TORONTO, Jan. 09, 2023 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) pursuant to which it has issued convertible debentures in the aggregate principal amount of Cdn$500,000 (the “Debentures”). The Debentures have a three-year term and bear an interest rate of 2% per annum. The principal amount owing under the Debentures shall be convertible at the option of the holder thereof into common shares of the Company (“Subject Shares”) at a deemed price of $0.12 per Subject Share, all in accordance with the terms and conditions of the certificates evidencing the Debentures. Mr. David Fitch, President of the Company, has purchased all of the Debentures issued pursuant to the Private Placement.
As Mr. Fitch is an insider of the Company, the Private Placement is a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as the Company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Private Placement, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
The Debentures and underlying securities Subject Shares are subject to a statutory hold period expiring on May 10, 2023.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near the City of Timmins, Ontario. The Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine, as well as additional property interests.
For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, completion of the Private Placement as presently proposed or at all, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
TORONTO, Dec. 23, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) pursuant to which it has issued convertible debentures in the aggregate principal amount of Cdn$500,000 (the “Debentures”). The Debentures have a three-year term and bear an interest rate of 2% per annum. The principal amount owing under the Debentures shall be convertible at the option of the holder thereof into common shares of the Company (“Subject Shares”) at a deemed price of $0.11 per Subject Share, all in accordance with the terms and conditions of the certificates evidencing the Debentures. Mr. David Fitch, President of the Company, has purchased all of the Debentures issued pursuant to the Private Placement.
As Mr. Fitch is an insider of the Company, the Private Placement is a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as the Company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Private Placement, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
The Debentures and underlying securities Subject Shares are subject to a statutory hold period expiring on April 24, 2023.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near the City of Timmins, Ontario. The Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine, as well as additional property interests.
For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, completion of the Private Placement as presently proposed or at all, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Toronto, Ontario (December 23, 2022) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that since receiving its second drilling permit in October it has consequently expanded its drill program at its Somanike Nickel-Copper-Cobalt PGEs Project (“Somanike”), located near Val-d’Or, Quebec (Canada). Two diamond drills are currently active on the Marbridge Property. Approximately 13,706m in 35 drill holes have been drilled to date. Assays are pending and are expected early in 2023
Key Points
Diamond drilling has intersected sulphide mineralisation in 18 drill holes. Mineralization is within and, in close proximity to ultramafic rocks. The host rocks are komatiitic flows and can be correlated with the horizons in the mine sequences at Mine 1, Mine 2, Mine 3 and Mine 4. Assays are pending.
Drilling has confirmed that Mine 1 is in a separate stratigraphic sequence from the other mined areas. While Mine 2, Mine 3 and Mine 4 are within the same sequence, Mine 4 is at a different stratigraphic level.
Down hole time domain (BHEM) geophysical surveys on holes drilled to date have identified multiple off-hole anomalies for follow up.
Drone mag and LIDAR has been completed over the main Marbridge area.
The Company’s primary focus is to make a major discovery of high-grade magmatic nickel sulfides in an environment of known nickel mineralization with significant opportunity for new discoveries.
Figure 1. Location of the Somanike Project near the city of Val-d’Or, Quebec.
Figure 2: Completed and ongoing drilling at Marbridge.
Figure 3: A 3D overview of the drill holes completed to date with shaded VTEM, ground TDEM and BHEM modelled electromagnetic plates.
Drill Program Plan for the Marbridge area.
The drill program has been designed following extensive analyses of and re-interpretation of historical data in context with new geophysical data.
The Company’s principal objectives are to:
Investigate in situ mineralization at the historical mines, and lateral extent using the new TDEM data as a guide.
Investigate TDEM anomalies associated with ultramafic rocks in the footwall and hanging wall stratigraphy that includes ultramafic rocks and lateral extensions of these favorable rocks.
Investigate potential for feeder system mineralization.
Maximum depth of historical drilling at:
Mine 1 is 593 metres, immediately down plunge of the mine;
Mine 2 is 227 metres; and
Mines 3 and Mine 4 are 132 metres.
Mineralization is open and its lateral extent is poorly confined.
The famous Marbridge Mine, which was the first nickel sulphide producing mine in Quebec, has not been seriously drill tested in more than five decades and has not been assessed by modern geophysical technologies capable of detecting magmatic sulphide deposits.
David Fitch, President & CEO, stated, “We are very pleased to have completed comprehensive drilling both below and adjacent to the four historical mines at Marbridge. The application of modern borehole geophysics has successfully demonstrated its viability in targeting sulphide mineralization. We know from the drilling to date that we are in a very fertile geological environment with abundant ultramafic rocks that host nickel mineralization at the historical Marbridge deposits”.
Table 1: Drill hole locations (NAD 83, Zone 17).
Hole Name
Easting
Northing
Elevation
Azimuth
Dip
Length
NICO-22-013
707854.40
5358672.30
313.00
215.00
-55.00
397.00
NICO-22-014
708238.90
5358604.90
314.58
210.00
-70.00
834.00
NICO-22-015
708643.00
5358529.00
318.00
200.00
-67.00
585.00
NICO-22-016
708643.00
5358529.00
318.00
0.00
-45.00
615.00
NICO-22-017
706930.00
5359105.00
314.00
260.00
-70.00
446.00
NICO-22-018
706930.00
5359105.00
314.00
317.00
-65.00
288.00
NICO-22-019
706930.00
5359105.00
314.00
220.00
-65.00
483.00
NICO-22-020
706936.24
5359166.80
314.00
20.00
-50.00
318.00
NICO-22-021
708643.00
5358529.00
318.00
0.00
-55.00
192.00
NICO-22-022
707998.50
5358761.00
319.00
235.00
-45.00
303.00
NICO-22-023
708643.00
5358529.00
318.00
0.00
-60.00
252.00
NICO-22-024
708597.00
5358665.00
318.00
195.00
-50.00
455.00
NICO-22-025
707966.00
5358715.00
318.39
215.00
-45.00
37.00
NICO-22-026
707966.00
5358715.00
318.39
215.00
-60.00
36.00
NICO-22-027
707954.00
5358720.00
318.60
215.00
-65.00
24.00
NICO-22-028
707954.00
5358720.00
318.60
285.00
-65.00
153.00
NICO-22-029
707975.00
5358856.00
321.90
215.00
-50.00
660.00
NICO-22-030
708636.00
5358703.00
320.00
195.00
-50.00
357.00
NICO-22-031
708773.00
5358702.00
318.50
200.00
-55.00
321.00
NICO-22-032
708350.00
5358765.00
318.00
190.00
-60.00
588.00
NICO-22-033
708773.00
5358702.00
318.50
200.00
-45.00
426.00
NICO-22-034
708773.00
5358702.00
318.50
200.00
-65.00
486.00
NICO-22-035
708773.00
5358702.00
318.50
235.00
-60.00
423.00
NICO-22-036
708350.00
5358765.00
320.00
200.00
-45.00
603.00
NICO-22-037
708211.00
5358874.00
320.00
230.00
-60.00
539.00
NICO-22-038
708773.00
5358702.00
318.50
160.00
-65.00
666.00
NICO-22-039
708560.00
5358806.00
316.95
180.00
-50.00
495.00
NICO-22-040
708903.60
5358447.00
314.00
195.00
-45.00
21.00
NICO-22-041
708923.00
5358460.00
313.00
195.00
-60.00
33.00
NICO-22-042
708923.00
5358460.00
313.00
195.00
-45.00
46.00
NICO-22-043
709083.00
5358493.00
313.00
210.00
-45.00
594.00
NICO-22-044
709083.00
5358493.00
313.00
260.00
-65.00
398.00
NICO-22-046
708597.00
5358665.00
320.31
250.00
-67.00
441.00
NICO-22-047
708486.00
5358619.00
317.30
227.00
-55.00
444.00
NICO-22-048
708597.00
5358665.00
320.31
215.00
-70.00
747.00
About Somanike Project
The Somanike Project consists of 148 mining titles (mining rights area) covering 6,882 hectares within a large NW-trending ultramafic complex within the Abitibi Greenstone Belt that hosts several nickel sulphide occurrences, recognized nickel targets, ultramafic trends, and geophysical anomalies. The project is located in the prolific and mining-friendly Abitibi region of northwestern Quebec approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda.
The Somanike Project includes Quebec’s first nickel mine, the historical Marbridge Mine, which was a high-grade nickel mine operated by Falconbridge Nickel. The Marbridge Mine occurs within a large NW-trending deformed and altered ultramafic complex. The Mine produced 702,366 tons grading 2.28% Ni and 0.10% Cu from 1962 to 1968, prior to being placed on care and maintenance in 1968. The Mine consisted of two shafts accessing four separate mineralized zones over a combined strike length of 1000 m. The mineralized material was trucked 25 km south and processed at the Canadian Malartic plant. Since 1968, leading groups have reviewed Marbridge data and reports and unanimously concluded that mining ceased in mineralization and the four nickel sulphide zones remain open to expansion by drilling along strike and down-dip/plunge.
Qualified Person
The technical information in this news release has been reviewed and approved by Alexandr Beloborodov (P.Geo.), geological consultant of the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the exploration and development of its 100% owned Somanike komatiite hosted nickel-copper sulphide project in Quebec, which includes the famous historical Marbridge Mine. The Company also owns the Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide deposits located near Timmins, Ontario.
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 info
TORONTO, Dec. 05, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) pursuant to which it has issued convertible debentures in the aggregate principal amount of Cdn$1,000,000 (the “Debentures”). The Debentures have a three-year term and bear an interest rate of 2% per annum. The principal amount owing under the Debentures shall be convertible at the option of the holder thereof into common shares of the Company (“Subject Shares”) at a deemed price of $0.105 per Subject Share, all in accordance with the terms and conditions of the certificates evidencing the Debentures. Mr. David Fitch, President of the Company, has purchased all of the Debentures issued pursuant to the Private Placement.
As Mr. Fitch is an insider of the Company, the Private Placement is a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as the Company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Private Placement, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
The Debentures and underlying securities Subject Shares are subject to a statutory hold period expiring on April 6, 2023.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near the City of Timmins, Ontario. The Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine, as well as additional property interests.
For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, completion of the Private Placement as presently proposed or at all, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
TORONTO, Oct. 06, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement”) pursuant to which it has issued an aggregate of 12,000,000 common shares of the Company (the “Subject Shares”) at a price of Cdn$0.12 per Subject Share to raise aggregate gross proceeds of Cdn$1,440,000. Mr. David Fitch, President of the Company, has purchased all of the Subject Shares issued pursuant to the Private Placement.
As Mr. Fitch is an insider of the Company, the Private Placement is a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as the Company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Private Placement, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
The Subject Shares are subject to a statutory hold period expiring on February 7, 2023.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near the City of Timmins, Ontario. The Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine, as well as additional property interests.
For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, completion of the Private Placement as presently proposed or at all, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
TORONTO, Aug. 24, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited (CSE: NICO/ OTCQB: NICLF) (the “Company” or “Class 1 Nickel”) announces that Mr. Jonathan Fisher has resigned from the Board of Directors of the Company. The Company thanks Mr. Fisher for his contribution and wishes him well on his future endeavours.
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: +61 400 631 608 E: dfitch@class1nickel.com
For additional information please visit our new website at www.class1nickel.com and our Twitter feed:@Class1Nickel.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
4000 m Phase 1 drilling program set to commence at the historical Mines 1, Mine 2, Mine 3, and Mine 4, to explore new geophysical anomalies associated with ultramafic complex hosting nickel mineralization.
Initial 27 drill holes designed to test in situ mineralization in the vicinity of historical mining, including crown pillars, and to investigate TDEM anomalies in geology favourable for nickel mineralization.
Approvals in place, drill rig operator hired, on-site technical team secured.
Depth of historical drilling at Mine 1 is 593 metres, immediately down plunge, Mine 2 is 227 metres, and Mines 3 and Mine 4 are 132 metres. Mineralization is open in all areas and the lateral extent is poorly confined.
Compilation of historical data indicates that mineralization occurs in very poorly explored ultramafic rocks north of the historical mines.
Compilation suggests the possibility of intrusive feeder system(s) to the komatiite flows and these are a new conceptual target for nickel mineralization.
Borehole electromagnetic surveys are planned for deeper holes using dedicated Ni-Cu exploration technology (B-Field receivers).
TORONTO, Aug. 23, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that all necessary approvals have been granted and all contractors secured to commence a Phase 1 drill program in August 2022 at Somanike Nickel-Copper-Cobalt PGEs Project (“Somanike”), located near Val-d’Or, Quebec (Canada).
The Company’s primary focus is to make a major discovery of high-grade magmatic nickel sulfides in an environment of known nickel mineralization with significant opportunity for new discoveries.
Figure 1. Location of the Somanike Project near the city of Val-d’Or, Quebec.
Figure 2: Phase 1 planned drilling
Drill Program Plan for Somanike central (Marbridge area).
The Phase 1 program consists of 27 diamond holes for a total of approximately 4500 meters (Figure 2). Additional holes are being planned. Where warranted, new drill holes will be surveyed by downhole EM methods designed to detect magmatic sulphides. The drill program has been designed following extensive analyses of and re-interpretation of historical data in context with new geophysical data. Mobilization of one diamond drill rig to its Somanike Project is expected by the end of August.
The Company’s principal objectives are to:
Investigate in situ mineralization at the historical mines, and lateral extent using the new TDEM data as a guide.
Investigate TDEM anomalies associated with ultramafic rocks in the footwall and hanging wall stratigraphy that includes ultramafic rocks and lateral extensions of these favorable rocks.
Investigate potential for feeder system mineralization.
The famous Marbridge Mine, which was the first nickel sulphide producing mine in Quebec, has not been seriously drill tested in more than five decades and has not been assessed by modern geophysical technologies capable of detecting magmatic sulphide deposits.
Alex Beloborodov stated, “Most of the historical drilling and mining at Marbridge has only ever been shallow work at less than 300 m below surface, the great bulk of the project remains essentially untested. Therefore, we are all keenly interested to see the potential generation of additional nickel sulphide targets.”
Mr. Beloborodov goes on to say, “The Marbridge deposit area has never been investigated by modern geophysical techniques and EM anomalies will be drilled to test what is left of the original Marbridge deposit as well as to discover new deeper or parallel massive sulfides. This area will be seriously tested for the first time since the end of production in 1968.”
About Somanike Project
The Somanike Project consists of 148 mining titles (mining rights area) covering 6,882 hectares within a large NW-trending ultramafic complex within the Abitibi Greenstone Belt that hosts several nickel sulphide occurrences, recognized nickel targets, ultramafic trends, and geophysical anomalies. The project is located in the prolific and mining-friendly Abitibi region of northwestern Quebec approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda.
The Somanike Project includes Quebec’s first nickel mine, the historical Marbridge Mine, which was a high-grade nickel mine operated by Falconbridge Nickel. The Marbridge Mine occurs within a large NW-trending deformed and altered ultramafic complex. The Mine produced 702,366 tonnes grading 2.28% Ni and 0.10% Cu from 1962 to 1968, prior to being placed on care and maintenance in 1968. The Mine consisted of two shafts accessing four separate mineralized zones over a combined strike length of 1000 m. The mineralized material was trucked 25 km south and processed at the Canadian Malartic plant. Since 1968, leading groups have reviewed Marbridge data and reports and unanimously concluded that mining ceased in mineralization and the four nickel sulphide zones remain open to expansion by drilling along strike and down-dip/plunge.
Qualified Person
The technical information in this news release has been reviewed and approved by Alexandr Beloborodov (P.Geo.), geological consultant of the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite hosted nickel-copper sulphide project in Quebec, which includes the famous historical Marbridge Mine.
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.
TORONTO, Aug. 23, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited (CSE: NICO/ OTCQB: NICLF) (the “Company” or “Class 1 Nickel”) announces that Mr. David Riekie has resigned from the Board of Directors of the Company.
“I would like to thank David for his contribution to the Company during this pivotal time. We wish him well on his future endeavors” stated David Fitch, President of Class 1.
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: +61 400 631 608 E: dfitch@class1nickel.com
For additional information please visit our new website at www.class1nickel.com and our Twitter feed:@Class1Nickel.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
TORONTO, Aug. 11, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited (CSE: NICO/ OTCQB: NICLF) (the “Company” or “Class 1 Nickel”) is pleased to announce that it has granted an aggregate of 1,000,000 stock options to the directors of the Company. The stock options are each exercisable to acquire one common share of the Company at an exercise price of A$0.50 until the earlier to occur of (i) the date that the applicable optionee ceases to be retained or employed by the Company, if such event occurs within twelve (12) months of such optionee’s initial retainment or employment date with the Company; and (ii) 5:00 pm (WST) on August 11, 2025. The options vest immediately.
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.
TORONTO, July 19, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has completed its previously announced non-brokered private placement (the “Private Placement”) pursuant to which it has issued an aggregate of 4,000,000 common shares of the Company (the “Subject Shares”) at a price of Cdn$0.25 per Subject Share to raise aggregate gross proceeds of Cdn$1,000,000. Mr. David Fitch, President of the Company, has purchased all of the Subject Shares issued pursuant to the Private Placement.
As Mr. Fitch is an insider of the Company, the Private Placement is a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as the Company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Private Placement, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
The Subject Shares are subject to a statutory hold period expiring on November 20, 2022.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite-hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near the City of Timmins, Ontario. The Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine, as well as additional property interests.
For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, completion of the Private Placement as presently proposed or at all, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
