Toronto, Ontario (14 Nov 2024) – Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce it has filed its National Instrument 43-101 (“NI 43-101”) Technical Report in support of the updated Mineral Resource Estimate (the “MRE”) for the Dundonald South Nickel Sulphide Deposit (the “D-S Deposit”) as announced in the 3 October 2024 news release. The D-S Deposit is one of 4 nickel deposits within the sizeable Alexo-Dundonald Nickel Sulphide Project (the “Project” or “A-D Project”) (Figure 1), located about 45 km northeast of the City of Timmins, Ontario, and covering approximately 3,093 ha (30.93 km²).

With updated mineral resources from 3 of the 4 nickel deposits now complete (see Class 1 news releases 24 April 2024, 22 May 2024, and 3 October 2024) the Company is confident in validating the high-grade nature of the four nickel sulphide deposits (2.7Mt at 1.01% Ni):

Deposit	Type	Ni (%) Cut-Off	Grade (% Ni)	Tonnage (t)
Dundonald South	Pit-Constrained	0.67	1.00	776,000
1Dundonald North	Global (no pit)	0.19	1.01	1,820,000
Alexo South	Pit-Constrained	0.52	1.00	77,700
Alexo North	Pit-Constrained	0.28	1.00	35,900
Total:			1.01	2,710,000

¹cut-off grade calculation based on the data provided by Stone et al. (2020).

With respect to the newly interpreted geological model (see Class 1 news release 3 October 2024) and updated mineral resource estimate for the Dundonald South Deposit (Table 1): 

• Contains 776,000 t at 1.0% Ni using a 0.67% Ni cut-off (17.1Mlbs nickel).
• Indicated Resources (Pit-Constrained¹) of 2.54 Mt at 0.49% Ni (27.4Mlbs Ni) – 781% increase in Indicated tonnes and 474% increase in nickel pounds.
• 87% of Ni lbs and 41% of tonnes (Pit-Constrained + Out-of-Pit¹) in Indicated category with drilling planned to update to Measured.
• 59% of the D-S Deposit tonnes is in Inferred category – excellent exploration upside to expand and upgrade resources through additional drilling.
• Like the other 3 nickel deposits within the Project, the Dundonald South Deposit is open along strike and at depth, with new geological modelling and interpretation providing ample targets for next-stage drilling.
• Total Mineral Resources within the 4 nickel sulphide deposits: 3.4 Mt at 0.54% Ni Indicated and 5.9 Mt at 0.61% Ni Inferred^{1 2}. 

¹C$52.50/t NSR Pit-Constrained and C$96.00/t NSR Out-of-Pit cut-offs applied in current (2024) MREs.

²C$90.0/t NSR Out-of-Pit cut-off, Dundonald North MRE (Stone et al., 2020).

David Fitch, CEO of Class 1 Nickel, commented: “We are very pleased with the results and progress being made in terms of updating the mineral resources from 3 of our 4 nickel sulphide deposits. Dundonald South’s high-grade nickel intervals and new target areas underscores the economic potential of these komatiite-hosted deposits, and we feel that future exploration will lead to the discovery of additional nickel-copper-PGE sulphide resources outside of the 4 known deposits. With 3 of 4 nickel deposits now updated, we’re progressing towards a Phase 2 drilling program and other exploration programs in 2025 with a goal of completing an initial Preliminary Economic Assessment in 2025.”

The updated MRE for the D-S Deposit (Table 1) was completed by Atticus Geoscience Consulting Ltd. (“Atticus”) and their strategic partner Caracle Creek Chile SpA (“Caracle”) (together the “Consultants”). This MRE replaces the 2020 mineral resource estimate completed by P&E Mining Consultants Inc. (Stone et al., 2020).

The Technical Report in support of the current MRE for the D-S Deposit was completed in accordance with NI 43-101 and filed on SEDAR+.

Table 1. 2024 Mineral Resource Statement for the Dundonald South Nickel Sulphide Deposit using C$/t NSR cut-offs.

Dundonald South – Resources	Tonnage (t)	Grade					Contained Metal
		Ni (%)	Cu (%)	Co (%)	NiEq (%)	NSR (C$/t)	Ni (klbs)	Cu (klbs)	Co (klbs)
Pit-Constrained (C$52.5/t NSR COG)
Indicated	2,540,000	0.49	0.02	0.01	0.52	103	27,400	911	755
Inferred	3,600,000	0.42	0.01	0.01	0.44	88	33,000	1,100	1,060
Out-of-Pit (C$96.0/t NSR COG)
Indicated	200,000	0.95	0.03	0.02	0.99	198	4,210	145	80
Inferred	390,000	0.57	0.02	0.01	0.60	120	4,900	160	120
Total Pit-Constrained + Out-of-Pit
Indicated	2,740,000	0.52	0.02	0.01	0.55	110	31,600	1,060	834
Inferred	3,990,000	0.43	0.01	0.01	0.46	91	37,600	1,270	1,200

Notes to Table 1:

(1) The independent Qualified Person for the MRE, as defined by NI 43-101, is Mr. Simon Mortimer (FAIG #7795) of Atticus Geoscience Consulting Ltd., working with Caracle Creek Chile SpA. The effective date of the MRE is 1 October 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 (497 samples from 2021 drilling) and data and information from 273 surface diamond drill holes (16 from Class 1 Nickel and 257 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 Inverse of distance Weighting interpolation method.

(8) Grade estimation was validated by comparison of input and output statistics (Nearest Neighbour), 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 mineralized domain is 2.90 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 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).

Updates to the mineral resources of the Alexo South and Alexo North deposits were announced 24 April 2024 and 22 May 2024, respectively. Details regarding the new 3D model and re-interpreted Dundonald South Deposit was announced on 23 September 2024. An update to the mineral resource estimate for the Dundonald North Nickel Sulphide Deposit is planned.

The Company is planning a Phase 2 diamond drilling program with the primary objectives of expanding mineralization and resources in its 4 existing magmatic nickel sulphide (Ni-Cu-(PGE)) deposits. In addition, the Company is planning future staged exploration programs to examine the various underexplored areas of the A-D Project, including the numerous nickel-copper sulphide occurrences that exist outside of the known deposit areas. Much of this exploration will be guided by the 2020 Geotech Ltd. VTEM airborne geophysical survey which has yet to be systematically ground-truthed, historical drilling with magmatic sulphide intercepts, and new ground geophysics and remote sensing surveys planned for 2025.

Alexo-Dundonald Nickel Sulphide Project

The A-D Project is located about 45 km northeast of the City of Timmins, Ontario, covers an area of approximately 3,093 hectares (30.93 km²), and was assembled through various acquisitions by the Company in September 2018. The A-D Project includes the 4 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 4 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 4 mineral resources are open at depth and along strike and could increase in size with additional drilling, modelling and interpretation (see Class 1 news releases 18 April 2024 and 23 September 2024).

Qualified Persons

The Qualified Person, as defined by NI 43-101, for the Dundonald South Mineral Resource Estimate reported herein, Mr. Simon Mortimer (FAIG #7795), Principal Geoscientist at Atticus Geoscience Consulting Ltd. (Cornwall, UK and Lima, Peru). All other technical information and data in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), Principal Geoscientist at Caracle Creek Chile SpA 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, near 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 Nickel’s current focus is to continue brownfield and greenfield exploration on its large property packages to aggregate additional nickel resources and in parallel look to advance the A-D Project back into production. The A-D Project sits on a 14+ km strike-length, folded komatiite unit containing several nickel-copper-cobalt and PGE mineral resources plus numerous underexplored sulphide occurrences. Decades of successful capital expenditure and investment into the Project has resulted in the discovery and delineation of four main nickel Mineral Resources that occur along the folded komatiite unit. The A-D Project was previously mined via a direct-shipping model, and the Company will soon commence a Preliminary Economic Assessment (PEA) study to determine the best path forward.

In addition, the Company also holds a 100% interest in its River Valley PGE Project located about 65 km northeast of the City of Sudbury, Ontario, the world’s largest and longest operating nickel-copper-cobalt-PGE mining camp (see Class 1 news release 13 December 2023).

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.

Toronto, Ontario (3 Oct 2024) – 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 (the “MRE”) for the Dundonald South Nickel Deposit (the “D-S Deposit”) (Table 1 and Table 2). The D-S Deposit is one of 4 nickel deposits within the sizeable Alexo-Dundonald Nickel Sulphide Project (the “Project” or “A-D Project”) (Figure 1), located about 45 km northeast of the City of Timmins, Ontario, and covering about 1,895 hectares (18.95 km²).

• Indicated Resources (Pit-Constrained*) of 2.54 Mt at 0.49% Ni (27.4 Mlbs Ni) – 781% increase in Indicated tonnes and 474% increase in nickel pounds.
• Dundonald South Deposit contains 776,000 t at 1.0% Ni using a 0.67% Ni cut-off (17.1 Mlbs nickel).
• Total Mineral Resources within 4 deposits: 3.4 Mt at 0.54% Ni Indicated and 5.9 Mt at 0.61% Ni Inferred. 
• 87% of the nickel pounds and 41% of the tonnes (Pit-Constrained + Out-of-Pit) in the Dundonald South Deposit are in the Indicated category with drilling planned to update to Measured.
• With 59% of the Dundonald South Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.
• Like the other 3 nickel deposits within the Project, the Dundonald South Deposit is open along strike and at depth, with new geological modelling and interpretation providing ample targets for next-stage drilling.

*C$52.50/t NSR Pit-Constrained and C$96.00/t NSR Out-of-Pit cut-offs applied in current 2024 mineral resource estimates whereas C$30.00/t NSR Pit-Constrained and C$90.00/t NSR Out-of-Pit cut-offs were applied in the 2020 mineral resource estimate (Dundonald North Deposit).

David Fitch, CEO of Class 1 Nickel, commented: “These new results from the updated mineral resource estimate for Dundonald South are extremely positive and the re-interpreted model shows off the high-grade nickel sulphide potential of this deposit and gives us several new areas to target in future drilling programs. Dundonald South contains some very high-grade nickel assays over significant intervals, demonstrating the capability of these Komatiite-hosted nickel sulphide deposits to contain potentially economic nickel without considering as yet the precious metal contents such as platinum and palladium. Having 3 of the 4 nickel deposits’ mineral resources updated gets us closer to developing a comprehensive Phase 2 drilling program and helps guide us toward the ensuing goal of completing our first Preliminary Economic Assessment.”

The updated MRE for the D-S Deposit was completed by Atticus Geoscience Consulting Ltd. (“Atticus”) and their strategic partner Caracle Creek Chile SpA (“Caracle”) (together the “Consultants”). This MRE 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 for the D-S Deposit was completed in accordance with National Instrument 43-101 (“NI-43-101”), and a technical report in support of the MRE will be filed on SEDAR+ within 45 days from the date of this news release.

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 Ltd., working with Caracle Creek Chile SpA. The effective date of the MRE is 1 October 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 (497 samples from 2021 drilling) and data and information from 273 surface diamond drill holes (16 from Class 1 Nickel and 257 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 Inverse of distance Weighting interpolation method.

8) Grade estimation was validated by comparison of input and output statistics (Nearest Neighbour), 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 2.90 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 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).

Notes to Table 2:

(1) The independent Qualified Person for the MRE, as defined by NI 43-101, is Mr. Simon Mortimer (FAIG #4083) of Atticus Geoscience Consulting Ltd., working with Caracle Creek Chile SpA. The effective date of the MRE is 1 October 2024.

(2), (3), (4) and (5) refer to Notes to Table 1.

6) Geological and block models for the MRE used core assays (497 samples from 2021 drilling) and data and information from 273 surface diamond drill holes (16 from Class 1 Nickel and 257 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 Inverse of distance Weighting interpolation method.

(8) refer to Notes to Table 1.

(9) As a reference, the average estimated density value (specific gravity) within the mineralised domain is 2.90 g/cm³ (t/m³).

(10), (11), (12), (13), (14), (15), (16), and (17) refer to Notes to Table 1.

Class 1 Nickel completed its Phase 1 diamond drilling program on the A-D Project in 2021, with 4,382 m in 16 holes (497 core samples) completed at Dundonald South. The updated MRE combines the 2021 drill hole data with historical drilling (45,636.40 m in 257 holes) completed on the D-S Deposit by previous operators including the most recent drilling by Avion Resources (1,352 m in 4 holes, 2007).

A summary of selected drill core assay intervals from within the medium- and high-grade nickel domains is provided in Table 3, plan view and cross-section views of the current MRE with optimized pit shells are provided in Figure 2 and an isometric view of the categorized mineral resources is shown in Figure 3. 

Grade-Tonnage curves for the Pit-Constrained (open pit) mineral resources are provided in Figure 4 (C$/t NSR) and Figure 5 (%Ni) and various views of the Dundonald South Deposit are shown in Figures 6 and 7.

Updates to the mineral resources of the Alexo South and Alexo North deposits were announced 24 April 2024 and 22 May 2024, respectively. Details regarding the new 3D model and re-interpreted Dundonald South Deposit was announced on 23 September 2024. An update to the mineral resource estimate for the Dundonald North Nickel Sulphide Deposit is planned.

Figure 1. Alexo-Dundonald Nickel Sulphide Project showing the location of the 4 nickel deposits and the optimized pit shell outlines for Alexo North and South and Dundonald South deposits, overlain on the generalized geology within the Project. The yellow oval at the Dundonald North Deposit is not an optimized pit shell but rather outlines the approximate area of the 2020 mineral resource estimate reported by Stone et al. (2020).

Figure 2. Plan view (left) and cross-sectional views looking east (right) through the Dundonald South Deposit showing the optimized open pit shells (3D and traces), and the categorized Indicated (yellow) and Inferred (green) mineral resources.

Figure 3. Isometric view (looking northeast) of the Dundonald South Nickel Sulphide Deposit showing the 3D optimized pit shells (1 and 2 in grey) and the Pit-Constrained and Out-of-Pit Indicated (yellow) and Inferred (green) resources.

Figure 4. Grade-tonnage curve for the PIT-CONSTRAINED (open pit) resources (C$/t NSR cut-offs) in the Dundonald South Nickel Deposit. The C$52.50/tonne NSR is highlighted.

Figure 5. Grade-tonnage curve for the PIT-CONSTRAINED (open pit) resources (%Ni cut-offs) in the Dundonald South Nickel Deposit. The 0.24% Ni cut-off grade is highlighted.

Figure 6. Generalized geological plan map of the Dundonald South Deposit, with shaded areas for the optimized pit shells, and 4 labelled faults (F1 to F4) which dissect the deposit. Also shown are the historical drill hole collars (yellow) and the 2021 Class 1 drill hole collars (black).

Figure 7. The updated and interpreted 3D geological model (looking north) showing the categorized Indicated (red) and Inferred (green) mineral resources within and outside of the optimized pit shell that define the D-S Deposit; the Dundonald South Deposit is open along strike and at depth.

As stated in the Company’s recent news releases dated 18 April and 24 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 A-D Project. 

Furthermore, the Company will be launching an exploration program to examine the numerous 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.

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 (Dundonald 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.

Alexo-Dundonald Nickel Sulphide Project

The 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 4 mineral resources are open at depth and along strike and could increase in size with additional drilling (see Company’s recent news releases dated 18 April 2024 and 23 September 2024).

Qualified Persons

The Qualified Person, as defined by NI 43-101, for the Dundonald South Mineral Resource Estimate reported herein, Mr. Simon Mortimer (FAIG #4083), Principal Geoscientist at Atticus Geoscience Consulting Ltd. (Cornwall, UK and Lima, Peru). All other technical information and data in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), Principal Geoscientist at Caracle Creek Chile SpA 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 Nickel’s current focus is to continue brownfield and greenfield exploration on its large property packages to aggregate additional nickel resources and in parallel look to advance the A-D Project back into production. The A-D Project sits on a 14+ km strike-length, folded komatiite unit containing several nickel-copper-cobalt and PGE mineral resources plus numerous underexplored sulphide occurrences. Decades of successful capital expenditure and investment into the Project has resulted in the discovery and delineation of four main nickel Mineral Resources that occur along the folded komatiite unit. The A-D Project was previously mined via a direct-shipping model, and the Company will soon commence a Preliminary Economic Assessment (PEA) study to determine the best path forward.

In addition, the Company also holds a 100% interest in its River Valley PGE Project located about 65 km northeast of the City of Sudbury, Ontario, the world’s largest and longest operating nickel-copper-cobalt-PGE mining camp (seeCompany news release dated 13 December 2023).

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.

Toronto, Ontario (23 September 2024) – Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to provide an update on its advanced nickel sulphide project located about 45 km northeast of the City of Timmins, Ontario. Work is near-complete on the delivery of an updated Mineral Resource Estimate (“MRE”) for the Dundonald South Nickel Deposit, one of 4 nickel deposits within the Alexo-Dundonald Nickel Project (the “Project”) which covers about 1,895 hectares (18.95 km²) (Figure 1). Updates to the Alexo South and Alexo North nickel deposits were announced 24 April 2024 and 22 May 2024, respectively (Table 1).

To date, Caracle Creek Chile SpA (“Caracle”) and their strategic partner Atticus Geoscience Consulting Ltd. (“Atticus”) (together the “Consultants”) have completed the first of two stages toward the delivery of an updated Mineral Resource Estimate (“MRE”) for the high-grade Dundonald South Nickel Deposit (“D-S Deposit”). The second stage, completion of the updated mineral resource estimate, is expected to be completed and announced end of September. Shortly after that, work will begin on the new model and updated mineral resource estimate for the Dundonald North Nickel Deposit (D-N Deposit).

David Fitch, CEO of Class 1 Nickel, commented: “The Company is very pleased with the progress to date, having released two of the four updated nickel mineral resources and with the third from the Dundonald South deposit on its way to completion. Once we have the fourth deposit updated, the Dundonald North, we will begin work on a Preliminary Economic Assessment in order to ascertain the economic significance of the combined four nickel sulphide deposits.”

With respect to the D-S Deposit, the Consultants have completed a comprehensive compilation and re-interpreted 3D geological model of the D-S Deposit (Figures 2, 4, 5 and 6). This new model provides the Company with multiple new drill target areas around the D-S Deposit which will be tested in the next drilling program. It’s important to note that like the previous work completed on the Alexo South and Alexo North nickel deposits, this work represents the first detailed 3D modelling of the D-S Deposit and like the previous two models, this 3D model involved an intensive interrogation and interpretation of the lithologies, alteration, structure, and mineralization associated with the deposit and the immediate area.

Of particular importance is the interpretation of four primary faults which clearly affected the strike of the mineralized ultramafic-mafic stratigraphy; the faults have been labelled F1 to F4 in order of interpreted timing (Figures 3 and 4). In defining structural domains, this detailed interpretation gives us tremendous insight into where to conduct future geophysical surveys and where to drill in the next phase of diamond drilling, giving us more confidence in the planning of the drill holes to intersect nickel sulphide mineralization.

Figure 1. Alexo-Dundonald Nickel Project with regional Total Magnetic Intensity (TMI) and classified aero-electromagnetic (AEM) conductors from a 2020 VTEM survey. Locations of the 2024 Alexo South and Alexo North pit shells and the 2020 Dundonald South and Dundonald North pit shells (nickel deposits) are shown, along with historical drill hole collar locations.

Figure 2. Newly interpreted 3D geological model (looking northwest) showing the high-grade nickel domain (core) and medium-grade nickel domain (envelope) that define the D-S Deposit, along with historical and Class 1 (2021) drill hole traces. The D-S deposit is open along strike and at depth.

Figure 3. Generalized geology of the Dundonald South Property with 2020 optimized pit shell (Stone et al., 2020) and newly interpreted geology and structure, including the 4 main faults (F1 to F4) that dissect the D-S Deposit. This new geological and structural interpretation offer numerous new drill targets for expanding current resources and targeting high-grade nickel.

Figure 4. Isometric view of the D-S Deposit with 4 interpreted faults (F1 to F4) resulting in 3 primary target areas in which future drilling will aim to build additional mineralized high-grade nickel tonnes.

Figure 5. Cross-section (B-B’ looking east) through the central Dundonald South Deposit showing the principal high-grade nickel zones. The newly modelled and interpreted geology, structures, and alteration provides numerous target areas for future drilling which will be aimed at building additional high-grade nickel tonnes. Reported intervals are not necessarily true widths and should be considered core lengths.

Figure 6. Cross-section (D-D’ looking east) through the eastern Dundonald South Deposit showing the principal high-grade nickel zones. The newly modelled and interpreted geology, structures, and alteration provides numerous target areas for future drilling which will be aimed at building additional high-grade nickel tonnes. Reported intervals are not necessarily true widths and should be considered core lengths.

Exploration Programs

The Company is planning an exploration program, mainly using the 2020 VTEM airborne survey results (see Figure 1) and new surface and borehole geophysics, to examine these new target areas at Dundonald South and to also target the as yet underexplored areas of the Project, which includes numerous nickel sulphide occurrences outside of the 4 known deposit areas.

In addition to the high-grade nickel sulphide (>1.0% Ni) potential we see in the 4 known Alexo-Dundonald deposits, immense potential exists to target and explore for large tonnage, low-grade komatiite-hosted deposits such as those being developed in the Timmins area by Canada Nickel Company Inc. (i.e., Crawford, Deloro, and Reid projects), 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.

Highlights of the Alexo-Dundonald Nickel Sulphide Project:

• Four underpinning 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).
• Indicated Resources of 614,442 tonnes at 0.63% Ni (0.68% NiEq) and Inferred Resources of 125,691 tonnes at 0.54% Ni (0.58% NiEq) in the current (2024) combined mineral resource estimates for the Alexo South and Alexo North deposits (Table 1).
• Indicated Resources of 832,000 tonnes at 1.06% Ni (Dundonald South) and Inferred Resources of 2.0M tonnes at 1.01% Ni (Dundonald South + North combined) in the current (2020) mineral resource estimates for Dundonald South and North deposits (Table 2).
• Near to infrastructure including major provincial highways and roads, power and mining labour (i.e., City of Timmins).
• Large Property covering about 19 km² over prospective geology (>16 km cumulative strike length of underexplored ultramafic-mafic rocks) and multiple underexplored Ni-Cu sulphide showings outside of the 4 known Ni sulphide deposits.
• Over 14 km of cumulative strike of underexplored ultramafic-mafic rocks that are host to the 4 known nickel deposits and several Ni-Cu-PGE showings.
• Recent (2020) high-resolution magnetic-electromagnetic (Mag-EM) VTEM survey which has been interpreted but has yet to be followed up on with ground truthing and drill testing of the AEM anomalies.
• Blue Heron Environmental, based in Timmins, Ontario, has been engaged to support and lead the company with necessary environmental work to maintain current permits and acquire new permits as potential future production is considered.
• An exploration program consisting of diamond drilling (Phase 2) and surface exploration (geological mapping and sampling and geophysics) is being planned.

The current Mineral Resource Estimates and supporting technical reports for the Alexo South and North nickel sulphide deposits (Table 1) were prepared by Simon Mortimer (P.Geo, FAIG) of Atticus and Scott Jobin-Bevans (P.Geo.) of Caracle, both Qualified Persons as defined by NI 43-101 Standards of Disclosure for Mineral Projects. These 2024 updated mineral resource estimates and technical reports are available on SEDAR+.

Notes to Table 1 (Class 1 news releases 24 April and 9 July 2024):

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, which are not Mineral Reserves, 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. Within-Pit (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).

The current Mineral Resource Estimates for the Dundonald South and North nickel sulphide deposits (Table 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. These 2020 mineral resource estimates and technical reports are available on SEDAR+.

Notes to Table 2 (after Stone et al., 2020):

1. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources 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. 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%.
6. Pit constrained Mineral Resource NSR cut-off considers ore crushing, transport, processing and general
7. 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.

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 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. 

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.

Toronto, Ontario (9 July 2024) – Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) reports that, further to the news release dated 22 May 2024, it has filed the National Instrument 43-101 (“NI 43-101”) Technical Report in support of an updated Mineral Resource Estimate (“MRE”) for its Alexo North Nickel Sulphide Deposit (“A-N Deposit”) dated 5 July 2024 and with an effective date of 21 May 2024. The NI 43-101 report is available on SEDAR+ (www.sedarplus.ca) and on the Company’s website (https://class1nickel.com/alexo-dundonald-project/). 

The updated MRE for the Alexo North Nickel Sulphide Deposit was announced 22 May 2024 and updates to the remaining two nickel sulphide mineral resources contained within the Project, Dundonald South and North, will be completed over the coming months. The updated Mineral Resource Estimate for the Alexo South Nickel Sulphide Deposit was announced by Class 1 Nickel on 24 April 2024.

David Fitch, CEO of Class 1 Nickel, commented, “In light of the updated NI 43-101 findings for Alexo North, we’re pleased to note a significant 63% increase in Indicated tonnes and an 8% rise in nickel pounds, now totalling 42,600 tonnes at 0.92% Ni. Notably, nearly all nickel pounds are now classified as Indicated, underscoring our commitment to data-driven exploration and development and building nickel resources. Our focus remains on further enhancing resource quality through ongoing drilling efforts across the Alexo-Dundonald Nickel Project, working toward economic studies in the near future.” 

Alexo North MRE Highlights: 

• Indicated Resources (open pit and underground*) of 42,600 t at 0.92% Ni (864k lbs Ni) – 63% increase in Indicated tonnes and 8% increase in nickel pounds.
• Inferred Resources (open pit and underground*) of 500 t at 0.32% Ni (3k lbs Ni) – 100% increase in Inferred tonnes and 100% increase in nickel pounds.
• 99.6% of the nickel pounds and 99% of the tonnes in Alexo North Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured.
• With only 1% of the Alexo North Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.
• Alexo North Deposit, one of the 4 deposits on the Alexo-Dundonald Property, is open along strike, with the new geological model and interpretation providing ample targets for next-stage drilling.
• Updated Mineral Resource Estimate work continuing on the remaining 2 deposits (Dundonald South and North) 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 C$30.0/t NSR open pit and C$90.0/t NSR underground cut-offs were applied in the 2020 mineral resource estimate of P&E Mining Consultants Inc.

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 Chile SpA. The effective date of the MRE is 21 May 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 (559 samples from 2021 drilling) 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 2.91 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). 

Class 1 Nickel completed its Phase 1 diamond drilling program on the Alexo-Dundonald Nickel Project (“A-D Project”) in 2021, with 6,454 metres in 33 holes (742 drill core samples) completed at Alexo North. The updated MRE combines the new drill hole data with historical drilling (3,942.20 metres in 29 holes) completed on the A-N Deposit by previous operators, including the most recent drilling by Canadian Arrow Mines (2,581.40 metres in 27 drill holes in 2004). 

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

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 43-101 (“NI-43-101”).

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 3,666 hectares (~37 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 updated Alexo North 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 Chile SpA. All other technical information and data in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), Managing Director of Caracle Creek Chile SpA and geological consultant to Class 1 Nickel, 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, near 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 sulphide mines, offering near-term production opportunity and excellent exploration upside.

Class 1 Nickel’s current focus is to advance the A-D Project by adding high-grade nickel resources and then examining the possibility of putting the deposits into production, continuing to complete brownfield and greenfield exploration on its large property package to aggregate additional nickel resources outside of the current four deposits. 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 intends to soon commence a Preliminary Economic Assessment (PEA) study to determine the best path forward.

In addition, the Company also holds 100% interest in its River Valley PGE Project located about 65 km northeast of the City of Sudbury, the world’s largest and longest operating nickel-copper-cobalt-PGE mining camp. See the Company’s news release dated 13 December 2023 for additional information. 

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.

Toronto, Ontario (11 June 2024) – Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) reports that further to its news release dated 24 April 2024, it has filed the National Instrument 43-101 (“NI 43-101”) Technical Report in support of an updated mineral resource estimate (“MRE”) for its Alexo South Nickel Sulphide Deposit (“A-S Deposit”) dated 7 June 2024, with an effective date of 19 April 2024, is available on SEDAR+ (www.sedarplus.ca) and on the Company’s website ( https://class1nickel.com/alexo-dundonald-project/). 

The A-S Deposit, located about 45 km northeast of the mining City of Timmins, Ontario, is one of four high-grade nickel deposits within the extensive Alexo-Dundonald Nickel Sulphide Project (the “Project” or “Property”), which covers approximately 2,078 hectares (20.78 km²). The updated Mineral Resource Estimate for the Alexo North Deposit was announced 22 May 2024 and updates to the remaining two nickel sulphide mineral resources contained within the Project, Dundonald South and North, will be completed over the coming months.

David Fitch, CEO of Class 1 Nickel, commented: “With the filing of the technical report and mineral resource estimate for the Alexo South nickel sulphide deposit, we look forward to the filing of the same for the Alexo North nickel sulphide deposit in the coming weeks. We have begun work on updating the next deposit, Dundonald South, with that result expected in the next 6 weeks, followed by the Dundonald North nickel sulphide deposit. Having all four nickel sulphide deposits updated, we are planning a second phase of diamond drilling to expand the high-grade nickel resources and then move the Project through a Preliminary Economic Assessment study to start before the end of 2024.”

Alexo South MRE Highlights: 

• 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 (Alexo North Deposit – see Class 1 Nickel news release dated 22 May 2024). 

*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.

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

Alexo SouthResource Category	Tonnage (t)	Grade					Contained Metal
		Ni (%)	Cu (%)	Co (%)	NiEq (%)	NSR (C$/t)	Ni (klbs)	Cu (klbs)	Co (klbs)
Constrained Open Pit ($52.5/t NSR COG)
Indicated	275,000	0.58	0.02	0.02	0.62	123	3,490	133	133
Total Pit Constrained Indicated:	275,047	0.58	0.02	0.02	0.62	123	3,490	133	133
Out-of-Pit/Underground (C$96.0/t NSR COG)
Indicated	297,000	0.65	0.03	0.02	0.69	139	4,240	190	157
Inferred	130,000	0.54	0.03	0.02	0.58	116	1,500	75	52
Total Open Pit and Underground Resources
Indicated	572,000	0.61	0.03	0.02	0.66	131	7,730	323	290
Inferred	130,000	0.54	0.03	0.02	0.58	116	1,500	75	52

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).

Figure 1. Location of the four known nickel sulphide deposits within the Alexo-Dundonald Nickel Sulphide Project, Timmins Mining Camp, Ontario, Canada.

An updated Mineral Resource Estimate for the Alexo North Deposit (Table 2) was announced by Class 1 Nickel on 22 May 2024 and its supportive Technical Report is forthcoming. The remaining two mineral resource estimates within the Project, Dundonald South and Dundonald North, remain current under the mineral resource estimations and technical report completed by P&E Mining Consultants Inc. (Stone et al., 2020).

Alexo North MRE Highlights: 

• Indicated Resources (open pit and underground*) of 42,600 t at 0.92% Ni (864k lbs Ni) – 63% increase in Indicated tonnes and 8% increase in nickel pounds.
• Inferred Resources (open pit and underground*) of 500 t at 0.32% Ni (3k lbs Ni) – 100% increase in Inferred tonnes and 100% increase in nickel pounds.
• 99.6% of the nickel pounds and 99% of the tonnes in Alexo North Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured.
• With only 1% of the Alexo North Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.
• Alexo North Deposit, one of the 4 deposits on the Alexo-Dundonald Property, is open along strike, with the new geological model and interpretation providing ample targets for next-stage drilling.
• Updated Mineral Resource Estimate work continuing on the remaining 2 deposits (Dundonald South and North) 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.

Table 2. Mineral Resource Statement for the estimated 2024 Alexo North Indicated and Inferred Resources.

Alexo North Resource Category	Tonnage  (t)	Grade					Contained Metal
		Ni  (%)	Cu  (%)	Co  (%)	NiEq  (%)	NSR  (C$/t)	Ni  (klbs)	Cu  (klbs)	Co  (klbs)
Open Pit ($52.5/t NSR COG)
Indicated	35,100	0.98	0.11	0.04	1.08	205.87	759	83	33
Inferred	500	0.32	0.04	0.02	0.36	68.04	3	0	0
Underground (C$96/t NSR COG)
Indicated	7,500	0.63	0.08	0.03	0.70	133.71	105	12	5
Total Open Pit and Underground
Indicated	42,600	0.92	0.10	0.04	1.02	193.09	864	95	38
Inferred	500	0.32	0.04	0.02	0.36	68.04	3	0	0

Notes to Table 2:

(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 21 May 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 (559 samples from 2021 drilling) 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 2.91 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).

The updated mineral resource estimates for Alexo South and Alexo North were completed by Caracle Creek Chile SpA (“Caracle”) and their strategic partner Atticus Geoscience Consulting Ltd. (“Atticus”) (together the “Consultants”), replacing the 2020 mineral resource estimates completed by P&E Mining Consultants Inc. (Stone et al., 2020), which is filed on SEDAR+. The current MREs were completed in accordance with National Instrument 43-10 (“NI-43-101”).

Alexo-Dundonald Nickel Sulphide Project

The Alexo-Dundonald Nickel Sulphide Project (“A-D Project”) is located about 45 km northeast of the mining centre of the City of Timmins, Ontario, covers an area of approximately 2,078 ha (20.78 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 (aka Alexo) 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, Managing Director and Principal Geologist with Caracle Creek Chile SpA, 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 Nickel Sulphide Project, neat Timmins, Ontario (4 nickel sulphide deposits) and the Somanike Nickel Sulphide 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 Nickel’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 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.

• Indicated Resources (open pit and underground*) of 42,600 t at 0.92% Ni (864k lbs Ni) – 63% increase in Indicated tonnes and 8% increase in nickel pounds.
• Inferred Resources (open pit and underground*) of 500 t at 0.32% Ni (3k lbs Ni) – 100% increase in Inferred tonnes and 100% increase in nickel pounds.
• 99.6% of the nickel pounds and 99% of the tonnes in Alexo North Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured.
• With only 1% of the Alexo North Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.
• Alexo North Deposit, one of the 4 deposits on the Alexo-Dundonald Property, is open along strike, with the new geological model and interpretation providing ample targets for next-stage drilling.
• Updated Mineral Resource Estimate work continuing on the remaining 2 deposits (Dundonald South and North) 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, Ontario (22 May 2024) – Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce an updated mineral resource estimate (“MRE”) for the Alexo North Nickel Deposit (“A-N Deposit”) (Table 1). The A-N Deposit, located about 45 km northeast of the City of Timmins, Ontario, is one of 4 high-grade nickel deposits within the extensive Alexo-Dundonald Nickel Project (the “Project”) (Figure 1), which covers approximately 1,895 hectares (18.95 km²). 

An update to the Alexo South Deposit was announced 24 April 2024 (Table 2) and updates to the remaining 2 nickel deposits contained within the Project (Dundonald South and North) will be completed over the coming months.

David Fitch, CEO of Class 1 Nickel, commented: “We are very encouraged to have two updated and comprehensive mineral deposit models and mineral resource estimates for the Alexo North and Alexo South nickel sulphide deposits. We now look forward to future drilling programs, using the most optimal information available with the ultimate goal of expanding our high-grade mineral resources at Alexo-Dundonald and moving into economic studies such as our first Preliminary Economic Assessment which is planned for 2024.”

Mr. Fitch added, “In addition to advancing our existing high-grade nickel sulphide deposits at Alexo-Dundonald, the Company also sees immense potential to target and develop large-tonnage, low-grade, ultramafic-hosted nickel deposits such as those being developed in the Timmins area by Canada Nickel Company (Crawford Project), EV Nickel Inc. (CarLang A Deposit) and Aston Minerals Limited (Boomerang Project).” 

Table 1. Mineral Resource Statement for the 2024 Alexo North Indicated and Inferred Resource Estimate.

Alexo North Resource Category	Tonnage  (t)	Grade					Contained Metal
		Ni  (%)	Cu  (%)	Co  (%)	NiEq  (%)	NSR  (C$/t)	Ni  (klbs)	Cu  (klbs)	Co  (klbs)
Open Pit ($52.5/t NSR COG)
Indicated	35,100	0.98	0.11	0.04	1.08	205.87	759	83	33
Inferred	500	0.32	0.04	0.02	0.36	68.04	3	0	0
Underground (C$96/t NSR COG)
Indicated	7,500	0.63	0.08	0.03	0.70	133.71	105	12	5
Total Open Pit and Underground
Indicated	42,600	0.92	0.10	0.04	1.02	193.09	864	95	38
Inferred	500	0.32	0.04	0.02	0.36	68.04	3	0	0

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 21 May 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 (559 samples from 2021 drilling) 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 2.91 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).

Table 2. Mineral Resource Statement for the 2024 Alexo South Indicated and Inferred Resource Estimate.

Alexo South Resource Category	Tonnage  (t)	Grade					Contained Metal
		Ni  (%)	Cu  (%)	Co  (%)	NiEq  (%)	NSR  (C$/t)	Ni  (klbs)	Cu  (klbs)	Co  (klbs)
Open Pit ($52.5/t NSR COG)
Indicated	275,000	0.58	0.02	0.02	0.62	123	3,490	133	133
Underground (C$96.0/t NSR COG)
Indicated	297,000	0.65	0.03	0.02	0.69	139	4,240	190	157
Inferred	130,000	0.54	0.03	0.02	0.58	116	1,500	75	52
Total Open Pit and Underground
Indicated	572,000	0.61	0.03	0.02	0.66	131	7,730	323	290
Inferred	130,000	0.54	0.03	0.02	0.58	116	1,500	75	52

Notes to Table 2:

(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), (3), (4) and (5) refer to Notes to Table 1.

(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) refer to Notes to Table 1.

(9) As a reference, the average estimated density value (specific gravity) within the mineralised domain is 2.89 g/cm³ (t/m³).

(10), (11), (12), (13), (14), (15), (16), and (17) refer to Notes to Table 1.

Class 1 Nickel completed its Phase 1 diamond drilling program on the Alexo-Dundonald Nickel Project (“A-D Project”) in 2021, with 6,396 m in 33 holes (683 core samples) completed at Alexo North. The updated MRE combines the new drill hole data with historical drilling (3,942.20 m in 29 holes) completed on the A-N Deposit by previous operators including the most recent drilling by Canadian Arrow (2,581.40 m in 27 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 North 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 including the Alexo North and Alexo South nickel deposits.

The updated MRE for the A-N Deposit was completed by Caracle Creek Chile SpA (“Caracle”) and their strategic partner Atticus Geoscience Consulting Ltd. (“Atticus”) (together the “Consultants”). This MRE 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 supportthe MRE will be filed on SEDAR+ within 45 days from the date of this news release.

As stated in the Company’s recent news releases dated 18 April and 24 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.

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

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

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

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

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

Deposit Types and Project Potential 

In addition to the high-grade nickel sulphide (>1.0% Ni) potential we see at Alexo-Dundonald, immense potential exists to target and develop large tonnage, low-grade komatiite-hosted deposits such as those being developed in the Timmins area by Canada Nickel Company (Crawford Project), EV Nickel Inc. (CarLang A Deposit) and Aston Minerals Limited (Boomerang Project). The Company is currently planning a targeted diamond drilling program to outline this deposit type within the Alexo-Dundonald Project. 

This two-pronged approach – develop “traditional” high-grade nickel sulphide resources and in parallel large-tonnage, low grade nickel deposits – brings together the best of both nickel deposit types which are actively and aggressively being explored for and developed within the Timmins Mining Camp.

Core Handling, Assay and QA/QC Procedures

After visually logging the NQ-size drill core from the 2021 Class 1 Nickel diamond drilling program (Alexo North Deposit), drill core was cut in half at the core logging and cutting facility with one half of the core bagged and the other half saved in the core tray and put into secure storage. The core samples were transported to either AGAT Laboratories of Mississauga, Ontario (“AGAT”) or ALS Laboratory in Timmins, Ontario (“ALS”). Samples, along with certified standards and blanks, included by the Company for quality assurance and quality control, were prepared and analyzed at AGAT and ALS. Samples were prepped using industry standard procedures and analyzed for nickel, copper, cobalt and sulphur. Analytical methods employed consisted of four-acid digest followed by sodium peroxide fusion and ICP-OES finish for multi-element analysis (including Ni, Cu, Co and S); fire-assay collection and ICP-OES finish for palladium, platinum and gold; and nickel collection fire assay and ICP-MS finish for the platinum-group elements, including rhodium.

Alexo-Dundonald Nickel Project

The Alexo-Dundonald Nickel Project (“A-D Project”), is located about 45 km northeast of the City of Timmins, Ontario, covers an area of approximately 1,895 hectares (18.95 km²), and was acquired by the Company in September 2018. The A-D Project includes four foundation nickel deposits (Alexo North and South and Dundonald North and South) of which the Alexo North and Alexo South (aka Kelex) were small-scale past producers of relatively high-grade nickel (i.e., 1957; 2004-2005). The deposits are located on a near-continuous folded komatiite-ultramafic rock sequence that extends for at least 14 km within the Property and which has never been systematically explored. The four mineral resources are open at depth and along strike and could increase in size with additional drilling (see Company news releases dated 18 April and 24 April 2024).

Qualified Persons

The Qualified Person for the Alexo North 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 continue brownfield and greenfield exploration on its large property packages to aggregate additional nickel resources and in parallel look to advance the A-D Project back into production. The A-D Project sits on a 14+ km strike-length, folded komatiite unit containing several nickel-copper-cobalt and PGE mineral resources plus numerous underexplored sulphide occurrences. Decades of successful capital expenditure and investment into the Project has resulted in the discovery and delineation of four main nickel Mineral Resources that occur along the folded komatiite unit. The A-D Project was previously mined via a direct-shipping model, and the Company will soon commence a Preliminary Economic Assessment (PEA) study to determine the best path forward.

In addition, the Company also holds 100% interest in its River Valley PGE Project located about 65 km northeast of the City of Sudbury, the world’s largest and longest operating nickel-copper-cobalt-PGE mining camp. See the Company’s news release dated 13 December 2023 for additional information. 

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.

• 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
		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.

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.

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.

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
	Inferred	90	2,007.5	1.01	44.51	0.03	1.29	0.02	0.89
Total:	Indicated	30+90	1,254.4	0.99	27.35	0.04	1.00	0.02	0.66
	Inferred	90	2,007.5	1.01	44.51	0.03	1.29	0.02	0.89

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.

TORONTO, May 02, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to provide an update of its 2021 phase 1 and phase 2 drilling programs on the Alexo-Dundonald Property near Timmins, Ontario (Figure 1).

The summer 2021 program was completed by G4 Drilling of Val-d’Or, Quebec, under the supervision of Terra Modelling Services of Saskatoon, Saskatchewan. Class 1 Nickel’s program consisted of 88 diamond drill holes totalling 20,607 m. Table 1 gives summary statistics for the drilling program.

Table 1. Summary statistics of C1N 2021 drilling, Alexo-Dundonald Property in northeastern Ontario.

	Area	Alexo South		Alexo North		Dundonald South		Scissor Holes		Total
	Drill Holes	37		29		18		4		88
	Total Metres	9177		5813		4919		641		20607
	Max Hole Depth (m)	432		306		434		201		434
	Min Hole Depth (m)	102		135		126		102		102
	Average Depth (m)	248		198		259		160		234
	Min Dip (°)	-43.3		-43.7		-42.38		-43.71
	Max Dip (°)	-61.81		-51.85		-75.17		-45.45

Drilling concentrated on exploring around the periphery of the three mineralised zones at Alexo South, Alexo North and Dundonald South to test and potentially extend the known close to surface mineralised zones at the three deposits: by

• Following up geophysical anomalies remodelled from BHEM data acquired by previous explorers; and
• Stepping out drilling into the gaps between the known mineralised envelopes and the pierce points of the previous closest drilling from past exploration around the known deposits.

Drilling also followed up some borehole and VTEM anomalies in the immediate vicinity of the known mineralised zones at Alexo South, Alexo North and Dundonald South.

C1N experienced significant delay in obtaining assay results for the drilling program due to an exceptional delay by the laboratories in running the relevant analyses, with full certified results for all drilling only returned on 17th March, 2022.

Figure 1. Location of the Alexo-Dundonald Property in northeastern Ontario.
https://www.globenewswire.com/NewsRoom/AttachmentNg/612fcdd1-33b0-429a-999a-874c479494b3

Some of the more significant intersections are:

• Boreholes AN-21-04, 07, 10, 19, 20, 23, 24 to the northeast of Alexo-North targeting BHEM and VTEM anomalies outside the Alexo North mineralised envelope that encountered narrow intervals (<2m) of semi-massive sulphide grading 0.5-2% nickel at shallow depth (100-150m below surface), potentially delineating another small sulphide zone close to surface. 
  
• Boreholes AS-21-07, 08 and 09 to the west of Alexo South targeting incremental additions to the Alexo South mineralised lenses intersected shallow intervals of 1-6m downhole widths of disseminated sulphides with grades of 0.3-0.8% nickel. 
  
• Boreholes DS-21-02, 05, 09, 10, 14, 16, 17, drilled as incremental step-out to the Dundonald South mineralised envelope that intersected narrow (1-3m) intervals of semi-massive sulphide (0.5-4% nickel). These results are consistent with the known mineralised system and possibly representing minor extensions to the known mineralised envelope.

Borehole EM conducted on a selection of the 2021 holes generally highlighted known sulphide mineralisation, or small conductive plates sitting coincident with known minor sulphide intervals outside the immediate MRE mineralised area.

The full implications of assay results coupled with borehole EM surveys conducted is yet to be evaluated by the company. The Company is incorporating results into its 3D model of geology and geophysics to delineate further targets for testing. As can be seen from the summary statistics, nearly all the 2021 drilling was conducted at a shallow dip (~45-50°) to shallow downhole depths, meaning nearly all drilling was conducted to less than 200m vertical depth below surface, and limited in areal extent to the immediate environs of the known deposits. The deepest holes only tested to a vertical depth on the order of 300m below surface. In the Alexo North and South area, only about 10% of all holes drilled to date extend below 100 m vertical depth from surface.

While exploration has apparently closed out potential for immediate significant upgrade of the mineralisation around the margins of the known deposits, global exploration for komatiite-associated nickel sulphide systems in Australia, and within systems such as Thompson and Raglan in Canada, has demonstrated high potential for exploration and discovery of continued and (or) additional sulphide mineralization along strike or down-plunge within mineralized channelized flows. Similarly, potential parallel channelized environments within the same volcanic flow field offer reliable exploration targets for additional sulphide systems. The shallow nature of past exploration and focus on the near-surface known mineralization at Alexo-Dundonald means that these possibilities have not yet been tested on the Project.

Opportunities exist to test down-plunge and along strike of the known zones at Alexo-Dundonald for additional sulphide lenses with a targeted approach of surface EM, further diamond drilling below and along strike of the current drilling on the deposits, and borehole EM of the deeper drill holes. In addition, none of the priority VTEM anomalies highlighted by the 2019 survey conducted by the Company at Alexo-Dundonald (Figure 2, labelled A-O) have yet been tested with drilling.

Figure 2. Plan view of the Alexo-Dundonald Property in northeastern Ontario showing priority VTEM anomalies.
https://www.globenewswire.com/NewsRoom/AttachmentNg/2541892a-37ba-4549-8cf9-1423c09ab020

No drilling was conducted at Dundonald North during the 2021 drill program. The highest-grade nickel intersections of the Dundonald North Deposit occur at vertical depths of 400 to 525 m below surface. Although deep, there still exists very high potential to expand Dundonald North with several drill holes into open space around these intersections. The nickel mineralization is open to the west with room for further expansion to the east and at depth.

Table 2: Summary of significant results.

DDH Name	From	To	Drilled Width	Ni %
(m)	(m)	(m)	%
AS-21-01		assay data not yet obtained
AS-21-02		assay data not yet obtained
AS-21-03	no significant results
AS-21-04	no significant results
AS-21-05	no significant results
AS-21-06	no significant results
AS-21-07	241.50	243.00	1.50	0.43
AS-21-08	102.00	102.50	0.50	0.51
AS-21-09	102.00	102.50	0.50	0.62
AS-21-09	102.50	104.00	1.50	0.45
AS-21-09	104.00	105.00	1.00	0.30
AS-21-09	105.00	106.00	1.00	0.87
AS-21-09	106.00	107.00	1.00	0.32
AS-21-10	no significant results
AS-21-11	no significant results
AS-21-12	no significant results
AS-21-13	no significant results
AS-21-14	no significant results
AS-21-15	no significant results
AS-21-16	no significant results
AS-21-17	no significant results
AS-21-18	no significant results
AS-21-19	no significant results
AS-21-20	no significant results
AS-21-21	no significant results
AS-21-22	no significant results
AS-21-23	no significant results
AS-21-24	no significant results
AS-21-25	no significant results
AS-21-26	no significant results
AS-21-27	no significant results
AS-21-28	no significant results
AS-21-29	no significant results
AS-21-30	no significant results
AS-21-31	no significant results
AS-21-32	no significant results
AS-21-33	no significant results
AS-21-34	no significant results
AS-21-35	no significant results
AS-21-36	no significant results
AS-21-37	no significant results
AN-21-01	no significant results
AN-21-02	no significant results
AN-21-03	no significant results
AN-21-04	127.70	128.77	1.07	1.21
AN-21-04	128.77	129.35	0.58	1.95
AN-21-05	no significant results
AN-21-06	no significant results
AN-21-07	111.68	111.83	0.15	0.91
AN-21-08	no significant results
AN-21-09	no significant results
AN-21-10	150.00	150.82	0.82	0.31
AN-21-10	150.82	151.69	0.87	1.63
AN-21-10	151.69	153.00	1.31	0.33
AN-21-11	no significant results
AN-21-12	no significant results
AN-21-13	no significant results
AN-21-14	no significant results
AN-21-15	no significant results
AN-21-16	no significant results
AN-21-17	144.48	144.52	0.04	0.87
AN-21-18	no significant results
AN-21-19	136.73	137.03	0.30	1.12
AN-21-19	137.03	138.00	0.97	0.20
AN-21-19	138.00	138.31	0.31	1.41
AN-21-19	138.31	139.00	0.69	0.44
AN-21-19	139.00	140.00	1.00	0.32
AN-21-20	139.81	140.08	0.27	1.19
AN-21-21	no significant results
AN-21-22	no significant results
AN-21-23	136.97	137.90	0.93	0.31
AN-21-23	137.90	138.15	0.25	1.86
AN-21-24	153.00	154.09	1.09	1.18
AN-21-24	154.09	155.54	1.45	0.93
AN-21-25	no significant results
AN-21-26	no significant results
AN-21-27	no significant results
AN-21-28	no significant results
AN-21-29	no significant results
DS-21-001	no significant results
DS-21-002	no significant results
DS-21-002	152.0	153.0	1.0	0.67
DS-21-002	153.0	154.0	1.0	0.89
DS-21-003	no significant results
DS-21-004	no significant results
DS-21-005	102.95	103.95	1.0	0.40
DS-21-005	103.95	104.95	1.0	0.21
DS-21-005	104.95	106.04	1.09	0.23
DS-21-005	106.04	106.14	0.1	3.00
DS-21-005	106.14	107.21	1.07	0.25
DS-21-005	107.21	107.42	0.21	2.33
DS-21-006	no significant results
DS-21-007	no significant results
DS-21-008	no significant results
DS-21-009	171.0	172.0	1.0	0.96
DS-21-009	172.0	173.0	1.0	0.49
DS-21-009	173.0	174.0	1.0	0.53
DS-21-009	173.0	174.0	1.0	0.58
DS-21-009	174.0	175.0	1.0	0.37
DS-21-009	175.0	176.0	1.0	1.10
DS-21-009	348.0	349.0	1.0	0.14
DS-21-009	349.0	350.0	1.0	0.12
DS-21-009	350.0	351.0	1.0	0.08
DS-21-010	62.0	62.5	0.5	0.32
DS-21-010	62.5	63.0	0.5	0.31
DS-21-010	63.0	63.5	0.5	1.19
DS-21-011	no significant results
DS-21-012	no significant results
DS-21-013	no significant results
DS-21-014	101.46	102.83	1.37	0.61
DS-21-014	102.83	104.22	1.39	0.82
DS-21-014	104.22	105.72	1.5	0.89
DS-21-014	115.08	116.36	1.28	0.72
DS-21-014	116.36	117.76	1.4	1.31
DS-21-014	117.76	119.05	1.29	4.99
DS-21-014	144.0	145.5	1.5	0.10
DS-21-014	145.5	147.0	1.5	0.15
DS-21-014	147.0	148.5	1.5	0.15
DS-21-014	209.39	210.65	1.26	3.12
DS-21-015	no significant results
DS-21-016	232.0	233.0	1.0	1.36
DS-21-016	233.0	234.0	1.0	0.17
DS-21-016	234.0	235.0	1.0	0.20
DS-21-016	235.0	236.0	1.0	0.97
DS-21-016	236.0	237.0	1.0	1.54
DS-21-016	237.0	238.0	1.0	0.97
DS-21-017	242.0	243.0	1.0	4.66
DS-21-017	243.0	244.33	1.33	0.65
DS-21-017	244.33	245.0	0.67	0.08
DS-21-018	no significant results
SOX-21-01	no significant results
SOX-21-02	no significant results
SOX-21-03	no significant results
SOX-21-04	no significant results
* drill core width only, does not represent true width.

Table 3: Localisation of 88 drill holes.

Hole Name	Easting	Northing	Elevation	Azimuth	Dip	Hole Length (m)
AS-21-01	514078	5389227	334	149	-54	276
AS-21-02	513994	5389265	333	146	-46	327
AS-21-03	513988	5389196	320	154	-48	192
AS-21-04	514287	5389325	320	148	-50	177
AS-21-05	514362	5389343	321	148	-49	150
AS-21-06	514382	5389319	321	152	-49	126
AS-21-07	513809	5389102	325	151	-43	279
AS-21-08	513836	5388947	323	148	-45	156
AS-21-09	513767	5388873	323	148	-58	150
AS-21-10	513838	5389043	327	151	-44	189
AS-21-11	513820	5389031	328	150	-45	225
AS-21-12	513801	5389012	332	150	-45	225
AS-21-13	513854	5388916	322	142	-44	102
AS-21-14	513843	5389003	335	150	-45	201
AS-21-15	513820	5388975	323	150	-45	201
AS-21-16	513789	5388967	329	149	-45	201
AS-21-17	513778	5389112	327	150	-45	300
AS-21-18	513786	5389040	339	150	-45	267
AS-21-19	513810	5388927	329	148	-45	156
AS-21-20	513798	5388894	332	148	-45	168
AS-21-21	513775	5388943	338	147	-45	195
AS-21-22	513745	5388910	334	147	-61	186
AS-21-23	513734	5388943	339	149	-62	234
AS-21-24	513722	5388827	321	147	-61	156
AS-21-25	513685	5388878	321	151	-61	183
AS-21-26	514095	5389227	330	150	-55	267
AS-21-27	514001	5389216	334	150	-55	402
AS-21-28	513865	5389243	329	149	-45	282
AS-21-29	513874	5389173	329	150	-60	396
AS-21-30	513796	5389190	327	147	-51	348
AS-21-31	513863	5389225	324	151	-62	432
AS-21-32	513846	5389172	326	151	-57	387
AS-21-33	513841.1	5389104	323	150	-45	312
AS-21-34	513970	5389309	325	147	-44	405
AS-21-35	513549	5388819	307	141	-54	222
AS-21-36	514238	5389410	325	150	-45	402
AS-21-37	514265	5389355	325	152	-45	300
AN-21-01	513749.2	5389543	311	148	-46	201
AN-21-02	513735.3	5389516	311	150	-45	201
AN-21-03b	513935.3	5389549	309	151	-45	135
AN-21-04	513903.8	5389642	308	149	-45	252
AN-21-05	513833	5389587	309	152	-45	195
AN-21-06	513774.8	5389605	313	151	-44	222
AN-21-07	513790.6	5389559	312	151	-45	141
AN-21-08	513742.9	5389490	308	151	-44	141
AN-21-09	513759.3	5389528	312	147	-45	153
AN-21-10	513923.3	5389672	308	148	-47	306
AN-21-11	513894.5	5389687	307	152	-50	210
AN-21-12	513885.1	5389596	307	151	-49	252
AN-21-13	513897	5389609	308	148	-44	231
AN-21-14	513910	5389673	307	150	-48	180
AN-21-15	513927.5	5389684	307	150	-49	180
AN-21-16	513825.4	5389650	306	150	-46	258
AN-21-17	513902.8	5389670	307	150	-50	180
AN-21-18	513842.7	5389662	306	149	-47	249
AN-21-19	513946.7	5389692	307	149	-46	180
AN-21-20	513950.6	5389693	308	148	-45	180
AN-21-21	514361.8	5389546	312	334	-45	186
AN-21-22	513974.6	5389706	307	149	-47	180
AN-21-23	513979.7	5389706	306	150	-50	180
AN-21-24	513937	5389685	307	149	-49	180
AN-21-25	513942.6	5389688	307	149	-50	183
AN-21-26	513958.6	5389697	306	148	-47	222
AN-21-27	513958.3	5389697	307	150	-51	180
AN-21-28	513985	5389715	306	148	-47	200
AN-21-29	513984.7	5389716	306	151	-52	198
DS-21-001	512127.7	5386267	285	359	-45	324
DS-21-002	511793	5386711	315	178	-43	243
DS-21-003	511727.9	5386631	303	177	-46	219
DS-21-004	511231.3	5386707	279	358	-46	273
DS-21-005	512137.4	5386391	289	360	-44	210
DS-21-006	512066.6	5386618	307	176	-43	300
DS-21-007	511799.2	5386618	306	179	-42	150
DS-21-008	512179.8	5386484	295	182	-75	150
DS-21-009	511577.1	5386360	294	360	-45	351
DS-21-010	511365.4	5386576	283	357	-52	126
DS-21-011	511294.6	5386634	281	354	-52	150
DS-21-012	511470.9	5386753	303	176	-61	285
DS-21-013	511880.6	5386237	287	357	-44	375
DS-21-014	511740	5386493	302	180	-70	255
DS-21-015	511674	5386322	300	360	-55	315
DS-21-016	511713	5386683	310	175	-47	351
DS-21-017	511519	5386740	309	176	-55	282
DS-21-018	511500	5386425	300	360	-50	434
SOX-21-01	513992	5389375	317	331	-44	102
SOX-21-02	513929.4	5389332	319	332	-45	201
SOX-21-03	513973.5	5389342	318	328	-45	141
SOX-21-04	514023	5389316	319	330	-44	197

QA/QC

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

About the Alexo-Dundonald Project

The 100%-owned Alexo-Dundonald Property is an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide deposits located 45 km northeast of the City of Timmins (Ontario, Canada), a world-class mining jurisdiction with processing plants in need of additional feed. Class 1 Nickel has assembled a strategic land package that combines the historically mined Alexo nickel sulphide deposits with the Dundonald nickel sulphide prospects to create a larger and more diversified property portfolio. The Company’s updated total estimated Indicated Mineral Resource consists of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Ni as per NI 41-101 Technical Report completed by P&E Mining Consultants Inc (December 17, 2020). The Company is currently drilling to expand the known Mineral Resources and discover new resources to support a Preliminary Economic Assessment.

Qualified Persons

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

About Class 1 Nickel 

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

For more information, please contact: 

David Fitch, President
T: 011 +61 400.631.608
E: 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.