Manitou Gold Inc. reported assay results for the final drill hole from the CompanyÆs summer diamond drill program in support of the initiative to spin out nickel-cobalt-PGE commodities from the Goudreau project into a newly incorporated subsidiary, Western Nickel Corp. Maiden three-hole drill program now completed. All three drill holes intersected continuously serpentinized and mineralized intervals of ultramafic rocks in excess of 200 metres1 with highlight intersections of: 230.6 m grading 0.25% NiEq in MTU-22-17, which tested the strongest portion of the magnetic anomaly to the north of discovery hole MTU-22-14; 252.1 m grading 0.27% NiEq in previously released hole MTU-22-19, drilled 500 metres west of discovery hole MTU-22-14; and 208.2 m grading 0.27% NiEq in previously released hole MTU-22-18, drilled 900 metres west of the discovery hole.

Broad intersections of nickel and cobalt provide confirmation of a significant nickel-cobalt discovery at the 100% owned Goudreau Project. Four holes drilled to date (including the discovery hole) have tested just two of the thirty nickel intrusion targets identified on the Goudreau Project so far Diamond drilling began in late August, with 1,152 metres of drilling completed by mid-September, 2022. The program was designed as follow-up on prior results that indicated the untested potential for significant nickel mineralization comparable to Canada NickelÆs Crawford deposit, located in Timmins, Ontario and the Dumont nickel deposit, located near Val-dÆOr Quebec.

The completion of this three-hole maiden drill program confirmed the significant nickel discovery arising from the winter drill campaign. The most recently received assay results are from hole MTU-22-17, which targeted the strongest portion of the magnetic anomaly to the north of discovery hole MTU-22-14. Newly reported assay results from drill-hole MTU-22-17 include a strong intersection of 230.6 m of 0.25% NiEq starting at 99.9 m down hole.

The hole was collared approximately 100 metres south of discovery hole MTU-22-14 and intersected a single, strongly serpentinized interval of ultramafic rock with finely disseminated nickel-sulfides and nickel-alloys. Highlights from drill hole MTU-22-18, collared 900 metres west of MTU-22-14, include 208.2 m grading 0.27% NiEq, including an interval of 27 m grading 0.32% NiEq starting 84.9 metres down hole. Results from drill hole MTU-22-19, collared 500 metres west of discovery hole MTU-22-14, include a continuous mineralized intersection of 252.1 m grading 0.27% NiEq starting at 90.5 metres down hole.