TORONTO - Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) ('Class 1 Nickel' or the 'Company') is pleased to announce an updated mineral resource estimate ('MRE') for the Alexo North Nickel Deposit ('A-N Deposit').
The A-N Deposit, located about 45 km northeast of the City of Timmins, Ontario, is one of 4 high-grade nickel deposits within the extensive Alexo-Dundonald Nickel Project (the 'Project'), which covers approximately 1,895 hectares (18.95 km2).
An update to the Alexo South Deposit was announced 24 April 2024 and updates to the remaining 2 nickel deposits contained within the Project (Dundonald South and North) will be completed over the coming months.
David Fitch, CEO of Class 1 Nickel, commented: 'We are very encouraged to have two updated and comprehensive mineral deposit models and mineral resource estimates for the Alexo North and Alexo South nickel sulphide deposits. We now look forward to future drilling programs, using the most optimal information available with the ultimate goal of expanding our high-grade mineral resources at Alexo-Dundonald and moving into economic studies such as our first Preliminary Economic Assessment which is planned for 2024.'
Mr. Fitch added, 'In addition to advancing our existing high-grade nickel sulphide deposits at Alexo-Dundonald, the Company also sees immense potential to target and develop large-tonnage, low-grade, ultramafic-hosted nickel deposits such as those being developed in the Timmins area by Canada Nickel Company (Crawford Project), EV Nickel Inc. (CarLang A Deposit) and Aston Minerals Limited (Boomerang Project).'
Deposit Types and Project Potential
In addition to the high-grade nickel sulphide (>1.0% Ni) potential we see at Alexo-Dundonald, immense potential exists to target and develop large tonnage, low-grade komatiite-hosted deposits such as those being developed in the Timmins area by Canada Nickel Company (Crawford Project), EV Nickel Inc. (CarLang A Deposit) and Aston Minerals Limited (Boomerang Project). The Company is currently planning a targeted diamond drilling program to outline this deposit type within the Alexo-Dundonald Project.
This two-pronged approach - develop 'traditional' high-grade nickel sulphide resources and in parallel large-tonnage, low grade nickel deposits - brings together the best of both nickel deposit types which are actively and aggressively being explored for and developed within the Timmins Mining Camp.
Core Handling, Assay and QA/QC Procedures
After visually logging the NQ-size drill core from the 2021 Class 1 Nickel diamond drilling program (Alexo North Deposit), drill core was cut in half at the core logging and cutting facility with one half of the core bagged and the other half saved in the core tray and put into secure storage. The core samples were transported to either AGAT Laboratories of Mississauga, Ontario ('AGAT') or ALS Laboratory in Timmins, Ontario ('ALS'). Samples, along with certified standards and blanks, included by the Company for quality assurance and quality control, were prepared and analyzed at AGAT and ALS. Samples were prepped using industry standard procedures and analyzed for nickel, copper, cobalt and sulphur. Analytical methods employed consisted 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.
Alexo-Dundonald Nickel Project
The Alexo-Dundonald Nickel Project ('A-D Project'), is located about 45 km northeast of the City of Timmins, Ontario, covers an area of approximately 1,895 hectares (18.95 km2), and was acquired by the Company in September 2018. The A-D Project includes four foundation nickel deposits (Alexo North and South and Dundonald North and South) of which the Alexo North and Alexo South (aka Kelex) were small-scale past producers of relatively high-grade nickel (i.e., 1957; 2004-2005). The deposits are located on a near-continuous folded komatiite-ultramafic rock sequence that extends for at least 14 km within the Property and which has never been systematically explored. The four mineral resources are open at depth and along strike and could increase in size with additional drilling.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO | OTCQB: NICLF) is a Mineral Resources Company focused on the exploration and development of its 100% owned komatiite-hosted nickel sulphide projects: the Alexo-Dundonald Project, neat Timmins, Ontario (4 nickel sulphide deposits) and the Somanike Project, near Val-d'Or, Quebec (includes the historical Marbridge Ni-Cu Mine). Both projects comprise extensive property packages covering past-producing nickel mines, offering near-term production opportunity and excellent exploration upside.
Class 1's current focus is to continue brownfield and greenfield exploration on its large property packages to aggregate additional nickel resources and in parallel look to advance the A-D Project back into production. The A-D Project sits on a 14+ km strike-length, folded komatiite unit containing several nickel-copper-cobalt and PGE mineral resources plus numerous underexplored sulphide occurrences. Decades of successful capital expenditure and investment into the Project has resulted in the discovery and delineation of four main nickel Mineral Resources that occur along the folded komatiite unit. The A-D Project was previously mined via a direct-shipping model, and the Company will soon commence a Preliminary Economic Assessment (PEA) study to determine the best path forward.
In addition, the Company also holds 100% interest in its River Valley PGE Project located about 65 km northeast of the City of Sudbury, the world's largest and longest operating nickel-copper-cobalt-PGE mining camp. See the Company's news release dated 13 December 2023 for additional information.
Contact:
Mr. David Fitch
President & CEO
Tel: +61.400.631.608
Email: info@class1nickel.com
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.sedarplus.ca. 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 AND TECHNOLOGIES LIMITED 
