards the north and south, expanding the strike length of the Critical Zone mineralization.

The Company looks forward to reporting the outstanding results from this phase of the drilling program, as well as commencing with the next phase of drilling. This next phase should allow for the declaration of a maiden Ni-PGE resource statement on this higher-grade Ni-PGE mineralization target and allow for a new PEA with improved project economics.