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.

Class 1 Nickel Announces Nickel Sulphide Projects Update, Quebec and Ontario

  • Acquisition of Somanike Nickel-Copper-PGE Project in northern Quebec executed.
  • Review and project report commissioned for The Somanike Project, including an advancement strategy for the historic Marbridge Mine Project.
  • A comprehensive Program of Work is being finalised for The Alexo-Dundonald Nickel-Copper-PGE Project in Timmins Ontario.
  • Work commenced on Alexo-Dundonald for First Nation agreements, permitting and approvals as preparations made to launch initial 10,000 m expansion drilling campaign.    

Toronto, Ontario (March 4, 2021) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that its technical team conducted a site visit and project review of the recently acquired Somanike Project in Northern Quebec. Additionally, The Company is also pleased to report that it is in the process of finalizing a work program to conduct an initial 10,000 m drilling campaign at The Alexo- Dundonald Project near Timmins, Ontario.

The Somanike Property land package covers 45 km2 within a large NW-trending ultramafic complex that hosts several Ni-sulphide occurrences in the Abitibi Greenstone Belt region of northwestern Quebec. Featuring Quebec’s first nickel mine, the Marbridge Mine, a high-grade nickel mine that was placed on care and maintenance by Falconbridge in 1968, the Somanike project also contains a number of identified target nickel zones and geophysical anomalies occurring in the vicinity of the Mine.  

A recent 1580 m drill program was completed at Somanike to test strong, previously untested VTEM conductor anomalies on the mineralized ultramafic Ataman Trend, located 1 km south of the Marbridge Mine. Massive sulphide intervals were intersected and some were confirmed to be nickeliferous by a hand-held XRF instrument and positive acid tests. Assays of mineralized samples from the drill cores are pending receipt from the laboratory.        

The Somanike Project is located approximately 25 km from the mining centre of Malartic, 40 km from 
Val-d’Or, and 60 km from Rouyn-Noranda (Figure 1). Historical production on the Somanike Property from 1962 to 1968 totalled 702,000 tonnes grading 2.28% Ni and 0.10% Cu. P&E Mining Consultants Inc. (“P&E”) completed an initial site visit and verification review program at the Somanike Project with the following purposes: (i) confirm the presence of favourable ultramafic rocks; (ii) retrieve historical drill core and data records; and (iii) ascertain the condition of the historical mine site area at surface.

Figure 1. Somanike Project and Marbridge Nickel Mine Location

Initial Somanike Site Visit Highlights: 

  • Grab samples taken from outcrops confirm presence of favourable ultramafic rocks
  • A review of the near-surface rehabilitated historical workings indicate that they are in good condition with only a few very minor enclosure issues that required rectification 
  • Numerous data files were located that document the historical mining operation and exploration activities

Since the site visit, 1,580 m of diamond core drilling was completed by project vendor Vanicom Resources Pty Ltd.     

The Marbridge Mine (Figure 1) was operated by Falconbridge Nickel and produced 702,366 tonnes grading 2.28% Ni and 0.10% Cu over a five-year period. The ore was processed at the Canadian Malartic located 25 km to the south and had an estimated average metallurgical recovery of 88% producing a concentrate grade reported at 11.9% Ni. Mineral Resources are unknown at this time. Production halted at Marbridge in 1968.  Since then, various expert groups have conducted reviews of the four mined zones and unanimously concluded that very good potential exists to define a contiguous Mineral Resource down plunge and along strike of the four zones. 

Marbridge Mine occurs within a large NW-trending ultramafic complex that hosts several additional nickel sulphide occurrences. Multiple geophysical exploration targets exist within the Marbridge Mine area and regionally within the Somanike Project (Figure 2).

Figure 2. Exploration Targets on the Somanike Project

Note: t = tonnes, which refers to historical mine production

Class 1 Nickel & Technologies Limited has taken advice from leading mining consultants CSA Global and P&E Mining Consultants Inc. as well as former Falconbridge management geologists who worked on the project previously, and has also reviewed published independent expert reports and geophysical data.
The unanimous conclusion is that there is continuity of mineralization down-dip or along strike of the past producing Marbridge Mine, and therefore an opportunity to expand the historically mined zones.
At Marbridge, two shafts mined four zones over a strike length of 1,000 m. Data records show that the mining ceased “in mineralization”.

Alexo-Dundonald Work Program 2021

The proposed exploration program for the Alexo-Dundonald Project is a two-phase drill program with a total budget of $8M. Phases 1 ($2M) and 2 ($6M) includes compilation/evaluation of historical data, modelling and interpretation of the new VTEM anomalies and historical borehole EM anomalies, and a diamond drilling program to expand Mineral Resources at the known deposits and upgrade Inferred Mineral Resources to Indicated Mineral Resources. The Phase 2 work will continue the work from Phase 1 and drill test the highest priority targets for potential new massive nickel sulphide deposits. 

P&E Mining Consultants Inc. recommended that Class 1 continue exploration activities on the Alexo-Dundonald Property followed by a Preliminary Economic Assessment (“PEA”) in Q4 2021. In conjunction with the PEA, metallurgical testwork, geotechnical drilling and analysis, and consultation/environmental studies should be undertaken and continued as part of the Project exploration and development programs.”

Specific recommendations from the December 2020 MRE Tech Report are as follows:

  • Accelerate ongoing exploration activities, including Mineral Resource expansion/upgrading and drill testing of geophysical anomalies on the Alexo-Dundonald Property for new discoveries. All historical geological, geochemical and geophysical data should be compiled and integrated into the targeting model, by an experienced in-house technical team.
  • At the Alexo-Dundonald Property, the four Alexo and Dundonald nickel sulphide deposits remain open to expansion by drilling along strike and at depth. In a Phase 1 exploration program, P&E proposes drilling 7,500 m to expand the known Mineral Resources and to upgrade the Mineral Resource classification.
  • For a Phase 2 exploration program, P&E proposes drilling 12,500 m to test undrilled and under-drilled priority geophysical anomalies outside of the four known deposits for presence of nickel sulphide mineralization. 
  • To advance the Alexo-Dundonald Project and initiate a Preliminary Economic Assessment (PEA), P&E recommends additional metallurgical testwork (including mineralogical studies and comminution, process recovery and mineralized material sorting tests), geotechnical studies (open pit and potential underground), infrastructure, community, environmental, hydrogeological and economic studies.

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 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.comForward-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 Files Alexo-Dundonald Technical Report on Sedar

Toronto, Ontario (December 17, 2020) – Class 1 Nickel and Technologies Ltd. (CSE:NICO) (“Class 1” or the “Company”) is pleased to announce it has filed an updated Alexo-Dundonald National Instrument NI 43-101 Technical Report on SEDAR for its 100% owned Alexo-Dundonald Nickel Project (the “Project” or the “Property”) located about 45 km northeast of Timmins, Ontario. The Technical Report supports the updated Mineral Resource Estimate press releases of November 2 and December 1, 2020.

 

The Project comprises four foundation Mineral Resources; Alexo North, Alexo South, Dundonald North and Dundonald South which are situated within a regionally folded package of mafic to ultramafic (basalt and komatiite flows) rocks that trend through the strategic land package (Figure 2). A large portion of the Property remains untested by drilling.

 

Figure 1 – Isometric Image of Alexo-Dundonald Project

 

Class 1 President Mr. Benjamin H Cooper stated “We are pleased to disclose the Technical Report on SEDAR that contains the details of our recently announced updated Mineral Resource Estimate and describes the Project upside potential. This is the first step on our path to undertaking a Preliminary Economic Assessment which is scheduled to commence upon completion of an upcoming Q1 2021 drilling program currently being planned.”

 

Figure 2: Alexo-Dundonald Project Map

 

Class 1 is now reporting an updated total estimated Indicated Mineral Resource of 1.25 Mt with an average grade of 0.99% and an Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Nickel (Table 1) and an. Details of the current pit-constrained and out-of-pit Mineral Resources are provided in Table 2.

Table 1: Alexo-Dundonald Updated Mineral Resource Estimate Summary

 

UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE (1-9)
Classification Tonnes

(M)

Ni

%

Cu % Co % Contained Ni Mlb Contained Cu Mlb Contained Co Mlb
Pit Constrained & Out-of-Pit Indicated 1.25 0.99 0.04 0.02 27.35 1.00 0.66
Out-of-Pit Inferred 2.01 1.01 0.03 0.02 44.51 1.29 0.89

NI 43-101 disclosure:

(1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

(2) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

(3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.         

(4) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

(5) The historical open pit mined areas were removed from the MRE.

(6) US$ metal prices of $7.35/lb NI, $3/lb Cu, $20/lb Co, $1,500/oz Au, $900/oz Pt and $1,650/oz Pd were used in the NSR calculation with respective process recoveries of 89%, 90%, 40%, 50%, 50% and 50%

(7) Pit constrained Mineral Resource NSR cut-off considers ore crushing, transport, processing and general and administration (G&A) costs that respectively combine for a total of ($2 + $6 + $20 + $2) = CAD$30/tonne processed.

(8) Out-of-pit Mineral Resource NSR cut-off considers ore mining, crushing, transport, processing and G&A costs that respectively combine for a total of ($58 + $2 + $6 + $20 + $4) = CAD$90/tonne processed.

(9) The out-of-pit Mineral Resource grade blocks were quantified above the $90/t cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Additionally, only groups of blocks that exhibited continuity and reasonable potential stope geometry were included. All orphaned blocks and narrow strings of blocks were excluded. The longhole stoping with backfill mining method was assumed for the out-of-pit Mineral Resource Estimate calculation.

 

Table 2 – Pit Constrained and Out-of-Pit Estimated Mineral Resources

 

UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE(1-9) 
Scenario Classification Cut-off

NSR C$/t

Tonnes

(k)

Ni

(%)

Ni

(Mlb)

Cu

(%)

Cu

(Mlb)

Co

(%)

Co

(Mlb)

Pit Constrained Indicated 30 593.4 0.78 10.22 0.04 0.53 0.03 0.34
Out-of-pit Indicated 90 661.0 1.18 17.13 0.03 0.47 0.02 0.32
Inferred 90 2,007.5 1.01 44.51 0.03 1.29 0.02 0.89
Total Indicated 30+90 1,254.4 0.99 27.35 0.04 1.00 0.02 0.66
Inferred 90 2,007.5 1.01 44.51 0.03 1.29 0.02 0.89
 

The Updated December 2, 2020 NI 43-101 Updated Mineral Resource Estimate was prepared by Yungang Wu, P.Geo. and Eugene Puritch, P.Eng, FEC, CET of P&E Mining Consultants Inc, both Independent Qualified Persons as defined by NI 43-101 – Standards of Disclosure for Mineral Projects. The Updated Mineral Resource Estimate was undertaken for pit constrained and out-of-pit nickel, copper, and cobalt Mineral Resources. The total Indicated Mineral Resource Estimate based on NSR cut-off values of CDN$30 per tonne for the pit constrained Mineral Resource and CDN$90 per tonne for the out-of-pit Mineral Resource.

 

The Alexo-Dundonald Project was previously mined via a direct shipping model, and the 2021 Preliminary Economic Assessment that the Company plans to undertake will be designed around similar principles.

 

The Updated Mineral Resource Estimate was completed by P&E Mining Consultants Inc (“P&E”) and has been reviewed internally by the Company. The full NI 43-101 Technical Report in respect of the Updated Mineral Resource Estimate (the “Technical Report”) is now available on SEDAR (www.sedar.com) under the Company’s issuer profile or you can view it on the Company’s website.

 

Quality Assurance and Quality Control

Three programs of due diligence sampling were conducted between 2010 and 2020 with 161 samples collected and analyzed at AGAT Laboratories an ISO accredited facility in Mississauga, Ontario. Good correlation between original and due diligence assays was observed. In addition, during the same period 2,420 assays were checked against independently acquired laboratory analysis certificates with only a few minor errors encountered and corrected.

 

Qualified Person

The Updated Mineral Resource Estimate disclosed in this press release was prepared under the supervision of Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., and the supporting Technical Report is now available on SEDAR (www.sedar.com) under the Company’s issued profile. Mr. Puritch who is an Independent Qualified Person as defined under NI 43-101, has reviewed and approved the Mineral Resource Estimate and technical and scientific information disclosed in this press release.

 

About Class 1:

Class 1 Nickel and Technologies Limited (CSE: NICO) 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 holds an option over 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 new website at www.class1nickel.com and our Twitter feed:@ClassNickel.

 

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

 

Cautionary Note Regarding Forward-Looking Statements and Information

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the estimate of Mineral Resources in the updated Mineral Resource statement may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that the Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is no certainty that the updated Mineral Resource statement will be realized.

 

The Mineral Resource Estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Resources. See the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

 

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the impact and implications of the Updated Mineral Resource Estimate and drill results of the Company, the growth potential and possible economics of the project and the Company’s understanding of the Alexo-Dundonald Project, the development potential and timetable of the project; the estimation of Mineral Resources; realization of Mineral Resource Estimates’; the anticipated timing of the Preliminary Economic Assessment; the timing and amount of estimated future exploration; the anticipate results of the Company’s planned 2021 drill program on the Alexo-Dundonald Project and its possible impact on the potential size of the Mineral Resource Estimate; costs of future activities; capital and operating expenditures; success of exploration activities; the anticipated ability of investors to continue benefitting from the Company’s low discovery costs; technical expertise and support from local communities; and the anticipated timing of filing the Technical Report. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of Class 1 to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Class 1 will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Class 1 to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the Company’s activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on nickel and other metals;   there being no assurance that the exploration program will result in expanded Mineral Resources; risks and uncertainties inherent to Mineral Resource Estimates; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the latest annual information form of the Company, in the Technical Report to be filed and in other continuous disclosure documents of the Company available under the Company’s profile at www.sedar.com. Although Class 1 has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Class 1 does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources

These Mineral Resource Estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms or recognized under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to Mineral Reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher category. Under Canadian securities laws, estimates of “Inferred Mineral Resources” may not form the basis of Feasibility or Pre-Feasibility studies. U.S. investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Accordingly, these Mineral Resource Estimates and related information may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.