Class 1 Nickel Provides Update on Environmental Baseline Studies at the Alexo-Dundonald Project

Toronto, Ontario (October 5, 2021) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to provide an update on the ongoing environmental baseline studies at its 100%-owned Alexo-Dundonald Project, located approximately 45 km northeast of Timmins, Ontario. These studies are being carried out by Story Environmental Inc. (“SEI”) of Haileybury, Ontario, and will serve as key components to advance the Project through exploration to production.

 

Environmental Baseline Program

The purpose of the environmental baseline work is to support future permitting requirements for the Alexo-Dundonald Project. Emphasis has been placed on the programs that will require multi-year, seasonal data. The environmental baseline studies are expected to be completed in the summer of 2022, with reporting on the baseline studies to be finished by the end of December 2022.

 

Baseline studies to support the development and permitting of the Project are underway in the following areas: surface water quality, hydrology, and groundwater levels and quality.

 

The surface water sampling program is designed to capture any spatial and temporal variations in water quality within the waterbodies located in and around the project area.  Initial site reconnaissance took place in April 2021. In May 2021, the water within the Alexo North and South Pits was sampled to determine the existing water quality at different depths in the historical pits. A monthly baseline surface water monitoring program began in July 2021. Monthly sampling will continue into the summer of 2022 in order to establish a robust dataset for permitting.

 

As part of the 2021 hydrology program, flow measurements and water levels were obtained at hydrology stations established at the outlets of two unnamed waterbodies in the Dundonald area.  This data will facilitate the development of a rating curve for each station and will support future environmental permitting in the Dundonald area.  Continuous water level data are also being collected at one unnamed lake.  There are plans to collect additional flow measurements and water level data at other sites later in 2022.

 

The groundwater monitoring program began with the installation of additional groundwater monitoring wells in August 2021, to supplement the existing monitoring wells. Groundwater quality samples are being collected monthly to establish a comprehensive groundwater quality database. In addition, a level transducer has been installed, in one of the monitoring wells, to determine the range in static water levels. The groundwater level and quality data will be used to support hydrogeological studies for the historical Alexo South Pit Permit to Take Water.

 

Environmental Permitting Support

The Project Definition document that will be utilized to communicate the proposed Project activities to the regulatory authorities for mine development is currently underway.
This document also will form the basis of the mine closure plan required for permitting the dewatering of the historical Alexo North and Alexo South pits and full-scale mining operation.

 

The Permit to Take Water for the Alexo North Pit is currently in place, but the Alexo South Pit will require a Permit to Take Water.  This permit application will be submitted in early 2022. Reporting to support the management of the water, from the dewatering of the historical Alexo North and South pits, is also underway. 

 

About Alexo-Dundonald Project

The 100%-owned Alexo-Dundonald Property is an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide deposits located 45 km northeast of the City of Timmins (Ontario, Canada), a world-class mining jurisdiction with processing plants in need of additional feed. Class 1 Nickel has assembled a strategic land package that combines the historically mined Alexo nickel sulphide deposits with the Dundonald nickel sulphide prospects to create a larger and more diversified property portfolio. The Company’s updated total estimated Indicated Mineral Resource consists of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Ni, as per
NI 41-101 Technical Report completed by P&E Mining Consultants Inc (December 17, 2020). The Company is currently drilling to expand the known Mineral Resources and discover new resources to support a Preliminary Economic Assessment.

 

About Class 1 Nickel

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near the City of Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.

 

Qualified Persons

The environmental information in this news release has been reviewed and approved by Maria Story (P. Eng.), independent environmental consultant to the Company.
The contents contained herein that relate to the scientific and exploration results for the Alexo-Dundonald Project is based on information compiled, reviewed or prepared by
Dr. William Stone (P.Geo.), independent geological consultant to the Company. Both Maria Story (P.Eng.) and Dr. William Stone (P.Geo.) are Qualified Persons under the definitions established by National Instrument 43‐101.

 

For more information, please contact:

David Fitch, President

T: +61 400.631.608

E: [email protected]

 

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

 

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Class 1 Intersects 1.47% Nickel over 1.65 m at Alexo North

TORONTO, September 29, 2021 — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce intersection of high-grade nickel sulphides in Phase 1 diamond drilling on the Alexo-Dundonald Property near Timmins, Ontario (Figure 1). The goal of Class 1 Nickel’s mineral exploration program is discovery of high-grade (>1% Ni) nickel sulphide deposits for direct shipping to existing mineral processing plants in this region of northeastern Ontario.

 

Highlights

  • Massive and net-textured nickel sulphides intersected in Alexo North diamond drill hole AN-21-04;
  • Hole designed to test strong plate conductor model to the northeast of the Alexo North Deposit; and
  • Follow-up geophysical surveys and drill programs planned for fall 2021/winter 2022.

 

Figure 1. Location of the Alexo-Dundonald Property in northeastern Ontario.

Drill Program Results

The summer 2021 program was Class 1 Nickel’s initial drilling on the Property and the first since that completed by Canadian Arrow Mines Ltd. (previous owner) in 2011. Class 1 Nickel’s program consisted of 13 diamond drill holes totalling 2,644 m. The program was planned to test priority targets in the immediate Alexo North Deposit area and to the northeast, interpreted recently from the 2020 VTEM survey flown by the Company and interpretation of borehole electromagnetic (“BHEM”) conductor plate models from historical drill holes. This new drill program was completed by G4 Drilling of Val-d’Or, Quebec, under the supervision of Terra Modelling Services of Saskatoon, Saskatchewan.

 

At this point, assay results are available for the first four holes of the Phase 1 program. Holes AN-21-01, -02 and -03 did not return significant assay results: however, hole AN-21-04 intersected a high-grade mineralized interval (Figure 2 and Table 1). Assayed samples returned 0.58% Ni over 5.85 m from 123.5 m downhole, including 1.47% Ni (and 0.21% Cu) over 1.65 m of net-textured and massive sulphides from 127.7 m downhole (Figure 3). AN-21-04 was designed to test a strong borehole electromagnetic (“BHEM”) conductor plate model located approximately 100 m north-northeast of the Alexo North Deposit (historical Alexo Mine). The hole deviated away from the BHEM target, but intersected massive sulphides anyway. Holes AN-21-10 and AN-21-11 were also designed to intersect the same BHEM target and intersected massive sulphides (see Company press release dated June 10, 2021), but the assays are still pending from the laboratory. The drill core samples were assayed by AGAT Laboratories of Mississauga, Ontario.

 

Figure 2. Collar locations of the Phase 1 diamond holes drilled at Alexo North. Holes AN-21-04 and
AN-21-10 intersected net-textured and massive nickel sulphides near a strong BHEM conductor (yellow) to the east-northeast of the Alexo North Deposit (red). At this time, assay results are available only for drill hole AN-21-04.

Figure 3. Massive sulphide mineralization from drill hole AN-21-04 (red box outline).

Next Steps at Alexo-Dundonald

The next steps in nickel sulphide exploration at Alexo-Dundonald include:

  • Delivery and interpretation of the remaining assays from the Phase 1 drill holes at Alexo North, Alexo South and Dundonald South from the laboratory;
  • Interpretation of off-hole conductor models from BHEM surveys of Phase 1 holes; and
  • Plan and execute the 15,000 m drill program planned for Phase 2 at Alexo North and Alexo South (see Company press release dated September 23, 2021).

 

QA/QC

Class 1 Nickel employed a quality assurance and quality control program for the drill program, to ensure leading practice in the sampling and analysis of drill core. This practice includes insertion of certified standards and blanks into the drill core sample stream. Assay samples are taken from NQ-size drill core sawn in half; one-half of the core is shipped to AGAT Laboratories in Mississauga for assay and the other half is kept in the core box on-site for future reference. At AGAT Laboratories, the analytical methods employed consist of four-acid digest followed by sodium peroxide fusion and ICP-OES finish for multi-element analysis (including Ni, Cu, Co and S); fire-assay collection and ICP-OES finish for palladium, platinum and gold; and nickel collection fire assay and ICP-MS finish for the platinum-group elements, including rhodium.

 

About the Alexo-Dundonald Project

The 100%-owned Alexo-Dundonald Property is an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide deposits located 45 km northeast of the City of Timmins (Ontario, Canada), a world-class mining jurisdiction with processing plants in need of additional feed. Class 1 Nickel has assembled a strategic land package that combines the historically mined Alexo nickel sulphide deposits with the Dundonald nickel sulphide prospects to create a larger and more diversified property portfolio. The Company’s updated total estimated Indicated Mineral Resource consists of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Ni as per NI 41-101 Technical Report completed by P&E Mining Consultants Inc (December 17, 2020). The Company is currently drilling to expand the known Mineral Resources and discover new resources to support a Preliminary Economic Assessment.

 

Qualified Persons

All the technical information in this news release has been reviewed and approved by Dr. William Stone (P.Geo.), independent geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.

 

About Class 1 Nickel

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.

 

For more information, please contact:

David Fitch, President

T: 011 +61 400.631.608
E: [email protected]

 

For additional information please visit our website at www.class1nickel.com and our Twitter feed:@Class1Nickel.

 

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Class 1 Commences Phase 2 Drilling at the Alexo-Dundonald Nickel Project

  • 15,000 m phase 2 drilling program commenced to expand existing Alexo North and Alexo South Mineral Resources along strike and to depth;
  • Phase 1 borehole electromagnetic (“BHEM”) geophysical surveys have been completed and results modelled for follow-up drill testing in Phase 2; and
  • Phase 1 drill core assay results expected to be delivered starting in October 2021

 

Toronto, Ontario (September 23, 2021) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce commencement of a 15,000 m Phase 2 diamond drilling campaign at its Alexo-Dundonald Project near the City of Timmins, Ontario.

 

The 15,000 m drilling program is planned to continue until late-December 2021. The drilling program is designed to expand the current Mineral Resource Estimates, along strike and down-dip/plunge of the current Mineral Resources. The Phase 2 program will also test priority BHEM and VTEM anomalies outside of the immediate areas of the four known deposits (i.e., Alexo North, Alexo South, Dundonald North and Dundonald South), for the presence of additional high-grade nickel sulphide mineralization.

Class 1 President, Mr David Fitch commented: “The 15,000 m diamond drilling program is progressing as planned following completion of the Phase 1 drilling program.  Our main goal is increasing the tonnage of the Mineral Resources at Alexo North and Alexo South. In addition, potential exists for new discoveries. The technical and exploration teams are doing an excellent job in planning and executing the Phase 2 program.”

 

Figure 1: Alexo-Dundonald Project Map

 

 

About Alexo-Dundonald Project

The 100%-owned Alexo-Dundonald Property is an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide deposits located 45 km northeast of the City of Timmins (Ontario, Canada), a world-class mining jurisdiction with processing plants in need of additional feed. Class 1 Nickel has assembled a strategic land package that combines the historically mined Alexo nickel sulphide deposits with the Dundonald nickel sulphide prospects to create a larger and more diversified property portfolio. The Company’s updated total estimated Indicated Mineral Resource consists of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Ni. The Company is currently drilling to expand the known Mineral Resources and discover new resources to support a Preliminary Economic Assessment.

 

Qualified Persons 

All the technical information in this news release has been reviewed and approved by Dr. William Stone (P.Geo.), independent geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.

 

About Class 1 Nickel 

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.

 

For more information, please contact:

David Fitch, President

T: +61 400.631.608

E: [email protected]

 

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

 

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. 

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws

 

Class 1 Nickel Completes Acquisition of Strategic Portfolio of Mineral Claims in Ontario and Quebec

TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) —  Class 1 Nickel and Technologies Limited (CSE: NICO/ OTCQB: NICLF) (the “ Company ” or “ Class 1 Nickel ”) is pleased to announce that it has closed its previously announced acquisition (the “ Acquisition ”) from Platinum Group Elements Limited (“ PGEL ”) of a strategic project portfolio of adjacent and adjoining claims to the Company’s Alexo Dundonald project in Timmins, Ontario, as well as adjacent and adjoining claims to the Company’s Somanike project in Quebec, and a complimentary primary PGE project in Sudbury Ontario (collectively, the “ Properties ”). The consideration for the Acquisition consisted of a cash payment of Cdn$550,000 and the issuance of an aggregate of 10,000,000 common shares of the Company (the “ Consideration Shares ”).

Pursuant to the Acquisition, the Company has acquired a 100% legal and beneficial interest in the Properties, subject to a 2% net smelter returns royalty on certain claims known as the Timmins claims, River Valley claims and Metals Creek claims, and a 2% gross metal royalty on certain claims known as the Bilson Cubric claims.

PGEL is a private company controlled by a significant shareholder of the Company. Accordingly, the Acquisition is a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“ MI 61- 101 ”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Acquisition as the Company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Acquisition, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

The Consideration Shares are subject to a statutory hold period expiring on December 31, 2021.

About Class 1 Nickel

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.

For more information, please contact:
David Fitch, President
T: 011 +61 400.631.608
E: [email protected]

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks related to the prospective nature of the Properties, currency risk, availability of capital, permitting and land title issues, the risks inherent in mineral exploration and development activities, and such other risk factors as are set forth in the Company’s continuous disclosure documents available on SEDAR from time to time. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update the forward-looking statements contained herein other than as required under applicable securities laws.

 

 

Class 1 Nickel Announces Execution of Definitive Agreement to Acquire Strategic Portfolio of Mineral Claims in Ontario and Quebec

TORONTO, Aug. 23, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited (CSE: NICO/ OTCQB: NICLF) (the “Company” or “Class 1 Nickel”) is pleased to announce that it has entered into a definitive agreement with Platinum Group Elements Limited (“PGEL”) providing for the acquisition (the “Acquisition”) by the Company of a strategic project portfolio of adjacent and adjoining claims to the Company’s Alexo Dundonald project in Timmins, Ontario, as well as adjacent and adjoining claims to the Company’s Somanike project in Quebec, and a complimentary primary PGE project in Sudbury Ontario (collectively, the “Properties”). The consideration for the Acquisition consists of a cash payment of Cdn$550,000 and the issuance of an aggregate of 10,000,000 common shares of the Company.

 

Pursuant to the Acquisition, the Company will acquire a 100% legal and beneficial interest in the Properties, subject to a 2% net smelter returns royalty on certain claims known as the Timmins claims, River Valley claims and Metals Creek claims, and a 2% gross metal royalty on certain claims known as the Bilson Cubric claims.

 

PGEL is a private company controlled by a significant shareholder of the Company. Accordingly, the Acquisition will be a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Acquisition as the Company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Acquisition, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

 

The Acquisition remains subject to the satisfaction of various closing conditions and the receipt of all applicable approvals.

 

About Class 1 Nickel 

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.

 

For more information, please contact:
David Fitch, President
T: 011 +61 400.631.608
E: [email protected]

 

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

 

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release. 

 

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks related to the satisfaction of all outstanding closing conditions for the completion of the Acquisition, the prospective nature of the Properties, currency risk, availability of capital, permitting and land title issues, the risks inherent in mineral exploration and development activities, and such other risk factors as are set forth in the Company’s continuous disclosure documents available on SEDAR from time to time. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update the forward-looking statements contained herein other than as required under applicable securities laws.

 

Class 1 Announces Completion of Exploration Expenditures on Alexo-Kelex and Dundonald Nickel Properties

  • Required exploration expenditures under acquisition agreements completed
  • 100% ownership of all properties achieved
  • Expansion resource drilling continues and core has been submitted for assay

TORONTO, July 12, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has completed the requisite minimum exploration expenditures in the aggregate amount of $1,500,000 on its Alexo-Kelex and Dundonald properties (together, the “ Properties ”), with a minimum of $750,000 of such expenditures being incurred on the Alexo Property (collectively, the “ Expenditure Commitment ”) and $750,000 on the contiguous Dundonald Property.

The Company previously acquired the Properties subject to the right of the vendors to re-acquire such Properties for a nominal sum in the event that the Expenditure Commitment was not fully satisfied by October 18, 2021. Accordingly, following completion of the Expenditure Commitment, Class 1 Nickel now holds 100% interest in each of the two Properties, subject to a 2% net smelter return royalty on the Alexo Property and a 2.5% net smelter return royalty on the Dundonald Property.

Mr. David Fitch, President of Class 1 Nickel said: “It’s exciting to note that Class 1 has now successfully earned a 100% interest and met all requirements and obligations in all of its projects in Timmins and Quebec. Diamond drilling is continuing, and we are looking forward to updating shareholders on the assay results from the phase 1 drilling campaign.”

About the Properties

The Class 1 Nickel owned Alexo-Dundonald Property is an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide deposits located 45 km northeast of the City of Timmins (Ontario, Canada), a world-class mining jurisdiction with processing plants in need of additional feed. Class 1 Nickel has assembled a strategic land package that combines the historically mined Alexo nickel sulphide deposits with the growing Dundonald nickel sulphide resources to create a large diversified property portfolio. The Company’s estimated Indicated Mineral Resource consists of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Ni. The Company is currently drilling to expand the known Mineral Resources and discover new resources to support a Preliminary Economic Assessment. Most recent drilling has encountered more massive sulphides along important strike zones.

About Class 1 Nickel

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.

For more information, please contact:
David Fitch, President
T: +61 400.631.608
E: [email protected]

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws

Class 1 Nickel Provides Update on Phase 1 Drill Program at Dundonald South Deposit, Alexo-Dundonald Property Timmins (Ontario)

Massive sulphides intersected in early drilling and core samples submitted for assay

  • Dundonald South Resource Extension: Phase 1 drilling to expand the current Mineral Resources has intersected massive sulfides east of the known nickel sulphide mineralization
  • Dundonald South Exploration Targets: Phase 1 drill testing borehole electromagnetic (“BHEM”) conductors to the north and east of the known mineralization has also encountered massive sulphide mineralization
  • Phase 2 : Phase 2 drill program will follow-up on the Phase 1 results intersections and continue with resource expansion

TORONTO, July 07, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce progress of the Phase 1 drilling program at Dundonald South Deposit, on the Alexo-Dundonald Nickel Sulphide Property, 45 km northeast of the City of Timmins, Ontario (Canada). The objective of the program is to drill test targets in the vicinity of the known Dundonald South mineralized zones. The Phase 1 program was designed from three-dimensional modelling and interpretation of extensive historical drilling and BHEM survey databases. The Company is delighted to report that the Phase 1 drilling intersected massive sulphide mineralization at Dundonald South (Figure 1).

Figure 1. Location of Phase 1 drill holes at Dundonald South. Red circles indicate the holes drilled to date that intersected massive and semi-massive nickel sulphides. The coloured lines represent the individual mineralized zones (A-H) that make-up the Dundonald South Deposit.

Phase 1 Drilling

The Phase 1 program at Dundonald South is focused on drill testing parallel and extensional BHEM targets near known mineralization. Massive sulphide mineralization was intersected in two of the first three holes drilled: hole DS-21-006 (Figures 2 and 3) and hole DS-21-005 (Figures 4 and 5).
The sulphide mineralization is indicated to be nickeliferous by hand-held XRF analysis. The third drill hole, DS-21-008, intersected semi-massive nickel sulfides near-surface.

Core samples have been submitted to AGAT Laboratories of Mississauga (Ontario) for confirmation assay. On completion of the Phase 1 drilling, up to half of the holes will be selected for BHEM surveys to further refine targets for Phase 2 and future drilling.

Figure 2. Drill hole DS-21-006 intersected BHEM target.

Figure 3. Massive and semi-massive sulphide mineralization from drill hole DS-21-006.

Figure 4. Drill hole DS-21-005 intersected BHEM target.

Figure 5. Two distinct massive sulphide intercepts in drill hole DS-21-005.

Phase 2 Drill Program

The Phase 2 drilling at Dundonald South will follow the same priorities as previously to the northeast at Alexo North and South: 1) expanding the Mineral Resources by following-up on drill intersections and BHEM-generated targets from the Phase 1 drilling; 2) infill drilling to advance Inferred Mineral Resources to Indicated Mineral Resources; and 3) testing new and under-tested, priority geophysically-generated targets on the Alexo-Dundonald Property. Phase 2 will commence in late summer 2021 and is fully funded by the Company treasury (see Company press release dated June 7, 2021).

About Alexo-Dundonald Property

The 100% Class 1 Nickel owned Alexo-Dundonald Property is an advanced portfolio of komatiite-hosted magmatic nickel-copper-cobalt sulphide deposits located 45 km northeast of the
City of Timmins (Ontario, Canada), a world-class mining jurisdiction with processing plants in need of additional feed. Class 1 Nickel has assembled a strategic land package that combines the historically mined Alexo nickel sulphide deposits with the Dundonald nickel sulphide deposits to create a larger and more diversified property portfolio. Class 1’s updated total estimated Indicated Mineral Resource of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Nickel.
The Company is currently drilling to expand the known Mineral Resources and discover new resources to support a Preliminary Economic Assessment.

Qualified Persons

The technical information in this news release has been reviewed and approved by
Dr. William Stone (P.Geo.), independent geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.

About Class 1 Nickel

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.

For more information, please contact:

David Fitch, President
T: 011 +61 400.631.608
E: [email protected]

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Class 1 Nickel Provides Update on Phase 1 Drill Program at Alexo-Dundonald Nickel Property near Timmins, Ontario

Massive sulphides intersected in early drilling and core samples submitted for assay

 

  • Alexo North: Phase 1 drilling to expand the current Mineral Resources has intersected massive sulfides below and to the northeast of the known nickel sulphide mineralization;
  • Alexo South: Phase 1 drill testing along strike to the west of the known mineralization encountered massive sulphide mineralization;
  • Borehole Electromagnetics: Modelling of borehole electromagnetic (“BHEM”) survey results for Alexo North and Alexo South has identified potential conductors parallel to and at depth below the known mineralization; and
  • Phase 2 : Phase 2 drill program will follow-up on the Phase 1 intersections and test new and undertested BHEM generated targets.

TORONTO, June 21, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce progress of the Phase 1 drilling program at the Alexo-Dundonald Nickel Sulphide Property near Timmins, Ontario (Canada). The objective of the program is to drill test in the vicinity of the historical open pit mines and along strike of the current nickel sulphide Mineral Resources. The Phase 1 program was designed from modelling and interpretation of extensive historical drilling and BHEM survey databases.

The Company is very pleased to report that the Phase 1 drilling has intersected massive and net-textured sulphide mineralization at Alexo North and Alexo South (Figure 1).

 

Figure 1. Location of Phase 1 drill holes at Alexo North and Alexo South.

https://www.globenewswire.com/NewsRoom/AttachmentNg/5589b9e9-9a04-40f4-b356-0e3119c914ea

 

 

Phase 1 Drilling

The Phase 1 program at Alexo North has focused on drill testing extensions to the west and a geophysically-generated target area to the northeast of the known mineralization. Massive and net-textured sulphide mineralization was intersected in drill holes AN-21-04 and AN-21-10 (Figures 2 and 3), which was designed to test historical BHEM-generated targets to the northeast of Alexo North. The sulphide mineralization is indicated to be nickeliferous in hand-held XRF analyzes. Core samples have been submitted for confirmation assay at AGAT Laboratories of Mississauga (Ontario).

 

Figure 2. Massive sulphide mineralization from drill hole AN-21-04.

 

https://www.globenewswire.com/NewsRoom/AttachmentNg/11efa3b6-3e69-4a23-988f-d3ad2589812d

 

Figure 3. Alexo North massive sulphide mineralization from drill hole AN-21-10.

https://www.globenewswire.com/NewsRoom/AttachmentNg/3ceb1caa-f045-4074-914c-bbe1960fe368

 

Review of the historical drill results for the AN-21-04 to AN-21-10 area has revealed a sparsely drilled, northeast-striking mineralized trend that appears to be sinistrally offset from the main Alexo North Deposit. This mineralized trend: 1) coincides with an airborne geophysical feature of interest in Class 1’s 2020 VTEM survey; and 2) remains open to expansion by drilling at depth and farther along strike to the northeast.

 

The Phase 1 drill program at Alexo South was likewise planned to test for extensions of the current Mineral Resources. The extensional drilling along strike to the west did intersect massive and net-textured sulphide mineralization. The sulphide mineralization is indicated to be nickeliferous in hand-held XRF analyzes. Core samples have been submitted for confirmation assay at AGAT Laboratories Mississauga (Ontario).

 

Phase 1 drilling continues at Alexo South, and is imminently slated to commence at Dundonald South and then Dundonald North. The Company expects to update the market when mobilization of the two drill rigs for Phase 1 drilling in the Dundonald Deposits area of the Alexo-Dundonald Property is complete.

 

Phase 2 Drill Program

The Phase 2 drilling at Alexo North and South (and Dundonald North and South) will focus on:
1) expanding the Mineral Resources by following-up on drill intersections and BHEM-generated targets from the Phase 1 drilling; 2) infill drilling to advance Inferred Mineral Resources to Indicated Mineral Resources; and 3) testing new and under-tested, priority geophysically-generated targets on the Alexo-Dundonald Property. Phase 2 will commence in late summer 2021 and is fully funded by the Company treasury (see Company press release dated June 7, 2021).

 

Crone Geophysics has been contracted to conduct the BHEM surveys. At this point, four BHEM surveys of Phase 1 drill holes have been completed at Alexo North and one BHEM survey of Phase 1 hole at Alexo South. BHEM modelling by Mr. Alan King has identified potential new extensional targets in each of these areas for drill testing in the Phase 2 drill program. Selection of Phase 1 drill holes for next round of BHEM surveys is currently underway. It is important to note that bedrock conductors can also be caused by graphite, barren sulphides and, in this geological environment, thick units of slightly conductive serpentinized ultramafic units.

 

About Alexo-Dundonald Property

The 100% Class 1 Nickel owned Alexo-Dundonald Property is an advanced portfolio of komatiite-hosted magmatic nickel-copper-cobalt sulphide deposits located 45 km northeast of the City of Timmins (Ontario, Canada), a world-class mining jurisdiction with processing plants in need of additional feed. Class 1 Nickel has assembled a strategic land package that combines the historically mined Alexo nickel sulphide deposits with the Dundonald nickel sulphide prospects to create a larger and more diversified property portfolio. Class 1’s updated total estimated Indicated Mineral Resource of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Nickel. The Company is currently drilling to expand the known Mineral Resources and discover new resources to support a Preliminary Economic Assessment.

 

Qualified Persons

The geophysical technical information in this news release has been reviewed and approved by Mr. Alan King (P.Geo.), geophysicist and technical advisor to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101. All other technical information in this news release has been reviewed and approved by Dr. William Stone (P.Geo.), independent geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.

 

 

About Class 1 Nickel

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.

 

For more information, please contact:

David Fitch, President
T: 011 +61 400.631.608
E: [email protected]

 

 

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

 

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

 

Class 1 Nickel Set to Commence Phase 1 Drill Program to Expand Mineral Resources at Alexo-Dundonald Project near Timmins

  • 5000 m Phase 1 drilling program set to commence at Alexo North and South Deposits to expand current Mineral Resources
  • Initial 25 drill holes designed to define the mineralized trends at Alexo South and Alexo North
  • Approvals in place, drill rig operator hired, on-site technical team secured
  • First part of 10,000 m Phase 1 program planned for the Alexo-Dundonald Project
  • Company well funded to complete the Phase 1 program with existing treasury

 

TORONTO, March 22, 2021 — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that all necessary approvals have been granted and all contractors secured in order to commence a Phase 1 drill program in April 2021 at Alexo Dundonald Nickel-Copper-Cobalt Project ( “Alexo-Dundonald Project” ), located near Timmins, Ontario (Canada).

 

Figure 1. Location of the Alexo-Dundonald Project near the City of Timmins, Ontario

The Alexo-Dundonald Project contains four NI 43-101 Mineral Resources situated on the near-continuous folded komatiite-ultramafic unit that can be traced on the Property for at least 14 km. All the Mineral Resources are open at depth and along strike.

 

Class 1 Nickel has over C$3M in its treasury, and therefore is well funded to complete its Phase 1 exploration program. The Company is about to mobilize the first of two diamond drill rigs to its Alexo-Dundonald Project.

 

The Company’s principal objective for the exploration program is to lay the groundwork for expansion of the current Mineral Resource Estimates of the Alexo North and Alexo South, by defining the trends of mineralization along strike and down-dip/down-plunge from the known Deposits.

 

The Company’s primary focus is on building more tonnage at Alexo, where previous production has taken place and where future production is likely to take place first. The rigs will then be moved west and drill to expand the high-grade Dundonald South and Dundonald North Mineral Resources along strike and at depth.

 

The drill program has been designed by veteran nickel expert Dr. William Stone, who along with Chief Geophysicist Mr. Allan King, has analyzed, modelled and interpreted the large historical exploration database for the Alexo-Dundonald Project. A total of 103,000 m of drilling in 590 holes has been completed to date at the Alexo Dundonald Project. Roughly a hundred of the drill holes have been surveyed for off-hole electromagnetic responses.

 

Drill Program Plan for Alexo South

The Phase 1 program at Alexo South includes drilling 16 diamond holes for a total of 3270 metres (Figure 2). Many more than 16 holes were planned; however, only those corresponding to the presence of BHEM conductive plates interpreted from historical survey data, favourable nickel assay trends, target depths of <200 metres, and piece point locations outside of the current Mineral Resource Estimate were prioritized for drilling in Phase 1. The remainder of the planned holes will be drilled in Phase 2 (Fall 2021).

 

As part of the Phase 1 program, three holes are planned to test for the presence of conductive shoots below the centre of the known Alexo South Deposit, three more holes are planned to test conductor plate models at the eastern end, and ten holes are planned to test conductor plate models below and at the western end of the known deposit. Approximately 50% of the drill holes will be surveyed for off-hole electromagnetic conductors that could be massive or semi-massive nickel sulphide shoots.

 

FIGURE 2. Plan map of drill holes designed for the Alexo South Deposit Area

Note that this image is a 2-D rendition of a 3-D spatial model

 

Drill Program Plan for Alexo North

The Phase 1 program at Alexo North includes drilling nine (9) diamond holes for a total of 1620 metres (Figure 3). Many more holes were planned; however, only those corresponding to the presence of VTEM conductive plates, nickel assay grade trends, target depths of <200 metres, and piece point locations outside of the current Mineral Resource Estimate were prioritized for drilling in Phase 1. Historically, surprisingly little effective BHEM survey work was completed at Alexo North. The remainder of the planned holes are earmarked for drilling in Phase 2 (Fall 2021).

 

In Phase 1, one hole is planned to test for the presence of mineralized below the centre of the known Alexo North Deposit, two more holes are planned to test for extensions of the eastern end, and six holes are planned to test for extensions of the western end of the known Deposit. Again, approximately 50% of the drill holes will be surveyed for off-hole electromagnetic conductors that could be massive or semi-massive nickel sulphide shoots.

 

FIGURE 3. Plan map of drill holes planned for Alexo North Deposit

Note that this image is a 2-D rendition of a 3-D spatial model

 

Drill Program for Dundonald North and Dundonald South

Hole planning is underway for the Phase 1 drill program at Dundonald. As per Alexo, hole design at Dundonald is guided by the presence of interpreted VTEM conductor plates from the fall 2020 airborne survey and interpreted BHEM conductor plates from many historical surveys. The completed drill plan will be announced in the coming weeks.

 

The Company’s board and management team are confident that the upcoming drill programs will result in the delineation of additional Mineral Resources, which can be subject to a Preliminary Economic Assessment of the potential for a direct shipping operation.

 

Qualified Person

The technical information in this news release has been reviewed and approved by Dr. William Stone (P.Geo.), independent geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.

 

About Class 1 Nickel

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite hosted nickel-copper sulphide project in Quebec, which includes the famous historical Marbridge Mine.

 

For more information, please contact:

Mr. David Fitch, President & CEO
T: 416.454.0166
E: [email protected]

 

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel .

 

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

 

Class 1 Nickel Signs Memorandum of Understanding with Matachewan First Nation for Alexo-Dundonald Nickel Sulphide Project

Toronto, Ontario (March 11, 2021) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) and Matachewan First Nation (“MFN”) are delighted to announce the signing of a Memorandum of Understanding (“MOU”) between the two parties. The MOU was signed to advance responsible exploration and development of the Alexo-Dundonald Nickel Sulphide Project, 45 km east of the City of Timmins, Ontario, Canada.

The signed MOU means that Class 1 Nickel recognizes the traditional values of the MFN and commits the Company to consult and establish a mutually beneficial cooperative and productive relationship to advance the Alexo-Dundonald Nickel Project. The agreement also provides MFN opportunity to participate in the benefits of the Project through business opportunities, employment and training, financial compensation, and consultation on environmental matters.

“Class 1 Nickel proactively reached out to MFN as a traditional land holder in the Alexo-Dundonald Property area and engaged them in early dialogue on how the Project and associated infrastructure will be responsibly explored and developed,” said Ben Cooper, President of Class 1 Nickel. “We are very pleased for the signed MOU with MFN and welcome their constructive consultation and strong support as Class 1 Nickel plans to commence its Phase 1 drill program on the Project.”

“Matachewan First Nation would like to commend Class 1 Nickel on their early engagement and consultation activities with the Matachewan First Nation,” said Chief Jason Batisse. “It’s always a pleasure to work with mineral development companies on our traditional territory who respect and acknowledge not only our way of life but also the importance of building a meaningful relationship within the community. We are confident that Class 1 Nickel will operate using sound environmental practices and that the exploration activities will provide ongoing benefit to the community. We look forward to continuing our relationship with Class1 Nickel and advancing the Alexo-Dundonald Nickel Sulphide Project.”

The Alexo-Dundonald Nickel Sulphide Project is located in the world class Timmins Mine District of Ontario Canada with 100 years of mining activity. The Project enjoys strong established infrastructure and community support and year-round access. Class 1 Nickel looks forward to advancing plans for exploration, development, permitting and construction of mines on the Project to produce nickel-copper-cobalt.

About Matachewan First Nation

Matachewan First Nation is an historic northern Ontario First Nation community that has served as the traditional home for many First Nation families.  It is still home to a growing community and the First Nation is actively taking part in partnering and working with the resource development industry in establishing mutually beneficial agreements.  The First Nation also prides itself in being able to work with industry with a focus on protecting the environment and ecology on their traditional lands in northeastern Ontario.

The community is located approximately 30 kms southeast of the town of Matachewan and about 60 km west of the City of Kirkland Lake, Ontario, Canada.

About Class 1 Nickel 

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns 100% the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine. 

For more information, please contact: 

Benjamin Cooper, President

T: 416.454.0166

E: [email protected]

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.