Class 1 Nickel Announces Key Appointments to Accelerate Exploration at the Somanike Nickel Project in Quebec, Canada

  • Alex Beloborodov joins the Class 1 Nickel Team as the Exploration Manager Quebec and Robin Adair joins as an Independent Geological Technical Advisor
  • Approvals and line cutting have been completed for the ground geophysics program at the Somanike Project
  • Ground EM crew from Geophysique TMC is currently mobilizing on site for a planned 35km time-domain electromagnetic survey (TDEM)
  • TDEM deeper penetrating ground-based geophysics will be deployed to confirm possible extensions to historical mineralization and to identify new drill targets ahead of an extensive drilling campaign in 2022.

Toronto, Ontario (March 23, 2022) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce the appointments of Mr. Alex Beloborodov and Mr. Robin Adair to the Class 1 Nickel team to accelerate exploration at the Somanike Nickel Project in Quebec, a komatiite-hosted magmatic sulphide Ni-Cu property, which includes the famous Marbridge Nickel Mine.

 

David Fitch, President & Director stated: “We are excited to have Alex and Robin join the team to rapidly accelerate the exploration program at Somanike. The geophysical program underway will cover a large portion of the known historical nickel trends as well as the Marbridge Mine and will lead nicely into a comprehensive drill campaign”.   

 

The famous Marbridge Mine, which was the first nickel sulphide producing mine in Quebec, has not been drill tested in more than five decades and has not been assessed by modern geophysical technologies capable of detecting magmatic sulphide deposits.

 

Alex Beloborodov is a professional geologist with 11 years of experience in nickel, copper and gold exploration in Quebec and Nunavut. He spent 6 years working in nickel sulphide exploration with various greenfield and brownfield projects as well as working on a producing nickel mine with Canadian Royalties. Mr. Beloborodov has a B.Sc. in Geology from Université du Quebec à Montréal.

 

Robin Adair is a Professional Geologist and has 37 years in mineral exploration and project development experience with a significant proportion focused on magmatic nickel – copper – PGE projects in Canada with Falconbridge Ltd. He worked directly on the Somanike Project from 2014-2017. Mr. Adair holds a B.Sc. and M.Sc. from the University of Alberta.

 

Alex Beloborodov stated, “Considering that most of the historical drilling and mining at Marbridge has only ever been shallow work at less than 300 m below surface, the great bulk of the project remains essentially untested. Therefore, we are all keenly interested to see the potential generation of additional nickel sulphide targets.”

 

The Geophysics program will cover the entire Marbridge trend, the Ataman trend and the Cominco showing as well.

 

Figure 1:   Somanike Project Map

About Somanike Project

The Somanike Project consists of 148 mining titles (mining rights area) covering 6,882 hectares within a large NW-trending ultramafic complex within the Abitibi Greenstone Belt that hosts several nickel sulphide occurrences, recognized nickel targets, ultramafic trends and geophysical anomalies. The project is located in the prolific and mining-friendly Abitibi region of northwestern Quebec approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda.

 

The Somanike Project includes Quebec’s first nickel mine, the historical Marbridge Mine, which was a high-grade nickel mine operated by Falconbridge Nickel. The Marbridge Mine occurs within a large NW-trending deformed and altered ultramafic complex. The Mine produced 702,366 tonnes grading 2.28% Ni and 0.10% Cu from 1962 to 1968, prior to being placed on care and maintenance in 1968. The Mine consisted of two shafts accessing four separate mineralized zones over a combined strike length of 1000 m. The mineralized material was trucked 25 km south and processed at the Canadian Malartic plant. Since 1968, leading groups have reviewed Marbridge data and reports and unanimously concluded that mining ceased in mineralization and the four nickel sulphide zones remain open to expansion by drilling along strike and down-dip/plunge.

 

Qualified Person

All the technical information in this news release has been reviewed and approved by Alexandr Beloborodov, P.Geo., 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 resources company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite-hosted magmatic sulphide Ni-Cu-Co-PGE mineral resources located near the City of Timmins, Ontario. The Company also owns the Somanike komatiite-hosted magmatic sulphide Ni-Cu property in Quebec, which includes the famous Marbridge Nickel Mine, and the 100% owned River Valley PGE Project located about 65 km northeast of Sudbury, Ontario.

 

For more information, please contact:

David Fitch, President

T: +61 400.631.608

E: [email protected]

 

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

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

 

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

Class 1 Nickel Commences Geophysical work program at the Somanike Nickel-Copper – PGE Project in La Motte Quebec

  • A surface TDEM geophysics campaign has commenced at the Somanike Nickel-Copper – PGE project in La Motte Quebec
  • Direct coverage to now be applied over the famous Marbridge Mine, a former shallow producing Nickel-Copper mine that has not been directly drilled in more than 4 decades   
  • TDEM deeper penetrating ground-based geophysics will be deployed to confirm possible extensions to historical mineralization and to identify new drill targets ahead of an extensive drilling campaign in 2022

Toronto, Ontario (February 09, 2022) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that that it has contracted Geophysique TMC to conduct a TDEM (time-domain electromagnetic survey) over the entire Marbridge and Ataman trend.

Figure 1:   Somanike Project Map

Figure 2:   Somanike Project Historic Drilling and Production

Chief Geophysicist for Class 1 Nickel, Mr. Alan King, commented, “Completing a new TDEM 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 Somanike Property around the Marbridge Nickel Mine”.

 

Conducting TDEM over the immediate vicinity of Marbridge historic Nickel Mine 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 down to approximately 400 metres. Targets from the TDEM survey will be followed up using drilling, and borehole EM surveys, as appropriate.

 

Alexandr Beloborodov, President of ABG Exploration Inc. (Exploration Manager Quebec) 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 Marbridge is presently unknown. Considering that most of the historical drilling and mining at Marbridge has only ever been shallow work at less than 300 m below surface, the great bulk of the project remains essentially untested. Therefore, we are all keenly interested to see the potential generation of additional nickel sulphide targets.”

 

The La Motte belt extends for 12 kilometres northwest of Lac Malartic and hosts several Ni-Cu deposits and occurrences.

 

Mr Beloborodov also commented; “Furthermore the Marbridge area is a loci to ultramafic volcanism on the basis of a significant amount of ultramafic rocks present in the area, plus the known magmatic sulphide mineralisation. In addition to the Marbridge mine lenses, disseminated to semi-massive nickel sulphide mineralisation has been discovered associated with mafic ultramafic lithologies in other areas, both within and immediately adjacent to the project tenement areas. At the Ataman prospect immediately south ofMarbridge, it is apparent that there are two general mineralized horizons.”

 

Qualified Person

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

 

For more information, please contact:

David Fitch, President

T: +61 400.631.608

E: [email protected]

 

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

 

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

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

Class 1 Nickel Provides Update on Somanike Project in Quebec

  • Class 1 Surface Samples confirm high-grade mineralization
  • Assays validate historic Nickel-Copper-Cobalt-Platinum-Palladium

 

Toronto, Ontario (October 12, 2021) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that the Company has confirmed the existence of high-grade mineralization from surface samples at the Somanike Project in La Motte Quebec.

 

David Fitch, President of Class 1 Nickel indicated that: “We engaged ABG Exploration to take samples of previously blasted rocks from around the Somanike and Bilson-Cubric 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”.

 

Alexandr Beloborodov, P.Geo. an independent consultant, recently completed a due diligence site visit at the Somanike Project with the purpose of confirming the Ni-Cu-PGE mineralization around the historic Marbridge mine area, the Ataman nickel zone and the Bilson-Cubric showing. A total of 10 samples were collected over a two-day period on the Project. These samples were submitted to ALS Canada Ltd. laboratories in Val-d’Or. Grab samples were sourced from surface showings at Ataman, Marbridge and Bilson-Cubric outcrops.

 

Initial Site Visit Highlights:

  • Grab samples taken from old mineralized Somanike (Bilson-Cubric, Ataman and Marbridge projects) confirm the high-grade nickel and platinum group elements (PGEs) abundances and tenor of these deposits
  • Re-sampled surface samples confirm the high nickel and high PGE contents of the multiple Somanike showings
  • Re-sampling of old Bilson-Cubric showing also confirmed the reproducibility of nickel (Ni), copper (Cu) and PGE mineralization from historical work

Table 1: Somanike Grab Samples Results

 

SAMPLE

DESCRIPTION

 

 

PROJECT AREA

 

 

LITHOLOGY

 

 

MINERALIZATION

PGM-ICP24 ME-ICP61
Pt Pd Cu Ni
g/t g/t % %
E6704911 Cubric Iron formation in Gabbro 8% pyrrhotite, 8% chalcopyrite 0.037 0.188 0.17 0.656
E6704912 Cubric Iron formation in Gabbro semi massive 10% pyrrhotite, 10%chalcopyrite 0.153 0.384 0.39 3.78
E6704917 Mine 2 fence Gossan 15% pyrite, green and purple alteration in basalt 2.02 2.15 0.012 2.98
E6704918 Mine 2 fence Gossan 5% pyrite, green and purple alteration in basalt 1.045 1.245 0.012 0.577
E6704919 Mine 1 closest to shaft Ultramafic, magnetic None 0.006 0.011 0.01 0.226
E6704920 Mine 1 fence Gossan 12% pyrrhotite, 3% chalcopyrite 0.2 0.379 0.08 1.845
E6704921 Mine 1 fence Gossan 6% pyrrhotite, 2% chalcopyrite 0.258 0.445 0.20 2.05
E6704923 Ataman west, Alex showing Gossan 1% pyrite <0.005 0.001 0.006 0.011
E6704924 Ataman central blast Gossan, silicified basalt 2% pyrite <0.005 0.011 0.006 0.008
E6704925 Ataman central Gossan, silicified basalt 2% pyrite <0.005 0.004 0.019 0.033

 

Figure 1: Somanike Project

About Somanike

The Somanike Project consists of 148 mining titles (mining rights area) covering 6882 hectares within a large NW-trending ultramafic complex that hosts several nickel sulphide occurrences in the prolific Abitibi Greenstone Belt region of northwestern Quebec. The Somanike Project is located approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda. The property also contains many recognized target nickel trends and geophysical anomalies. One of these trends is the Ataman conductor trend, located 1 km south of the Marbridge Mine.

 

The Somanike Project includes Quebec’s first nickel mine, the historical Marbridge Mine, which is a high-grade nickel mine operated by Falconbridge Nickel. The Marbridge Mine occurs within a large NW-trending deformed and altered ultramafic complex. The Mine produced 702,366 tonnes grading 2.28% Ni and 0.10% Cu from 1962 to 1968, prior to being placed on care and maintenance in 1968. The Mine consisted of two shafts accessing four separate mineralized zones over a combined strike length of 1000 m. The mineralized material was trucked 25 km south and processed at the Canadian Malartic plant. Since 1968, leading groups have reviewed Marbridge data and reports and unanimously concluded that mining ceased in mineralization and the four nickel sulphide zones remain open to expansion by drilling along strike and down-dip/plunge.

 

Following closure of the Marbridge Mine in 1968, exploration in the Somanike area has been largely dormant. Historical exploration programs focused on magmatic nickel sulphide deposits, such that the majority of assays were for Ni and very limited Cu. Somanike was not investigated by modern geophysical surveys until 2014, when a VTEM survey was flown over the entire property with the objective of identifying nickel-copper sulphide targets for drill testing. Compilation of all historical drill data in conjunction with the 2014 VTEM survey identified numerous targets and exploration programs were designed to test for the presence of significant nickel and copper sulphides. In 2019, a high Resolution Helicopter-Borne Magnetic Survey by GDS was carried over the Somanike Property.

 

Qualified Person

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

 

About Class 1 Nickel

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

 

 

For more information, please contact:

David Fitch, President

T: +61 400.631.608

E: [email protected]

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

 

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

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

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

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

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

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

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

About Class 1 Nickel

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

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

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

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

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

 

 

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

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

 

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

 

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

 

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

 

About Class 1 Nickel 

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

 

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

 

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

 

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

 

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

 

New Nickel Sulphide Mineralization discovered 1 km South of the Marbridge Nickel Mine at the Somanike Project in Quebec

  • Massive Sulphides intersected in Somanike diamond drill hole SR-21-07, 1km south of the historic Marbridge Nickel Mine.
  • The hole was designed to test a strong plate conductor model on a 1km long airborne electromagnetic trend interpreted from a VTEM survey
  • Follow-up geophysical surveys and drilling to be planned

TORONTO, July 26, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce the discovery of a new zone of high-grade nickel sulphide mineralization from recent drilling south of the Marbridge Mine at the Somanike Project, in the Abitibi Region of Quebec (Figure 1).

F igure 1. Location of the Somanike Project near La Motte in northwestern Quebec.

2021 Drill Program Results

The winter 2021 program consisted of six holes totalling 1,580 metres to test priority targets along the Ataman conductor trend, interpreted recently from a 2014 VTEM survey, and to follow-up on a nearby (200m westwards) massive sulphide intersection of 1.41% Ni over 0.5 m from previous drilling. This new drill program was completed by G4 Drilling of Val-d’Or, Quebec, under the supervision of GFE Forestry & Exploration Services of La Motte, Quebec and Alexandr Beloborodov Géologue Inc. of Laval, Quebec.

The first drill hole, SR-21-07, designed to test a strong conductor located 400 m west along trend from the historical Ataman showing, intersected massive nickel sulphides (Figures 2 and 3). Two sulphide mineralized intervals were intersected (Table 1). Samples from the upper mineralized interval returned 0.84% Ni over 4.20 m, including 1.92% Ni over 0.80 m and 1.18% Ni over 1.7 m, from 49.6 m downhole, in altered ultramafic rocks. Samples from the lower mineralized interval returned 0.41% Ni over 8.15 m from 55 m downhole, including 1.18% Ni over 1.7 m, in altered mafic rocks. One of the 0.4 m long massive sulphide core sample returned 0.081 g/t Rh. The drill core samples were assayed by AGAT Laboratories of Mississauga, Ontario. The drill hole was surveyed by a borehole electromagnetic probe (BHEM) for detection of off-hole conductors by TMC Geophysique of Val-d’Or, Quebec. Interpretation work on the survey results continues. The mineralization in SR-21-07 remains open in all directions.

Figure 2. Collar locations of the six diamond holes drilled at Somanike in 2021. Hole SR-21-07 intersected massive nickel sulphides in a strong conductor along the airborne electromagnetics (AEM) trend ( green ) on strike to the west from the historical Ataman nickel sulphide showing.

Figure 3. Massive and semi-massive sulphide mineralization from drill hole SR-21-07 (outlined in red box).

Table 1. Somanike 2021 Drilling Results
Hole IDFrom
(m)
To
(m)
Interval
(m)
Ni
(%)
Cu
(%)
Co
(%)
Pd
(g/t)
Pt
(g/t)
SR-21-0746.250.44.20.8380.0490.0440.100.08
including49.650.40.81.9160.1000.1160.150.17
SR-21-0755.063.28.20.4110.0340.0170.060.03
including57.058.71.71.1800.0700.0150.170.04
SR-21-08no significant intersections
SR-21-09no significant intersections
SR-21-10no significant intersections
SR-21-11no significant intersections
SR-21-12no significant intersections

Since the drill hole discovery, field checking on the surface above the massive sulphide intercept in SR-21-07 uncovered an outcrop (Alex Showing) with a 6-inch vein of rusty pyrite. A sample of the sulphide mineralization was submitted to the ALS Laboratories in Val-d’Or for assay, along with nine additional samples from a surface mineral prospecting program in the Marbridge-Ataman area. This outcrop does not appear to have been previously sampled, even though the original Ataman Showing itself (400 m to the east) was discovered in 1938. The Ataman Showing is located approximately 1 km south of the historic Marbridge Nickel Mine.

The additional five holes drilled as part of the 2021 program did not return significant assay intervals. However, borehole EM surveys were completed and interpretation work continues. Nevertheless, those drill holes did reveal useful information on the structure and stratigraphy of the ultramafic rock units for planning future exploration programs.

Next Steps at Somanike

The next steps in nickel sulphide exploration at Somanike include:

  • Completion of plate modelling of the BHEM survey results for significant off-hole conductors along the western part of the Ataman conductor trend;
  • Modelling of the 2014 VTEM survey data in the area of the Marbridge Mine for conductor plates with potential for significant nickel sulphides;
  • Completion of a 25-m line-spaced drone-magnetic survey for detailed litho-structural mapping and 3-D inversion; and
  • Plan the next phase(s) of drilling, based on the geophysical modelling results and historical database, to further test the Ataman trend in the new discovery area, the Marbridge trend for extensions of known mineralized zones, and new targets from the geophysical surveys and surface mineral prospecting program.

QA/QC

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

About the Somanike Property

The Somanike Property land package consists of 110 mining titles covering 5,146.06 hectares within a large NW-trending ultramafic complex that hosts several nickel sulphide occurrences in the prolific Abitibi Greenstone Belt region of northwestern Quebec. The Somanike Property is located approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda. The Property also contains many recognized target nickel trends and geophysical anomalies. One of these trends is the Ataman conductor trend, located 1 km south of the Marbridge Mine.

The Somanike Property includes Quebec’s first nickel mine, the historical Marbridge Mine, a high-grade nickel mine operated by Falconbridge Nickel. Marbridge Mine occurs within a large NW-trending deformed and altered ultramafic complex. The Mine produced 702,366 tonnes grading 2.28% Ni and 0.10% Cu from 1962 to 1968, prior to being placed on care and maintenance in 1968. The Mine consisted of two shafts accessing four separate mineralized zones over a combined strike length of 1000 m. The mineralized material was trucked 25 km south and processed at the Canadian Malartic Plant. Since 1968, leading groups have reviewed Marbridge data and reports and unanimously concluded that mining ceased in mineralization and the four nickel sulphide zones remain open to expansion by drilling along strike and
down-dip/plunge.

Following closure of the Marbridge Mine in 1968, exploration in the Somanike area has been largely dormant. Historical exploration programs focused on magmatic nickel sulphide deposits, such that the majority of assays were for Ni and very limited Cu. Somanike was not investigated by modern geophysical surveys until 2014, when a VTEM survey was flown over the entire Property with the objective of identifying nickel-copper sulphide targets for drill testing. Compilation of all historical drill data in conjunction with the 2014 VTEM survey identified numerous targets and exploration programs were designed to test for the presence of significant nickel and copper sulphides.

Qualified Persons

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

About Class 1 Nickel

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

For more information, please contact:

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

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

Neither the Canadian Securities Exchange noritsregulation services provider has reviewed or acceptedresponsibility for the adequacy or accuracy of thispress release.This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

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

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

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

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

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

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

Figure 1. Somanike Project and Marbridge Nickel Mine Location

Initial Somanike Site Visit Highlights: 

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

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

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

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

Figure 2. Exploration Targets on the Somanike Project

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

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

Alexo-Dundonald Work Program 2021

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

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

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

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

Qualified Person

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

About Class 1 Nickel 

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

For more information, please contact: 

Benjamin Cooper, President

T: 416.454.0166

E: [email protected]

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

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

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

Class 1 Nickel acquires Somanike Nickel Project

Toronto, Ontario (February 18, 2021) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has exercised the option to acquire a 100% interest in the Somanike Property pursuant the option agreement dated September 24, 2019, as amended and restated April 27, 2020, between Legendary Ore Mining Corp. (a wholly-owned subsidiary of the Company) and Vanicom Resources Limited (the “Legendary Option Agreement”).  Pursuant to the Legendary Option Agreement, the Company has exercised the option granted to Vanicom by Quebec Precious Metals Corporation (“QPMC”) under an option agreement dated August 20, 2018, as amended (the “QPMC Option Agreement”), by paying Vanicom $1 plus reimbursing Vanicom for all expenses made on the Somanike Property prior to the Company exercising said option. 

The Somanike Property consists of 110 mining titles covering 5146.06 hectares located in the Abitibi area of the Province of Quebec. The Legendary Option Agreement was entered into following a reorganization of Vanicom, whereby Vanicom divested its ownership of Legendary to Vanicom shareholders, which was completed on September 19, 2019.

The Company has previously issued 181,089 common shares of the Company (“Common Shares”) to QPMC and 53,846 Common Shares to Globex Mining Enterprises Inc.  In order to exercise its option under the Legendary Option Agreement, the Company has paid QPMC an aggregate of $75,000 and has drilled the necessary 750m of core on certain claims held by Globex Mining Enterprises Inc.   

Exploration in the Somanike Property has been largely dormant since the early 1970s following the closing of the Marbridge Ni-Cu Mine in 1968.  Historical exploration programs focused on Ni-Cu with the majority of assays conducted for Ni and very limited Cu. The entire project area was not investigated by modern geophysical surveys until 2014 and 2015, when Sphinx Resources Ltd. (“Sphinx”) flew a VTEM survey over the entire Somanike Property with the objective of identifying nickel-copper sulphide targets. Compilation of all historical drill data in conjunction with the new VTEM survey identified numerous targets and exploration programs were designed to test for Nickel and Copper. 

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.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 Issues Shares Under Somanike Property Option

Toronto, ON, August 28, 2020. Class 1 Nickel and Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO), a Canadian company aiming to develop nickel-copper-cobalt sulphide deposits 45km northeast of Timmins, Ontario, today announces the issuance of 104,166 common shares in the capital of the Company (“Common Shares”) at a price of $0.72 per Common Share, being the closing price of the Common Shares on the date of issuance. The issuance of Common Shares satisfies all outstanding share issuances required by the Company to earn a 100% undivided interest from Quebec Precious Metals Corporation (“QPM”) in the Somanike Property, an exploration stage property consisting of 5146.06 hectares located in La Motte, Quebec. A copy of the option agreement concerning the Somanike Property dated April 27, 2020 (the “Option Agreement”) was filed under Class 1 Nickel’s SEDAR profile at www.sedar.com on August 14, 2020. The shares issued are subject to a four month hold period.

 

Future consideration payable by Class 1 Nickel to QPM to earn its 100% undivided interest in and to the Somanike Property includes $25,000 in cash due on or before June 15, 2022 and $50,000 in cash due on or before June 15, 2023 (collectively, the “Future Cash Consideration”).

 

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 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 Filing Statement dated August 14, 2020 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 Issues Shares to Maintain Somanike Property Option

TORONTO, Aug. 20, 2020 :  Class 1 Nickel and Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO), a Canadian company aiming to develop nickel-copper-cobalt sulphide deposits 45km northeast of Timmins, Ontario, today announces the issuance of 130,769 common shares in the capital of the Company (“Common Shares”) at a price of $0.65 per Common Share, being the closing price of the Common Shares on the date of issuance. The issuance of Common Shares maintains the Company’s option to earn a 100% undivided interest from Quebec Precious Metals Corporation (“QPM”) in the Somanike Property, an exploration stage property consisting of 5146.06 hectares located in La Motte, Quebec. A copy of the option agreement concerning the Somanike Property dated April 27, 2020 (the “Option Agreement”) was filed under Class 1 Nickel’s SEDAR profile at www.sedar.com on August 14, 2020. The shares issued are subject to a four month hold period.

 

Future consideration payable by Class 1 Nickel to QPM to earn its 100% undivided interest in and to the Somanike Property includes $25,000 in Common Shares due on or before June 15, 2022 and $50,000 in Common Shares due on or before June 15, 2023 (collectively, the “Future Option Payments”). The value of the Common Shares payable under the Future Option Payments will be determined using the volume weighted average price of the Common Shares traded on the Canadian Securities Exchange calculated over the 10 trading days prior to the issue date of Future Option Payments.

 

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 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 Filing Statement dated August 14, 2020 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.