ZEB Nickel Corp. announced that the Company has now completed a full evaluation of the results from both the Phase 1 and Phase 2 drilling campaigns and related these results to all available historical information, updated the exploration model and produced a three-dimensional geological model of the project area. The Company has identified higher grade zones within the Lower Zone lithologies that host the historical nickel resource estimate as described in the Company's NI43-101.

Much of the historical drilling stopped short of these higher-grade zones, and further drilling into these zones could result in an increase in the grade of the resource estimate hosted in these Lower Zone lithologies. The development of a three-dimensional geological model has allowed the Company to better focus the next phase of exploration, which will include infill drilling on the gold targets with the aim of declaring a resource on the gold mineralization. The next phase of drilling on the Zebediela project aims to: Allow for the declaration of a current NI43-101 resource statement on the historical nickel resource hosted within Lower Zone lithologies; Define more resources in the "indicated resource" category for the nickel resource hosted in Lower Zone lithologies, and potentially move some material into the "measured resource" category; Increase the overall grade and tonnage on the historical nickel resource by targeting the serpentinite and poikilitic harzburgite units, where higher nickel grades have been intersected by previous drilling; Increase the grade and tonnage within Critical Zone (Target 2) lithologies, which consists of material proven to be a shallower up-dip extension of Ivanhoe's 800 m deep Platreef on the adjacent property; Determine the extent of the high-grade mineralized nickel zone at the base of, and in the footwall to, the Lower Zone lithologies, which is contact style mineralization and may host semi-massive to massive Ni-PGE sulfide mineralization; and Conduct infill diamond drilling to test the extent of the gold discovery, as reported in news releases on September 19th, 2022 and March 15, 2022; The case for increased nickel grade within the Historical Resource: The historical resource is associated with the ultramafic Lower Zone body, which hosts the historical estimate.

The nickel mineralization starts near surface and was tested to a depth of ~350 m and has a strike length of 3 km. The body dips southwestward (30-70°) and is in excess of 350 m thick. There are approximately 34 drillholes which have intersected this body, however, the majority of the historical holes are stopped in the middle of the body and did not test the full nickel mineralization potential of this body.

This body was previously thought to be relatively homogenous in both lithologies and nickel mineralization. A recent investigation conducted by the Company's geologists has indicated that this body is not as homogeneous as previously interpreted. The body can be divided into four broad stratigraphic units, namely the Dunite Unit, the Serpentinised Dunite Unit, the Serpentinite Unit and the Poikilitic Harzburgite Unit.

These four units have different abundances of sulfide mineralization and associated nickel sulfide mineralization. The Serpentinite and Poikilitic Harzburgite Units close to the base of the body have an increased sulfide content of 5% - 10% that are blebby and disseminated in nature. This means that higher nickel grades are often associated with the lower two sulfide-rich stratigraphic units.

Based on these broad lithological units found in the body, the true potential of the nickel mineralization has not yet been tested (Figure 1). The units that contain the highest nickel grades have only been intersected in a few of the historical boreholes (e.g., Z015 and U1). The majority of the historical drillholes were stopped in the middle of the Serpentinised Dunite Unit and did not test for higher-grade Ni mineralization associated with the lower two units.

Z015 intersected these lower units with 21,50 m @ 0,49% Ni (including 5,50 m @ 0,72% Ni). The more recent boreholes that were drilled through the entire Lower Zone stratigraphy, were drilled close to the sub-crop position of the Lower Zone, and due to the nature of the geometry of the Lower Zone intrusion, these boreholes did not intersect a well-developed Serpentinite Unit and Poikilitic Harzburgite Units as seen in Z015 and U1. On this basis, the infill drilling program will target the higher-grade mineralized zones downdip of the sub-crop position of the Lower Zone, rather than the shallow sub-crop mineralized packages intersected in the historical drilling.