• 4000 m Phase 1 drilling program set to commence at the historical Mines 1, Mine 2, Mine 3, and Mine 4, to explore new geophysical anomalies associated with ultramafic complex hosting nickel mineralization.
• Initial 27 drill holes designed to test in situ mineralization in the vicinity of historical mining, including crown pillars, and to investigate TDEM anomalies in geology favourable for nickel mineralization.
• Approvals in place, drill rig operator hired, on-site technical team secured.
• Depth of historical drilling at Mine 1 is 593 metres, immediately down plunge, Mine 2 is 227 metres, and Mines 3 and Mine 4 are 132 metres. Mineralization is open in all areas and the lateral extent is poorly confined.
• Compilation of historical data indicates that mineralization occurs in very poorly explored ultramafic rocks north of the historical mines.
• Compilation suggests the possibility of intrusive feeder system(s) to the komatiite flows and these are a new conceptual target for nickel mineralization.
• Borehole electromagnetic surveys are planned for deeper holes using dedicated Ni-Cu exploration technology (B-Field receivers).

TORONTO, Aug. 23, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that all necessary approvals have been granted and all contractors secured to commence a Phase 1 drill program in August 2022 at Somanike Nickel-Copper-Cobalt PGEs Project (“Somanike”), located near Val-d’Or, Quebec (Canada). 

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

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

Figure 2: Phase 1 planned drilling

Drill Program Plan for Somanike central (Marbridge area).

The Phase 1 program consists of 27 diamond holes for a total of approximately 4500 meters (Figure 2). Additional holes are being planned. Where warranted, new drill holes will be surveyed by downhole EM methods designed to detect magmatic sulphides. The drill program has been designed following extensive analyses of and re-interpretation of historical data in context with new geophysical data. Mobilization of one diamond drill rig to its Somanike Project is expected by the end of August.

The Company’s principal objectives are to:

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.

The famous Marbridge Mine, which was the first nickel sulphide producing mine in Quebec, has not been seriously drill tested in more than five decades and has not been assessed by modern geophysical technologies capable of detecting magmatic sulphide deposits.

Alex Beloborodov stated, “Most of the historical drilling and mining at Marbridge has only ever been shallow work at less than 300 m below surface, the great bulk of the project remains essentially untested. Therefore, we are all keenly interested to see the potential generation of additional nickel sulphide targets.”

Mr. Beloborodov goes on to say, “The Marbridge deposit area has never been investigated by modern geophysical techniques and EM anomalies will be drilled to test what is left of the original Marbridge deposit as well as to discover new deeper or parallel massive sulfides. This area will be seriously tested for the first time since the end of production in 1968.”

About Somanike Project

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

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

Qualified Person

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

About Class 1 Nickel 

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

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 information, other than as required by applicable securities laws.

• 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.”

Figure 1: Somanike Project Location Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a466e6d9-a26e-477b-8e80-9610737d47fa

Figure 2: TDEM anomalies on first derivative magnetic map is available https://www.globenewswire.com/NewsRoom/AttachmentNg/bda9c06c-3be9-4ab1-9c65-2a2f6d3844a0

Figure 3: EM anomalies conductivity base map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/88b02aed-9086-4e58-8f9e-fe0f8f865107

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.

For more information, please contact:

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

About Class 1 Nickel and Technologies Limited: 

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.

For additional information please visit our new website at www.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.

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.