TORONTO, March 22, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited. (CSE: NICO) (“Class 1” or the “Company“) announces that Mr. Ben Cooper has resigned from the Board of Directors of the Company. Mr. Cooper will be focusing his time responding to and defending against allegations that have been made against him in Australia by ASIC. Mr. David Fitch has been appointed as President to replace Mr. Cooper.
“I would like to thank Ben for his contribution to the Company during this pivotal time. We wish him well on his future endeavors,” stated David Fitch, President of Class 1.
Class 1 Nickel and Technologies Limited (CSE: NICO) 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 resources located near Timmins, Ontario, as well as developing and exercising the option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
TORONTO, March 11, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) and Matachewan First Nation (“MFN”) are delighted to announce the signing of a Memorandum of Understanding (“MOU”) between the two parties. The MOU was signed to advance responsible exploration and development of the Alexo-Dundonald Nickel Sulphide Project, 45 km east of the City of Timmins, Ontario, Canada.
The signed MOU means that Class 1 Nickel recognizes the traditional values of the MFN and commits the Company to consult and establish a mutually beneficial cooperative and productive relationship to advance the Alexo-Dundonald Nickel Project. The agreement also provides MFN opportunity to participate in the benefits of the Project through business opportunities, employment and training, financial compensation, and consultation on environmental matters.
“Class 1 Nickel proactively reached out to MFN as a traditional land holder in the Alexo-Dundonald Property area and engaged them in early dialogue on how the Project and associated infrastructure will be responsibly explored and developed,” said Ben Cooper, President of Class 1 Nickel. “We are very pleased for the signed MOU with MFN and welcome their constructive consultation and strong support as Class 1 Nickel plans to commence its Phase 1 drill program on the Project.”
“Matachewan First Nation would like to commend Class 1 Nickel on their early engagement and consultation activities with the Matachewan First Nation,” said Chief Jason Batisse. “It’s always a pleasure to work with mineral development companies on our traditional territory who respect and acknowledge not only our way of life but also the importance of building a meaningful relationship within the community. We are confident that Class 1 Nickel will operate using sound environmental practices and that the exploration activities will provide ongoing benefit to the community. We look forward to continuing our relationship with Class1 Nickel and advancing the Alexo-Dundonald Nickel Sulphide Project.”
The Alexo-Dundonald Nickel Sulphide Project is located in the world class Timmins Mine District of Ontario Canada with 100 years of mining activity. The Project enjoys strong established infrastructure and community support and year-round access. Class 1 Nickel looks forward to advancing plans for exploration, development, permitting and construction of mines on the Project to produce nickel-copper-cobalt.
About Matachewan First Nation
Matachewan First Nation is an historic northern Ontario First Nation community that has served as the traditional home for many First Nation families. It is still home to a growing community and the First Nation is actively taking part in partnering and working with the resource development industry in establishing mutually beneficial agreements. The First Nation also prides itself in being able to work with industry with a focus on protecting the environment and ecology on their traditional lands in northeastern Ontario.
The community is located approximately 30 kms southeast of the town of Matachewan and about 60 km west of the City of Kirkland Lake, Ontario, Canada.
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 100% the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Acquisition of Somanike Nickel-Copper-PGE Project in northern Quebec executed.
Review and project report commissioned for The Somanike Project, including an advancement strategy for the historic Marbridge Mine Project.
A comprehensive Program of Work is being finalised for The Alexo-Dundonald Nickel-Copper-PGE Project in Timmins Ontario.
Work commenced on Alexo-Dundonald for First Nation agreements, permitting and approvals as preparations made to launch initial 10,000 m expansion drilling campaign.
TORONTO, March 04, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that its technical team conducted a site visit and project review of the recently acquired Somanike Project in Northern Quebec. Additionally, The Company is also pleased to report that it is in the process of finalizing a work program to conduct an initial 10,000 m drilling campaign at The Alexo- Dundonald Project near Timmins, Ontario.
The Somanike Property land package covers 45 km2 within a large NW-trending ultramafic complex that hosts several Ni-sulphide occurrences in the Abitibi Greenstone Belt region of northwestern Quebec. Featuring Quebec’s first nickel mine, the Marbridge Mine, a high-grade nickel mine that was placed on care and maintenance by Falconbridge in 1968, the Somanike project also contains a number of identified target nickel zones and geophysical anomalies occurring in the vicinity of the Mine.
A recent 1580 m drill program was completed at Somanike to test strong, previously untested VTEM conductor anomalies on the mineralized ultramafic Ataman Trend, located 1 km south of the Marbridge Mine. Massive sulphide intervals were intersected and some were confirmed to be nickeliferous by a hand-held XRF instrument and positive acid tests. Assays of mineralized samples from the drill cores are pending receipt from the laboratory.
The Somanike Project is located approximately 25 km from the mining centre of Malartic, 40 km from Val-d’Or, and 60 km from Rouyn-Noranda (Figure 1). Historical production on the Somanike Property from 1962 to 1968 totalled 702,000 tonnes grading 2.28% Ni and 0.10% Cu. P&E Mining Consultants Inc. (“P&E”) completed an initial site visit and verification review program at the Somanike Project with the following purposes: (i) confirm the presence of favourable ultramafic rocks; (ii) retrieve historical drill core and data records; and (iii) ascertain the condition of the historical mine site area at surface.
Grab samples taken from outcrops confirm presence of favourable ultramafic rocks
A review of the near-surface rehabilitated historical workings indicate that they are in good condition with only a few very minor enclosure issues that required rectification
Numerous data files were located that document the historical mining operation and exploration activities
Since the site visit, 1,580 m of diamond core drilling was completed by project vendor Vanicom Resources Pty Ltd.
The Marbridge Mine (Figure 1) was operated by Falconbridge Nickel and produced 702,366 tonnes grading 2.28% Ni and 0.10% Cu over a five-year period. The ore was processed at the Canadian Malartic located 25 km to the south and had an estimated average metallurgical recovery of 88% producing a concentrate grade reported at 11.9% Ni. Mineral Resources are unknown at this time. Production halted at Marbridge in 1968. Since then, various expert groups have conducted reviews of the four mined zones and unanimously concluded that very good potential exists to define a contiguous Mineral Resource down plunge and along strike of the four zones.
Marbridge Mine occurs within a large NW-trending ultramafic complex that hosts several additional nickel sulphide occurrences. Multiple geophysical exploration targets exist within the Marbridge Mine area and regionally within the Somanike Project (Figure 2).
Class 1 Nickel & Technologies Limited has taken advice from leading mining consultants CSA Global and P&E Mining Consultants Inc. as well as former Falconbridge management geologists who worked on the project previously, and has also reviewed published independent expert reports and geophysical data. The unanimous conclusion is that there is continuity of mineralization down-dip or along strike of the past producing Marbridge Mine, and therefore an opportunity to expand the historically mined zones. At Marbridge, two shafts mined four zones over a strike length of 1,000 m. Data records show that the mining ceased “in mineralization”.
Alexo-Dundonald Work Program 2021
The proposed exploration program for the Alexo-Dundonald Project is a two-phase drill program with a total budget of $8M. Phases 1 ($2M) and 2 ($6M) includes compilation/evaluation of historical data, modelling and interpretation of the new VTEM anomalies and historical borehole EM anomalies, and a diamond drilling program to expand Mineral Resources at the known deposits and upgrade Inferred Mineral Resources to Indicated Mineral Resources. The Phase 2 work will continue the work from Phase 1 and drill test the highest priority targets for potential new massive nickel sulphide deposits.
P&E Mining Consultants Inc. recommended that Class 1 continue exploration activities on the Alexo-Dundonald Property followed by a Preliminary Economic Assessment (“PEA”) in Q4 2021. In conjunction with the PEA, metallurgical testwork, geotechnical drilling and analysis, and consultation/environmental studies should be undertaken and continued as part of the Project exploration and development programs.”
Specific recommendations from the December 2020 MRE Tech Report are as follows:
Accelerate ongoing exploration activities, including Mineral Resource expansion/upgrading and drill testing of geophysical anomalies on the Alexo-Dundonald Property for new discoveries. All historical geological, geochemical and geophysical data should be compiled and integrated into the targeting model, by an experienced in-house technical team.
At the Alexo-Dundonald Property, the four Alexo and Dundonald nickel sulphide deposits remain open to expansion by drilling along strike and at depth. In a Phase 1 exploration program, P&E proposes drilling 7,500 m to expand the known Mineral Resources and to upgrade the Mineral Resource classification.
For a Phase 2 exploration program, P&E proposes drilling 12,500 m to test undrilled and under-drilled priority geophysical anomalies outside of the four known deposits for presence of nickel sulphide mineralization.
To advance the Alexo-Dundonald Project and initiate a Preliminary Economic Assessment (PEA), P&E recommends additional metallurgical testwork (including mineralogical studies and comminution, process recovery and mineralized material sorting tests), geotechnical studies (open pit and potential underground), infrastructure, community, environmental, hydrogeological and economic studies.
Qualified Person
The technical information in this news release has been reviewed and approved by Dr. William Stone (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 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 project in Quebec, which includes the famous Marbridge Mine.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
TORONTO, Feb. 18, 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 exercised the option to acquire a 100% interest in the Somanike Property pursuant the option agreement dated September 24, 2019, as amended and restated April 27, 2020, between Legendary Ore Mining Corp. (a wholly-owned subsidiary of the Company) and Vanicom Resources Limited (the “Legendary Option Agreement”). Pursuant to the Legendary Option Agreement, the Company has exercised the option granted to Vanicom by Quebec Precious Metals Corporation (“QPMC”) under an option agreement dated August 20, 2018, as amended (the “QPMC Option Agreement”), by paying Vanicom $1 plus reimbursing Vanicom for all expenses made on the Somanike Property prior to the Company exercising said option.
The Somanike Property consists of 110 mining titles covering 5146.06 hectares located in the Abitibi area of the Province of Quebec. The Legendary Option Agreement was entered into following a reorganization of Vanicom, whereby Vanicom divested its ownership of Legendary to Vanicom shareholders, which was completed on September 19, 2019.
The Company has previously issued 181,089 common shares of the Company (“Common Shares”) to QPMC and 53,846 Common Shares to Globex Mining Enterprises Inc. In order to exercise its option under the Legendary Option Agreement, the Company has paid QPMC an aggregate of $75,000 and has drilled the necessary 750m of core on certain claims held by Globex Mining Enterprises Inc.
Exploration in the Somanike Property has been largely dormant since the early 1970s following the closing of the Marbridge Ni-Cu Mine in 1968. Historical exploration programs focused on Ni-Cu with the majority of assays conducted for Ni and very limited Cu. The entire project area was not investigated by modern geophysical surveys until 2014 and 2015, when Sphinx Resources Ltd. (“Sphinx”) flew a VTEM survey over the entire Somanike Property with the objective of identifying nickel-copper sulphide targets. Compilation of all historical drill data in conjunction with the new VTEM survey identified numerous targets and exploration programs were designed to test for Nickel and Copper.
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 project in Quebec, which includes the famous Marbridge Mine.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
TORONTO, Jan. 18, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO) (“Class 1” or the “Company“) announces that the resolution to ratify the acts and proceedings of the Board of Directors described in the Information Circular of the Company for the Annual and Special Meeting of the shareholders to be held on February 3, 2021 will not be put to the shareholders for approval. The resolution will be withdrawn at the meeting because the Information Circular for the meeting does not adequately set forth all of the details related to the acts and proceedings of the Directors in sufficient detail for a shareholder to make an informed decision on the subject matter of the resolution. For clarity, management of the Company has determined that there are no acts or proceedings taken by the Board of Directors which requires approval of the shareholders in any event. This clarification to the Information Circular has been made at the request of OSC staff in connection with an OSC review of the disclosure record of the Company.
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 komatiite hosted magmatic nickel-copper-cobalt sulphide resources located near Timmins, Ontario, as well as developing and exercising the option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
TORONTO, Dec. 17, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE:NICO) (“Class 1” or the “Company”) is pleased to announce it has filed an updated Alexo-Dundonald National Instrument NI 43-101 Technical Report on SEDAR for its 100% owned Alexo-Dundonald Nickel Project (the “Project” or the “Property”) located about 45 km northeast of Timmins, Ontario. The Technical Report supports the updated Mineral Resource Estimate press releases of November 2 and December 1, 2020.
The Project comprises four foundation Mineral Resources; Alexo North, Alexo South, Dundonald North and Dundonald South which are situated within a regionally folded package of mafic to ultramafic (basalt and komatiite flows) rocks that trend through the strategic land package (Figure 2). A large portion of the Property remains untested by drilling.
Class 1 President Mr. Benjamin H Cooper stated “We are pleased to disclose the Technical Report on SEDAR that contains the details of our recently announced updated Mineral Resource Estimate and describes the Project upside potential. This is the first step on our path to undertaking a Preliminary Economic Assessment which is scheduled to commence upon completion of an upcoming Q1 2021 drilling program currently being planned.”
Class 1 is now reporting an updated total estimated Indicated Mineral Resource of 1.25 Mt with an average grade of 0.99% and an Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Nickel (Table 1) and an.Details of the current pit-constrained and out-of-pit Mineral Resources are provided in Table 2.
Table 1: Alexo-Dundonald Updated Mineral Resource Estimate Summary
UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE (1-9)
Classification
Tonnes
(M)
Ni
%
Cu %
Co %
Contained Ni Mlb
Contained Cu Mlb
Contained Co Mlb
Pit Constrained & Out-of-Pit Indicated
1.25
0.99
0.04
0.02
27.35
1.00
0.66
Out-of-Pit Inferred
2.01
1.01
0.03
0.02
44.51
1.29
0.89
NI 43-101 disclosure:
(1)
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
(2)
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(3)
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(4)
The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(5)
The historical open pit mined areas were removed from the MRE.
(6)
US$ metal prices of $7.35/lb NI, $3/lb Cu, $20/lb Co, $1,500/oz Au, $900/oz Pt and $1,650/oz Pd were used in the NSR calculation with respective process recoveries of 89%, 90%, 40%, 50%, 50% and 50%
(7)
Pit constrained Mineral Resource NSR cut-off considers ore crushing, transport, processing and general and administration (G&A) costs that respectively combine for a total of ($2 + $6 + $20 + $2) = CAD$30/tonne processed.
(8)
Out-of-pit Mineral Resource NSR cut-off considers ore mining, crushing, transport, processing and G&A costs that respectively combine for a total of ($58 + $2 + $6 + $20 + $4) = CAD$90/tonne processed.
(9)
The out-of-pit Mineral Resource grade blocks were quantified above the $90/t cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Additionally, only groups of blocks that exhibited continuity and reasonable potential stope geometry were included. All orphaned blocks and narrow strings of blocks were excluded. The longhole stoping with backfill mining method was assumed for the out-of-pit Mineral Resource Estimate calculation.
Table 2 – Pit Constrained and Out-of-Pit Estimated Mineral Resources
UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE(1-9)
Scenario
Classification
Cut-off NSR C$/t
Tonnes (k)
Ni (%)
Ni (Mlb)
Cu (%)
Cu (Mlb)
Co (%)
Co (Mlb)
Pit Constrained
Indicated
30
593.4
0.78
10.22
0.04
0.53
0.03
0.34
Out-of-pit
Indicated
90
661.0
1.18
17.13
0.03
0.47
0.02
0.32
Inferred
90
2,007.5
1.01
44.51
0.03
1.29
0.02
0.89
Total
Indicated
30+90
1,254.4
0.99
27.35
0.04
1.00
0.02
0.66
Inferred
90
2,007.5
1.01
44.51
0.03
1.29
0.02
0.89
The Updated December 2, 2020 NI 43-101 Updated Mineral Resource Estimate was 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. The Updated Mineral Resource Estimate was undertaken for pit constrained and out-of-pit nickel, copper, and cobalt Mineral Resources. The total Indicated Mineral Resource Estimate based on NSR cut-off values of CDN$30 per tonne for the pit constrained Mineral Resource and CDN$90 per tonne for the out-of-pit Mineral Resource.
The Alexo-Dundonald Project was previously mined via a direct shipping model, and the 2021 Preliminary Economic Assessment that the Company plans to undertake will be designed around similar principles.
The Updated Mineral Resource Estimate was completed by P&E Mining Consultants Inc (“P&E”) and has been reviewed internally by the Company. The full NI 43-101 Technical Report in respect of the Updated Mineral Resource Estimate (the “Technical Report”) is now available on SEDAR (www.sedar.com) under the Company’s issuer profile or you can view it on the Company’s website.
Quality Assurance and Quality Control
Three programs of due diligence sampling were conducted between 2010 and 2020 with 161 samples collected and analyzed at AGAT Laboratories an ISO accredited facility in Mississauga, Ontario. Good correlation between original and due diligence assays was observed. In addition, during the same period 2,420 assays were checked against independently acquired laboratory analysis certificates with only a few minor errors encountered and corrected.
Qualified Person
The Updated Mineral Resource Estimate disclosed in this press release was prepared under the supervision of Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., and the supporting Technical Report is now available on SEDAR (www.sedar.com) under the Company’s issued profile. Mr. Puritch who is an Independent Qualified Person as defined under NI 43-101, has reviewed and approved the Mineral Resource Estimate and technical and scientific information disclosed in this press release.
About Class 1:
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 komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also holds an option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Statements and Information
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the estimate of Mineral Resources in the updated Mineral Resource statement may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that the Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is no certainty that the updated Mineral Resource statement will be realized.
The Mineral Resource Estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Resources. See the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
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 Updated Mineral Resource Estimate and drill results of the Company, the growth potential and possible economics of the project and the Company’s understanding of the Alexo-Dundonald Project, the development potential and timetable of the project; the estimation of Mineral Resources; realization of Mineral Resource Estimates’; the anticipated timing of the Preliminary Economic Assessment; the timing and amount of estimated future exploration; the anticipate results of the Company’s planned 2021 drill program on the Alexo-Dundonald Project and its possible impact on the potential size of the Mineral Resource Estimate; 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 of filing the Technical Report. 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 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 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 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 expanded Mineral Resources; risks and uncertainties inherent to Mineral Resource 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, in the Technical Report to be filed and in other continuous disclosure documents of the Company available under the Company’s profile at www.sedar.com. Although Class 1 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 does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources
These Mineral Resource Estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms or recognized under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to Mineral Reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher category. Under Canadian securities laws, estimates of “Inferred Mineral Resources” may not form the basis of Feasibility or Pre-Feasibility studies. U.S. investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Accordingly, these Mineral Resource Estimates and related information may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
TORONTO, Dec. 10, 2020 (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 received trading approval from OTC Markets in order to increase accessibility to US-based retail and institutional investors and is now trading on the OTCQB Venture Market under the ticker symbol NICLF. The Company profile can be viewed at https://www.otcmarkets.com/stock/NICLF/overview.
Benjamin H. Cooper, President and CEO stated: “We are pleased to now be trading on the OTCQB and look forward to welcoming new shareholders as a result. Class 1 Nickel is in the process of validating and upgrading the Alexo-Dundonald Nickel-Copper-Cobalt Mineral Resource Estimate as stated to the market on December 1, 2020 announcement. The Company is also actively evaluating and interpreting all past project data and all newly generated technical and geophysical data in order to plan an expansion drilling campaign to upgrade the resource even further.
The Alexo-Dundonald Project has a total Indicated Mineral Resource of 1.25 million tonnes with an average grade of 0.99% Nickel and a total Inferred Mineral Resource of 2.01 million tonnes with an average grade of 1.01% Nickel. The Timmins Ontario project comprises four foundation Mineral Resources: Alexo North; Alexo South; Dundonald North; and Dundonald South, situated within a regionally folded package of mafic to ultramafic (basalt and komatiite flows) rocks that trend through the strategic land package. A large portion of the Property remains untested by drilling and a recent VTEM airborne survey has unveiled numerous new nickel targets in between the main resources.
The OTC Venture Market (OTCQB) offers developing Canadian companies the benefits of being publicly traded in the U.S. with lower cost and complexity than a U.S. exchange listing. Streamlined market standards enable Canadian companies to provide a strong baseline of transparency to inform and engage U.S. investors. To be eligible, Canadian companies must be current in their SEDAR reporting and undergo an annual verification and management certification process.
As a verified market with efficient access to U.S. investors, the OTCQB helps Canadian companies build shareholder value with a goal of enhancing liquidity and achieving fair valuation. As a result, more Canadian companies are traded on OTC Markets than on NYSE, NYSE MKT and NASDAQ combined. The key benefits of trading on the OTC Markets includes efficient market standards, transparency, and visibility. Companies may leverage their SEDAR disclosure (SEC Exchange Act Rule 12g3-2(b)). There are no Sarbanes-Oxley and SEC Reporting requirements to trade on OTCQB, bypassing burdensome, costly and duplicative NYSE and NASDAQ listing requirements.
OTCQB is recognized by the SEC as an established public market. OTCQB companies provide current company information and meet financial standards that enable brokers to more easily quote and trade a security. Companies engage a far greater network of U.S. investors, data distributors and media partners, ensuring U.S. investors have access to the same high-quality information that is available to investors in Canada, but through U.S. platforms and portals to conduct research.
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 holds an option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
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 Updated Mineral Resource Estimate and drill results of the Company, the growth potential and possible economics of the project and the Company’s understanding of the Alexo-Dundonald Project, the development potential and timetable of the project; the estimation of Mineral Resources; realization of Mineral Resource Estimates’; the anticipated timing of the Preliminary Economic Assessment; the timing and amount of estimated future exploration; the anticipate results of the Company’s planned 2021 drill program on the Alexo-Dundonald Project and its possible impact on the potential size of the Mineral Resource Estimate; 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 of filing the Technical Report. 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 1Nickel 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 expanded Mineral Resources; risks and uncertainties inherent to Mineral Resource 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, in the Technical Report to be filed 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 Nickeldoes not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
TORONTO, Dec. 03, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited. (CSE: NICO) (“Class 1” or the “Company“) announces that Taylor Dignan has resigned from the Board of Directors of the Company to focus his efforts on his professional commitments as a corporate lawyer.
“The Company thanks Mr. Dignan for his excellent contribution to the Company as a corporate lawyer and for stepping in and assisting during a pivotal time of transition including recent capital raising requirements,” stated Benjamin H. Cooper, President of Class 1.
Class1NickelandTechnologiesLimited(CSE:NICO) 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 resources located near Timmins, Ontario, as well as developing and exercising the option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.
For additional information please visit our new website at www.class1nickel.com and our Twitter feed: @Class1Nickel.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward- looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
1.25 M Indicated Tonnes at 1.0% Ni and 2.01 M Inferred Tonnes at 1.0% Ni
TORONTO, Dec. 01, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE:NICO) (“Class 1” or the “Company”) is pleased to report an addition to its updated National Instrument 43-101 Mineral Resource Estimate (see press release issued by the Company on November 2, 2020) on its 100% owned Alexo-Dundonald Nickel Project (the “Project” or the “Property”) located about 45 km northeast of Timmins, Ontario.
The Project comprises four foundation Mineral Resources: Alexo North; Alexo South; Dundonald North; and Dundonald South, which are situated within a regionally folded package of mafic to ultramafic (basalt and komatiite flows) rocks that trend through the strategic land package (Figure 2). A large portion of the Property remains untested by drilling.
Class 1 President Mr. Benjamin H Cooper stated, “as our expert technical team continues to source, collate and interpret comprehensive data relating to the four known Mineral Resources at Alexo-Dundonald, our knowledge and understanding of the 14 km mineralized system also continues to grow.”
Modern validation of the Mineral Resource as well as intensive modelling of available data have now evaluated a series of previously known deeper diamond holes that have intersected considerable nickel sulphide mineralization tonnage to a depth from surface of approximately 650 m.
P&E’s Senior Associate Geologist, William Stone, Ph.D., P.Geo said, “these deeper intersections reveal potential to expand the Deposit by drilling down-dip/down-plunge of the apparent mineralization trend”.
Class 1 President Mr. Benjamin H Cooper stated “1.25 million tonnes (Mt) of Indicated and 2.01 Mt of Inferred Mineral Resource is a nice solid starting point for the Company. As we continue to invest more capital wisely and systematically into expanding these open Mineral Resources, our experienced nickel team expects the Mineral Resource Estimate to increase substantially.”
Following modelling of additional deep areas of the Dundonald North Deposit, Class 1 is now reporting a newly updated total estimated Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Nickel (Table 1). The Indicated Mineral Resource of 1.25 Mt with an average grade of 0.99% Ni remains unchanged from the November 2, 2020 press release. Details of the current pit-constrained and out-of-pit Mineral Resources are provided in Table 2.
Table 1: Alexo-Dundonald Updated Mineral Resource Estimate Summary
UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE (1-9)
Classification
Tonnes
(M)
Ni
%
Cu %
Co %
Contained Ni Mlb
Contained Cu Mlb
Contained Co Mlb
Pit Constrained & Out-of-Pit Indicated
1.25
0.99
0.04
0.02
27.35
1.00
0.66
Out-of-Pit Inferred
2.01
1.01
0.03
0.02
44.51
1.29
0.89
NI 43-101 disclosure: (1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. (2) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. (3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. (4) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. (5) The historical open pit mined areas were removed from the MRE. (6) US$ metal prices of $7.35/lb NI, $3/lb Cu, $20/lb Co, $1,500/oz Au, $900/oz Pt and $1,650/oz Pd were used in the NSR calculation with respective process recoveries of 89%, 90%, 40%, 50%, 50% and 50% (7) Pit constrained Mineral Resource NSR cut-off considers ore crushing, transport, processing and general and administration (G&A) costs that respectively combine for a total of ($2 + $6 + $20 + $2) = CAD$30/tonne processed. (8) Out-of-pit Mineral Resource NSR cut-off considers ore mining, crushing, transport, processing and G&A costs that respectively combine for a total of ($58 + $2 + $6 + $20 + $4) = CAD$90/tonne processed. (9) The out-of-pit Mineral Resource grade blocks were quantified above the $90/t cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Additionally, only groups of blocks that exhibited continuity and reasonable potential stope geometry were included. All orphaned blocks and narrow strings of blocks were excluded. The longhole stoping with backfill mining method was assumed for the out-of-pit Mineral Resource Estimate calculation.
Table 2 – Pit Constrained and Out-of-Pit Estimated Mineral Resources
UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE(1-9)
Scenario
Classification
Cut- off NSR C$/t
Tonnes (k)
Ni (%)
Ni (Mlb)
Cu (%)
Cu (Mlb)
Co (%)
Co (Mlb)
Pit Constrained
Indicated
30
593.4
0.78
10.22
0.04
0.53
0.03
0.34
Out-of-pit
Indicated
90
661.0
1.18
17.13
0.03
0.47
0.02
0.32
Inferred
90
2,007.5
1.01
44.51
0.03
1.29
0.02
0.89
Total
Indicated
30+90
1,254.4
0.99
27.35
0.04
1.00
0.02
0.66
Inferred
90
2,007.5
1.01
44.51
0.03
1.29
0.02
0.89
The NI 43-101 compliant Updated Mineral Resource Estimate was 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. The Updated Mineral Resource Estimate was undertaken for pit constrained and out-of-pit nickel, copper, and cobalt Mineral Resources. The total Indicated Mineral Resource Estimate based on NSR cut-off values of CDN$30 per tonne for the pit constrained Mineral Resource and CDN$90 per tonne for the out-of-pit Mineral Resource. The total Indicated Mineral Resource based on a Net Smelter Return (NSR) for the out-of-pit Mineral Resource is 1.25 Mt at 0.99%, 0.04% Cu and 0.02% Co for a total of 27.35 Mlbs of contained nickel and Inferred Mineral Resources total 2.0 Mt at 1.01% Ni, 0.03% Cu and 0.02% Co (44.51 Mlbs contained nickel).
The Alexo-Dundonald Project was previously mined via a direct shipping model, and the Preliminary Economic Assessment that the Company will produce will be designed around similar principles.
The Updated Mineral Resource Estimate was completed by P&E Mining Consultants Inc (“P&E”) and has been reviewed internally by the Company. The full NI 43-101 Technical Report in respect of the Updated Mineral Resource Estimate (the “Technical Report”) will be available on SEDAR (www.sedar.com) under the Company’s issuer profile by December 17, 2020.
Quality Assurance and Quality Control
Three programs of due diligence sampling were conducted between 2010 and 2020 with 161 samples collected and analyzed at AGAT Laboratories, an ISO accredited facility in Mississauga, Ontario. Good correlation between original and due diligence assays was observed. In addition, during the same period 2,420 assays were checked against independently acquired laboratory analysis certificates with only a few minor errors encountered and corrected.
Qualified Person
The Updated Mineral Resource Estimate disclosed in this press release was prepared under the supervision of Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., and the supporting Technical Report will be available on SEDAR (www.sedar.com) under the Company’s issued profile by December 17, 2020. Mr. Puritch who is an Independent Qualified Person as defined under NI 43-101, has reviewed and approved the Mineral Resource Estimate and technical and scientific information disclosed in this press release.
About Class 1:
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 komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also holds an option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the famous Marbridge Mine.
For more information, please contact:
Benjamin Cooper, President T: 416.454.0166 E: bcooper@class1nickel.com
For additional information please visit our new website at www.class1nickel.comand our Twitter feed:@ClassNickel
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
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the estimate of Mineral Resources in the updated Mineral Resource statement may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that the Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is no certainty that the updated Mineral Resource statement will be realized.
The Mineral Resource Estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Resources. See the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.
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 Updated Mineral Resource Estimate and drill results of the Company, the growth potential and possible economics of the project and the Company’s understanding of the Alexo-Dundonald Project, the development potential and timetable of the project; the estimation of Mineral Resources; realization of Mineral Resource Estimates’; the anticipated timing of the Preliminary Economic Assessment; the timing and amount of estimated future exploration; the anticipate results of the Company’s planned 2021 drill program on the Alexo-Dundonald Project and its possible impact on the potential size of the Mineral Resource Estimate; 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 of filing the Technical Report. 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 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 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 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 expanded Mineral Resources; risks and uncertainties inherent to Mineral Resource 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, in the Technical Report to be filed and in other continuous disclosure documents of the Company available under the Company’s profile at www.sedar.com. Although Class 1 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 does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources
These Mineral Resource Estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms or recognized under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to Mineral Reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “Inferred Mineral Resource” will ever be upgraded to a higher category. Under Canadian securities laws, estimates of “Inferred Mineral Resources” may not form the basis of Feasibility or Pre-Feasibility studies. U.S. investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Accordingly, these Mineral Resource Estimates and related information may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
Four Priority 1 VTEM™ anomaly nickel targets identified within favourable 14 km long folded komatiite unit that hosts four high-grade nickel sulphide deposits
Detailed geological interpretation and drill program planning is now underway for both extension drilling to the known resources and new high impact discovery drilling of the high priority VTEM™ anomalies recently identified
A much larger mineralised system is now believed to be present at Alexo-Dundonald
TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO) is pleased to announce quantitative modelling results for the preliminary VTEM™ anomalies on its Alexo-Dundonald Nickel Sulphide Project (the “Project” or Property”), 45 km northeast of Timmins, Ontario (Canada). The VTEM™ survey was flown over the entire 20 square-km land package (1,012 line-km) to detect electromagnetic and magnetic signatures that could aid identification of new deposits and extensions of known deposits. The four known nickel sulphide deposits on the property (Alexo North, Alexo South, Dundonald North and Dundonald South) were all detected in the VTEM™ survey.
Interpretation and Ranking
VTEM™ conductor anomalies A to O (collectively, the “Targets”) were identified (Figure 1) based on conductance and the extent of historical drill testing. These Targets were also reviewed for possible cultural interference in Google Earth, by using the VTEM™ powerline monitor data channel, and field checking. The priority Targets were then integrated with all other data, including preliminary Magnetic TMI, db/dt tau, prior AEM/Mag surveys and anomalies, detailed property geology, known deposits and occurrences, and all known drilling from company/property databases and the Ontario ODHD drill hole database. Following data integration and target review, the Targets were tabulated and ranked based on five criteria:
Quality and shape of EM/Mag anomalies, with priority assigned to targets with shorter strike length, higher conductivity and magnetic association;
Presence or absence of prior drilling, with targets with few or no drill holes given higher priority;
Any Ni and Cu values in nearby drill holes;
Proximity to known mineral deposits and occurrences; and
Local geology (proximity to favourable ultramafic rocks)
This ranking process resulted in four Priority 1 Targets (highest priority), twelve Priority 2 Targets, and a few lower Priority 3 Targets. The characteristics of the Priority 1 Targets are highlighted below (see Figures 2 and 3 and Table 1).
Priority 1 Target Highlights
The four Priority 1 Targets (A, H, I and J) are multi-line anomalies similar to the known deposits and do not appear to coincide with any cultural interference features;
The four Priority 1 Targets are short-strike length features from 300 m to 800 m in length;
Anomaly A follows a local magnetic high, appears to be in mafic-ultramafic rocks and is located 1 km west of the Dundonald North deposit. It has not been subject to previous and historic drilling. Although there are cultural features nearby, they do not appear to explain the anomaly;
Anomalies H and J have no apparent drilling in the available databases;
Anomaly H is close to the Dundonald South deposit and proximal to the major southwest-verging fold nose in the south part of the Property;
Anomaly I is sparsely drilled and located 2 km east of the Dundonald South deposit, on the south limb of the major southwest-verging fold, near the Casey mineral occurrence; and
Anomaly J is located 1.6 km northeast of the Alexo North and Alexo South deposits and appears to cross-cut stratigraphic units in a major northeast-verging fold nose.
It is important to note that bedrock conductors can also be caused by graphite, barren sulphides and in this geological environment, by thick units of slightly conductive serpentinized ultramafics
Benjamin Cooper, President & CEO: “Although these interpretations are preliminary, the first-ever modern airborne geophysical survey of Alexo-Dundonald has definitely advanced the case for a much larger mineralized system here at Alexo-Dundonald than was previously understood by the Company.“
Class 1 Nickel now looks forward to the delivery of additional detailed interpretation of the final VTEM™ data set to advance two main objectives.
Detailed planning and commissioning of a significant extension drilling campaign to increase the size and scope of the known resources; and
Design and planning of new exploration drilling campaign over the areas of mineralisation outside the known resources (i.e. the Targets that have been identified by the VTEM™ survey and associated geophysical modelling).
Table 1. Summary of Priority VTEM™ Conductor Plate Models
Anomaly
Depth to Top (m)
Dip (°)
Dip Direction (°)
Length1(m)
Depth Extent (m)
Conductivity*Thickness
Rank
A
-21
80
358
300
200
36
1
H
-98
0.4
140
400
50
200
1
I-1
-80
20
146
800
300
300
1
I-2
-87
20
328
800
300
300
1
I-3
-37
75
326
600
400
20
2
J
-16
85
146
300
200
250
1
1Lengths are not well constrained
Next Steps
Design follow-up, ground time-domain EM surveys and (or) direct drill testing with drill hole time-domain EM surveys, as appropriate, to test the Priority 1 Targets for the presence of nickel sulphide mineralization;
Complete analysis and modelling of the Priority 2 and Priority 3 Targets, particularly as additional historic data are acquired and integrated into the target identification and ranking process;
Continue analysis and interpretation of the geophysical signatures and geological features of the four known deposits with mineral resources (see Class 1 Nickel news release dated 02 November 2020) for potential extensions along strike and at depth for drill testing. The Alexo North, Alexo South, Dundonald South and Dundonald North deposits are all open at depth and along strike, and could potentially increase in size with additional drilling;
Results from the above activities will the subject of future press releases.
Versatile Time Domain Electromagnetic (VTEM™) System
Geotech’s VTEM™ surveys improve on previous generations of airborne geophysics completed over the current Project area by providing the following:
Increased Resolution: 100-metre line spacing design improves on the historic magnetic survey flown on 250- metre line spacing;
Modern Technology: Advancements in instrument sensitivity, data acquisition and processing are expected to provide superior results; and
Proven Technology and Track Record: VTEM™ surveys are recognized as a successful tool for exploration in other magmatic sulphide systems globally.
Qualified Person
The geophysical technical information in this news release has been reviewed and approved by Mr. Alan King (P.Geo.), geophysicist and technical advisor to the Company, who is a Qualified Person under the definitions established by National Instrument 43-101. All other technical information in this news release has been reviewed and approved by Dr. William Stone (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 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 komatiite-hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario, as well as developing and exercising its option over the Somanike komatiite hosted nickel copper project in Quebec, which includes the well-known Marbridge Nickel Mine.
For more information, please contact: Benjamin Cooper, President T: 416.454.0166 E: bcooper@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 activities, events or developments that the Company expects or anticipates will or may occur in the future, including the growth potential and possible economics of the project and the Company’s understanding of the Alexo-Dundonald Project, the development potential and timetable of the project; the estimation of Mineral Resources; the anticipated timing of the Preliminary Economic Assessment; the timing and amount of estimated future exploration; the anticipate results of the Company’s planned 2021 drill program on the Alexo-Dundonald Project and its possible impact on the potential size of the Mineral Resource Estimate; 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. 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 expanded Mineral Resources; risks and uncertainties inherent to Mineral Resource 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, in the Technical Report on the Property to be filed 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.
