Flying Nickel Reports Multiple Platinum and Palladium Intersections of Upto 9.4g/t From Historic Minago Drill Holes. Further PGM Assays Pending from 97 Drill Holes (7,061 meters of sections)

Vancouver, British Columbia, January 16, 2023 – Flying Nickel Mining Corp. (“Flying Nickel” or the “Company”) (TSX-V:FLYN, OTCQB:FLYNF) announces it has engaged SGS Canada and started assaying platinum, palladium, and gold from 97 past drill holes (totaling 7,061 meters in drilling) from the Company’s 100% owned Minago Nickel Platinum-Group-Metals project (the “Minago Project”). Rolling assay results will start becoming available in early March. This platinum-group-metals (“PGM”) assay program is scheduled to complete in June 2023, potentially leading to a maiden Minago PGM resource. 

The Minago Project is located in Canada’s Thompson Nickel Belt and currently has a NI 43-101 compliant open-pit optimized and underground, Measured and Indicated resource of 44.2 million tonnes grading 0.74% Ni (722 million lbs contained nickel) and Inferred resource of 19.6 million tonnes grading 0.74% Ni (319 million lbs contained nickel). The resource split is approximately 78% Nose deposit and 22% North Limb deposit at Minago. This technical report, completed by Mercator and AGP, has an effective date of February 28, 2022, and is available under the Company’s profile on SEDAR.

There has been cumulative 90,783 meters of drilling at the Minago Project by 6 operators since 1966. Additionally, Flying Nickel drilled 2,718 meters in 2022 since acquiring the Minago Project in February 2021. Upon detailed review of Minago Project data set, the Company noted:

1. 118 of 150 boreholes (79%) that intersected the proposed Nose deposit pit shell are missing PGM assays. Prior operators may have only been interested in nickel due to the low value of PGM at the time. Across the entire Minago Project, only 52 boreholes contain PGM analysis.

1. There is a close correlation between PGM grades and total nickel grades with R-squared (Pd) = 0.8296, and R-squared (Pt) = 0.7422. Notable PGM results from representative Minago Project’s Nose and North Limb deposit sections are tabulated below:

PGM Assays From Drill Holes By Flying Nickel in 2022

PGM Assays From Drill Holes By Prior Minago Project Operators

Detection limit is 10 ppm for Ni, 10 ppm for Cu, 10 ppm for Co, 5 ppb Au, 10 ppb Pt and 5 ppb Pd. When calculating composite grades, half the detection limit value was used when assay results were less than the detection limit. Composite grades are weighted by sample length. True widths are approximately half the width observed in core. 

Reported results are from historic boreholes, drilled by Victory Nickel, and are intended to highlight PGM grades and the correlation between nickel and PGM throughout the resource, including both the Nose and North Limb deposits.

NiEq % (Resource) = ( (Ni% x 22.04 x Ni Price $/lb) + (Cu% x 22.04 x Cu Price $/lb)  + (Pt gpt / 31.1035) x Pt $/oz +(Pd gpt / 31.1035) x Pd $/oz + (Au gpt / 31.1035) x Au $/oz)/(22.04 x Ni $/lb). This calculation assumes 100% recovery rates and does not include Cobalt due to a lack of data. Calculation is an estimation of resource potential. Metal prices are Ni $12.4/lb, Cu $4.1/lb, Pd $1,721/oz, Pt $1,068/oz, Au $1,904/oz based on January 13, 2023

A high degree of correlation between PGM and Nickel has been observed in the existing assay results, the correlation between PGM & Ni plot can be found below:

The tabulated results are distributed across the Nose and North Limb of the deposit a. They demonstrate the dispersion of PGM throughout the deposit, shown on the map below:

Total length of PGM assay sections and number of boreholes is estimated. Maps and charts are available at www.flynickel.com

The Company and its consultants, including Qualified Persons, have identified approximately 7,061 meters of sections in 97 holes to assay for PGM. The Company’s objective is to publish a maiden PGM resource for the Minago Project. 

“The recent drill results by Flying Nickel confirmed significant Platinum Group Metals credits. They add a new dimension to our already unique Minago nickel project. Other outstanding project features include an open pit optimized resource, 0.74% high nickel grades, and convenient infrastructure access such as being 1.5km from a 75kV power line and a paved provincial highway.

Investors can expect PGM assay results throughout first and second quarters of 2023”, commented John Lee, Interim CEO.

PGM Metallurgy and Recovery

The PGM presence was notable in Minago nickel bulk concentrate from prior metallurgical studies by SGS in 2010 with 0.54% nickel head grade. The concentrate contains 22.3% Ni, 1.4% Cu, 0.46% Co, 2.47 g/t Pt, 6.31 g/t Pd, 0.63 g/t Au, 4.3 g/t Ag, and 0.59 g/t Rh.

SGS has been engaged since November 2022 to conduct tests to optimize PGM recovery which could enhance the Minago Project economics with initial results anticipated in the 1st half of 2023.

Qualified Person

The technical contents of this news release have been prepared under the supervision of Michael Hartley, P.Geo. and he approves its content. Mr. Hartley is not independent of the Company in that he is employed by it. Michael Hartley is a Qualified Person as defined by the guidelines in NI 43-101.

About Flying Nickel

Flying Nickel Mining Corp. is a premier nickel sulphide mining and exploration company.  The company is advancing its 100% owned Minago nickel project in the Thompson nickel belt in Manitoba, Canada.

Further information on the Company can be found at www.flynickel.com.

FLYING NICKEL MINING CORP.

ON BEHALF OF THE BOARD

John Lee

Interim Chief Executive Officer

For more information about the Company, please contact:

Phone: Phone: 1.877.664.2535 / 1.877.6NICKEL

Email:  info@flynickel.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding Flying Nickel’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Flying Nickel’s forward-looking statements. Flying Nickel believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Flying Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Flying Nickel undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.