EV Minerals Highlights Historic Main Zone Results at EV Nickel Project in Saguenay-Lac-Saint-Jean Region, Quebec

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EV Minerals
February 22, 2024
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TORONTO, ONTARIO – February 22, 2024 EV Minerals Corporation (the "Company" or "EV") (CSE: EVM and FSE: RLC) is pleased to announce initial results of its previously announced Phase 1 desktop compilation at the EV Nickel-Copper-Cobalt (“EV Nickel Project”) Project in the Saguenay-Lac-Saint-Jean Region, Quebec.

The Phase 1 desktop compilation is part of the 2023 exploration program and focused on re-interpretation of historical drilling and regional geology to produce detail near-term and long-term exploration plans and targets. EV Minerals will also be able to combine desktop data with new drilling data when assays are returned from confirmatory drilling recently completed.

Initial Desktop Compilation Highlights:

- A total of 160 drill holes, drilled in 1989, are reported in assessment reports. These need to be captured into a properly structured database to enable the generation of an interactive 3D model of the deposit. This is an essential step toward planning the next drill program and resource update. Of these, 70 holes have been captured and verified, with the remaining expected to be completed in the coming weeks

- Highlights include holes on seven (7) sections over a strike length of over 300 m containing results of over 1% Ni or 1% Cu.

- Wide composites were uncovered, in hole 89-MCN-16, grading 0.03% Co, 0.12% Cu, and 0.21% Ni over 22.95 m from 0.85m depth, including 1.08% Ni over 1.07 m from 16 m depth, and 89-MCN-30, grading 0.05% Co, 0.21% Cu, and 0.31% Ni over 20.87 m from 26.19 m including 1.06% Ni over 0.85 m from 31.43 m, and including 3.00% Cu over 0.30 m from 32.28 m (Table 1).

The Main Zone Section containing multiple wide intersections is seen in Figure 2.

- The historic assays indicate wide zones at near-surface depths through the Main Zone and continue towards the Northern Zone (Figure 2).

- The best Main Zone grades are mostly found within the massive to semi-massive sulphide zones, containing pyrrhotite, pyrite, and chalcopyrite.

“EV Minerals has been able to carefully manage exploration capital as a result of the quality of historical drill data that is available to us. 160 drill holes and associated data, would cost millions today and our resulting desktop compilation of historic exploration on the property outlined very exciting upside opportunities to increase the resources at the EV Nickel Project,” commented EV Minerals President and CEO Nicholas Konkin. “We are pleased that the mineralization is focused near surface with the historical resource focused from surface to a depth of 96 metres. Analysis of the historic Main Zone drilling and assay data indicates that there is potential to expand the resources, as the deposit is open along strike and at depth. There are also indications that the width of the deposit can be built upon with further systematic drilling.”

The Main Zone area of the Property (See Figure 1), is reported to hosts a historical non-43-101 compliant resource of 5.855 mt grading 0.21% Nickel (“Ni”), 0.11% Copper (“Cu”), 0.03% Cobalt (“Co”)* (See Figure 2 and 3). Updating this resource to current industry standards would be a milestone for EV Minerals, and requires both a review of historic data and confirmation drilling of the main historic intercepts, noth of which are currently underway.

Figure 1: Regional Map and Historical Non-compliant Resource Location
Figure 2: EV Nickel Project with Main Zone Highlighted Composites
Figure 3: EV Nickel Project Main Zone Section 3+00 S Looking North
Table 1: EV Nickel Project Main Zone Composites Highlights, Highlighting Both Wide and High-Grade Zones

About EV Nickel–Copper–Cobalt Project  

The 1,792-hectare EV Nickel-Copper-Cobalt Project has been a source of ongoing enthusiasm for the EV Minerals technical team. This Project is north of Saguenay Quebec and is easily accessible by numerous forest service roads. The EV Nickel Project has an undeveloped resource of 5.585 million tonnes with grades of 0.21% Ni, 0.11% Cu and 0.03% Co (NI 43-101 non-compliant resource)*, The EV Nickel Project (Formerly the McNickel deposit) was discovered in 1987 with a major drilling campaign completed in 1989, by a junior explorer.

The claims host a magmatic sulphide deposit consisting of disseminated, stringer and massive nickel, copper, and cobalt mineralization in a gabbro - leucogabbro host rock. It is likely a sill which has intruded anorthositic rocks of the expansive Lac-St-Jean anorthosite Complex, the largest of its kind in the world. The property lies on the far western edge of the Complex which is a major Proterozoic age intrusive consisting of a differentiated mafic body intruding the high-grade gneisses and granitic. In 1998, the Quebec Government produced a detailed report on the property in the publication:

“Étude du gîte De Cu-Ni-Co de McNickel, Suite Anorthositique De Lac Saint-Jean. Thomas Clark, Claude Hebert.  ET 98-02

Qualified Person

Morgan Verge, an independent Qualified Person ("QP") as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release. Morgan Verge is accepted into L’Ordre des géologues du Québec (OGQ) with special authorization AS-10716.

About EV Minerals Corporation

EV Minerals Corporation is a Canadian exploration company focused on mineral exploration and development. The current focus is the EV Nickel Project, host of the nickel-copper-cobalt McNickel deposit. The Project is comprised of 32 mineral claims covering approximately 1,792 hectares located in the Saguenay area, the Province of Quebec. This deposit is reputed containing a non-current historical resource of 5.585 million tonnes with grades of 0.21% Ni, 0.11% Cu and 0.03% Co (NI 43-101 non-compliant resource), which is to be re-evaluated with the consideration of using either bioleaching or acid leaching and electrowinning for nickel, cobalt and copper recovery.

* The foregoing historical resource estimates presented above were completed in 1989, prior to the implementation of the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.  The Company is not treating the historic resources as current. However, given the abundance and quality of the historic drill work completed, the Company is confident that a mineral resource could be generated on the deposit through sufficient confirmation drilling.

For more information, please contact:

Nicholas Konkin

President and CEO, Director

nick@evmineralscorp.ca

416-642-1807 Ext 305

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

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