Company News

Class 1 Nickel > Company News

CLASS 1 NICKEL PROVIDES EXPLORATION AND OPERATIONS UPDATE

Toronto, Ontario (13 December 2023) – Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to provide an update on its nickel exploration and operations for its 100% owned Alexo-Dundonald (Ontario) and Somanike (Quebec) nickel projects. Both projects comprise extensive property packages covering past-producing nickel mines, offering near-term production opportunity and excellent exploration upside. The Company also holds 100% interest in its River Valley PGE Project located about 65 km northeast of the City of Sudbury, the world’s largest and longest operating nickel-copper-cobalt-PGE mining camp.

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

The Alexo-Dundonald Nickel Project (“A-D Project”), is located about 45 km northeast of the City of Timmins, Ontario, covers an area of approximately 1,895 hectares (18.95 km2) and was acquired by the Company in September 2018. The A-D Project includes four foundation nickel deposits (Alexo North and South and Dundonald North and South) of which the Alexo North and Alexo South (aka Kelex) were small-scale past producers of nickel (i.e., 1957; 2004-2005). The deposits are located on a near-continuous folded komatiite-ultramafic rock sequence that extends for at least 14 kilometres within the Property. The four mineral resources (Tables 2 and 3) are open at depth and along strike and could increase in size with additional drilling.

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

OPERATIONS UPDATE

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

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

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

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

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

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

Permits

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

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

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

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

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

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

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

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

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

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

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

About Alexo-Dundonald Nickel Project

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

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

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

The current Mineral Resource Estimates (Tables 2 and 3) were prepared by Yungang Wu (P.Geo.) and Eugene Puritch (P.Eng., FEC, CET) of P&E Mining Consultants Inc, both Independent Qualified Persons as defined by NI 43-101 Standards of Disclosure for Mineral Projects.

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

About Somanike Nickel Sulphide Project

The Somanike Nickel Sulphide Project is located in the prolific and mining-friendly Abitibi Region of northwestern Quebec approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda. The Project consists of 148 mining titles (6,882 ha) over the large northwest-trending La Motte Ultramafic Complex, within the Abitibi Greenstone Belt. The ultramafic rocks host several nickel sulphide occurrences, recognized nickel targets (geophysical and geological), and areas of historical high-grade nickel production (Marbridge Ni-Cu Mine).

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

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

QA/QC and Assay Protocols

Core and QAQC samples from the Alexo-Dundonald drilling program were sent to AGAT Laboratories in Mississauga, Ontario. At AGAT Laboratories, the analytical methods employed consisted of four-acid digest followed by sodium peroxide fusion and ICP-OES finish for multi-element analysis (including Ni, Cu, Co and S); fire-assay collection and ICP-OES finish for palladium, platinum and gold; and nickel collection fire assay and ICP-MS finish for the platinum-group elements, including rhodium. AGAT is recognized by the industry and accredited with Standards Council of Canada (SCC), Canadian Association for Laboratory Accreditation (CALA), British Standards Institution Canada (BSI), and for specific tests by ISO/IEC 17025:2017 standards and certified to ISO 9001:2015.

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

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

Qualified Person

Technical information and data in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PGO #0183), a geological consultant to the Company, and a Qualified Person under the definitions established by National Instrument 43‐101.

About Class 1 Nickel 

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

For more information, please contact: 

Mr. David Fitch, President & CEO

T: +61.400.631.608

E: info@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Drill HoleFrom (m)To (m)Length (m)Width (m)*Ni (%)Cu (%)Pt (g/t)Pd (g/t)Au (g/t)Zone
NICO22-022153.0155.02.02.00.770.040.130.500.02M1-Footwall
NICO22-014193.2194.71.51.30.670.070.000.000.00M1
NICO22-02269.570.20.70.72.290.110.000.000.00M1
NICO22-036365.9366.20.30.30.940.020.000.000.04M1
NICO22-037181.0182.01.01.00.490.010.000.000.00M1
NICO22-047326.8331.14.32.00.700.060.030.030.03M1
and338.9340.01.10.50.850.040.080.120.05M1
NICO22-048466.3467.91.61.50.760.030.040.090.02M1
including466.3466.80.50.51.500.050.051.700.03M1
and469.5469.80.30.30.830.040.070.080.00M1
and474.6475.71.11.02.300.100.100.170.05M1
NICO22-049598.7599.71.00.73.110.170.280.300.09M1
and601.0602.01.00.71.640.250.170.340.05M1
NICO22-050425.4426.81.41.30.810.070.050.130.03M1
and453.5455.01.51.40.880.050.100.130.00M1
NICO22-02512.012.60.60.61.350.000.260.190.08M1-open stope
NICO22-051270.0270.50.50.40.520.000.120.140.02M2
NICO22-038334.4334.90.50.22.030.120.000.000.00M3
and336.7338.72.01.00.540.030.000.000.02M3
and425.6426.40.80.40.790.020.060.060.01M3
NICO22-047326.8331.14.32.00.700.060.030.030.03M1
NICO22-01692.093.01.00.70.490.010.040.000.00M3
and96.0100.04.02.60.560.010.060.010.00M3
NICO22-021126.0127.01.00.50.430.020.030.060.01M3
and129.5130.00.50.30.480.070.040.280.02M3
NICO22-023143.0144.01.00.40.770.010.010.090.02M3
NICO22-031177.0178.01.00.60.430.010.050.020.00M3
and203.0204.01.00.60.440.000.010.000.00M3
and210.0213.03.01.80.400.010.370.060.00M3
and218.0219.01.00.60.480.020.020.000.00M3
NICO22-033150.0152.02.01.51.530.000.070.110.17M3
including150.0151.01.00.752.280.000.050.130.29M3
and159.0161.02.01.50.530.000.040.040.05M3
and166.0170.04.03.00.510.010.020.010.02M3
and173.0174.01.00.80.710.020.000.000.00M3
NICO22-038321.0325.04.01.90.930.030.010.000.01M3
including321.8322.10.30.146.210.090.000.000.00M3
and334.4334.90.50.22.030.120.000.000.00M3
and336.7338.72.01.00.540.030.000.000.00M3
and425.6426.40.80.40.790.020.100.100.00M3
NICO22-049198.0201.03.01.30.610.000.210.170.02M3
and214.0225.011.04.40.780.000.070.100.02M3
NICO22-03676.080.54.53.51.070.050.080.130.02M4
including76.577.00.50.41.720.140.230.000.00M4
including78.580.52.01.61.480.050.100.000.00M4
*True width calculations were applied separately to Mine 1, Mine 2, and Mine 3-4 zones (horizons) as each has a different orientation in 3D space. Applied orientations are based on best-fit planes to historical intercepts as follows; Mine 1: 147Az, -49NE dip; Mine 2: 127Az, -78NE dip; Mine 3-4: 97Az, -86N dip.

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

Drill HoleFrom (m)To (m)Length (m)Width (m)*Ni (%)Cu (%)Pt (g/t)Pd (g/t)Au (g/t)Zone
NICO22-02269.5070.200.700.702.290.110.000.000.00M1
NICO22-048466.30466.800.500.501.500.050.051.700.03M1
and474.60475.701.101.002.300.100.100.170.05M1
NICO22-049598.70599.701.000.703.110.170.280.300.09M1
and601.00602.001.000.701.640.250.170.340.05M1
NICO22-02512.0012.600.600.601.350.000.260.190.08M1-open stope
NICO22-038334.40334.900.500.202.030.120.000.000.00M3-Footwall
NICO22-033150.00152.002.001.501.530.000.070.110.17M3
including150.00151.001.000.752.280.000.050.130.29M3
NICO22-038321.80322.100.300.146.210.090.000.000.00M3
NICO22-03676.0080.504.503.501.070.050.080.130.02M4
including76.5077.000.500.401.720.140.230.000.00M4
including78.5080.502.001.601.480.050.100.000.00M4

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

Drill HoleUTM_X (mE)UTM_Y (mN)Elevation (m)Length (m)AzDip
NICO22-0137078575358683314.86397215-55
NICO22-0147082385358606315.5834210-70
NICO22-0157086415358526319.31585200-67
NICO22-0167086345358530319.976150-45
NICO22-0177069405359108314.66446260-70
NICO22-0187069355359109315.17288317-65
NICO22-0197069345359107314.89483220-65
NICO22-0207069395359161315.6931820-50
NICO22-0217086345358529319.591920-55
NICO22-0227080015358759320.41303235-45
NICO22-0237086345358529319.643520-60
NICO22-0247085965358661316.54455195-50
NICO22-0257079655358726319.7837215-45
NICO22-0267079655358726319.736215-60
NICO22-0277079515358722319.73150215-65
NICO22-0287079505358722319.61153285-65
NICO22-0297079775358854324.26660215-50
NICO22-0307086375358704319.8357195-50
NICO22-0317087735358701317.24321200-55
NICO22-0327083455358764317.41585190-60
NICO22-0337087735358700317.35426200-45
NICO22-0347087735358701317.2486200-65
NICO22-0357087735358701317.3423235-60
NICO22-0367083455358764317.54603200-45
NICO22-0377082135358869320.12539230-60
NICO22-0387087735358701317.32666160-65
NICO22-0397085675358780317.47495180-50
NICO22-0407089095358455314.821195-45
NICO22-0417089225358451314.8234.2195-60
NICO22-0427089225358452314.7246195-85
NICO22-0437090895358493314.79594210-45
NICO22-0447090905358494314.82398260-65
NICO22-0457090905358492314.8492200-50
NICO22-0467085965358662316.73708250-67
NICO22-0477084875358620317.93444227-55
NICO22-0487086005358667316.69749215-70
NICO22-0497085985358664316.98741295-80
NICO22-0507084905358851317.78606210-62
NICO22-0517089515358710314.75501200-50
NICO22-0527092225358449310.6520120-50

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

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

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

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

Exploration Potential and Next Steps

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

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

QA/QC and Assay Protocols

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

Qualified Person

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

About Somanike Nickel Sulphide Project

The Somanike Nickel Sulphide Project is located in the prolific and mining-friendly Abitibi Region of northwestern Quebec approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda. The Project consists of 148 mining titles (6,882 ha) over the large northwest-trending La Motte Ultramafic Complex, within the Abitibi Greenstone Belt. The ultramafic rocks host several nickel sulphide occurrences, recognized nickel targets (geophysical and geological), and areas of historical high-grade nickel production (Marbridge Ni-Cu Mine).

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

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

About Class 1 Nickel 

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

For more information, please contact: 

Mr. David Fitch, President & CEO

T: +61.400.631.608

E: info@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

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

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

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

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

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

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

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

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

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

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

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

About The River Valley PGE Project 

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

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

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

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

Qualified Person

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

About Class 1 Nickel 

Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the exploration and development of its 100% owned Somanike komatiite hosted nickel-copper sulphide project in Quebec, which includes the historical Marbridge Mine. Additionally, the Company also owns the Alexo-Dundonald Project, a portfolio of komatiite-hosted magmatic nickel-copper-cobalt sulphide deposits located near Timmins, Ontario and the River Valley PGE Project, located immediately south of New Age Metal’s River Valley Palladium Project, about 65 km northeast of Sudbury, Ontario.

For more information, please contact: 

Mr. David Fitch, President & CEO

E: info@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Class 1 Nickel and Technologies Ltd. Completes Private Placement

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

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

About Class 1 Nickel 

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

For more information, please contact:

David Fitch, President 
T: +61 400.631.608 
E: dfitch@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Class 1 Nickel and Technologies Ltd. Completes Private Placement

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

Mr. David Fitch, President of the Company, indirectly purchased an aggregate of 666,666 Shares pursuant to the Private Placement. As Mr. Fitch is an insider of the Company, the Private Placement is a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“ MI 61- 101 ”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as the Company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Private Placement, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

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

About Class 1 Nickel

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

For more information, please contact:

David Fitch, President
T: +61 400.631.608
E: dfitch@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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

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

Key Points:

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

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

Figure 1. Location of the Somanike Project near the city of Val-d’Or, Quebec.
Figure 2: Completed drilling at Marbridge.
Figure 3: A 3D overview of the drill holes completed in phase 1 with modelled mineralized zones.
Figure 4: A plan view of the drill holes completed to date with 2nd Vertical Derivative DroneMAG background.

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

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

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

Hole NameEastingNorthingElevationLengthAzimuthDip
NICO22-013707857.005358682.68314.86397.00215.00-55.00
NICO22-014708238.115358605.70315.50834.00210.00-70.00
NICO22-015708640.745358525.81319.31585.00200.00-67.00
NICO22-016708634.165358530.08319.97615.000.00-45.00
NICO22-017706939.675359108.07314.66446.00260.00-70.00
NICO22-018706934.495359109.10315.17288.00317.00-65.00
NICO22-019706933.925359107.09314.89483.00220.00-65.00
NICO22-020706938.785359161.43315.69318.0020.00-50.00
NICO22-021708634.375358528.97319.59192.000.00-55.00
NICO22-022708000.465358758.78320.41303.00235.00-45.00
NICO22-023708634.395358528.77319.64352.000.00-60.00
NICO22-024708596.445358660.78316.54455.00195.00-50.00
NICO22-025707964.725358725.67319.7837.00215.00-45.00
NICO22-026707964.915358725.90319.7036.00215.00-60.00
NICO22-027707950.595358722.17319.73150.00215.00-65.00
NICO22-028707949.945358722.43319.61153.00285.00-65.00
NICO22-029707977.175358853.69324.26660.00215.00-50.00
NICO22-030708636.955358704.12319.80357.00195.00-50.00
NICO22-031708772.785358700.69317.24321.00200.00-55.00
NICO22-032708344.885358764.27317.41585.00190.00-60.00
NICO22-033708772.745358700.49317.35426.00200.00-45.00
NICO22-034708772.865358700.87317.20486.00200.00-65.00
NICO22-035708772.975358701.30317.30423.00235.00-60.00
NICO22-036708344.855358763.58317.54603.00200.00-45.00
NICO22-037708213.245358869.09320.12539.00230.00-60.00
NICO22-038708772.875358700.62317.32666.00160.00-65.00
NICO22-039708566.695358779.82317.47495.00180.00-50.00
NICO22-040708908.905358455.08314.8021.00195.00-45.00
NICO22-041708921.885358451.24314.8234.20195.00-60.00
NICO22-042708921.875358451.62314.7246.00195.00-85.00
NICO22-043709088.835358493.44314.79594.00210.00-45.00
NICO22-044709090.175358493.96314.82398.00260.00-65.00
NICO22-045709089.565358492.49314.80492.00200.00-50.00
NICO22-046708596.445358661.82316.73708.00250.00-67.00
NICO22-047708486.465358619.81317.93444.00227.00-55.00
NICO22-048708600.395358667.17316.69749.00215.00-70.00
NICO22-049708597.795358663.77316.98741.00295.00-80.00
NICO22-050708490.185358850.98317.78606.00210.00-62.00
NICO22-051708950.905358709.54314.75501.00200.00-50.00
NICO22-052709222.155358449.23310.65201.0020.00-50.00

About Somanike Project

The Somanike Project consists of 148 mining titles (mining rights area) covering 6,882 hectares within a large NW-trending ultramafic complex within the Abitibi Greenstone Belt that hosts several nickel sulphide occurrences, recognized nickel targets, ultramafic trends, and geophysical anomalies. The project is located in the prolific and mining-friendly Abitibi region of northwestern Quebec approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda.

The Somanike Project includes Quebec’s first nickel mine, the historical Marbridge Mine, which was a high-grade nickel mine operated by Falconbridge Nickel. The Marbridge Mine occurs within a large NW-trending deformed and altered ultramafic complex. The Falconbridge Nickel reported production of 702,366 tons grading 2.28% Ni and 0.10% Cu from 1962 to 1968, prior to being placed on care and maintenance in 1968. The Mine consisted of two shafts accessing four separate mineralized zones over a combined strike length of 1000 m. The mineralized material was trucked 25 km south and processed at the Canadian Malartic plant. Since 1968, leading groups have reviewed Marbridge data and reports and unanimously concluded that mining ceased in mineralization and the four nickel sulphide zones remain open to expansion by drilling along strike and down-dip/plunge.

Qualified Person

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

About Class 1 Nickel 

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

For more information, please contact:

Mr. David Fitch, President & CEO
T: +61 400 631 608 
E: dfitch@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Class 1 Nickel and Technologies Ltd. Completes Private Placement

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

As Mr. Fitch is an insider of the Company, the Private Placement is a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement as the Company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Private Placement, insofar as it involves the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).

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

About Class 1 Nickel 

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

For more information, please contact:

David Fitch, President 
T: +61 400.631.608 
E: dfitch@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, completion of the Private Placement as presently proposed or at all, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Class 1 Nickel and Technologies Ltd. Completes Private Placement

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 more information, please contact:

David Fitch, President 
T: +61 400.631.608 
E: dfitch@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, completion of the Private Placement as presently proposed or at all, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Class 1 Nickel and Technologies Ltd. Completes Private Placement

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 more information, please contact:

David Fitch, President 
T: +61 400.631.608 
E: dfitch@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the prospective nature of the Company’s property interests. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1 Nickel, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic, receipt of regulatory approvals, completion of the Private Placement as presently proposed or at all, and availability of capital. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Class 1 Nickel announces the first update of its Drill Program to test the TDEM Geophysical anomalies at Somanike (Marbridge Mine) project, near Val-d’Or, Quebec

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:

  1. Investigate in situ mineralization at the historical mines, and lateral extent using the new TDEM data as a guide.
  2. 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.
  3. Investigate potential for feeder system mineralization.
  • Maximum depth of historical drilling at:
  1. Mine 1 is 593 metres, immediately down plunge of the mine;
    1. Mine 2 is 227 metres; and
    1. Mines 3 and Mine 4 are 132 metres.
    1. 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 NameEastingNorthingElevationAzimuthDipLength
NICO-22-013707854.405358672.30313.00215.00-55.00397.00
NICO-22-014708238.905358604.90314.58210.00-70.00834.00
NICO-22-015708643.005358529.00318.00200.00-67.00585.00
NICO-22-016708643.005358529.00318.000.00-45.00615.00
NICO-22-017706930.005359105.00314.00260.00-70.00446.00
NICO-22-018706930.005359105.00314.00317.00-65.00288.00
NICO-22-019706930.005359105.00314.00220.00-65.00483.00
NICO-22-020706936.245359166.80314.0020.00-50.00318.00
NICO-22-021708643.005358529.00318.000.00-55.00192.00
NICO-22-022707998.505358761.00319.00235.00-45.00303.00
NICO-22-023708643.005358529.00318.000.00-60.00252.00
NICO-22-024708597.005358665.00318.00195.00-50.00455.00
NICO-22-025707966.005358715.00318.39215.00-45.0037.00
NICO-22-026707966.005358715.00318.39215.00-60.0036.00
NICO-22-027707954.005358720.00318.60215.00-65.0024.00
NICO-22-028707954.005358720.00318.60285.00-65.00153.00
NICO-22-029707975.005358856.00321.90215.00-50.00660.00
NICO-22-030708636.005358703.00320.00195.00-50.00357.00
NICO-22-031708773.005358702.00318.50200.00-55.00321.00
NICO-22-032708350.005358765.00318.00190.00-60.00588.00
NICO-22-033708773.005358702.00318.50200.00-45.00426.00
NICO-22-034708773.005358702.00318.50200.00-65.00486.00
NICO-22-035708773.005358702.00318.50235.00-60.00423.00
NICO-22-036708350.005358765.00320.00200.00-45.00603.00
NICO-22-037708211.005358874.00320.00230.00-60.00539.00
NICO-22-038708773.005358702.00318.50160.00-65.00666.00
NICO-22-039708560.005358806.00316.95180.00-50.00495.00
NICO-22-040708903.605358447.00314.00195.00-45.0021.00
NICO-22-041708923.005358460.00313.00195.00-60.0033.00
NICO-22-042708923.005358460.00313.00195.00-45.0046.00
NICO-22-043709083.005358493.00313.00210.00-45.00594.00
NICO-22-044709083.005358493.00313.00260.00-65.00398.00
NICO-22-046708597.005358665.00320.31250.00-67.00441.00
NICO-22-047708486.005358619.00317.30227.00-55.00444.00
NICO-22-048708597.005358665.00320.31215.00-70.00747.00

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. 

For more information, please contact: 

Mr. David Fitch, President & CEO

T: 416.454.0166

E: info@class1nickel.com

For additional information please visit our website at www.class1nickel.com and our Twitter feed:@Class1Nickel.

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking info