TORONTO, July 18, 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 proposes to complete a non-brokered private placement (the “Private Placement”) of up to 4,000,000 common shares of the Company at a price of Cdn$0.25 per share to raise aggregate gross proceeds of up to Cdn$1,000,000. Mr. David Fitch, President of the Company, has committed to fully fund the Private Placement, which remains subject to the receipt of all regulatory approvals.
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.
A new Ground TDEM Geophysical Survey confirms ten (10) new exploration targets within a La Motte ultramafic complex that hosts the former Marbridge Nickel Mine.
Four (4) Electro Magnetic (EM) anomalies indicate potential near-exploration targets identified within a 2-kilometre vicinity, including a shallow and un-drilled anomaly spanning over 800 metres immediately south of Marbridge.
Three (3) anomalies correlate with nickel mineralization at the former Marbridge Nickel Mine. The geophysical compilation also indicates that conductive trends continue down plunge and along strike of known nickel mineralization. Two (2) anomalies indicate a very poorly tested trend in the immediate footwall to Marbridge Mine #2 and a potential hanging wall zone respectively.
A laterally extensive TDEM trend occurs on the Ataman zone that where localized shallow historical drilling confirms high-grade nickel sulphides.
Compiled magnetic surveys correlate directly with ultramafic rocks and map their extent.
Interpretation and planning of a diamond drilling campaign now underway.
Class 1 Nickel and Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO), is pleased to announce positive initial results and recommendations stemming from the 32.85 line-km ground TDEM survey that has been completed over the Somanike Nickel Sulphide Project (the “Project” or “Property”) in La Motte, Quebec.
The company is pleased to announce that 10 new EM anomalies have been successfully identified including a grouping in the vicinity of the historical Marbridge Mine.
The Somanike Nickel Project is located 25 km north of the town of Malartic and is comprised of 172 contiguous mining claims with a combined area of 45.3km. The Somanike Project includes the famous Marbridge Nickel Mine and its associated deposits which were partially mined by Falconbridge Nickel, delivering 702,366 tons grading 2.28% Ni and 0.1% Cu over a five-year period ending in 1968 (see attached Figures 1-3).
President Mr. David Fitch commented, “The presence of these new EM anomalies in the vicinity of the Marbridge Mine is both exciting and significant for the Company and further supports the various expert opinions that have unanimously concluded that Marbridge could extend deeper and along strike. Furthermore, anomalies detected elsewhere in association with ultramafic rocks, bodes well for exploration success.”
Exploration Manager P. Geo Mr. Alex Beloborodov observed, “The new geophysical signatures along with a now-advanced geological database will assist our team in building a targeted diamond drill program. Our aim is to explore these signatures for new nickel-rich sulphide bodies and to investigate the potential continuity and extension of the known mineralized horizons in the vicinity of the historical Marbridge Nickel Mine.”
The four Marbridge Nickel Mine deposits are equally spaced (300‐350 meters apart) over a one-kilometre strike length within a northwest trending ultramafic body interpreted to represent komatiitic flows. The nickel-sulphide mineralization exhibits relatively strong plunge continuity. The deposits plunge either east or southeast and are steep except for the #1 Mine which has a shallow easterly plunge. The ore mined previously was sourced largely from Mine 1 and was milled at the Canadian Malartic located 25 kilometres to the south of the project. Ore mined had an estimated average recovery of 88% producing a concentrate grade reported at 11.9% Ni (source: Falconbridge Limited reports and public domain). The concentrate was shipped to Falconbridge’s Sudbury smelter. The deposits are ultramafic‐associated, sub‐cropping, plunging “shoots” of high-grade nickel sulphides. These are conductive and comprised of disseminated and massive sulphides with a small surface expression and relatively good continuity down plunge.
Modelling by the Company shows the main lenses are open at depth and has also confirmed the existence of a largely unexplored footwall horizon that correlates well with the Marbridge EM-6 trend.
Consulting geophysics group TMC Geophysics reported that the new EM anomalies identified are included within the confines of 3 main E/W to ESE/WNW oriented conductive horizons or anomalous trends. The most prospective conductive horizons being the Marbridge and Ataman trends for which relative interest is already confirmed from past exploration works and drilling.
TMC Geophysics have advised the company to infill the original grid with STDEM reconnaissance profiles at 100 m apart. This would represent a major add-on for the survey data analysis, as one can already observe its relevance by the examination of the historical airborne EM data. Planned drill holes will be surveyed with down-hole geophysical systems (BHEM). These surveys have proved successful in identifying off-hole mineralization in major nickel camps throughout the world. Downhole BHEM systems have very likely never been used in the Marbridge area.
The Company’s technical team are now reviewing the results with a view to planning a consequential drilling program.
Qualified Person
All the technical information in this news release has been reviewed and approved by Alexandr Beloborodov, P.Geo., geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.
Class 1 Nickel and Technologies Limited (CSE: NICO) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of Kambalda-Type komatiite-hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario, as well as exploring the Somanike komatiite hosted nickel copper project in Quebec, which includes the well-known Marbridge Nickel 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.
Cautionary Note Regarding Forward-Looking Statements and Information
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the impact and implications of the EM anomalies at the Project, the growth potential and possible economics of the Project and the Company’s understanding of the Project, the development potential and timetable of the Project; the timing and amount of estimated future exploration; costs of future activities; capital and operating expenditures; success of exploration activities; the anticipated ability of investors to continue benefitting from the Company’s low discovery costs; technical expertise and support from local communities; and the anticipated timing and receipt of applicable regulatory approvals for the Private Placement. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of Class 1 Nickel to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Class 1 Nickel will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Class 1 Nickel to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact the COVID-19 pandemic may have on the Company’s activities and the economy in general; the impact of the recovery post COVID-19 pandemic and its impact on nickel and other metals; there being no assurance that the exploration program will result in positive results; risks and uncertainties inherent to mineral exploration activities and resulting estimates; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the latest annual information form of the Company, and in other continuous disclosure documents of the Company available under the Company’s profile at www.sedar.com. Although Class 1 Nickel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Class 1 Nickel does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
TORONTO, May 25, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) announced today that Mr. Mathew Fitch has resigned as a member of the Board of Directors of the Company. The Board of Directors would like to thank Mr. Fitch for his contribution and wish him well in his future endeavours.
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 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, May 02, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to provide an update of its 2021 phase 1 and phase 2 drilling programs on the Alexo-Dundonald Property near Timmins, Ontario (Figure 1).
The summer 2021 program was completed by G4 Drilling of Val-d’Or, Quebec, under the supervision of Terra Modelling Services of Saskatoon, Saskatchewan. Class 1 Nickel’s program consisted of 88 diamond drill holes totalling 20,607 m. Table 1 gives summary statistics for the drilling program.
Table 1. Summary statistics of C1N 2021 drilling, Alexo-Dundonald Property in northeastern Ontario.
Area
Alexo South
Alexo North
Dundonald South
Scissor Holes
Total
Drill Holes
37
29
18
4
88
Total Metres
9177
5813
4919
641
20607
Max Hole Depth (m)
432
306
434
201
434
Min Hole Depth (m)
102
135
126
102
102
Average Depth (m)
248
198
259
160
234
Min Dip (°)
-43.3
-43.7
-42.38
-43.71
Max Dip (°)
-61.81
-51.85
-75.17
-45.45
Drilling concentrated on exploring around the periphery of the three mineralised zones at Alexo South, Alexo North and Dundonald South to test and potentially extend the known close to surface mineralised zones at the three deposits: by
Following up geophysical anomalies remodelled from BHEM data acquired by previous explorers; and
Stepping out drilling into the gaps between the known mineralised envelopes and the pierce points of the previous closest drilling from past exploration around the known deposits.
Drilling also followed up some borehole and VTEM anomalies in the immediate vicinity of the known mineralised zones at Alexo South, Alexo North and Dundonald South.
C1N experienced significant delay in obtaining assay results for the drilling program due to an exceptional delay by the laboratories in running the relevant analyses, with full certified results for all drilling only returned on 17th March, 2022.
Boreholes AN-21-04, 07, 10, 19, 20, 23, 24 to the northeast of Alexo-North targeting BHEM and VTEM anomalies outside the Alexo North mineralised envelope that encountered narrow intervals (<2m) of semi-massive sulphide grading 0.5-2% nickel at shallow depth (100-150m below surface), potentially delineating another small sulphide zone close to surface.
Boreholes AS-21-07, 08 and 09 to the west of Alexo South targeting incremental additions to the Alexo South mineralised lenses intersected shallow intervals of 1-6m downhole widths of disseminated sulphides with grades of 0.3-0.8% nickel.
Boreholes DS-21-02, 05, 09, 10, 14, 16, 17, drilled as incremental step-out to the Dundonald South mineralised envelope that intersected narrow (1-3m) intervals of semi-massive sulphide (0.5-4% nickel). These results are consistent with the known mineralised system and possibly representing minor extensions to the known mineralised envelope.
Borehole EM conducted on a selection of the 2021 holes generally highlighted known sulphide mineralisation, or small conductive plates sitting coincident with known minor sulphide intervals outside the immediate MRE mineralised area.
The full implications of assay results coupled with borehole EM surveys conducted is yet to be evaluated by the company. The Company is incorporating results into its 3D model of geology and geophysics to delineate further targets for testing. As can be seen from the summary statistics, nearly all the 2021 drilling was conducted at a shallow dip (~45-50°) to shallow downhole depths, meaning nearly all drilling was conducted to less than 200m vertical depth below surface, and limited in areal extent to the immediate environs of the known deposits. The deepest holes only tested to a vertical depth on the order of 300m below surface. In the Alexo North and South area, only about 10% of all holes drilled to date extend below 100 m vertical depth from surface.
While exploration has apparently closed out potential for immediate significant upgrade of the mineralisation around the margins of the known deposits, global exploration for komatiite-associated nickel sulphide systems in Australia, and within systems such as Thompson and Raglan in Canada, has demonstrated high potential for exploration and discovery of continued and (or) additional sulphide mineralization along strike or down-plunge within mineralized channelized flows. Similarly, potential parallel channelized environments within the same volcanic flow field offer reliable exploration targets for additional sulphide systems. The shallow nature of past exploration and focus on the near-surface known mineralization at Alexo-Dundonald means that these possibilities have not yet been tested on the Project.
Opportunities exist to test down-plunge and along strike of the known zones at Alexo-Dundonald for additional sulphide lenses with a targeted approach of surface EM, further diamond drilling below and along strike of the current drilling on the deposits, and borehole EM of the deeper drill holes. In addition, none of the priority VTEM anomalies highlighted by the 2019 survey conducted by the Company at Alexo-Dundonald (Figure 2, labelled A-O) have yet been tested with drilling.
No drilling was conducted at Dundonald North during the 2021 drill program. The highest-grade nickel intersections of the Dundonald North Deposit occur at vertical depths of 400 to 525 m below surface. Although deep, there still exists very high potential to expand Dundonald North with several drill holes into open space around these intersections. The nickel mineralization is open to the west with room for further expansion to the east and at depth.
Table 2: Summary of significant results.
DDH Name
From
To
Drilled Width
Ni %
(m)
(m)
(m)
%
AS-21-01
assay data not yet obtained
AS-21-02
assay data not yet obtained
AS-21-03
no significant results
AS-21-04
no significant results
AS-21-05
no significant results
AS-21-06
no significant results
AS-21-07
241.50
243.00
1.50
0.43
AS-21-08
102.00
102.50
0.50
0.51
AS-21-09
102.00
102.50
0.50
0.62
AS-21-09
102.50
104.00
1.50
0.45
AS-21-09
104.00
105.00
1.00
0.30
AS-21-09
105.00
106.00
1.00
0.87
AS-21-09
106.00
107.00
1.00
0.32
AS-21-10
no significant results
AS-21-11
no significant results
AS-21-12
no significant results
AS-21-13
no significant results
AS-21-14
no significant results
AS-21-15
no significant results
AS-21-16
no significant results
AS-21-17
no significant results
AS-21-18
no significant results
AS-21-19
no significant results
AS-21-20
no significant results
AS-21-21
no significant results
AS-21-22
no significant results
AS-21-23
no significant results
AS-21-24
no significant results
AS-21-25
no significant results
AS-21-26
no significant results
AS-21-27
no significant results
AS-21-28
no significant results
AS-21-29
no significant results
AS-21-30
no significant results
AS-21-31
no significant results
AS-21-32
no significant results
AS-21-33
no significant results
AS-21-34
no significant results
AS-21-35
no significant results
AS-21-36
no significant results
AS-21-37
no significant results
AN-21-01
no significant results
AN-21-02
no significant results
AN-21-03
no significant results
AN-21-04
127.70
128.77
1.07
1.21
AN-21-04
128.77
129.35
0.58
1.95
AN-21-05
no significant results
AN-21-06
no significant results
AN-21-07
111.68
111.83
0.15
0.91
AN-21-08
no significant results
AN-21-09
no significant results
AN-21-10
150.00
150.82
0.82
0.31
AN-21-10
150.82
151.69
0.87
1.63
AN-21-10
151.69
153.00
1.31
0.33
AN-21-11
no significant results
AN-21-12
no significant results
AN-21-13
no significant results
AN-21-14
no significant results
AN-21-15
no significant results
AN-21-16
no significant results
AN-21-17
144.48
144.52
0.04
0.87
AN-21-18
no significant results
AN-21-19
136.73
137.03
0.30
1.12
AN-21-19
137.03
138.00
0.97
0.20
AN-21-19
138.00
138.31
0.31
1.41
AN-21-19
138.31
139.00
0.69
0.44
AN-21-19
139.00
140.00
1.00
0.32
AN-21-20
139.81
140.08
0.27
1.19
AN-21-21
no significant results
AN-21-22
no significant results
AN-21-23
136.97
137.90
0.93
0.31
AN-21-23
137.90
138.15
0.25
1.86
AN-21-24
153.00
154.09
1.09
1.18
AN-21-24
154.09
155.54
1.45
0.93
AN-21-25
no significant results
AN-21-26
no significant results
AN-21-27
no significant results
AN-21-28
no significant results
AN-21-29
no significant results
DS-21-001
no significant results
DS-21-002
no significant results
DS-21-002
152.0
153.0
1.0
0.67
DS-21-002
153.0
154.0
1.0
0.89
DS-21-003
no significant results
DS-21-004
no significant results
DS-21-005
102.95
103.95
1.0
0.40
DS-21-005
103.95
104.95
1.0
0.21
DS-21-005
104.95
106.04
1.09
0.23
DS-21-005
106.04
106.14
0.1
3.00
DS-21-005
106.14
107.21
1.07
0.25
DS-21-005
107.21
107.42
0.21
2.33
DS-21-006
no significant results
DS-21-007
no significant results
DS-21-008
no significant results
DS-21-009
171.0
172.0
1.0
0.96
DS-21-009
172.0
173.0
1.0
0.49
DS-21-009
173.0
174.0
1.0
0.53
DS-21-009
173.0
174.0
1.0
0.58
DS-21-009
174.0
175.0
1.0
0.37
DS-21-009
175.0
176.0
1.0
1.10
DS-21-009
348.0
349.0
1.0
0.14
DS-21-009
349.0
350.0
1.0
0.12
DS-21-009
350.0
351.0
1.0
0.08
DS-21-010
62.0
62.5
0.5
0.32
DS-21-010
62.5
63.0
0.5
0.31
DS-21-010
63.0
63.5
0.5
1.19
DS-21-011
no significant results
DS-21-012
no significant results
DS-21-013
no significant results
DS-21-014
101.46
102.83
1.37
0.61
DS-21-014
102.83
104.22
1.39
0.82
DS-21-014
104.22
105.72
1.5
0.89
DS-21-014
115.08
116.36
1.28
0.72
DS-21-014
116.36
117.76
1.4
1.31
DS-21-014
117.76
119.05
1.29
4.99
DS-21-014
144.0
145.5
1.5
0.10
DS-21-014
145.5
147.0
1.5
0.15
DS-21-014
147.0
148.5
1.5
0.15
DS-21-014
209.39
210.65
1.26
3.12
DS-21-015
no significant results
DS-21-016
232.0
233.0
1.0
1.36
DS-21-016
233.0
234.0
1.0
0.17
DS-21-016
234.0
235.0
1.0
0.20
DS-21-016
235.0
236.0
1.0
0.97
DS-21-016
236.0
237.0
1.0
1.54
DS-21-016
237.0
238.0
1.0
0.97
DS-21-017
242.0
243.0
1.0
4.66
DS-21-017
243.0
244.33
1.33
0.65
DS-21-017
244.33
245.0
0.67
0.08
DS-21-018
no significant results
SOX-21-01
no significant results
SOX-21-02
no significant results
SOX-21-03
no significant results
SOX-21-04
no significant results
* drill core width only, does not represent true width.
Table 3: Localisation of 88 drill holes.
Hole Name
Easting
Northing
Elevation
Azimuth
Dip
Hole Length (m)
AS-21-01
514078
5389227
334
149
-54
276
AS-21-02
513994
5389265
333
146
-46
327
AS-21-03
513988
5389196
320
154
-48
192
AS-21-04
514287
5389325
320
148
-50
177
AS-21-05
514362
5389343
321
148
-49
150
AS-21-06
514382
5389319
321
152
-49
126
AS-21-07
513809
5389102
325
151
-43
279
AS-21-08
513836
5388947
323
148
-45
156
AS-21-09
513767
5388873
323
148
-58
150
AS-21-10
513838
5389043
327
151
-44
189
AS-21-11
513820
5389031
328
150
-45
225
AS-21-12
513801
5389012
332
150
-45
225
AS-21-13
513854
5388916
322
142
-44
102
AS-21-14
513843
5389003
335
150
-45
201
AS-21-15
513820
5388975
323
150
-45
201
AS-21-16
513789
5388967
329
149
-45
201
AS-21-17
513778
5389112
327
150
-45
300
AS-21-18
513786
5389040
339
150
-45
267
AS-21-19
513810
5388927
329
148
-45
156
AS-21-20
513798
5388894
332
148
-45
168
AS-21-21
513775
5388943
338
147
-45
195
AS-21-22
513745
5388910
334
147
-61
186
AS-21-23
513734
5388943
339
149
-62
234
AS-21-24
513722
5388827
321
147
-61
156
AS-21-25
513685
5388878
321
151
-61
183
AS-21-26
514095
5389227
330
150
-55
267
AS-21-27
514001
5389216
334
150
-55
402
AS-21-28
513865
5389243
329
149
-45
282
AS-21-29
513874
5389173
329
150
-60
396
AS-21-30
513796
5389190
327
147
-51
348
AS-21-31
513863
5389225
324
151
-62
432
AS-21-32
513846
5389172
326
151
-57
387
AS-21-33
513841.1
5389104
323
150
-45
312
AS-21-34
513970
5389309
325
147
-44
405
AS-21-35
513549
5388819
307
141
-54
222
AS-21-36
514238
5389410
325
150
-45
402
AS-21-37
514265
5389355
325
152
-45
300
AN-21-01
513749.2
5389543
311
148
-46
201
AN-21-02
513735.3
5389516
311
150
-45
201
AN-21-03b
513935.3
5389549
309
151
-45
135
AN-21-04
513903.8
5389642
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QA/QC
Class 1 Nickel employed a quality assurance and quality control program for the drill program, to ensure leading practice in the sampling and analysis of drill core. This practice includes insertion of certified standards and blanks into the drill core sample stream. Assay samples are taken from NQ-size drill core sawn in half; one-half of the core is shipped to AGAT Laboratories in Mississauga and ALS Labs in Timmins for assay and the other half is kept in the core box on-site for future reference. At AGAT Laboratories, the analytical methods employed consist of four-acid digest followed by sodium peroxide fusion and ICP-OES finish for multi-element analysis (including Ni, Cu, Co and S); fire-assay collection and ICP-OES finish for palladium, platinum and gold; and nickel collection fire assay and ICP-MS finish for the platinum-group elements, including rhodium.
About the Alexo-Dundonald Project
The 100%-owned Alexo-Dundonald Property is an advanced portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide deposits located 45 km northeast of the City of Timmins (Ontario, Canada), a world-class mining jurisdiction with processing plants in need of additional feed. Class 1 Nickel has assembled a strategic land package that combines the historically mined Alexo nickel sulphide deposits with the Dundonald nickel sulphide prospects to create a larger and more diversified property portfolio. The Company’s updated total estimated Indicated Mineral Resource consists of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Ni as per NI 41-101 Technical Report completed by P&E Mining Consultants Inc (December 17, 2020). The Company is currently drilling to expand the known Mineral Resources and discover new resources to support a Preliminary Economic Assessment.
Qualified Persons
All the technical information in this news release has been reviewed and approved by Alex Beloborodov (P.Geo.), geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.
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.
Alex Beloborodov joins the Class 1 Nickel Team as the Exploration Manager Quebec and Robin Adair joins as an Independent Geological Technical Advisor
Approvals and line cutting have been completed for the ground geophysics program at the Somanike Project
Ground EM crew from Geophysique TMC is currently mobilizing on site for a planned 35km time-domain electromagnetic survey (TDEM)
TDEM deeper penetrating ground-based geophysics will be deployed to confirm possible extensions to historical mineralization and to identify new drill targets ahead of an extensive drilling campaign in 2022.
TORONTO, March 23, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce the appointments of Mr. Alex Beloborodov and Mr. Robin Adair to the Class 1 Nickel team to accelerate exploration at the Somanike Nickel Project in Quebec, a komatiite-hosted magmatic sulphide Ni-Cu property, which includes the famous Marbridge Nickel Mine.
David Fitch, President & Director stated: “We are excited to have Alex and Robin join the team to rapidly accelerate the exploration program at Somanike. The geophysical program underway will cover a large portion of the known historical nickel trends as well as the Marbridge Mine and will lead nicely into a comprehensive drill campaign”.
The famous Marbridge Mine, which was the first nickel sulphide producing mine in Quebec, has not been drill tested in more than five decades and has not been assessed by modern geophysical technologies capable of detecting magmatic sulphide deposits.
Alex Beloborodov is a professional geologist with 11 years of experience in nickel, copper and gold exploration in Quebec and Nunavut. He spent 6 years working in nickel sulphide exploration with various greenfield and brownfield projects as well as working on a producing nickel mine with Canadian Royalties. Mr. Beloborodov has a B.Sc. in Geology from Université du Quebec à Montréal.
Robin Adair is a Professional Geologist and has 37 years in mineral exploration and project development experience with a significant proportion focused on magmatic nickel – copper – PGE projects in Canada with Falconbridge Ltd. He worked directly on the Somanike Project from 2014-2017. Mr. Adair holds a B.Sc. and M.Sc. from the University of Alberta.
Alex Beloborodov stated, “Considering that most of the historical drilling and mining at Marbridge has only ever been shallow work at less than 300 m below surface, the great bulk of the project remains essentially untested. Therefore, we are all keenly interested to see the potential generation of additional nickel sulphide targets.”
The Geophysics program will cover the entire Marbridge trend, the Ataman trend and the Cominco showing as well.
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 All the technical information in this news release has been reviewed and approved by Alexandr Beloborodov, P.Geo., geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.
About Class 1 Nickel Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a mineral resources company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite-hosted magmatic sulphide Ni-Cu-Co-PGE mineral resources located near the City of Timmins, Ontario. The Company also owns the Somanike komatiite-hosted magmatic sulphide Ni-Cu property in Quebec, which includes the famous Marbridge Nickel Mine, and the 100% owned River Valley PGE Project located about 65 km northeast of Sudbury, 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 information, other than as required by applicable securities laws.
A surface TDEM geophysics campaign has commenced at the Somanike Nickel-Copper – PGE project in La Motte Quebec
Direct coverage to now be applied over the famous Marbridge Mine, a former shallow producing Nickel-Copper mine that has not been directly drilled in more than 4 decades
TDEM deeper penetrating ground-based geophysics will be deployed to confirm possible extensions to historical mineralization and to identify new drill targets ahead of an extensive drilling campaign in 2022
TORONTO, Feb. 09, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that that it has contracted Geophysique TMC to conduct a TDEM (time-domain electromagnetic survey) over the entire Marbridge and Ataman trend.
Chief Geophysicist for Class 1 Nickel, Mr. Alan King, commented, “Completing a new TDEM survey will allow us to compare signatures from the known mineralized sulphide zones with what may lay deeper and/or surrounding the known deposits, and will be valuable in determining the potential of the Somanike Property around the Marbridge Nickel Mine.”
Conducting TDEM over the immediate vicinity of Marbridge historic Nickel Mine will allow the technical team to map conductors of significance in subsurface areas that may be associated with magmatic semi-massive to massive Ni-Cu-Co-PGE sulphides, to an initial depth of down to approximately 400 metres. Targets from the TDEM survey will be followed up using drilling, and borehole EM surveys, as appropriate.
Alexandr Beloborodov, President of ABG Exploration Inc. (Exploration Manager Quebec) stated, “Successful nickel sulphide mines can plunge to depths of in some cases more than 1 or 2 km from surface, therefore the potential size and scale of Marbridge is presently unknown. Considering that most of the historical drilling and mining at Marbridge has only ever been shallow work at less than 300 m below surface, the great bulk of the project remains essentially untested. Therefore, we are all keenly interested to see the potential generation of additional nickel sulphide targets.”
The La Motte belt extends for 12 kilometres northwest of Lac Malartic and hosts several Ni-Cu deposits and occurrences
Mr Beloborodov also commented; “Furthermore The Marbridge area is a loci to ultramafic volcanism on the basis of a significant amount of ultramafic rocks present in the area, plus the known magmatic sulphide mineralisation. In addition to the Marbridge mine lenses, disseminated to semi-massive nickel sulphide mineralisation has been discovered associated with mafic ultramafic lithologies in other areas, both within and immediately adjacent to the project tenement areas. At the Ataman prospect immediately south of Marbridge, it is apparent that there are two general mineralized horizons.”
Qualified Person
All the technical information in this news release has been reviewed and approved by Alexandr Beloborodov, P.Geo., geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.
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, Feb. 03, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that the Company has expanded its land position through staking at its 100% owned River Valley PGE Project (the “Project”) located about 60 to 70 km northeast of Sudbury, Ontario, Canada. This latest acquisition, referred to as “River Valley East Property”, increases its total land holdings in the Project to approximately 4214 hectares.
David Fitch, President of Class 1 Nickel, commented, “We look forward to exploring this new addition to our prospective land position on the River Valley PGE Project which includes historical showings and limited drilling on the separate “Crerar Township Property” which covers historical results ranging from 0.01 to 2.2 g/t Pt+Pd+Au from rock grab samples and 2.78 g/t Pt+Pd+Au over 1.5 m from past diamond drilling. We believe that this Project provides an excellent opportunity to explore and potentially build PGE mineral resources near the well-established Ni-Cu-PGE mining camp of Sudbury.”
About the River Valley PGE Project
The new staking comprising the River Valley East Property consists of 97 contiguous mining claims (approximately 2129 ha) whereas the separate Crerar Township Property comprises 95 contiguous mining claims (approximately 2085 ha). The River Valley East Property is located immediately east and the Crerar Township Property immediately south of New Age Metals Inc.’s River Valley Palladium Project which is at the Preliminary Economic Assessment stage and has started a pre-feasibility study.
The Project is located within a geologically diverse area that straddles the Superior (Neoarchean), Southern (Paleoproterozoic) and Grenville (Mesoproterozoic) Provinces of the Canadian Shield. Of particular importance to the Project are a series of large, east-northeast-trending, layered, mafic igneous intrusions referred to as the East Bull Lake Intrusive Suite and which include the River Valley Intrusion. These intrusions are notable for containing high concentrations of PGE-Cu-Ni sulphide mineralization hosted in reef and/or contact-type deposits and occurrences. Contact-type sulphide mineralization is the primary target in the River Valley Intrusion, hosted largely by the Marginal Series rocks that are dominated by the PGE-bearing Breccia Unit.
Disclosure
Mineralization occurring on other exploration properties in the area is not necessarily indicative of mineralization hosted on the Company’s Project. Historical information and data referred to in this news release has not been independently verified by a Qualified Person. Drill hole intervals in this news release are presented as core lengths and are not considered true widths.
Qualified Person
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo.), an independent consultant and 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 development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite-hosted magmatic sulphide Ni-Cu-Co-PGE mineral resources located near the City of Timmins, Ontario. The Company also owns the Somanike komatiite-hosted magmatic sulphide Ni-Cu property in Quebec, which includes the famous Marbridge Nickel Mine, and the 100% owned River Valley PGE Project located about 65 km northeast of Sudbury, 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 information, other than as required by applicable securities laws.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO, Jan. 10, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce the appointment of Mr. David Riekie to its board of directors, effective today.
David is an experienced director in the capacity of both Executive and Non-Executive roles of publicly listed companies. His career has spanned multiple continents. He has overseen exploration and resource development, scoping and feasibility studies, production optimization, stakeholder engagement, acquisition programs and expansion initiatives. David is currently the Executive Director of Tanzanian Nickel Explorer, Adavale Resources Limited (ASX:ADD) and has recently served on the Boards of remote power generation and energy solutions specialist Zenith Energy Limited, independent uranium producer Paladin Energy Limited and minerals explorer MetalsTech Limited. David also served as interim CEO to Poseidon Nickel Limited. David holds a Bachelor of Economics and a Graduate Diploma of Accounting from Flinders University, South Australia and has been a member of the Australian Institute of Chartered Accountants since 1986.
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.
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 prospective nature of the Corporation’s property interests.. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1, 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 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO, Dec. 31, 2021 (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 closed a non-brokered private placement (the “Offering”) pursuant to which it has issued an aggregate of 7,000,000 common shares (“Shares”) at a price of $0.21 per Share, to raise aggregate gross proceeds of $1,470,000. The net proceeds raised pursuant to the Offering will be used for working capital and exploration expenditures.
An insider of the Company purchased all of the Shares pursuant to the Offering. All securities issued pursuant to the Offering are subject to a statutory hold period expiring on May 1, 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.
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 use of proceeds of the Offering and the prospective nature of the Corporation’s property interests.. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1, 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 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. 12, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that the Company has confirmed the existence of high-grade mineralization from surface samples at the Somanike Project in La Motte Quebec.
David Fitch, President of Class 1 Nickel indicated that: “We engaged ABG Exploration to take samples of previously blasted rocks from around the Somanike and Bilson-Cubric high-grade historical resource and the PGE occurrences to the east. The results confirm the rock types and the high-grade nature of the magmatic sulphide mineralization”.
Alexandr Beloborodov, P.Geo. an independent consultant, recently completed a due diligence site visit at the Somanike Project with the purpose of confirming the Ni-Cu-PGE mineralization around the historic Marbridge mine area, the Ataman nickel zone and the Bilson-Cubric showing. A total of 10 samples were collected over a two-day period on the Project. These samples were submitted to ALS Canada Ltd. laboratories in Val-d’Or. Grab samples were sourced from surface showings at Ataman, Marbridge and Bilson-Cubric outcrops.
Initial Site Visit Highlights:
Grab samples taken from old mineralized Somanike (Bilson-Cubric, Ataman and Marbridge projects) confirm the high-grade nickel and platinum group elements (PGEs) abundances and tenor of these deposits
Re-sampled surface samples confirm the high nickel and high PGE contents of the multiple Somanike showings
Re-sampling of old Bilson-Cubric showing also confirmed the reproducibility of nickel (Ni), copper (Cu) and PGE mineralization from historical work
The Somanike Project consists of 148 mining titles (mining rights area) covering 6882 hectares within a large NW-trending ultramafic complex that hosts several nickel sulphide occurrences in the prolific Abitibi Greenstone Belt region of northwestern Quebec. The Somanike Project is located 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 property also contains many recognized target nickel trends and geophysical anomalies. One of these trends is the Ataman conductor trend, located 1 km south of the Marbridge Mine.
The Somanike Project includes Quebec’s first nickel mine, the historical Marbridge Mine, which is 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.
Following closure of the Marbridge Mine in 1968, exploration in the Somanike area has been largely dormant. Historical exploration programs focused on magmatic nickel sulphide deposits, such that the majority of assays were for Ni and very limited Cu. Somanike was not investigated by modern geophysical surveys until 2014, when a VTEM survey was flown over the entire property with the objective of identifying nickel-copper sulphide targets for drill testing. Compilation of all historical drill data in conjunction with the 2014 VTEM survey identified numerous targets and exploration programs were designed to test for the presence of significant nickel and copper sulphides. In 2019, a high Resolution Helicopter-Borne Magnetic Survey by GDS was carried over the Somanike Property.
Qualified Person All the technical information in this news release has been reviewed and approved by Alexandr Beloborodov, P.Geo., independent geological consultant to the Company, who is a Qualified Person under the definitions established by National Instrument 43‐101.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near the City of 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
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.
