Company News

Class 1 Nickel Updates Resource Estimate on High-Grade Alexo South Nickel Sulphide Deposit – Significant Increases in Indicated and Inferred Resources Over the 2020 Estimate

Indicated Resources (open pit and underground*) of 572 kt at 0.61% Ni (7.7M lbs Ni) – 44% increase in Indicated tonnes and 10% increase in nickel pounds.
Inferred Resources (open pit and underground*) of 125 kt at 0.54% Ni (1.5M lbs Ni) – 693% increase in Inferred tonnes and 419% increase in nickel pounds.
84% of the nickel pounds and 82% of the tonnes in Alexo South Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured.
With only 18% of the Alexo South Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.
Alexo South Deposit, one of 4 deposits on the Alexo-Dundonald Property, is open along strike and at depth, with the new geological model and interpretation providing ample targets for next-stage drilling.
Updated Mineral Resource Estimate work continuing on the remaining 3 deposits of the Alexo-Dundonald Nickel Project.

*C$52.5/t NSR open pit and C$96.0/t NSR underground cut-offs applied in current 2024 mineral resource estimate whereas a C$30.0/t NSR open pit and C$90.0/t NSR underground cut-offs were applied in the 2020 mineral resource estimate.

TORONTO, April 24, 2024 (GLOBE NEWSWIRE) — 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 South Nickel Deposit (“A-S Deposit”) (Table 1). The A-S 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”) (Figure 1), which covers approximately 1,895 hectares (18.95 km²). Updates to the other 3 nickel mineral resources contained within the Project will be completed over the coming months.

Table 1. Mineral Resource Statement for the 2024 Alexo South Indicated and Inferred Resources estimate.

Alexo South Resource Category	Tonnage (t)	Grade					Contained Metal
Alexo South Resource Category	Tonnage (t)	Ni (%)	Cu (%)	Co (%)	NiEq (%)	NSR (C$/t)	Ni (klbs)	Cu (klbs)	Co (klbs)
Open Pit ($52.5/t NSR COG)
Indicated	275,047	0.58	0.02	0.02	0.62	123.38	3,493	133	133
Inferred	0	0.00	0.00	0.00	0.00	0.00	0	0	0
Total Pit Constrained	275,047	0.58	0.02	0.02	0.617	123.38	3,493	133	133

Underground (C$96.0/t NSR COG)
Indicated	296,799	0.65	0.03	0.02	0.69	138.66	4,240	190	157
Inferred	125,226	0.54	0.03	0.02	0.58	116.11	1,502	75	52
Total Out-of-Pit	422,025	0.62	0.03	0.02	0.66	131.97	5,742	264	209

Total Open Pit and Underground Resources
Indicated	571,846	0.61	0.03	0.02	0.66	131.31	7,733	323	290
Inferred	125,226	0.54	0.03	0.02	0.58	116.11	1,502	75	52
Total Resources	697,072	0.60	0.03	0.02	0.64	128.58	9,235	398	343

Notes to Table 1:
(1) The independent Qualified Person for the MRE, as defined by NI 43-101, is Mr. Simon Mortimer (FAIG #4083) of Atticus Geoscience Consulting S.A.C., working with Caracle Creek International Consulting Inc. The effective date of the MRE is 19 April 2024.
(2) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
(3) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(4) 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.
(5) The Mineral Resources were estimated following the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines prepared by the CIM Mineral Resource & Mineral Reserve Committee and the 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves prepared by the CIM Standing Committee on Reserve Definitions.
(6) Geological and block models for the MRE used core assays (2,254 samples from 2021 drilling and 178 samples from 2024 in-fill core sampling) and data and information from 181 surface diamond drill holes (29 from Class 1 Nickel and 152 historical). The drill hole database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks, core duplicates and commercial certified reference material inserted into assay batches by Class 1 Nickel.
(7) The block model was prepared using Micromine 2020. A 6 m x 6 m x 6 m block model was created, with sub blocks to 0.5 m x 0.5 m x 0.5 m. Drill composites of 1.0 m intervals were generated within the estimation domains, and subsequent grade estimation was carried out for Ni, Cu and Co using Ordinary Kriging interpolation method.
(8) Grade estimation was validated by comparison of input and output statistics (Nearest Neighbour and Inverse Interpolation methods), swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.
(9) As a reference, the average estimated density value (specific gravity) within the mineralised domain is 2.89 g/cm³ (t/m³).
(10) Estimates have been rounded to 3 significant figures for Indicated resources and 2 significant figures for Inferred resources.
(11) The historical open pit mined areas were removed from the MRE and the MRE considers a geological dilution of 5% and a mining recovery of 95%.
(12) US$ metal prices of $8.00/lb Ni, $3.25/lb Cu, $13.00/lb Co were used in the NSR calculation with respective process recoveries of 85%, 70%, and 80%; gold, platinum and palladium are not considered in the current NSR calculation.
(13) Pit constrained Mineral Resource NSR cut-off considers processing, and G&A costs, applying a factor of 5% for mining dilution, that respectively combine for a total of (($45.00 + $5.00) * (1 + 5%)) = C$52.5/tonne processed.
(14) Out-of-pit Mineral Resource (underground) NSR cut-off considers ore mining, processing, and G&A costs that respectively combine for a total of ($46.00 + $45.00 + $5.00) = C$96.0/tonne processed.
(15) The out-of-pit Mineral Resource grade blocks were quantified above the $96.0/t cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Additionally, only groups of blocks that exhibited continuity and reasonable potential stope geometry were included. All orphaned blocks and narrow strings of blocks were excluded. The long-hole stoping with backfill mining method was assumed for the out-of-pit (underground) MRE calculation.
(16) The NSR calculation is as follows: NSR C$/t = ((Ni% x 199.89) + (Cu% x 66.87) +(Co% x 305.71)) x 95%.
(17) The NiEq% calculation is as follows: NiEq% = (Ni% x 1) + (Cu% x 0.33) + (Co% x 1.53).

David Fitch, CEO of Class 1 Nickel, commented: “After several months of detailed data compilation, geological modelling and interpretation, we finally have what we consider to be the first comprehensive mineral deposit model for Alexo South. This work allows to now target for future drilling programs using the most optimal information available with the ultimate goal of expanding mineral resources and moving into economic studies such as a Preliminary Economic Assessment which is planned for 2024.”

Class 1 Nickel completed diamond drilling on the Alexo-Dundonald Nickel Project (“A-D Project”) in 2021 with 9,222 m in 37 holes (869 samples) completed at Alexo South. The updated mineral resource estimate combines the new drill hole data with historical drilling (24,237 m in 184 holes) completed on the A-S Deposit by previous operators including the most recent drilling by Canadian Arrow (10,128 m in 105 drill holes, 2004 to 2005) and First Nickel (985 m in 10 drill holes, 2004). A cross-section view of the current MRE and optimized pit shell is provided in Figure 2. Grade-Tonnage Curves for the open pit and out-of-pit resources are provided in Figure 3 and Figure 4, respectively. Various views of the Alexo South MRE are also shown in Figures 5, 6 and 7.

Figure 1. Location of the Alexo-Dundonald Nickel Project in the Timmins Mining Camp, Ontario and the location of the 4 nickel sulphide deposits.

The updated MRE was completed by Caracle Creek Chile SpA (“Caracle”) and their strategic partner Atticus Geoscience Consulting Ltd. (“Atticus”) (together the “Consultants”) and this resource replaces the 2020 mineral resource estimate completed by P&E Mining Consultants Inc. (Stone et al., 2020) which is filed on SEDAR+. The current MRE has been completed in accordance with National Instrument 43-10 (“NI-43-101”) and a technical report in support the MRE will be filed on SEDAR+ within 45 days from the date of this news release.

As stated in the Company’s recent news release dated 18 April 2024, the primary objectives of the Company are to expand known mineralization and resources at its 4 existing magmatic nickel sulphide deposits within the Alexo-Dundonald Nickel Project. Furthermore, the Company will be launching an exploration program to examine the as yet underexplored areas of the Project including the numerous nickel sulphide occurrences that exist outside of the known deposit areas. Much of this exploration will be guided by recently completed airborne geophysics and historical drilling, with new ground geophysics and remote sensing surveys being planned.

Cross-sectional view (looking northwest) through the Alexo South Deposit showing the C$/t NSR value distribution in each block and the trace of the op

Figure 2. Cross-sectional view (looking northwest) through the Alexo South Deposit showing the C$/t NSR value distribution in each block and the trace of the optimized open pit shell.

Figure 3. Grade-tonnage curve (C$/t NSR cut-off grade) for the pit constrained mineral resources that define the Alexo South nickel sulphide deposit.

Grade-tonnage curve (C$/t NSR cut-off grade) for the out-of-pit (underground) mineral resources that define the Alexo South nickel sulphide deposit.

Figure 4. Grade-tonnage curve (C$/t NSR cut-off grade) for the out-of-pit (underground) mineral resources that define the Alexo South nickel sulphide deposit.

Figure 5. Plan map of the Alexo South MRE showing historical drill holes (red), 2021 Class 1 drill holes (blue), the pit optimized shell (grey), and Indicated (IND) and Inferred (INF) mineralized blocks.

Figure 6. Plan map of the Alexo South MRE showing historical drill holes (red), 2021 Class 1 drill holes (blue), the pit optimized shell (grey), and C$/t NSR categorized mineralized blocks.

Figure 7. Cross-section of the Alexo South MRE (looking northeast) showing historical drill holes (red), 2021 Class 1 drill holes (blue), the pit optimized shell (grey), and Indicated (IND) and Inferred (INF) mineralized blocks.

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 South 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. In-fill sampling of drill core, completed in early 2024, was assayed at ALS. These and future assay results may vary from time to time due to re‒analysis for quality assurance and quality control purposes.

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 (see Company news release dated 18 April 2024).

Qualified Persons

The Qualified Person for the Alexo South Mineral Resource Estimate reported herein and as defined by NI 43-101, is Mr. Simon Mortimer (FAIG #4083), Principal Geoscientist at Atticus Geoscience Consulting, working with Caracle Creek International Consulting Inc. All other technical information and data in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), a geological consultant to the Company, and a Qualified Person under the definitions established by NI 43-101.

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 advance the A-D Project back into production and at the same time continue brownfield and greenfield exploration on its large property package to aggregate additional nickel resources. 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 13 December 2023 new release for additional information.

For more information, please contact:

Mr. David Fitch, President & CEO
T: +61.400.631.608
E: info@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.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 Provides Operations and Exploration Update on Its Advanced Nickel Project, Timmins, Canada

TORONTO, April 18, 2024 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that Caracle Creek Chile SpA (“Caracle”) and their strategic partner Atticus Geoscience Consulting Ltd. (“Atticus”) (together the “Consultants”) have completed the first stage of a comprehensive independent review of both the Alexo-Dundonald and Somanike nickel projects. Work is near-complete on the delivery of an updated Mineral Resource Estimate (“MRE”) for the Alexo South Nickel Deposit, one of 4 nickel deposits on the Alexo-Dundonald Project (the “Project”), located about 45 km northeast of the City of Timmins, Ontario and covering approximately 1,895 hectares (18.95 km²). Updates to the other 3 nickel mineral resources contained within the Project will be completed over the coming months.

To date, the Consultants have made significant progress with the Alexo-Dundonald Project:

Geological database compilation (>120,000 m of drilling), review, and validation program.
Completion of the Company’s first comprehensive 3D geological model (lithology, mineralization, structure, alteration and metal domains) and detailed interpretation at Alexo South.
Targeting for resource expansion at Alexo South as part of the updated MRE.
Targeting for resource expansion at Alexo North initiated.
Updated mineral resource estimate for Alexo South, inclusive of results from the 2021 diamond drilling program, pending release.
Design and optimization of a new pit shell at Alexo South, forming part of the updated MRE.
Environmental and permitting requirements, initially focusing on Alexo South and Alexo North, are being reviewed with an aim toward evaluating the return to small-scale nickel production.
Updated mineral resource estimates for Alexo North, Dundonald South and Dundonald North are underway.
Targeting and planning for next drilling programs at Alexo South, Alexo North, Dundonald South and Dundonald North.
Property-wide target generation and drill hole planning outside of the four known deposit areas.
Drill hole planning to target and develop large-tonnage, low-grade nickel deposits (“Crawford-type” deposits) on the Project.

A summary of the work completed on the Class 1 nickel sulphide projects can be found in the 13 December 2023 news release.

David Fitch, CEO of Class 1 Nickel, commented: “We are very pleased to now have a completely updated and third party verified database of our existing resources. The Company now looks forward to publishing the new Mineral Resource Estimates for each of the 4 deposits from the Alexo Dundonald Project, starting with Alexo South.”

The primary objectives of the Company are to expand known mineralization and resources at its 4 existing magmatic nickel sulphide deposits within the Alexo-Dundonald Nickel Project. Furthermore, the Company will be launching an exploration program to examine the as yet underexplored areas of the Project including the numerous nickel sulphide occurrences that exist outside of the known deposit areas. Much of this exploration will be guided by recently completed airborne geophysics and historical drilling, with new ground geophysics and remote sensing surveys being planned.

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.

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 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. The four mineral resources (Tables 1 and 2) are open at depth and along strike and could increase in size with additional drilling.

The current Mineral Resource Estimates (Tables 1 and 2) were 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.

For more information, please refer to the current NI 43-101 Technical Report and Mineral Resource Estimates on the Alexo-Dundonald Nickel Project (Stone et al., 2020) posted to the Company’s SEDAR+ profile on 17 December 2020.

Table 1. Summary of 2020 Alexo-Dundonald Mineral Resource Estimates as combined from the 4 deposits.

ALEXO-DUNDONALD GLOBAL 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

Table 2. Pit-Constrained and Out-of-Pit (Underground) Mineral Resource Estimates from the 4 deposits (2020).

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
Out-of-Pit	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
Total:	Inferred	90	2,007.5	1.01	44.51	0.03	1.29	0.02	0.89

Notes to Table 1 and Table 2 (Stone et al., 2020):
(1) Mineral Resources are not Mineral Reserves and 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 were estimated following the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines prepared by the CIM Mineral Resource & Mineral Reserve Committee and the 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves prepared by the CIM Standing Committee on Reserve Definitions.
(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 long-hole stoping with backfill mining method was assumed for the out-of-pit (underground) Mineral Resource Estimate calculation.

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 advance the Alexo-Dundonald Project back into production and at the same time continue brownfield and greenfield exploration on its large property package to aggregate additional nickel resources. 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 (ca. 2005) 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 13 December 2023 new release for additional information.

Qualified Person

Technical information and data in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), a geological consultant to the Company, and 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 exploration and development of its 100% owned komatiite-hosted Somanike Ni-Cu Sulphide Project in Quebec, which includes the historical Marbridge Ni-Cu Mine. The Company also owns the Alexo-Dundonald Ni-Cu-Co Sulphide Project, a portfolio of komatiite-hosted magmatic sulphide deposits located near Timmins, Ontario.

For more information, please contact:

Mr. David Fitch, President & CEO
T: +61.400.631.608
E: info@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.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 Ltd. Announces Private Placement

TORONTO, April 04, 2024 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it proposes to complete a non-brokered private placement (the “Private Placement”) pursuant to which it will issue up to 15,000,000 common shares of the Company (“Subject Shares”) at a price of $0.05 per Subject Share. Insiders may subscribe in the Private Placement. The Company proposes to use the net proceeds from the Private Placement for exploration expenditures and general and administrative expenses.

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 Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine, as well as additional property interests.

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.

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 relating to the prospective nature of the Company’s property interests and the proposed completion of the Private Placement upon terms presently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, receipt of regulatory approvals, and availability of capital. 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.

CLASS 1 NICKEL PROVIDES EXPLORATION AND OPERATIONS UPDATE

Toronto, Ontario (13 December 2023) – Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to provide an update on its nickel exploration and operations for its 100% owned Alexo-Dundonald (Ontario) and Somanike (Quebec) nickel projects. Both projects comprise extensive property packages covering past-producing nickel mines, offering near-term production opportunity and excellent exploration upside. 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.

Table 1 provides a summary of the work completed to date by Class 1 Nickel on the highly prospective Alexo-Dundonald and Somanike nickel projects.

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 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 kilometres within the Property. The four mineral resources (Tables 2 and 3) are open at depth and along strike and could increase in size with additional drilling.

The Somanike Nickel Project (“Somanike”), located about 25 km north of the mining centre of Malartic and 40 km northwest of Val d’Or, covers an area of approximately 6,882 hectares (68.8 km²) and was acquired by the Company in February 2021. The Somanike includes the past-producing high-grade nickel Marbridge Mine which ceased production in 1968.

OPERATIONS UPDATE

Class 1 has engaged Caracle Creek Chile SpA (Canada/Chile) and their strategic partner Atticus Geoscience Consulting Ltd. (UK/Peru) (the “Consultants”) to conduct overarching independent reviews of both the A-D and Somanike nickel projects but with an initial focus on the Alexo-Dundonald Nickel Project and its four nickel-copper-cobalt-PGE deposits.

The work at A-D will include compilation and targeting and updating of 3D geological models with a view to produce revised mineral resource estimates, a preliminary economic assessment, and comprehensive exploration and development budgets for 2024 work programs to include:

Compilation and verification of data, assays, inventory, and NI 43-101 reporting;
Generating the Company’s first comprehensive 3D geological models (current), mineral resource models (2024), and pit optimisation scenarios (2024) looking toward a PEA level study or studies in 2024;
Conducting preliminary studies into the economic viability of proposed future nickel production scenarios;
A review of work done to date, regarding environmental studies and permitting; and
A comprehensive diamond drilling plan to expand current mineral resources.

Looking toward 2024, the Company is focused on completing an updated mineral resource estimate on the Alexo South Nickel Deposit and a drilling program is being planned to test high-grade nickel shoots, expand resources, and upgrade resource categorization at Alexo South. Various cross-sections showcasing the updated geological modelling are shown in Figures 1, 2, 3, 4, and 5 (or click to view Figure 1, Figure 2, Figure 3, Figure 4 and Figure 5). The remaining three nickel deposits will also see new updated mineral resource estimates in 2024.

The Consultants will also be undertaking a comprehensive review of the Somanike Nickel Project (Marbridge Mine and area) in Quebec, including the integration of recent exciting successful drill hole intercepts and data from 2022-2023 exploration programs which delineated a number of new geophysical targets within the historical Marbridge Mine area. Mr. Alexandr Beloborodov (P.Geo., OGQ #01637) is the Qualified Person with respect to the Somanike Nickel Project.

Table 1. Summary of work completed to date by Class 1 Nickel at Alexo-Dundonald and Somanike.

Permits

Several provincial environmental permits are in place for the A-D Project. These include:

2006 Ministry of Environment Conservation and Parks (“MECP”) Industrial Sewage Works Environmental Compliance Approval (“ISW ECA”);
MECP Permit to Take Water (“PTTW”) for the Alexo North Pit; and
Ministry of Mines (“MINES”) production-phase closure plan (“CP”) amendment (2011).

The ISW ECA permits the existing settling and polishing ponds and allows for the seasonal discharge of effluent to the nearby receiving body of water. However, the regulations governing mine discharges have changed substantially in recent years and site-specific effluent limits will most likely be required for this Project. Therefore, an amendment to the ISW ECA will most likely be required based on these new regulatory requirements. The PTTW allows for the dewatering and maintenance dewatering of the Alexo North Pit; however, it expires in October 2024. An application for renewal of this PTTW will be submitted during the first quarter of 2024. The CP amendment (2011) covers production from the Alexo North Pit and Alexo South Pit (aka the Kelex Pit) but the Project is currently in a state of inactivity and MINES only holds ~$70,000 of financial assurance for the Project.

To put the Alexo North Pit and Alexo South Pit into production, the following would be required:

an ISW ECA amendment application, including site-specific effluent limits, may have to be prepared and submitted to the MECP for approval (as indicated above);
a renewal of the PTTW for the Alexo North Pit is required from the MECP;
a PTTW for the dewatering and maintenance dewatering of the Alexo South Pit would have to be obtained from the MECP;
a Notice of Project Status, to take the Project from a state of inactivity to production, and Notice of Material Change would have to be submitted MINES; and finally
a CP Amendment would also be required for the new project, with the relevant amount of financial assurance submitted to MINES.

A Federal Impact Assessment and Provincial Environmental Assessments are not anticipated but this will depend on the proposed rate of production.

Figure 1. Plan map of generalized geology and mineralization at Alexo South showing the location of current (AS-21-xx holes) and historical (all others) drill hole collars and traces. The northeast-trending mineralized zone (striped lines) is a modelled domain defined by >0.12% Ni. Locations of cross-sections are shown as lettered green lines.

Figure 2. Alexo South: Cross-section I-I’ showing generalized geology and mineralization and weighted drill hole intercepts of nickel in current (AS-21-xx) and historical (all others) drill holes. The mineralized zone (striped lines) is a modelled domain defined by >0.12% Ni.

Figure 3. Alexo South: Cross-section H-H’ showing generalized geology and mineralization and weighted drill hole intercepts of nickel in current (AS-21-xx) and historical (all others) drill holes. The mineralized zone (striped lines) is a modelled domain defined by >0.12% Ni.

Figure 4. Alexo South: Cross-section G-G’ showing generalized geology and mineralization and weighted drill hole intercepts of nickel in current (AS-21-xx) and historical (all others) drill holes. The mineralized zone (striped lines) is a modelled domain defined by >0.12% Ni.

Figure 5. Alexo South: Cross-section D-D’ showing generalized geology and mineralization and weighted drill hole intercepts of nickel in current (AS-21-xx) and historical (all others) drill holes. The mineralized zone (striped lines) is a modelled domain defined by >0.12% Ni.

About Alexo-Dundonald Nickel Project

The Alexo-Dundonald Nickel Project is located within the long-established Timmins mining camp of northern Ontario, Canada, about 45 km northeast of the City of Timmins. The Project covers an area of approximately 1,895 hectares consisting of a total of 95 Boundary Cell Mining Claims, Single Cell Mining Claims, Leased Claims, and Patented Claims.

Previous exploration activity and results in the Alexo-Dundonald Project area have been extensively reviewed and documented by historical NI 43-101 technical reports (Montgomery, 2004; Harron, 2009; Puritch et al., 2010 and 2012), by a previous NI 43-101 Technical Report prepared for the Company (Donaghy and Puritch, 2020), and in the current NI 43-101 Technical Report and Mineral Resource Estimate (Stone et al., 2020). Significant drill core intersections reported therein represent the latest rounds of drilling by the last companies to drill on the various target areas within the Project (i.e., Canadian Arrow at Alexo-Kelex in 2004–2005 and 2010–2011; First Nickel at Dundonald in 2004–2005; and Falconbridge at Dundeal in 1989) and are presented as an indication of nickel grade and continuity of mineralisation typical of the komatiite-hosted nickel sulphide mineralization on the Property.

The Alexo-Dundonald Nickel Project contains current mineral resources in four separate deposits: Alexo North, Alexo South, Dundonald North, and Dundonald South (see Company news release dated 17 December 2020) (Tables 2 and 3).

The current Mineral Resource Estimates (Tables 2 and 3) were 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.

For more information, please refer to the current NI 43-101 Technical Report and Mineral Resource Estimates on the Alexo-Dundonald Nickel Project (Stone et al., 2020) posted to the Company’s SEDAR+ profile on 17 December 2020.

About Somanike Nickel Sulphide Project

The Somanike Nickel Sulphide 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 Project consists of 148 mining titles (6,882 ha) over the large northwest-trending La Motte Ultramafic Complex, within the Abitibi Greenstone Belt. The ultramafic rocks host several nickel sulphide occurrences, recognized nickel targets (geophysical and geological), and areas of historical high-grade nickel production (Marbridge Ni-Cu Mine).

The Somanike Nickel Sulphide Project includes Quebec’s first nickel mine, the historical Marbridge Ni-Cu Mine (the “Marbridge”), operated by Falconbridge Nickel from 1962 to 1968, which produced high-grade nickel and secondary copper. The Marbridge occurs within the northwest-trending La Motte Ultramafic Complex which comprises deformed and altered ultramafic rocks. Falconbridge Nickel reported production of 702,366 tons grading 2.28% Ni and 0.10% Cu, prior to being placed on care and maintenance in 1968 (source: SIGEOM, MERN Quebec Government website).

The Marbridge consists of two shafts that accessed four separate mineralized zones (horizons) over a combined strike length of 1,000 metres. During production, mineralized material was trucked 25 km south to the Canadian Malartic processing plant. Mining in 1968 ceased in mineralization and the four nickel sulphide zones or mineralized horizons (Mine 1, Mine 2, and Mine 3-4) remain open to expansion along strike and down-dip/plunge.

QA/QC and Assay Protocols

Core and QAQC samples from the Alexo-Dundonald drilling program were sent to AGAT Laboratories in Mississauga, Ontario. At AGAT Laboratories, the 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. AGAT is recognized by the industry and accredited with Standards Council of Canada (SCC), Canadian Association for Laboratory Accreditation (CALA), British Standards Institution Canada (BSI), and for specific tests by ISO/IEC 17025:2017 standards and certified to ISO 9001:2015.

Core and QAQC samples from the Somanike drilling programs were sent to Impact Global Solutions Inc.’s laboratory in Delson, Québec (“IGS”) for analysis by a 50 element assay package of 4 Acid Digestion, Ore Grade Metals Package, with ICP-OES finish and precious metals (Pt, Pd, Au) by fire assay. IGS is recognized by the industry and accredited with the Standards Council of Canada and certified for specific tests by ISO/IEC 17025 standards.

In addition to the QA/QC employed by the commercial laboratories, Class 1 Nickel uses its own rigorous QA/QC protocols for sampling which includes the insertion of certified reference material standards, sample duplicates, and coarse silica blanks into the sample stream on a systematic basis. In all cases, core samples were collected from NQ-size drill core, sawn in half using a diamond saw, with one-half of the core sent to the laboratory and the other half stored at a secure site for future reference.

Qualified Person

Technical information and data in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), a geological consultant to the Company, and 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 exploration and development of its 100% owned komatiite-hosted Somanike Ni-Cu Sulphide Project in Quebec, which includes the historical Marbridge Ni-Cu Mine. The Company also owns the Alexo-Dundonald Ni-Cu-Co Sulphide Project, a portfolio of komatiite-hosted magmatic sulphide deposits located near Timmins, Ontario.

For more information, please contact:

Mr. David Fitch, President & CEO

T: +61.400.631.608

E: info@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.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 Reports Multiple Diamond Drill Hole Intercepts of High-Grade Nickel Including 1.0 m of 2.30% Ni and 0.7 m of 3.11% Ni from its Somanike Nickel Sulphide Project (Marbridge Ni-Cu Mine), near Val-d’Or, Quebec, Canada

Toronto, Ontario (30 October 2023) – Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce the results of its 2022-2023 exploration program (diamond drilling, Borehole EM, surface TDEM, Drone Mag-LiDAR) on its Somanike Nickel Sulphide Project (“Somanike” or the “Project”) in the central Abitibi Region of Québec. The 6,882 ha (148 mining claims) Project, acquired by the Company in early 2021, is located about 25 km north of the mining centre of Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda includes the historical Marbridge Ni-Cu Mine which closed in 1968 (Figure 1).

2022-2023 Drilling (true width) and Exploration Highlights:

NICO22-022: 0.7 m @ 2.29% Ni from 69.5 m.
NICO22-048: 1.0 m @ 2.30% Ni from 474.6 m.
NICO22-049: 0.7 m @ 3.11% Ni from 598.7 m and 0.7 m @ 1.64% Ni from 601.0 m.
NICO22-025: 0.6 m @ 1.35% Ni from 12.0 m.
NICO22-038: 1.9 m @ 0.93% Ni from 321.0 m including 0.14 m @ 6.21% Ni.
NICO22-038: 0.2 m @ 2.03% Ni from 334.4 m.
NICO22-033: 1.5 m @ 1.53% Ni from 150.0 m including 0.75 m @ 2.28% Ni.
NICO22-036: 3.5 m @ 1.07% Ni from 76.0 m including 1.60 m @ 1.48% Ni.
Exploration drill hole NICO22-017 intersected 0.48% Ni over 1.0 m.
Mine 1 Horizon extended to the southeast and open on geophysical evidence.
Four (4) new and untested off-hole BHEM targets generated within the Mine 1 mineralized sequence and its footwall.

David Fitch, President & CEO of Class 1 Nickel, stated, “We are very pleased to have completed and received results from the first comprehensive drilling program which targeted areas below and adjacent to the four known mineralized zones at the historical Marbridge Ni-Cu Mine. The combined use of modern airborne, surface, and borehole geophysics has successfully demonstrated their viability in targeting new and existing areas of sulphide mineralization, providing us with immediate targets for the next phase of drilling. We know from the drilling to date that we are in a very fertile geological environment with abundant ultramafic rocks that host significant grades of nickel along with copper and PGE sulphide mineralization.”

Figure 1: Location of the Somanike Nickel Sulphide Project near the City of Val-d’Or, Quebec (geology modified from Pilot et al., 2014).

The 40-hole, 16,510 m diamond drilling program (see Company news release dated 8 February 2023) was designed to explore for nickel, copper, platinum, and palladium sulphide mineralization utilizing its comprehensive historical database, a historical 2014-2015 Project-wide VTEM airborne geophysical survey, and ground TDEM geophysical surveys (see Company news release dated 14 July 2022). Of the 40 diamond drill holes, 6 aimed at crown pillar tests on M1 and M2 hit openings, 30 holes successfully tested the extensions to mineralization in the vicinity of the historical Marbridge Mine, and 4 holes tested regional exploration targets northwest of the Marbridge area (Figure 2 and Figure 3).

A summary of most significant intersections from the 2022 Phase 1 diamond drilling program are provided in Table 1 and a more extensive list of selected intersections in Table 2. A summary of the drill hole parameters, including collar locations, is provided in Table 3 and a detailed location map of drill hole collars and traces with generalized geology is shown in Figure 3.

Single and multiple intersections of nickel sulphide mineralization (intercepts of >0.40% Ni) were encountered in 17 drill holes (Table 1), and all 40 holes intersected ultramafic rocks which are the recognized host rocks to the target sulphide mineralization.

Figure 2: Generalized geology and location of 2022 diamond drill hole collars and traces in the historical Marbridge Ni-Cu Mine region and the La Motte Ultramafic Complex (bedrock geology from Adair, 2016 Rapport de Travaux 2016).

The drilling program extended the Mine 1 Horizon (Figure 3 and Figure 4) 350 m to the southeast of historical mineralization where 3 new geophysical target areas were generated as off-hole Borehole EM (BHEM) responses (Figure 5). An additional untested off-hole BHEM anomaly was detected in ultramafic rocks approximately 100 m lower in the stratigraphy than existing mineralization in the Mine 1 Horizon (Figure 5). All of the BHEM geophysical targets are considered high priority and remain untested.

The Mine 2 Horizon (Figure 6) and Mine 3-4 horizons (Figure 7) sit structurally above the Mine 1 Horizon; results of the drilling program and geophysical investigation showed potential to connect mineralization between Mine 2 and Mine 3 and to extend Mine 4 at depth below 150 metres. Potential exists to connect these with Mine 1 at depth.

Composite calculations from core assay results (Table 1, Table 2 and Table 3) use a 0.40% Ni minimum grade cut-off applied to individual assay intervals. Zone names are based on the historical Marbridge Mine horizons and were assigned based on 3D models of historical drill-intercepts in each mineralized horizon. Holes not listed in Table 1 did not intersect significant mineralization or intersected mine openings.

The drilling program was contracted to Forage GeoNord from Dolbeau-Mistassini, Québec and Forage LaMontagne Fortier from Rouyn-Noranda, Québec, and completed under the supervision of ABG Exploration Inc. (Alex Belo Géologue Inc.) of Amos, Québec.

Figure 3: Location of drill hole collars and traces from the 2022 Phase 1 drilling program with generalized geology of the Marbridge Ni-Cu Mine area and the La Motte Ultramafic Complex (bedrock geology from Adair, 2016 Rapport de Travaux 2016).

Table 1. Selected diamond drill hole intersections from 2022 Phase 1 drilling (core assay composites).

Drill Hole	From (m)	To (m)	Length (m)	Width (m)*	Ni (%)	Cu (%)	Pt (g/t)	Pd (g/t)	Au (g/t)	Zone
NICO22-022	153.0	155.0	2.0	2.0	0.77	0.04	0.13	0.50	0.02	M1-Footwall
NICO22-014	193.2	194.7	1.5	1.3	0.67	0.07	0.00	0.00	0.00	M1
NICO22-022	69.5	70.2	0.7	0.7	2.29	0.11	0.00	0.00	0.00	M1
NICO22-036	365.9	366.2	0.3	0.3	0.94	0.02	0.00	0.00	0.04	M1
NICO22-037	181.0	182.0	1.0	1.0	0.49	0.01	0.00	0.00	0.00	M1
NICO22-047	326.8	331.1	4.3	2.0	0.70	0.06	0.03	0.03	0.03	M1
and	338.9	340.0	1.1	0.5	0.85	0.04	0.08	0.12	0.05	M1
NICO22-048	466.3	467.9	1.6	1.5	0.76	0.03	0.04	0.09	0.02	M1
including	466.3	466.8	0.5	0.5	1.50	0.05	0.05	1.70	0.03	M1
and	469.5	469.8	0.3	0.3	0.83	0.04	0.07	0.08	0.00	M1
and	474.6	475.7	1.1	1.0	2.30	0.10	0.10	0.17	0.05	M1
NICO22-049	598.7	599.7	1.0	0.7	3.11	0.17	0.28	0.30	0.09	M1
and	601.0	602.0	1.0	0.7	1.64	0.25	0.17	0.34	0.05	M1
NICO22-050	425.4	426.8	1.4	1.3	0.81	0.07	0.05	0.13	0.03	M1
and	453.5	455.0	1.5	1.4	0.88	0.05	0.10	0.13	0.00	M1
NICO22-025	12.0	12.6	0.6	0.6	1.35	0.00	0.26	0.19	0.08	M1-open stope
NICO22-051	270.0	270.5	0.5	0.4	0.52	0.00	0.12	0.14	0.02	M2
NICO22-038	334.4	334.9	0.5	0.2	2.03	0.12	0.00	0.00	0.00	M3
and	336.7	338.7	2.0	1.0	0.54	0.03	0.00	0.00	0.02	M3
and	425.6	426.4	0.8	0.4	0.79	0.02	0.06	0.06	0.01	M3
NICO22-047	326.8	331.1	4.3	2.0	0.70	0.06	0.03	0.03	0.03	M1
NICO22-016	92.0	93.0	1.0	0.7	0.49	0.01	0.04	0.00	0.00	M3
and	96.0	100.0	4.0	2.6	0.56	0.01	0.06	0.01	0.00	M3
NICO22-021	126.0	127.0	1.0	0.5	0.43	0.02	0.03	0.06	0.01	M3
and	129.5	130.0	0.5	0.3	0.48	0.07	0.04	0.28	0.02	M3
NICO22-023	143.0	144.0	1.0	0.4	0.77	0.01	0.01	0.09	0.02	M3
NICO22-031	177.0	178.0	1.0	0.6	0.43	0.01	0.05	0.02	0.00	M3
and	203.0	204.0	1.0	0.6	0.44	0.00	0.01	0.00	0.00	M3
and	210.0	213.0	3.0	1.8	0.40	0.01	0.37	0.06	0.00	M3
and	218.0	219.0	1.0	0.6	0.48	0.02	0.02	0.00	0.00	M3
NICO22-033	150.0	152.0	2.0	1.5	1.53	0.00	0.07	0.11	0.17	M3
including	150.0	151.0	1.0	0.75	2.28	0.00	0.05	0.13	0.29	M3
and	159.0	161.0	2.0	1.5	0.53	0.00	0.04	0.04	0.05	M3
and	166.0	170.0	4.0	3.0	0.51	0.01	0.02	0.01	0.02	M3
and	173.0	174.0	1.0	0.8	0.71	0.02	0.00	0.00	0.00	M3
NICO22-038	321.0	325.0	4.0	1.9	0.93	0.03	0.01	0.00	0.01	M3
including	321.8	322.1	0.3	0.14	6.21	0.09	0.00	0.00	0.00	M3
and	334.4	334.9	0.5	0.2	2.03	0.12	0.00	0.00	0.00	M3
and	336.7	338.7	2.0	1.0	0.54	0.03	0.00	0.00	0.00	M3
and	425.6	426.4	0.8	0.4	0.79	0.02	0.10	0.10	0.00	M3
NICO22-049	198.0	201.0	3.0	1.3	0.61	0.00	0.21	0.17	0.02	M3
and	214.0	225.0	11.0	4.4	0.78	0.00	0.07	0.10	0.02	M3
NICO22-036	76.0	80.5	4.5	3.5	1.07	0.05	0.08	0.13	0.02	M4
including	76.5	77.0	0.5	0.4	1.72	0.14	0.23	0.00	0.00	M4
including	78.5	80.5	2.0	1.6	1.48	0.05	0.10	0.00	0.00	M4

*True width calculations were applied separately to Mine 1, Mine 2, and Mine 3-4 zones (horizons) as each has a different orientation in 3D space. Applied orientations are based on best-fit planes to historical intercepts as follows; Mine 1: 147Az, -49NE dip; Mine 2: 127Az, -78NE dip; Mine 3-4: 97Az, -86N dip.

Table 2. Summary of high-grade nickel intersections from 2022 Phase 1 drilling (core assay composites).

Drill Hole	From (m)	To (m)	Length (m)	Width (m)*	Ni (%)	Cu (%)	Pt (g/t)	Pd (g/t)	Au (g/t)	Zone
NICO22-022	69.50	70.20	0.70	0.70	2.29	0.11	0.00	0.00	0.00	M1
NICO22-048	466.30	466.80	0.50	0.50	1.50	0.05	0.05	1.70	0.03	M1
and	474.60	475.70	1.10	1.00	2.30	0.10	0.10	0.17	0.05	M1
NICO22-049	598.70	599.70	1.00	0.70	3.11	0.17	0.28	0.30	0.09	M1
and	601.00	602.00	1.00	0.70	1.64	0.25	0.17	0.34	0.05	M1
NICO22-025	12.00	12.60	0.60	0.60	1.35	0.00	0.26	0.19	0.08	M1-open stope
NICO22-038	334.40	334.90	0.50	0.20	2.03	0.12	0.00	0.00	0.00	M3-Footwall
NICO22-033	150.00	152.00	2.00	1.50	1.53	0.00	0.07	0.11	0.17	M3
including	150.00	151.00	1.00	0.75	2.28	0.00	0.05	0.13	0.29	M3
NICO22-038	321.80	322.10	0.30	0.14	6.21	0.09	0.00	0.00	0.00	M3
NICO22-036	76.00	80.50	4.50	3.50	1.07	0.05	0.08	0.13	0.02	M4
including	76.50	77.00	0.50	0.40	1.72	0.14	0.23	0.00	0.00	M4
including	78.50	80.50	2.00	1.60	1.48	0.05	0.10	0.00	0.00	M4

Table 3. Summary of 2022 Phase 1 diamond drill hole parameters (NAD83, Zone 17N).

Drill Hole	UTM_X (mE)	UTM_Y (mN)	Elevation (m)	Length (m)	Az	Dip
NICO22-013	707857	5358683	314.86	397	215	-55
NICO22-014	708238	5358606	315.5	834	210	-70
NICO22-015	708641	5358526	319.31	585	200	-67
NICO22-016	708634	5358530	319.97	615	0	-45
NICO22-017	706940	5359108	314.66	446	260	-70
NICO22-018	706935	5359109	315.17	288	317	-65
NICO22-019	706934	5359107	314.89	483	220	-65
NICO22-020	706939	5359161	315.69	318	20	-50
NICO22-021	708634	5358529	319.59	192	0	-55
NICO22-022	708001	5358759	320.41	303	235	-45
NICO22-023	708634	5358529	319.64	352	0	-60
NICO22-024	708596	5358661	316.54	455	195	-50
NICO22-025	707965	5358726	319.78	37	215	-45
NICO22-026	707965	5358726	319.7	36	215	-60
NICO22-027	707951	5358722	319.73	150	215	-65
NICO22-028	707950	5358722	319.61	153	285	-65
NICO22-029	707977	5358854	324.26	660	215	-50
NICO22-030	708637	5358704	319.8	357	195	-50
NICO22-031	708773	5358701	317.24	321	200	-55
NICO22-032	708345	5358764	317.41	585	190	-60
NICO22-033	708773	5358700	317.35	426	200	-45
NICO22-034	708773	5358701	317.2	486	200	-65
NICO22-035	708773	5358701	317.3	423	235	-60
NICO22-036	708345	5358764	317.54	603	200	-45
NICO22-037	708213	5358869	320.12	539	230	-60
NICO22-038	708773	5358701	317.32	666	160	-65
NICO22-039	708567	5358780	317.47	495	180	-50
NICO22-040	708909	5358455	314.8	21	195	-45
NICO22-041	708922	5358451	314.82	34.2	195	-60
NICO22-042	708922	5358452	314.72	46	195	-85
NICO22-043	709089	5358493	314.79	594	210	-45
NICO22-044	709090	5358494	314.82	398	260	-65
NICO22-045	709090	5358492	314.8	492	200	-50
NICO22-046	708596	5358662	316.73	708	250	-67
NICO22-047	708487	5358620	317.93	444	227	-55
NICO22-048	708600	5358667	316.69	749	215	-70
NICO22-049	708598	5358664	316.98	741	295	-80
NICO22-050	708490	5358851	317.78	606	210	-62
NICO22-051	708951	5358710	314.75	501	200	-50
NICO22-052	709222	5358449	310.65	201	20	-50

Figure 4: 3D overview of the drill holes (blue traces) completed in 2022 Phase 1 with the four (4) modelled mineralized zones (Mine 1, 2, 3, and 4 in red) in the area of the historical Marbridge Ni-Cu Mine (looking northeast).

Figure 5: Vertical long-section of the Mine 1 Horizon (147Az – looking southwest) with 2022 drill hole pierce points (Ni%/true width) and the location of the 4 untested off-hole BHEM targets (“Off-hole EM target”), within the area of the historical Marbridge Ni-Cu Mine (NSA = no significant assays).

Figure 6: Vertical long-section of the Mine 2 Horizon (127Az section – looking southwest) with 2022 drill hole pierce points (Ni%/true width) within the area of the historical Marbridge Ni-Cu Mine (NSA = no significant assays).

Figure 7: Vertical long-section of the Mine 3-4 horizons (97Az section – looking south) with 2022 drill hole pierce points (Ni%/true width) within the area of the historical Marbridge Ni-Cu Mine (NSA = no significant assays).

Exploration Potential and Next Steps

Given the positive results from the 2022 diamond drilling program (see Company news releases 23 August 2022 and 8 February 2023) and the new interpretation and targets that have been developed through geophysics (airborne VTEM, surface TDEM and Borehole EM), the Company has an abundance of opportunities to move the project forward by way of a number of exploration initiatives including:

3D geological model updates and interpretation.
surface TDEM geophysical surveys including in-fill survey of previous area and new areas.
new HeliTEM survey in areas of the Property net yet covered by 2014-2015 survey.
3D Induced Polarization combined with Magnetotellurics to develop deeper drill targets.
drill-testing of off-hole 3D-BHEM anomalies in the Mine 1 Horizon.
drilling within the gap between the Mine 2 and Mine 3-4 horizons.
additional exploration drilling to test anomalies outside of the Marbridge Mine area.

QA/QC and Assay Protocols

All core and QAQC samples from the drilling program were sent to Impact Global Solutions Inc.’s laboratory in Delson, Québec (“IGS”) for analysis by a 50 element assay package of 4 Acid Digestion, Ore Grade Metals Package, with ICP-OES finish and precious metals (Pt, Pd, Au) by fire assay. IGS is recognized by the industry and accredited ISO/MEC 17025 by the Standards Council of Canada. In addition to the QA/QC employed by IGS, Class 1 Nickel uses its own rigorous QA/QC protocols for sampling which includes the insertion of certified reference material standards, sample duplicates, and coarse silica blanks into the sample stream on a systematic basis.

Qualified Person

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 Somanike Nickel Sulphide Project

The Somanike Nickel Sulphide 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 Project consists of 148 mining titles (6,882 ha) over the large northwest-trending La Motte Ultramafic Complex, within the Abitibi Greenstone Belt. The ultramafic rocks host several nickel sulphide occurrences, recognized nickel targets (geophysical and geological), and areas of historical high-grade nickel production (Marbridge Ni-Cu Mine).

The Somanike Nickel Sulphide Project includes Quebec’s first nickel mine, the historical Marbridge Ni-Cu Mine (the “Marbridge”), operated by Falconbridge Nickel from 1962 to 1968, which produced high-grade nickel and secondary copper. The Marbridge occurs within the northwest-trending La Motte Ultramafic Complex which comprises deformed and altered ultramafic rocks. Falconbridge Nickel reported production of 702,366 tons grading 2.28% Ni and 0.10% Cu, prior to being placed on care and maintenance in 1968 (source: SIGEOM, MERN Quebec Government website).

The Marbridge consists of two shafts that accessed four separate mineralized zones (horizons) over a combined strike length of 1,000 metres. During production, mineralized material was trucked 25 km south to the Canadian Malartic processing plant. Mining in 1968 ceased in mineralization and the four nickel sulphide zones or mineralized horizons (Mine 1, Mine 2, and Mine 3-4) remain open to expansion along strike and down-dip/plunge.

About Class 1 Nickel

Class 1 Nickel and Technologies Limited (CSE: NICO | OTCQB: NICLF) is a Mineral Resource Company focused on the exploration and development of its 100% owned komatiite-hosted Somanike Ni-Cu Sulphide Project in Quebec, which includes the historical Marbridge Ni-Cu Mine. The Company also owns the Alexo-Dundonald Ni-Cu-Co Sulphide Project, a portfolio of komatiite-hosted magmatic sulphide deposits located near Timmins, Ontario.

For more information, please contact:

Mr. David Fitch, President & CEO

T: +61.400.631.608

E: info@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.

Class 1 Nickel Completes Geochemical Soil and Biogeochemical Sampling Program at its River Valley PGE Project, near Sudbury, Ontario

TORONTO, June 26, 2023 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce the completion of the sample collection component of a 287 B-horizon soil geochemical sampling and 287 biogeochemical plant sampling exploration program over the prospective Marginal Series PGE (Platinum-Group Elements) horizon at its River Valley PGE Project (the “Project” or the “Property”), located about 100 road-km east of Sudbury, Ontario, Canada.

Figure 1. Location of the River Valley PGE Project near the City of Sudbury, Ontario, Canada.

The River Valley PGE Project is located in Crerar and Dana townships, Sudbury Mining Division, northeastern Ontario, Canada. The centre of the Project is approximately 100 km east-northeast of the City of Greater Sudbury. The Project is immediately south of the River Valley Palladium Project, an advanced PGE (palladium>platinum) property being developed by New Age Metals.

The Company has decided to use biogeochemical sampling methods, a less intrusive method than traditional techniques, to define potential drilling targets and aimed at minimizing environmental impact. The less common technique involves taking samples of plants (tree twigs, bark, etc.) at predetermined locations in a forest ecosystem and having them analyzed by a specialized laboratory with the aim of identifying the presence of PGE and 50 other pathfinder elements that may be concentrated in the plant. Due to the high solubility of plant tissues this method provides an effective way to index mineral content in the soil and use elemental concentrations to vector on new PGE targets.

Subsequently, the collected plant material is carbonized (480°C), digested in an acid (proprietary acid), and then analyzed. Biogeochemical surveys were planned and completed by the firms, ABG Exploration Inc. and GMY Inc.

If the biogeochemical tests prove successful, the Company will carry out a more detailed investigation, covering larger target areas within the Project. In addition, to confirming the presence of pathfinder elements not necessarily detected by other exploration methods, biogeochemistry + B-horizon soil geochemistry should maximize the chances of providing higher quality drill targets, reducing the number of drilled sites, and thereby reducing the environmental impact of the program.

The interpretation of the geochemical data collected will be entrusted to the Company’s Vice-President Exploration, Mr. Alexandr Beloborodov (P.Geo.).

“Biogeochemistry is a proven method of locating zones of mineralization. Respectful of the environment and less intrusive, it makes it possible to better specify locations to carry out drilling work and therefore to limit it to what is strictly necessary in order to preserve the forest ecosystem. This is one of the practices that Class 1 Nickel favours to help maintain its unwavering commitment to carry out exploration that respects the principles of sustainable development,” said Mr. Beloborodov.

Results from the two types of geochemical surveys will be integrated into the Company’s exploration database for comprehensive interpretation and targeting to develop high-priority drill targets.

Figure 2: General geological map of the River Valley Intrusion showing the location of the main PGE occurrences (red triangles) within the Marginal Series (Zone) and the mining claims boundary of the River Valley PGE Project (after Jobin-Bevans, 2004).

About The River Valley PGE Project

The River Valley PGE Project is underlain by gabbroic to anorthositic rocks of the River Valley Intrusion (“RVI”) which provide a highly-prospective target for PGE exploration (e.g., Jobin-Bevans, 2004). Most PGE mineralization in the RVI occurs along the margins of the intrusion (Contact-Style PGE-Cu-Ni) within the brecciated and sulphide mineralized Marginal Series (Marginal and Inclusion-Bearing zones) (or Marginal Series), forming the focus of exploration at surface and in 3D, using geophysical surveys such as Induced-Polarization, magnetics, and gravity.

Since 1999, historical exploration work on the Project has included mapping, geophysics, trenching and diamond drilling by Mustang Minerals Corp. (South Grid, Crerar Township) and Aquiline Resources Inc. (northwest of the Project and into Dana Township) targeting PGE mineralization. Earlier exploration work was conducted by Falconbridge Nickel Mines Ltd (1965), Tomrose Mines Ltd. (1963-1966), and McIntyre Porcupine Mines Ltd (1956), targeting nickel-copper sulphide mineralization.

Potentially significant mineralization discovered to date on the Project consists of PGE-Cu-Ni sulphide, focused within an approximately 3-km trend of mineralized Breccia Unit (Marginal Series/Marginal Zone) along the southeastern contact of the RVI in the southeastern part of the Project, referred to as the “Crerar Trend.”

Sudbury, Ontario is a major mining, mineral processing and metals recovery centre (Ni-Cu-Co-PGE), with a long-established history in mining and exploration and the Sudbury Basin is the world’s second largest supplier of nickel ore.

Qualified Person

The technical information in this news release has been reviewed and approved by Alexandr Beloborodov (P.Geo.), geological consultant of 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 exploration and development of its 100% owned Somanike komatiite hosted nickel-copper sulphide project in Quebec, which includes the historical Marbridge Mine. Additionally, the Company also owns the Alexo-Dundonald Project, a portfolio of komatiite-hosted magmatic nickel-copper-cobalt sulphide deposits located near Timmins, Ontario and the River Valley PGE Project, located immediately south of New Age Metal’s River Valley Palladium Project, about 65 km northeast of Sudbury, Ontario.

For more information, please contact:

Mr. David Fitch, President & CEO

E: info@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.

Class 1 Nickel and Technologies Ltd. Completes Private Placement

TORONTO, June 01, 2023 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) pursuant to which it has issued an aggregate of 8,333,332 common shares (the “Shares”) at a price of $0.12 per Share to raise aggregate gross proceeds of approximately $1,000,000. The Company intends to use the proceeds of the Private Placement for general corporate purposes.

The Shares are subject to a statutory hold period expiring on October 2, 2023.

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 Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine, as well as additional property interests.

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.

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 relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, and availability of capital. 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.

Class 1 Nickel and Technologies Ltd. Completes Private Placement

TORONTO, April 03, 2023 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) pursuant to which it has issued an aggregate of 2,499,997 common shares (the “Shares”) at a price of $0.12 per Share to raise aggregate gross proceeds of approximately $300,000.

Mr. David Fitch, President of the Company, indirectly purchased an aggregate of 666,666 Shares pursuant to the Private Placement. As Mr. Fitch is an insider of the Company, the Private Placement 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 Private Placement 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 Private Placement, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

The Shares are subject to a statutory hold period expiring on August 4, 2023.

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 Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine, as well as additional property interests.

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.

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 relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, and availability of capital. 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.

Class 1 Nickel announces the completion of phase 1 drilling at the Somanike Project (Marbridge Mine), near Val-d’Or, Quebec.

TORONTO, Feb. 08, 2023 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce the completion of 40 drill holes (16,510m) on its Somanike Nickel-Copper Project (“Somanike”), located near Val-d’Or, Quebec (Canada). Assays are pending for all drill holes and are expected in Q1 2023.

Key Points:

Diamond drilling has intersected sulphide mineralization in 23 drill holes. Mineralization is within and, in close proximity to ultramafic rocks. The host rocks are komatiitic flows and can be correlated with the horizons in the mine sequences at Mine 1, Mine 2, Mine 3 and Mine 4.
Drilling has confirmed that Mine 1 is in a separate stratigraphic/structural sequence from Mine 2, Mine 3 and Mine 4 that are in the hanging wall to Mine 1.
Down hole time domain (BHEM) geophysical surveys on holes drilled to date have identified multiple off-hole anomalies for follow-up.
Drone mag and LIDAR surveys have been completed over the main Marbridge area. These have identified magnetic trends that demonstrate both definition of known nickel-bearing ultramafic rocks and the significant continuation of ultramafic rocks into under-explored areas.

The Company’s primary objective is to make a major discovery of high-grade magmatic nickel sulphides in an environment of known nickel mineralization with significant opportunity for new discoveries.

**Figure 1.** Location of the Somanike Project near the city of Val-d’Or, Quebec.

**Figure 2:** Completed drilling at Marbridge.

**Figure 3:** A 3D overview of the drill holes completed in phase 1 with modelled mineralized zones.

**Figure 4:** A plan view of the drill holes completed to date with 2^nd Vertical Derivative DroneMAG background.

David Fitch, President & CEO, stated, “We are very pleased to have completed comprehensive drilling both below and adjacent to the four historical mines at Marbridge. The application of modern borehole geophysics has successfully demonstrated its viability in targeting sulphide mineralization. We know from the drilling to date that we are in a very fertile geological environment with abundant ultramafic rocks that host sulphide mineralization”.

The drill program was conducted by Forage GeoNord from Dolbeau-Mistassini, Québec and Forage LaMontagne Fortier from Rouyn-Noranda, Québec, under the supervision of ABG Exploration Inc. (Alex Belo Géologue Inc.) of Laval, Québec.

Table 1: Drill hole locations (NAD 83, Zone 17).

Hole Name	Easting	Northing	Elevation	Length	Azimuth	Dip
NICO22-013	707857.00	5358682.68	314.86	397.00	215.00	-55.00
NICO22-014	708238.11	5358605.70	315.50	834.00	210.00	-70.00
NICO22-015	708640.74	5358525.81	319.31	585.00	200.00	-67.00
NICO22-016	708634.16	5358530.08	319.97	615.00	0.00	-45.00
NICO22-017	706939.67	5359108.07	314.66	446.00	260.00	-70.00
NICO22-018	706934.49	5359109.10	315.17	288.00	317.00	-65.00
NICO22-019	706933.92	5359107.09	314.89	483.00	220.00	-65.00
NICO22-020	706938.78	5359161.43	315.69	318.00	20.00	-50.00
NICO22-021	708634.37	5358528.97	319.59	192.00	0.00	-55.00
NICO22-022	708000.46	5358758.78	320.41	303.00	235.00	-45.00
NICO22-023	708634.39	5358528.77	319.64	352.00	0.00	-60.00
NICO22-024	708596.44	5358660.78	316.54	455.00	195.00	-50.00
NICO22-025	707964.72	5358725.67	319.78	37.00	215.00	-45.00
NICO22-026	707964.91	5358725.90	319.70	36.00	215.00	-60.00
NICO22-027	707950.59	5358722.17	319.73	150.00	215.00	-65.00
NICO22-028	707949.94	5358722.43	319.61	153.00	285.00	-65.00
NICO22-029	707977.17	5358853.69	324.26	660.00	215.00	-50.00
NICO22-030	708636.95	5358704.12	319.80	357.00	195.00	-50.00
NICO22-031	708772.78	5358700.69	317.24	321.00	200.00	-55.00
NICO22-032	708344.88	5358764.27	317.41	585.00	190.00	-60.00
NICO22-033	708772.74	5358700.49	317.35	426.00	200.00	-45.00
NICO22-034	708772.86	5358700.87	317.20	486.00	200.00	-65.00
NICO22-035	708772.97	5358701.30	317.30	423.00	235.00	-60.00
NICO22-036	708344.85	5358763.58	317.54	603.00	200.00	-45.00
NICO22-037	708213.24	5358869.09	320.12	539.00	230.00	-60.00
NICO22-038	708772.87	5358700.62	317.32	666.00	160.00	-65.00
NICO22-039	708566.69	5358779.82	317.47	495.00	180.00	-50.00
NICO22-040	708908.90	5358455.08	314.80	21.00	195.00	-45.00
NICO22-041	708921.88	5358451.24	314.82	34.20	195.00	-60.00
NICO22-042	708921.87	5358451.62	314.72	46.00	195.00	-85.00
NICO22-043	709088.83	5358493.44	314.79	594.00	210.00	-45.00
NICO22-044	709090.17	5358493.96	314.82	398.00	260.00	-65.00
NICO22-045	709089.56	5358492.49	314.80	492.00	200.00	-50.00
NICO22-046	708596.44	5358661.82	316.73	708.00	250.00	-67.00
NICO22-047	708486.46	5358619.81	317.93	444.00	227.00	-55.00
NICO22-048	708600.39	5358667.17	316.69	749.00	215.00	-70.00
NICO22-049	708597.79	5358663.77	316.98	741.00	295.00	-80.00
NICO22-050	708490.18	5358850.98	317.78	606.00	210.00	-62.00
NICO22-051	708950.90	5358709.54	314.75	501.00	200.00	-50.00
NICO22-052	709222.15	5358449.23	310.65	201.00	20.00	-50.00

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 Falconbridge Nickel reported production of 702,366 tons 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

The technical information in this news release has been reviewed and approved by Alexandr Beloborodov (P.Geo.), geological consultant of 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 exploration and development of its 100% owned Somanike komatiite hosted nickel-copper sulphide project in Quebec, which includes the historical Marbridge Mine. The Company also owns the Alexo-Dundonald Project, a portfolio of komatiite-hosted magmatic nickel-copper-cobalt sulphide deposits located near Timmins, Ontario.

For more information, please contact:

Mr. David Fitch, President & CEO
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.

Class 1 Nickel and Technologies Ltd. Completes Private Placement

TORONTO, Jan. 24, 2023 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) pursuant to which it has issued convertible debentures in the aggregate principal amount of Cdn$450,000 (the “Debentures”). The Debentures have a three-year term and bear an interest rate of 2% per annum. The principal amount owing under the Debentures shall be convertible at the option of the holder thereof into common shares of the Company (“Subject Shares”) at a deemed price of $0.10 per Subject Share, all in accordance with the terms and conditions of the certificates evidencing the Debentures. Mr. David Fitch, President of the Company, has purchased all of the Debentures issued pursuant to the Private Placement.

As Mr. Fitch is an insider of the Company, the Private Placement 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 Private Placement 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 Private Placement, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

The Debentures and underlying securities Subject Shares are subject to a statutory hold period expiring on May 25, 2023.

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 Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine, as well as additional property interests.

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.

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 relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, completion of the Private Placement as presently proposed or at all, and availability of capital. 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.

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Class 1 Nickel

Class 1 Nickel Updates Resource Estimate on High-Grade Alexo South Nickel Sulphide Deposit – Significant Increases in Indicated and Inferred Resources Over the 2020 Estimate

Class 1 Nickel Provides Operations and Exploration Update on Its Advanced Nickel Project, Timmins, Canada

Class 1 Nickel and Technologies Ltd. Announces Private Placement

CLASS 1 NICKEL PROVIDES EXPLORATION AND OPERATIONS UPDATE

Class 1 Nickel Reports Multiple Diamond Drill Hole Intercepts of High-Grade Nickel Including 1.0 m of 2.30% Ni and 0.7 m of 3.11% Ni from its Somanike Nickel Sulphide Project (Marbridge Ni-Cu Mine), near Val-d’Or, Quebec, Canada

Class 1 Nickel Completes Geochemical Soil and Biogeochemical Sampling Program at its River Valley PGE Project, near Sudbury, Ontario

Class 1 Nickel and Technologies Ltd. Completes Private Placement

Class 1 Nickel and Technologies Ltd. Completes Private Placement

Class 1 Nickel announces the completion of phase 1 drilling at the Somanike Project (Marbridge Mine), near Val-d’Or, Quebec.

Class 1 Nickel and Technologies Ltd. Completes Private Placement

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