• 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, Feb. 09, 2022 (GLOBE NEWSWIRE) — 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
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a1d4eee-7253-43d5-af89-bac6e9c2618a

Figure 2: Somanike Project Historic Drilling and Production
https://www.globenewswire.com/NewsRoom/AttachmentNg/db10f1fe-21b6-4784-aa19-42c196aeccab

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 of Marbridge, 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: dfitch@class1nickel.com

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.