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.

 

Class 1 Nickel Reports Further Increase to NI 43-101 Ni-Cu-Co Mineral Resources

1.25 M Indicated Tonnes at 1.0% Ni and 2.01 M Inferred Tonnes at 1.0% Ni

 

Toronto, Ontario (December 1,  2020) – Class 1 Nickel and Technologies Ltd. (CSE:NICO) (“Class 1” or the “Company”) is pleased to report an addition to its updated National Instrument 43-101 Mineral Resource Estimate (see press release issued by the Company on November 2, 2020) on its 100% owned Alexo-Dundonald Nickel Project (the “Project” or the “Property”) located about 45 km northeast of Timmins, Ontario.

 

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,  “as our expert technical team continues to source, collate and interpret comprehensive data relating to the four known Mineral Resources at Alexo-Dundonald, our knowledge and understanding of the 14 km mineralized system also continues to grow.”

 

Modern validation of the Mineral Resource as well as intensive modelling of available data have now evaluated a series of previously known deeper diamond holes that have intersected considerable nickel sulphide mineralization tonnage to a depth from surface of approximately 650 m.

 

Figure 2: Alexo-Dundonald Project Map

P&E’s Senior Associate Geologist, William Stone, Ph.D., P.Geo said, “these deeper intersections reveal potential to expand the Deposit by drilling down-dip/down-plunge of the apparent mineralization trend”.  

 

Class 1 President Mr. Benjamin H Cooper stated “1.25 million tonnes (Mt) of Indicated and 2.01 Mt of Inferred Mineral Resource is a nice solid starting point for the Company. As we continue to invest more capital wisely and systematically into expanding these open Mineral Resources, our experienced nickel team expects the Mineral Resource Estimate to increase substantially.”

 

Following modelling of additional deep areas of the Dundonald North Deposit, Class 1 is now reporting a newly updated total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Nickel (Table 1). The Indicated Mineral Resource of 1.25 Mt with an average grade of 0.99% Ni remains unchanged from the November 2, 2020 press release. 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 NI 43-101 compliant 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 total Indicated Mineral Resource based on a Net Smelter Return (NSR) for the out-of-pit Mineral Resource is 1.25 Mt at 0.99%, 0.04% Cu and 0.02% Co for a total of 27.35 Mlbs of contained nickel and Inferred Mineral Resources total  2.0 Mt at 1.01% Ni, 0.03% Cu and 0.02% Co (44.51 Mlbs contained nickel).

 

The Alexo-Dundonald Project was previously mined via a direct shipping model, and the Preliminary Economic Assessment that the Company will produce 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”) will be available on SEDAR (www.sedar.com) under the Company’s issuer profile by December 17, 2020.

 

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 will be available on SEDAR (www.sedar.com) under the Company’s issued profile by December 17, 2020. 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.

 

Class 1 Nickel Prioritizes Newly Identified VTEM Conductor Anomalies for Upcoming Drilling Campaigns at Alexo-Dundonald

 

  • Four Priority 1 VTEMTM anomaly nickel targets identified within favourable 14 km long folded komatiite unit that hosts four high-grade nickel sulphide deposits

 

  • Detailed geological interpretation and drill program planning is now underway for both extension drilling to the known resources and new high impact discovery drilling of the high priority VTEMTM anomalies recently identified      

 

  • A much larger mineralised system is now believed to be present at Alexo-Dundonald

 

Toronto, 24 November 2020 – Class 1 Nickel and Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO) is pleased to announce quantitative modelling results for the preliminary VTEMTM anomalies on its Alexo-Dundonald Nickel Sulphide Project (the “Project” or Property”), 45 km northeast of Timmins, Ontario (Canada). The VTEMTM survey was flown over the entire 20 square-km land package (1,012 line-km) to detect electromagnetic and magnetic signatures that could aid identification of new deposits and extensions of known deposits.
The four known nickel sulphide deposits on the property (Alexo North, Alexo South, Dundonald North and Dundonald South) were all detected in the VTEMTM survey.

 

Interpretation and Ranking

VTEMTM conductor anomalies A to O (collectively, the “Targets”) were identified (Figure 1) based on conductance and the extent of historical drill testing. These Targets were also reviewed for possible cultural interference in Google Earth, by using the VTEMTM powerline monitor data channel, and field checking. The priority Targets were then integrated with all other data, including preliminary Magnetic TMI, db/dt tau, prior AEM/Mag surveys and anomalies, detailed property geology, known deposits and occurrences, and all known drilling from company/property databases and the Ontario ODHD drill hole database. Following data integration and target review, the Targets were tabulated and ranked based on five criteria:

  1. Quality and shape of EM/Mag anomalies, with priority assigned to targets with shorter strike length, higher conductivity and magnetic association;
  2. Presence or absence of prior drilling, with targets with few or no drill holes given higher priority;
  3. Any Ni and Cu values in nearby drill holes;
  4. Proximity to known mineral deposits and occurrences; and
  5. Local geology (proximity to favourable ultramafic rocks)

This ranking process resulted in four Priority 1 Targets (highest priority), twelve Priority 2 Targets, and a few lower Priority 3 Targets. The characteristics of the Priority 1 Targets are highlighted below (see Figures 2 and 3 and Table 1).

 

Priority 1 Target Highlights

  • The four Priority 1 Targets (A, H, I and J) are multi-line anomalies similar to the known deposits and do not appear to coincide with any cultural interference features;
  • The four Priority 1 Targets are short-strike length features from 300 m to 800 m in length;
  • Anomaly A follows a local magnetic high, appears to be in mafic-ultramafic rocks and is located 1 km west of the Dundonald North deposit. It has not been subject to previous and historic drilling.  Although there are cultural features nearby, they do not appear to explain the anomaly;  
  • Anomalies H and J have no apparent drilling in the available databases;
  • Anomaly H is close to the Dundonald South deposit and proximal to the major southwest-verging fold nose in the south part of the Property;
  • Anomaly I is sparsely drilled and located 2 km east of the Dundonald South deposit, on the south limb of the major southwest-verging fold, near the Casey mineral occurrence; and
  • Anomaly J is located 1.6 km northeast of the Alexo North and Alexo South deposits and appears to cross-cut stratigraphic units in a major northeast-verging fold nose.

It is important to note that bedrock conductors can also be caused by graphite, barren sulphides and in this geological environment, by thick units of slightly conductive serpentinized ultramafics.

Benjamin Cooper, President & CEO: “Although these interpretations are preliminary, the first-ever modern airborne geophysical survey of Alexo-Dundonald has definitely advanced the case for a much larger mineralized system here at Alexo-Dundonald than was previously understood by the Company. “

Class 1 Nickel now looks forward to the delivery of additional detailed interpretation of the final VTEMTM data set to advance two main objectives.

  • Detailed planning and commissioning of a significant extension drilling campaign to increase the size and scope of the known resources; and
  • Design and planning of new exploration drilling campaign over the areas of mineralisation outside the known resources (i.e. the Targets that have been identified by the VTEMTM survey and associated geophysical modelling).

Figure 1. Map view of the Alexo-Dundonald Property showing the A-O VTEMTM anomalies and the four known nickel sulphide deposits on airborne magnetics image.

 

Figure 2. Map view showing the four Priority 1 VTEMTM anomalies on interpreted geology and the four known nickel sulphide deposits.

 

Figure 3.  View looking eastwards and above the horizontal at the VTEMTM conductor 3D model plates for Anomalies A, H, I and J on the Alexo-Dundonald Property.  The plate models (red rectangles) and drill hole traces (black lines) are below surface, whereas the conductor axes (red and orange) are on surface.  Note that at Anomaly I, three conductor plate models are interpreted.  For scale, the distance from Dundonald North to Dundonald South is 1500 m.

 

Table 1. Summary of Priority VTEMTM Conductor Plate Models

Anomaly Depth to Top (m) Dip (°) Dip Direction (°) Length1(m) Depth Extent (m) Conductivity*Thickness Rank
A -21 80 358 300 200 36 1
H -98 0.4 140 400 50 200 1
I-1 -80 20 146 800 300 300 1
I-2 -87 20 328 800 300 300 1
I-3 -37 75 326 600 400 20 2
J -16 85 146 300 200 250 1
1Lengths are not well constrained

 

Next Steps

  • Design follow-up, ground time-domain EM surveys and (or) direct drill testing with drill hole time-domain EM surveys, as appropriate, to test the Priority 1 Targets for the presence of nickel sulphide mineralization;
  • Complete analysis and modelling of the Priority 2 and Priority 3 Targets, particularly as additional historic data are acquired and integrated into the target identification and ranking process;
  • Continue analysis and interpretation of the geophysical signatures and geological features of the four known deposits with mineral resources (see Class 1 Nickel news release dated 02 November 2020) for potential extensions along strike and at depth for drill testing.
    The Alexo North, Alexo South, Dundonald South and Dundonald North deposits are all open at depth and along strike, and could potentially increase in size with additional drilling;
  • Results from the above activities will the subject of future press releases.

    

Versatile Time Domain Electromagnetic (VTEM™) System

 

Geotech’s VTEM™ surveys improve on previous generations of airborne geophysics completed over the current Project area by providing the following:

  • Increased Resolution: 100-metre line spacing design improves on the historic magnetic survey flown on 250- metre line spacing;
  • Modern Technology: Advancements in instrument sensitivity, data acquisition and processing are expected to provide superior results; and
  • Proven Technology and Track Record: VTEMTM surveys are recognized as a successful tool forexploration in other magmatic sulphide systems globally.

 

 

Qualified Person

 

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 and Technologies Limited:

 

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, as well as developing and exercising its option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the well-known Marbridge Nickel 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

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 activities, events or developments that the Company expects or anticipates will or may occur in the future, including 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; 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. 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 Nickel 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 Nickel 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 Nickel 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 on the Property 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 Nickel 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 Nickel does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

 

 

Class 1 Nickel’s VTEM™ Airborne Geophysical Survey over the Alexo-Dundonald Nickel Sulphide Project Identifies 14 New Anomalies on the Land Package

  • 14 new Airborne Electromagnetic (TDEM) nickel targets identified within ~14 km long folded komatiite unit which hosts 4 known Ni-Cu resources.
  • Detailed Geophysical modelling and interpretation now underway to plan diamond drilling campaign.   

 

TORONTO, 10 November 2020 – Class 1 Nickel and Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE:NICO), is pleased to announce the completion of the previously announced 1,012 line-km VTEM™ Plus
time-domain electromagnetic airborne survey by Geotech Ltd., over its Alexo-Dundonald Nickel Sulphide Project (the “Project” or “Property”) (see Class 1 Nickel news release dated 24 September 2020). The Property covers approximately 20 square km and is located about 45 km northeast of Timmins, Ontario, Canada.

 

The Project comprises four foundation resources; Alexo North, Alexo South, Dundonald North and Dundonald South, which are situated on the near-continuous folded komatiite-ultramafic unit that can be traced on the Property for at least 14 kilometres. The four Mineral Resources are all open at depth and along strike and could increase in size with more drilling. The purpose of the VTEM™ survey was to survey the entire 20 square km land package for electromagnetic and magnetic signatures that could possibly aid in identifying new mineral resource targets and/or extensions to existing mineral resources.

 

Benjamin Cooper, President & CEO, commented, “We are very pleased with the preliminary results from the first modern, heliborne high-resolution electromagnetic and magnetic survey over the Alexo-Dundonald Nickel Sulphide Project. Not only has the VTEM™ survey provided us with a big picture overview of the known mineralisation that gives us a target electromagnetic-magnetic signature, I am also very pleased to report that as many as 14 new priority targets have emanated from this survey.”

 

The Company’s highly skilled and experienced technical team are now reviewing the results with a view to planning a consequential drilling program. Once the final VTEM™ data and report is received, including 3D conductor and magnetic models, the Company intends to update the market further.

 

Highlights:

  • Many new strong to very strong airborne electromagnetic (“AEM”) anomalies were detected by the VTEM™ survey, including anomalies over known deposits (Dundonald North, Dundonald South, Alexo North and Alexo South), providing reliable AEM/magnetic signatures of known massive and net-textured nickel sulphide mineralization;
  • Priority targets for ground truthing include 14 promising AEM anomalies that appear to be untested or under-tested by known historical drilling;
  • Several of the targets selected as priority targets for ground truthing show similarities to the known four deposits: and,
  • The next stage of VTEM™ interpretation involves quantitative modelling of the anomalies of interest and ranking by geological and geophysical priority prior to drilling.

Class 1 Nickel’s independent geophysical and geological consulting team have reviewed the preliminary VTEM™ AEM and magnetic data and found it to be very promising. A magnetic inversion model has provided new information on the 3D geological and structural relationships, particularly the apparent west-verging folded komatiitic horizon which hosts the Dundonald North and Dundonald South deposits, evident in the total field magnetics (see Figure 1. below).

 

Many new strong to very strong AEM anomalies were detected by the VTEM™ survey, including anomalies over known deposits (Dundonald North, Dundonald South, Alexo North and Alexo South) which provide for a reliable AEM/magnetic signature of known massive and net-textured nickel sulphide mineralization. The better-quality AEM anomalies were classified as strong and very strong conductors (see Figure 2, below). These anomalies have been correlated with geology, mineralization, and all known historical drilling. A total of 14 good-quality AEM anomalies or parts of anomalies (labelled A to N in Figure 2) that appear to have either not been tested, or that have been under-tested by known drilling were selected as priority targets for immediate follow-up ground-truthing. These priority targets will be checked by field crews for evidence of previous work (e.g., drilling) and any cultural interference effects.

 

Several of these priority targets show similarities to the known deposits; strong to very strong conductance with limited strike extent, and as such are considered to be top priority targets. The VTEM™ survey also shows conductive trends in some areas along-strike from known deposits, which may assist in extending the strike length of known nickel sulphide mineralization.

 

The next stage of VTEM™ interpretation involves quantitative modelling of the anomalies of interest and ranking by geological and geophysical priority. Quantitative interpretation of the VTEM™ results will produce 3D conductor models suitable for follow-up, ground time-domain EM surveys and (or) direct drill testing with follow-up borehole time-domain EM surveys, as appropriate.

 

Figure 1. Alexo-Dundonald Property outline with location of known Sulphide deposits and occurrences overlain on VTEMTM total magnetic intensity from preliminary data.

 

Figure 2. Alexo-Dundonald Property outline with axes of preliminary VTEMTM electromagnetic (AEM) anomalies (strong and very strong) that are of primary interest (labelled A to N), overlain on newly interpreted property-scale geology.

 

 

Versatile Time Domain Electromagnetic (VTEM™) System

Geotech’s VTEM™ surveys improve upon previous generations of airborne geophysics completed over the current Project area by providing the following:

  • Increased Resolution: 100-metre line spacing design improves on the historic magnetic survey flown on 250-metre line spacing;
  • Modern Technology: Advancements in instrument sensitivity, data acquisition and processing are expected to provide superior results; and,
  • Proven Technology and Track Record: VTEM surveys are recognized as a successful tool for exploration in other magmatic sulphide systems around the globe.

 

Qualified Person

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. Scott Jobin-Bevans (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 and Technologies Limited:

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, as well as developing and exercising its option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the well-known Marbridge Nickel 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

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 Nickel 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 Nickel 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 Nickel 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 on the Property 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 Nickel 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 Nickel does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

 

 

Class 1 Nickel Reports Updated NI 43-101 Mineral Resource Estimate on Its Alexo-Dundonald Ni-Cu-Co Deposits, Timmins, Ontario

1.25 M Indicated Tonnes at 1.0% Ni and 1.01 M Inferred Tonnes at 1.1% Ni

TORONTO, Nov. 02, 2020: Class 1 Nickel and Technologies Ltd. (CSE:NICO) (“Class 1” or the “Company”) is pleased to report an updated National Instrument 43-101 Mineral Resource Estimate on its 100% owned Alexo-Dundonald Nickel Project (the “Project” or the “Property”) located about 45 km northeast of Timmins, Ontario.

The Project comprises four foundation 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 approximately 20 square km land package (Figure 1). A large portion of the Property remains untested by drilling and modern geophysics.

Following the completion of a modern Mineral Resource validation program and a Technical Report of the Mineral Resources contained within the newly amalgamated Alexo and Dundonald deposit models, Class 1 is reporting an 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 1.01 Mt with an average grade of 1.08% Nickel (Table 1). The total estimated Indicated Mineral Resource has increased by 119% and the Inferred Mineral Resource has increased by 1,400% since the previously reported Mineral Resource Estimate contained in the NI 43-101 compliant Technical Report dated June 30, 2020. 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 lbs M Contained Cu lbs M Contained Co lbs M
Indicated 1.25 0.99 0.04 0.02 27.35 1.00 0.66
Out-of-Pit Inferred 1.01 1.08 0.03 0.02 23.90 0.63 0.45
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
(kt)
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 1,008.5 1.08 23.90 0.03 0.63 0.02 0.45
Total Indicated 30+90 1,254.4 0.99 27.35 0.04 1.00 0.02 0.66
Inferred 90 1,008.5 1.08 23.90 0.03 0.63 0.02 0.45

The October 24, 2020 NI 43-101 compliant 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 done 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 total Indicated Mineral Resource based on a Net Smelter Return (NSR) for the out-of-pit Mineral Resource is 1.25 Mt at 0.99%, 0.04% Cu and 0.02% Co for a total of 27.35 Mlbs of contained nickel. An additional 1.0 Mt at 1.08% Ni, 0.03% Cu and 0.02 Co (23.90 Mlbs contained nickel) were calculated as the Inferred Mineral Resource.

In addition, Class 1 recently completed a modern VTEM™ plus time-domain airborne electromagnetic survey over the 20 km2 square land package, the first modern geophysical survey of this kind over the Property. The Company looks forward to updating the market with the results of this survey when expert analysis and targeting is completed, and recommendations have been made.

The Company is in the process of planning its near-term surface exploration program to include a diamond drilling program aimed at testing priority mag-EM targets generated from the recently completed VTEM survey. In addition, the Company will be planning step-out and expansion drilling programs to potentially increase the size and grade of the current Mineral Resource, moving the project toward an eventual Preliminary Economic Assessment (“PEA”) in order to examine the possibility of direct shipping nickel production.

Figure 1: Alexo-Dundonald Project Map 

The Alexo-Dundonald Class 1 Nickel Project sits on a 14 km strike-length, folded komatiite unit containing several nickel-copper-cobalt and platinum-group element Mineral Resources. Decades of successful capital expenditure and investment into the Project by previous owners has resulted in the discovery and delineation of four main nickel Mineral Resources that occur along the folded komatiite unit. A total of 102,883 metres of drilling has been conducted on and around the komatiite fold and a valuable data set has been assembled, which confirms the existence of numerous other smaller high-grade deposits and mineralized lenses that occur between and alongside the four main Updated Mineral Resources reported herein.

Eugene Puritch, P.Eng, FEC, CET, President of P&E, heads a specialist Mineral Resource and Mine Engineering consulting firm that has successfully built mine plans for several Canadian mining companies stated “The Alexo-Dundonald Project was previously mined via a direct shipping model, and the Preliminary Economic Assessment that P&E will soon commence is being designed around similar principles.”

Small-scale open pit mining of Nickel and direct shipping mineralized material production at Alexo-Dundonald last occurred in 2004-2005. Subsequently in 2011, more mining and stockpiling of mineralized material occurred in conjunction with the signing of a custom processing agreement with Glencore’s Strathcona process facility near Sudbury.

This analysis will be used to couple with deeper penetrating ground geophysics prior to commencing step-out and expansion drilling aimed at adding more tonnage to the overall Mineral Resource. After the completion of the diamond drilling campaign, the Company will produce a PEA inclusive of a mine and production plan with a view to re-initiating the direct shipping operation.

Class 1 President Mr. Benjamin H Cooper stated “This Project has indicated the viability of a direct shipping model on several occasions in the past. This time we are operating in a rising class 1 nickel market with truly global demand and our Company is envisioning a much bolder, larger, stronger approach utilizing greater financial backing and capacity with a plan to ship more mineralized material, faster and more efficiently than previously possible. This approach is anticipated to fund deeper drilling and a systematic Mineral Resource expansion to scale-up production.

Tony Donaghy, Class 1 adviser and consultant for CSA Global confirmed “The Alexo-Dundonald Project has the potential of a rapid turnaround to production turnkey operation that has the ability to increase more new nearby nickel sulphide discoveries and grow the Mineral Resource base to allow for a diversified restart.”

The advanced permitting status, close to surface high grade mineralization, and direct shipping mining model fits nicely into the local infrastructure of Sudbury-Timmins thus allowing Class 1 to avoid any need for high start-up capital costs. Additionally, there is also untested potential at depth.

“International exploration for similar komatiite-hosted nickel sulphide systems in Australia, as well as within systems such as Thompson and Raglan in Canada, has demonstrated that there is good potential for exploration and discovery of continued and/or additional sulphide mineralization along strike/plunge within mineralized channelized flow. The shallow nature of previous exploration and the tight focus on the near-surface known mineralization at Alexo-Dundonald means these possibilities have not yet been tested on the Project.”, Mr Donaghy said.

P&E’s Senior Associate Geologist, William Stone, Ph.D, P,Geo. Stated “The Alexo-Dundonald host rocks are part of a regional geophysical trend that extends tens of kilometres westward and includes the giant Kidd-Creek base metal VMS mine and even the Montcalm nickel mine, 100 km away. This regional trend corresponds to the komatiite-bearing Kidd-Munro assemblage, which has been subject to very little modern airborne electromagnetic surveys and systematic mineral exploration for nickel sulphide deposits. Consequently, the potential for discovery of additional nickel sulphide deposits under cover along this favourable trend remains high”.

 

Figure 2: Alexo-Dundonald is on Trend with Montcalm and Kidd Creek as part of the Kidd Munro Assemblage Geology

 

Most Recent 2011 Metallurgical Testwork

In 2011, Xstrata Process Support (Xstrata) – formerly Falconbridge, now Glencore Nickel – at its laboratories in Falconbridge near Sudbury, Ontario, performed scoping level metallurgical testing and quantitative mineralogy for the Alexo South project. The scope included a custom flowsheet assessment and quantitative mineralogy using EPMA microprobe assessment.

Table 3: Composite Head Analyses, Alexo South Deposit (formerly Kelex)

Ni % Cu % S % Co % MgO % Pt ppm Pd ppm
2.13 0.09 14.54 0.08 11.96 0.05 0.12

Source: NI 43-101 CSA Global & Puritch et al (2012)

Figure 3: 3D Image of Alexo North Deposit (Red) and Alexo South Deposit (Green) 

The Alexo North and Alexo South Mineral Resources extend along strike and depth and down plunge and will be extension drilled to add more tonnage to the current NI 43-101 Mineral Resource Estimate. The majority of drilling and mining in the past 30 years has been shallow work (less than 100 m vertical depth below surface.

Table 4: Nickel Intersections from Previous Drilling – Alexo North And South

Hole ID From (m) To (m) Downhole width (m) Ni (%) Zone
LAX-01-04 40.4 42.8 2.4 1.70 Alexo North
LAX-05-04 64.6 69.5 4.9 2.30 Alexo North
Including 64.6 65.5 0.9 6.50
LAX-08-04 75.9 77.5 1.6 1.00 Alexo North
LAX-09-04 82.9 84.7 1.8 1.70 Alexo North
LAX-13-04 62.2 66.7 4.5 2.20 Alexo North
Including 62.8 64.1 1.3 4.70
LAX-24-04 72.6 72.8 0.2 2.13 Alexo North (East)
LAX-26-04 130.5 131.0 0.5 3.79 Alexo North (East)
LOX-01-04 34.0 35.9 1.9 4.10 Alexo South (West)
LOX-03-04 31.2 32.2 1.0 2.74 Alexo South (West)
LOX-08-04 38.7 40.6 1.9 2.79 Alexo South (West)
Including 39.9 40.6 0.7 7.80
LOX-47-04 58.9 80.0 21.1 1.30 Alexo South (West)
Including 58.9 61.9 3.0 5.67
LOX-48-04 72.3 83.2 10.9 0.50 Alexo South (West)
LOX-49-04 74.2 92.4 18.2 1.40 Alexo South (West)
Including 74.2 78.9 4.7 3.60
LOX-52-04 82.9 87.9 5.0 1.00 Alexo South (West)
Including 82.9 83.5 0.6 5.30
LOX-53-04 125.7 144.0 18.3 0.80 Alexo South (West)
Including 127.0 135.5 8.5 1.10
LOX-56-04 133.3 158.0 24.7 0.90 Alexo South (West)
Including 135.3 138.5 3.2 1.20
And 149.6 157.1 7.5 1.10
LOX-56-04 164.4 165.5 1.1 1.10 Alexo South (West)
2010-01 78.0 91.0 13.0 0.55 Alexo South (West)
Including 79.3 81.0 1.7 1.34
2010-02 95.0 119.5 24.5 2.79 Alexo South (West)
Including 97.3 102.0 4.7 1.22
2010-03 134.3 151.0 32.3 0.45 Alexo South (West)
Including 137.0 141.0 4.0 0.63
2010-10 218.0 221.0 3.0 0.48 Alexo South (West)
2010-11 249.0 252.7 3.7 1.37 Alexo South (West)
Including 249.0 249.3 0.3 2.51
And 252.1 252.7 0.6 5.89
2010-12 247.2 256.0 1.3 0.48 Alexo South (West)
2011-13 225.0 228.0 3.0 0.61 Alexo South (West)
2011-15 155.3 182.2 26.9 1.91 Alexo South (West)
LOX-12-04 28.6 29.8 1.2 2.56 Alexo South (Central West)
LOX-13-04 32.2 33.0 0.8 3.59 Alexo South (Central West)
LOX-14-04 31.9 41.5 9.6 Alexo South (Central West)
Including 38.0 41.5 3.5 5.35
Including 39.5 40.5 1.0 7.97
LOX-15-04 44.4 45.5 1.1 2.47 Alexo South (Central West)
LOX-16-04 47.2 48.9 1.7 1.90 Alexo South (Central West)
LOX-17-04 41.2 46.2 5.0 2.00 Alexo South (Central West)
Including 44.1 46.2 2.1 3.40
LOX-18-04 33.6 37.7 4.1 3.70 Alexo South (Central West)
Including 34.6 37.7 3.1 4.50
LOX-19-04 31.1 32.8 1.7 3.30 Alexo South (Central West)
LOX-22-04 56.4 69.1 12.7 1.10 Alexo South (Central West)
Including 66.1 69.1 3.0 3.10
LOX-23-04 62.0 65.0 3.0 0.66 Alexo South (Central West)
And 69.8 72.1 2.3 1.70
LOX-24-04 77.4 81.4 4.0 1.00 Alexo South (Central West)
LOX-25-04 32.4 33.8 1.4 4.30 Alexo South (Central West)
LOX-26-04 63.1 65.0 1.9 1.60 Alexo South (Central West)
LOX-27-04 65.0 66.3 1.3 1.80 Alexo South (Central West)
LOX-30-04 50.6 51.0 0.4 3.20 Alexo South (Central West)
LOX-31-04 103.5 109.7 6.2 1.10 Alexo South (Central West)
Including 108.5 109.7 1.2 3.00
2010-04 68.3 70.1 1.8 0.62 Alexo South (Central West)
2010-05 85.9 86.3 0.4 2.21 Alexo South (Central West)
2010-07 80.3 81.5 1.2 0.61 Alexo South (Central West)
Including 81.3 81.5 0.2 2.50
2010-08 101.9 103.2 1.3 1.81 Alexo South (Central West)
LOX-32-04 65.6 66.7 1.1 2.30 Alexo South (Central West)
LOX-34-04 81.2 84.4 3.2 1.18 Alexo South (Central West)
LOX-35-04 101.8 102.8 1.0 6.70 Alexo South (Central West)
LOX-64-04 101.5 105.7 4.2 2.00 Alexo South (Central West)
Including 104.3 105.7 1.4 4.90
LOX-66-04 76.8 77.7 0.9 2.60 Alexo South (Central West)
LOX-69-04 55.2 57.8 2.6 3.90 Alexo South (Central West)
LOX-74-04 89.0 89.4 0.4 1.40 Alexo South (Central West)
LOX-103-05 114.9 117.8 2.9 1.63 Alexo South (Central West)
Including 117.2 117.8 0.6 5.20
2011-16 56.4 61.3 4.9 2.13 Alexo South (Central West)
Including 59.0 61.3 2.3 3.75
LOX-38-04 88.2 90.3 2.1 1.40 Alexo South (Central East)
LOX-41-04 61.6 62.3 0.7 1.70 Alexo South (East)
LOX-46-04 88.2 90.5 2.3 0.70 Alexo South (East)
LOX-54-04 146.0 147.5 1.5 1.30 Alexo South (East)
LOX-77-04 82.4 84.5 2.2 4.90 Alexo South (East)
LOX-85-04 72.1 75.1 3.0 0.56 Alexo South (East)
LOX-95-05 63.0 70.8 7.8 0.63 Alexo South (East 1700)
Including 70.3 70.8 0.5 2.46
LOX-96-05 60.4 64.2 3.8 0.98 Alexo South (East 1700)
Including 62.0 63.2 1.2 2.74
LOX-99-05 86.0 90.8 4.8 0.60 Alexo South (East 1700)
Note: Downhole core length does not equate to true thickness (width) which is unknown but will be less than or equal to downhole core length.

Figure 4: 3D Image of Dundonald North Deposit

Table 5: Nickel Intersections from Previous Drilling -Dundonald North

Hole ID From (m) To (m) Downhole width (m) Ni (%) Cu (%) Zone
DUN25-02 534.28 548.20 13.92 1.2 0.03 FW
DUN25-04 467.90 482.08 14.18 1.27 0.03 FW
DUN25-08 459.83 461.69 1.86 1.86 0.05 FW
DUN25-10 388.25 396.75 8.50 1.02 0 Main
DUN25-12 594.44 602.26 7.82 1.81 0.11 FW
FNT05-08 103.00 105.20 2.20 1.86 0.01 Main
FNT05-12 297.00 306.50 9.50 1.11 0.04 Main
FNT05-13 301.00 313.50 12.50 1.3 0.06 Main
60-D-02 118.53 122.35 3.82 NA NA Main
60-D-03 117.12 119.42 2.29 NA NA Main
DUN25-01 436.46 448.05 11.59 0.54 0.01 FW
DUN25-02 534.28 548.20 13.92 1.2 0.03 FW
DUN25-03 302.94 327.14 24.20 0.77 0.11 Main
DUN25-04 304.45 323.83 19.38 NA NA Main
DUN25-04 467.90 482.08 14.18 1.27 0.03 FW
DUN25-05 64.06 66.69 2.63 0.01 1.4 Main
DUN25-05 311.50 315.00 3.50 0.36 0 FW
DUN25-08 293.50 317.00 23.50 0.52 0.02 Main
DUN25-08 459.83 461.69 1.86 1.86 0.05 FW
DUN25-10 388.25 396.75 8.50 1.02 0 Main
DUN25-11 295.50 298.50 3.00 0.25 0.01 FW
DUN25-12 594.44 602.26 7.82 1.81 0.11 FW
DUN25-13 177.07 182.32 5.25 0.65 0.03 Main
DUN25-14 211.00 213.29 2.29 0.91 0 Main
DUN25-16 167.80 170.15 2.35 0.83 0.02 Main
DUN25-17 89.46 93.57 4.11 0.87 0.06 Main
DUN25-17 155.42 158.30 2.88 0.4 0.01 FW
DUN25-18 333.76 337.38 3.62 0.77 0.03 Main
DUN25-18 382.02 389.97 7.95 0.48 0.01 FW
DUN25-20 444.66 452.66 8.00 0.01 1.63 Main
DUN25-20 726.06 733.36 7.30 0.56 0.01 FW
DUN25-21 307.22 315.83 8.62 NA NA Main
DUN25-21 489.81 503.85 14.04 0.41 0 FW
DUN25-22 389.66 393.78 4.12 0.01 0.01 Main
DUN25-22 750.70 752.72 2.02 0.38 0.02 FW
DUN25-23 306.48 313.26 6.78 0.02 1.3 Main
DUN25-23B 311.05 317.33 6.28 NA NA Main
DUN25-24 257.00 260.00 3.00 0.36 0.08 Main
DUN25-24 490.00 492.90 2.90 0.19 0 FW
DUN25-25 195.00 197.00 2.00 0.31 0.01 Main
DUN25-28 320.40 322.20 1.80 NA NA Main
DUN25-28 680.30 683.40 3.10 0.86 0 FW
DUN25-29 269.70 273.46 3.76 0.84 0 Main
DUN25-29 544.28 547.32 3.04 0.35 0 FW
DUN25-31 158.50 160.60 2.10 0.63 0.01 Main
DUN26-01 124.78 127.00 2.22 0.29 0 Main
DUN26-02 204.13 205.65 1.52 0.25 0.01 Main
DUN26-03 284.16 286.16 2.00 0.14 0 Main
DUN26-03 416.10 418.25 2.15 0.12 0.05 FW
FNT04-02 155.00 157.50 2.50 0.32 0 Main
FNT05-04 107.43 109.74 2.30 0.16 0 Main
FNT05-05 137.00 142.00 5.00 0.73 0.02 Main
FNT05-06 120.50 123.50 3.00 0.31 0.05 Main
FNT05-07 138.00 140.50 2.50 0.32 0 Main
FNT05-08 103.00 105.20 2.20 1.86 0.01 Main
FNT05-09 100.00 102.50 2.50 0.4 0 Main
FNT05-10 67.00 69.00 2.00 0.21 0 Main
FNT05-11 133.00 135.60 2.60 0.47 0.01 Main
FNT05-12 297.00 306.50 9.50 1.11 0.04 Main
FNT05-13 301.00 313.50 12.50 1.3 0.06 Main
Note: Downhole core length does not equate to true thickness (width) which is unknown but will be less than or equal to downhole core length.

Figure 5: 3D Image of Dundonald South Deposit

Table 6: Nickel Intersections from previous drilling Dundonald South

Hole ID From (m) To (m) Downhole width (m) Ni (%) Zone
D04-4 72.6 74.0 1.4 4.66 A
Including 73.5 74.0 0.5 10.95
D04-7 172.5 176.8 4.3 4.42 A
Including 172.6 174.6 2.0 6.83
D04-17 201.8 203.5 1.7 11.84 A
Including 203.0 203.5 0.5 17.14
D04-29 215.0 230.2 15.2 5.26 A
Including 219.0 220.7 1.7 14.46
And 224.7 226.8 2.1 11.04
D04-30 221.5 224.0 2.6 5.20 A
Including 222.3 224.0 1.8 6.66
D04-31 285.3 287.0 1.7 3.87 A
D04-33 249.7 250.9 1.3 3.30 A
D04-38 274.1 275.5 1.4 3.62 A
D05-39 249.1 250.4 1.3 6.17 A
D05-47 62.0 64.0 2.0 2.48 A
D05-49 111.8 114.5 2.7 2.42 A
D04-14 136.5 138.0 1.5 3.77 B
Including 136.5 136.8 0.3 14.78
D04-16 98.7 101.3 2.6 2.24 D
D04-18 49.0 51.0 2.0 2.49 E
Including 49.0 49.7 0.7 5.68
S04-9 222.5 224.5 2.0 2.84 E
S05-30 221.5 224.0 2.5 2.40 E
S05-70 269.7 271.0 1.3 1.30 E
S05-76 234.8 236.2 1.4 2.64 E
S05-77 233.4 234.8 1.4 3.65 E
S04-8 146.5 149.5 3.0 2.25 F
S04-17 155.8 157.9 2.1 5.22 F
S04-21 170.5 172.6 2.1 3.67 F
Including 171.4 172.6 1.2 5.77
S05-30 195.5 197.1 1.6 8.46 F
S05-31 193.5 194.7 1.2 4.10 F
S05-41 114.0 115.7 1.7 4.17 F
S05-48 136.0 137.5 1.5 6.03 F
S05-72 188.0 192.0 4.0 2.37 F
S04-10 92.1 94.0 2.0 3.11 G
S05-28 118.0 120.0 2.0 2.69 G
S05-30 123.5 126.5 3.0 11.19 G
Including 125.2 126.5 1.3 23.74
S05-37 82.0 83.2 1.2 5.30 G
S05-40 85.9 90.8 4.9 5.99 G
Including 85.9 87.2 1.3 11.79
S05-45 74.8 75.8 1.0 13.10 G
S05-60 78.0 79.7 1.7 4.67 G
S05-68 56.0 56.8 0.8 9.91 G
S05-73 162.9 164.0 1.1 18.71 G
S05-75 149.0 152.6 3.6 5.91 G
Including 151.5 152.3 0.8 20.90
S05-78 149.5 152.0 2.5 2.52 G
S05-79 156.0 161.7 5.7 7.63 G
Including 160.9 161.7 0.8 25.60
S05-86 101.7 103.6 2.0 3.81 G
S05-89 127.0 130.1 3.2 2.10 G
S05-91 129.0 132.1 3.1 5.29 G
Note: Downhole core length does not equate to true thickness (width) which is unknown but will be less than or equal to downhole core length.

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”) will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within 45 calendar days of this news release.

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 will be available on SEDAR (www.sedar.com) under the Company’s issued profile within 45 calendar days. 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.

Class 1 Nickel Announces Commencement of VTEM™ Survey over Alexo-Dundonald and NI 43-101 Mineral Resource Upgrade Work Nears Completion

  • Geotech Ltd has commenced a VTEM survey over the entire Alexo-Dundonald project area
  • P&E Mining Consultants Inc. has completed field work on site and is nearing completion of the updated 43-101 Mineral Resource Estimate on Dundonald
  • Several Historic Nickel Sulphide Mineral Resources are currently being validated and brought into the overall Property Mineral Resources resulting in an increase to overall tonnage and grade

TORONTO, September 24, 2020: Class 1 Nickel & Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO), is pleased to announce that Geotech Ltd has commenced an extensive VTEM™ plus time-domain electromagnetic airborne survey at the Alexo-Dundonald Nickel-Copper-PGE Projects, and P&E Mining Consultants Inc. has completed field work and is now preparing the revised and upgraded NI 43-101 Mineral Resource Estimate.

 

The Alexo-Dundonald Ni-Cu-PGE Project consists of the Alexo North, Alexo South, Dundonald North, and Dundonald South deposits.

 

The Alexo Deposits sit on the northeast arm of a large interpreted “Z”-shaped komatiite fold, while the Dundonald Deposits sit in the middle and on the southwest arm of the same fold. A past producing operation (historical 2.0% to 4.0% nickel head grade) left historical nickel sulphide Mineral Resources (Ni-Cu-Co-PGE) that remain open at depth and along strike.

 

As previously announced, Geotech Ltd. is conducting the airborne VTEM and magnetic survey over the existing Alexo-Dundonald historical Mineral Resources and interpreted Z-folded komatiitic peridotite, providing Class 1 Nickel’s technical team data to map conductors of significance in subsurface areas that may be associated with magmatic semi-massive to massive Ni-Cu-Co-PGE sulphides, to an initial depth of approximately 300 metres. Targets from the airborne survey will be followed up using surface AEM and/or drilling, and borehole EM surveys, as appropriate.

 

Additionally, P&E Mining Consultants Inc., who has been engaged to upgrade the current NI 43-101 Mineral Resources to include the Dundonald North and South deposits, has completed on site work, having successfully completed core collection and representative sampling work as part of the validation of the historical information.

 

Class 1 expects to deliver to shareholders the updated NI 43-101 Mineral Resource within by early October.

 

Mr. Eugene Puritch, President of P&E Mining Consultants Inc. stated, “We are very encouraged by the amount and quality of historic drill core on site that will allow for the validation of the databases for the Dundonald South and Dundonald North deposits and bring them to NI 43-101 compliancy. Observed mineralization during the verification sampling process indicated the presence of nickel bearing sulphides.”

 

Qualified Person
The technical information in this news release has been reviewed and approved by Eugene Puritch, P.Eng. FEC, CET, President of P&E Mining Consultants Inc. and Independent Qualified Person as defined by NI 43-101.

 

About Class 1 Nickel & Technologies Limited

Class 1 Nickel & Technologies Limited (CSE: NICO) is a Mineral Resource company focused on the development of its 100% owned Alexo-Dundonald Project, an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide projects located 43 km northeast of Timmins, Ontario.

 

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, our Twitter feed at www.twitter.com/ClassNickel or our LinkedIn Page atwww.linkedin.com/company/class-1-nickel/.

 

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 Commences Geophysics Programs

Geotech Ltd has been appointed to fly Heliborne VTEMand Horizontal Magnetic Gradiometer geophysical surveys over the entire 20 square km Alexo-Dundonald Ni-Cu-PGE Project area

  • First ever modern geophysics campaign has commenced at Alexo-Dundonald Ni-Cu-PGE
  • Geotech Ltd proprietary time-domain electromagnetic system VTEM™ deployed to confirm possible extents to zones of historical Mineral Resources and to identify new nickel targets
  • Deeper penetrating ground-based geophysics to also determine possible depths to new Mineral Resource targets

Toronto, Ontario, September 16, 2020: Class 1 Nickel & Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO), is excited to announce that it has contracted Geotech Ltd to fly an extensive VTEM™ plus time-domain electromagnetic survey with additional horizontal magnetic gradiometry over its entire Alexo-Dundonald Nickel-Copper-PGE Property, situated 45 km northeast of the centre of Timmins, Ontario.

Alexo Dundonald Location Map

The Alexo-Dundonald Ni-Cu-PGE Project consists of the Alexo, Kelex, Dundonald North and Dundonald South nickel deposits. The Alexo Deposit sits on the northeast arm of a large interpreted “Z”-shaped komatiite fold, while the Dundonald Deposit sits on the southwest arm of the same fold. A past producing operation (historical 2.0% to 4.0% nickel head grade) left historical nickel sulphide Mineral Resources (Ni-Cu-Co-PGE) that remain open at depth and along strike.

Geophysical consultant for Class 1 Nickel, Mr. Alan King, commented, “Class 1’s nickel team is eagerly anticipating the completion and interpretation of the VTEM survey. Having a new, higher resolution AEM survey will allow us to compare signatures from the known mineralized sulphide zones with what may lay deeper and/or surrounding the known deposits, and will be valuable in determining the potential of the Alexo-Dundonald Property.”

Conducting the VTEM and magnetic survey over the existing Alexo-Dundonald historical Mineral Resources and interpreted Z-folded komatiitic peridotite will allow the technical team to map conductors of significance in subsurface areas that may be associated with magmatic semi-massive to massive Ni-Cu-Co-PGE sulphides, to an initial depth of approximately 300 metres. Targets from the airborne survey will be followed up on using surface AEM and/or drilling, and borehole EM surveys, as appropriate.

The VTEM Plus system is Geotech Ltd.’s flagship helicopter TDEM system, with over 3,000,000 line-km flown around the world for base and precious metals exploration. It’s large transmitter dipole moment and high signal to noise are ideally suited for the komatiitic Ni-Cu-Co-PGE targets sought by Class 1 Nickel.

Mr. Eugene Puritch, President of P&E Mining Consultants Inc. stated, “Successful nickel sulphide mines can plunge to depths of in some cases more than 1 or 2 km from surface, therefore the potential size and scale of Alexo-Dundonald is presently unknown. Considering that the majority of historical drilling and mining at Alexo-Dundonald has only ever been shallow work at less than 100 m below surface, the great bulk of the 20 square km Property remains essentially untested. Therefore, we are all keenly interested to see the potential generation of additional nickel sulphide targets.”

Alexo Dundonald local geology and mineralized zones

figure 2

 

Qualified Person

The technical information in this news release has been reviewed and approved by Eugene Puritch, P.Eng. FEC, CET, President of P&E Mining Consultants Inc. and Independent Qualified Person as defined by NI 43-101.

 

About Class 1 Nickel & Technologies Limited

Class 1 Nickel & Technologies Limited (CSE: NICO) is a Mineral Resource company focused on the development of its 100% owned Alexo-Dundonald Project, an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide projects located 43 km northeast of Timmins, Ontario.

 

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, our Twitter feed at www.twitter.com/ClassNickel or our LinkedIn Page at  www.linkedin.com/company/class-1-nickel/.

 

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.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.

 

Class 1 Nickel Commences work at Alexo-Dundonald to Upgrade and Increase Mineral Resources

  • Alexo and Dundonald Mineral Resource to be combined
  • A positive increase to tonnage and grade is therefore anticipated
  • Industry experts P&E Mining Consultants Inc. have been engaged

 

Toronto, ON, August 31, 2020: Class 1 Nickel & Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO), a Canadian company developing nickel-copper-cobalt sulphide Mineral Resources 45km northeast of Timmins, Ontario, is pleased to announce that work has commenced at the Alexo-Dundonald Nickel project in Timmins Ontario to upgrade the Dundonald South historic Mineral Resource to CIM defined classifications and combine it with the existing Alexo Mineral Resource.

 

The Company has engaged mineral industry experts P&E Mining Consultants Inc. (P&E) to validate and classify the Dundonald Mineral Resource and combine it with Alexo in a NI 43-101 Technical Report.

 

Mr. Benjamin H Cooper, President of Class 1 Nickel said: “Now that Alexo and Dundonald are together in the one company we can execute a smart diversified strategy that is two pronged. Firstly, we will focus on a “more of the same” approach at Alexo, extending the resource along strike, as we build a database for the preliminary economic assessment work and push along the remaining permitting requirements. And secondly we will take a more aggressive and high impact approach to the 8 high grade close to surface zones of the Dundonald South Mineral Resource, in order to bring high grade tonnage into the combined Mineral Resource and increase our overall economics and size.” 

 

P&E Mining Consultants Inc. will work alongside the Company to upgrade the Mineral Resource, assist with the design and reporting of geophysics and drill programs, permitting, and undertaking a Preliminary Economic Assessment.  P&E will utilize its more than 20 Canadian based associates to leverage experience in geological interpretation, 3D geologic modeling, technical report writing, Mineral Resource and Mineral Reserve Estimates, property evaluations, mine design, production scheduling, operating and capital cost estimates and metallurgical engineering.

 

Mr. Tony Donaghy P.Geo, Principal Consultant – Nickel at CSA Global (an ERM Group Company) and strategic advisor to Class 1 Nickel affirmed: “I am confident that P&E Mining Consultants Inc. are more than adequately qualified to carry out the assignment of upgrading the Mineral Resource classification at Dundonald South. P&E knows these projects well and worked with us together as co-authors on the initial NI 43-101 Technical Report for Alexo-Dundonald.”

 

Mr Eugene Puritch, P.Eng., FEC, CET, stated “It’s important for Class 1 Nickel to explain to the market that it possesses several potentially viable projects in its Timmins land package. Alexo, Kelex, Dundonald North and Dundonald South are all contiguous and located inside the 1 km komatiite flow. The sum of the parts results in a larger and more diversified Mineral Resource.” 

 

 Initial P&E Mining Consultants Inc. scope of work to include:

  • Site visit and assay data validation sampling
  • Geological interpretation
  • Geostatistical analysis
  • Grade Estimation
  • Mineral Resource reporting and Technical Report

Class 1 Nickel looks forward to updating the market with the updated combined classified Mineral Resources in the coming weeks.   

 

Qualified Person

The information in this news release has been reviewed and approved by Eugene Puritch, P.Eng., FEC, CET, president of P&E Mining Consultants Inc.

 

About Class 1 Nickel & Technologies Limited

Class 1 Nickel & Technologies Limited (CSE: NICO) is a Mineral Resource company focused on the development of its 100% owned Alexo-Dundonald Project, an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide projects located near Timmins, Ontario.

 

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: @Class1Nickel.

 

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 Surface Samples confirm high grade mineralization; Assays validate historic Nickel-Copper-Cobalt-Platinum-Palladium

Toronto, ON, August 27, 2020: Class 1 Nickel & Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO), a Canadian company developing nickel-copper-cobalt sulphide Mineral Resources near Timmins, Ontario, is pleased to announce that a verification and review report has been submitted to the Company which has confirmed the existence of high grade mineralization from surface samples.   

 

Mr. Martin Tuchscherer, P.Geo, PhD, Specialist Geological Technical Advisor to Class 1 Nickel, recently completed an initial site visit and verification review program at the Alexo-Dundonald Project with three purposes: (i) confirm the Ni-Cu-PGE mineralization at the Alexo and Kelex open pits; (ii) to review and re-sample mineralized core; and (iii) to confirm the location of old diamond drill hole collars.

 

Mr. Benjamin H Cooper, President of Class 1 Nickel indicated that: “The Company engaged Tascan Geosciences Inc. to review the project sites, take samples of previously blasted rocks from around the Alexo and Kelex open pits as well as around the Dundonald high grade historical resource and the PGE occurrences to the east. The results confirm the rock types and the high grade nature of the magmatic sulphide mineralization”.

 

The Company is proud to have retained the services of Martin Tuchscherer who has worked as a senior geologist with Canadian Royalties Inc. for five years.

 

Initial Site Visit Highlights:

  • Grab samples taken from old mineralized piles at the Alexo and Kelex open pits confirm the high-grade nickel and platinum group elements (PGEs) abundances and tenor of these deposits
  • Re-sampled core confirms the high nickel and high PGE contents of the Dundonald South Deposit
  • Re-sampling of old Dundonald South core also confirmed the reproducibility of nickel (Ni), copper (Cu) and cobalt (Co) mineralization from historical work
  • Geochemical results confirm samples taken from the Dundonald Beach and Dundonald South Deposit follow a mineralized komatiite trend
  • Geochemical results for samples taken at Alexo, Kelex, Dundonald Beach and Dundonald South suggest that most samples formed in a dynamic, likely channelized komatiitic setting

 

A total of 38 samples were collected over a three-day period on the Alexo-Dundonald Project. These samples were submitted to ALS Canada Ltd. laboratories in Val-d’Or and Sudbury. Grab samples were sourced from surface ore boulders from the Alexo and Kelex open pits that are believed to originate from high grade mineralized material piles that were mostly processed and smelted in Sudbury. Samples were also collected from previously sampled historic drill core and from surface showings from Dundonald Beach, Mighty PGE showing and from outcrops from the Casey PGE showing areas.

 

Mineralized samples taken from the Alexo open pit have nickel grades ranging between 2.33% and 5.85% Ni. Mineralized samples from the Kelex open pit have nickel grades ranging between 0.988% and 5.55% Ni.

 

Analytical results from the eight core samples show a range in nickel grades from 1.02% Ni to 20.9% Ni.

 

Samples with less than 7% Sulphur (S) have major element compositions indicating a range from komatiite to komatiitic basalt.

 

Mr. Martin Tuchscherer states in his report:

  • A plot of Chromium versus Nickel (derived from Brand, 1999) indicates that samples (0.2 to 2.0 %Ni) from the Dundonald Beach, Kelex and Dundonald South show an increasing nickel content that follow the “mineralized komatiite trend” – that is, these samples likely formed in a highly prospective komatiitic channelized setting. Samples that contain >2.0% Ni are obviously mineralized and do not plot on this diagram.
  • A plot of Cu/Pd versus Pd (derived from Karykowski et al., 2017) indicates that mineralized samples from Dundonald Beach, Alexo, Kelex and Dundonald South correspond to high R factor values, typical of mineralization formed in a dynamic channelized setting.
  • Exact Ni tenors cannot be calculated, since the S values exceed the analytical maximum, however, a sample result of up to 20.9% Ni was observed that indicating extremely high Ni tenors.

 

In conjunction with these findings Class 1 Nickel now intends to engage industry experts to update the current NI 43-101 Technical Report to include the Dundonald Deposits, that are currently historical in nature.

 

Class 1 is developing two projects simultaneously on its 20km2 Timmins property. The Alexo-Kelex Project with an NI 43-101 Nickel Sulphide Mineral Resource open at depth and along strike situated in the northern part of the property area. The Dundonald North and South Projects are situated in the southern part of the Property area.

 

Previous drilling at Dundonald South has outlined eight east-west nickel-bearing sulphide zones (A-H) defined at shallow levels (>200 metres depth). Most of the lenses are open at depth and along strike. Historical Mineral Resources of 750,000 tonnes at 1.50% nickel sulphide reported by Falconbridge have been estimated in the past. Fresh, high grade Ni-Cu-PGE sulphide mineralization has been trenched at surface by Hucamp Mines. A selected Hucamp Mines sample of the mineralization returned 34.82% Ni, 0.30% Co, 3.7 g/t Pt, 5.8g/t Pd, 0.90 g/t Au, 0.44 g/t Os, 0.47 g/t Ir, 0.84 g/t Rh and 2.4 g/t Ru.

 

The Dundonald North is a nickel zone located on the north side of a west-plunging antiform, 2.2 km southeast and along strike from the Alexo Deposit. The zone has been traced along strike for 800 m and to a depth of 700 metres below surface with the best mineralized intersections in the centre of the channel (with historical grades up to 3.04% Ni).

 

Class 1 Nickel has not done sufficient work to validate or classify the historical grades at the Dundonald Project. The historical grades are not NI 43-101 compliant and should not be relied on by investors.

 

 Webinar Update:

Class 1 Nickel will be hosting a webinar with Amvest Capital on Thursday August 27, 2020 at 4:05 pm Eastern time (1:05 pm Pacific time). This will be a great opportunity to listen to Class 1 Nickel’s President and CEO, Benjamin Cooper. Listeners also can ask questions from Class 1 Nickel’s management. To register for the webinar (and have access to the replay) please go to:

https://attendee.gotowebinar.com/register/7612978237820978703?source=co.

 

Qualified Person

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Eugene Puritch, P.Eng., a Qualified Person as defined by NI 43-101.

 

About Class 1 Nickel & Technologies Limited

 

Class 1 Nickel & Technologies Limited (CSE: NICO) is a Mineral Resource company focused on the development of its 100% owned Alexo-Dundonald Project, an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide projects located near Timmins, Ontario.

 

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.

 

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.