ZEB Nickel Corp. reported a new gold zone discovery on its Zeb Project, located in Limpopo, South Africa. In addition to reporting on this new discovery, the Company reported positive assay results from the remaining 5 holes in its recently completed Phase 2 drill program.

These assays have confirmed both the grade and continuity of the Ni mineralization, as well as the presence of higher-grade Ni-PGE bearing Critical Zone lithologies on the project area. The gold zone discovery is located in lithologies adjacent to and beneath the Ni and PGE mineralized zones. Gold was intersected in two of the eight holes in the recently completed phase 2 drilling program.

Intersections are summarised in the table below. Drillholes Z027 and Z029 were drilled at an inclination of 50° on an azimuth of 45°. The discovery of the gold mineralization now means the there are three known different styles and zones of mineralization within the project area, namely the nickel mineralization in Lower Zone lithologies, the Ni-PGE mineralization associated with Critical Zone lithologies, and lastly, the newly discovered gold mineralization.

Historical drilling was largely focussed on defining the nickel resource in the Lower Zone lithologies, and consequently, many of these historical holes stopped short of intersecting the lithologies that host the Ni-PGE mineralization, and potential gold mineralization. Based on the exploration successes in Phase 1 of this drill program, the Zeb Exploration team made the decision that Phase 2 holes should all be drilled into the Penge Iron Formation to test for Ni-PGE mineralization in footwall rocks of any Critical Zone lithologies present on the project area. This policy has resulted in numerous intersections of Ni-PGE mineralization in Critical Zone rocks which was not previously identified in historical drilling, as well as the new gold discovery.

All 14 holes drilled in Phase 1 and Phase 2 demonstrated the presence of nickel sulphide in magmatic rocks, and 13 of these holes demonstrated intersections of economic value. Of these, 12 holes contributed towards an increase in the overall basket price of the Zeb Project. The results from Phase 1 and Phase 2 exploration programs are presented in Table 2 below.

Drill core diameter for all holes is NQ except for Z024, which was drilled BQ, and drill holes are drilled at an inclination of 50 degrees on an azimuth of approximately 45 degrees. Critical Zone intersections from drill hole Z028 demonstrated similar stratigraphic horizons to those seen at Ivanplats' Flatreef. Litho-and chemostratigraphy of the Flatreef PGE deposit, northern Bushveld Complex.

Mineralium Deposita, 54(1), 3-28. and Kekana, S. M., (2014) An investigation of mineralization controls in the upper section of the Platreef in the southern sector, on Turfspruit, Northern Limb, Bushveld Complex South Africa. MSc from the University of the Witwatersrand, Johannesburg, South Africa pg 1-143.).

Based on the similarities in lithostratigraphy between Critical Zone lithologies intersected in Z028 and that described in the references listed above; the Zeb exploration team was able to conclude that Z028 intersected the probable equivalent of the Upper Critical Zone that hosts similar mineralized zones at Ivanhoe Mines Flatreef PGE deposit. The style of the mineralization and location of this mineralization within the stratigraphic column in Z028 shows broad similarities with the style and location of mineralization at Ivanhoe's Flatreef Deposit. Z028 has a mineralized interval near the top of the Upper Critical Zone, which could possibly be correlated with the T1 Main Mineralized Zone identified in the Ivanplats stratigraphy, and similarly the mineralized interval near the base of the Critical Zone in Z028 could possibly be correlated with the T2 Main Mineralized Zone at Ivanplats.

Z028 does however have two minor mineralized intervals between the upper and lower mineralized zones that have not yet been correlated with any known mineralized zones at Ivanplats. The results from this program will be used to update the three-dimensional geological model and used to site drillholes for the next phase of drilling, planned to commence in Second Quarter 2022. The Company plans to present an updated mineral resource on the Lower Zone orebody using the newly acquired data from these two phases of drilling.

In addition to this, the Company plans to drill over 30,000 m of exploration drilling in 2022 and present a new Preliminary Economic Assessment with improved project economics in 2023. The extent and continuity of the high-grade gold mineralization is untested, and the next phase of drilling will aim to prove the continuity and extent of this gold mineralization while simultaneously testing for Ni-PGE mineralization. The presence of this high-grade gold mineralization will likely improve the overall project economics, especially when combined with the higher-grade Ni-PGE mineralization found in Critical Zone rocks.