Somanike

CLASS 1 NICKEL PROVIDES EXPLORATION AND OPERATIONS UPDATE

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

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

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

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

OPERATIONS UPDATE

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

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

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

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

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

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

Permits

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

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

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

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

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

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

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

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

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

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

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

About Alexo-Dundonald Nickel Project

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

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

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

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

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

About Somanike Nickel Sulphide Project

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

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

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

QA/QC and Assay Protocols

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

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

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

Qualified Person

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

About Class 1 Nickel

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

For more information, please contact:

Mr. David Fitch, President & CEO

T: +61.400.631.608

E: info@class1nickel.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Drill Hole	From (m)	To (m)	Length (m)	Width (m)*	Ni (%)	Cu (%)	Pt (g/t)	Pd (g/t)	Au (g/t)	Zone
NICO22-022	153.0	155.0	2.0	2.0	0.77	0.04	0.13	0.50	0.02	M1-Footwall
NICO22-014	193.2	194.7	1.5	1.3	0.67	0.07	0.00	0.00	0.00	M1
NICO22-022	69.5	70.2	0.7	0.7	2.29	0.11	0.00	0.00	0.00	M1
NICO22-036	365.9	366.2	0.3	0.3	0.94	0.02	0.00	0.00	0.04	M1
NICO22-037	181.0	182.0	1.0	1.0	0.49	0.01	0.00	0.00	0.00	M1
NICO22-047	326.8	331.1	4.3	2.0	0.70	0.06	0.03	0.03	0.03	M1
and	338.9	340.0	1.1	0.5	0.85	0.04	0.08	0.12	0.05	M1
NICO22-048	466.3	467.9	1.6	1.5	0.76	0.03	0.04	0.09	0.02	M1
including	466.3	466.8	0.5	0.5	1.50	0.05	0.05	1.70	0.03	M1
and	469.5	469.8	0.3	0.3	0.83	0.04	0.07	0.08	0.00	M1
and	474.6	475.7	1.1	1.0	2.30	0.10	0.10	0.17	0.05	M1
NICO22-049	598.7	599.7	1.0	0.7	3.11	0.17	0.28	0.30	0.09	M1
and	601.0	602.0	1.0	0.7	1.64	0.25	0.17	0.34	0.05	M1
NICO22-050	425.4	426.8	1.4	1.3	0.81	0.07	0.05	0.13	0.03	M1
and	453.5	455.0	1.5	1.4	0.88	0.05	0.10	0.13	0.00	M1
NICO22-025	12.0	12.6	0.6	0.6	1.35	0.00	0.26	0.19	0.08	M1-open stope
NICO22-051	270.0	270.5	0.5	0.4	0.52	0.00	0.12	0.14	0.02	M2
NICO22-038	334.4	334.9	0.5	0.2	2.03	0.12	0.00	0.00	0.00	M3
and	336.7	338.7	2.0	1.0	0.54	0.03	0.00	0.00	0.02	M3
and	425.6	426.4	0.8	0.4	0.79	0.02	0.06	0.06	0.01	M3
NICO22-047	326.8	331.1	4.3	2.0	0.70	0.06	0.03	0.03	0.03	M1
NICO22-016	92.0	93.0	1.0	0.7	0.49	0.01	0.04	0.00	0.00	M3
and	96.0	100.0	4.0	2.6	0.56	0.01	0.06	0.01	0.00	M3
NICO22-021	126.0	127.0	1.0	0.5	0.43	0.02	0.03	0.06	0.01	M3
and	129.5	130.0	0.5	0.3	0.48	0.07	0.04	0.28	0.02	M3
NICO22-023	143.0	144.0	1.0	0.4	0.77	0.01	0.01	0.09	0.02	M3
NICO22-031	177.0	178.0	1.0	0.6	0.43	0.01	0.05	0.02	0.00	M3
and	203.0	204.0	1.0	0.6	0.44	0.00	0.01	0.00	0.00	M3
and	210.0	213.0	3.0	1.8	0.40	0.01	0.37	0.06	0.00	M3
and	218.0	219.0	1.0	0.6	0.48	0.02	0.02	0.00	0.00	M3
NICO22-033	150.0	152.0	2.0	1.5	1.53	0.00	0.07	0.11	0.17	M3
including	150.0	151.0	1.0	0.75	2.28	0.00	0.05	0.13	0.29	M3
and	159.0	161.0	2.0	1.5	0.53	0.00	0.04	0.04	0.05	M3
and	166.0	170.0	4.0	3.0	0.51	0.01	0.02	0.01	0.02	M3
and	173.0	174.0	1.0	0.8	0.71	0.02	0.00	0.00	0.00	M3
NICO22-038	321.0	325.0	4.0	1.9	0.93	0.03	0.01	0.00	0.01	M3
including	321.8	322.1	0.3	0.14	6.21	0.09	0.00	0.00	0.00	M3
and	334.4	334.9	0.5	0.2	2.03	0.12	0.00	0.00	0.00	M3
and	336.7	338.7	2.0	1.0	0.54	0.03	0.00	0.00	0.00	M3
and	425.6	426.4	0.8	0.4	0.79	0.02	0.10	0.10	0.00	M3
NICO22-049	198.0	201.0	3.0	1.3	0.61	0.00	0.21	0.17	0.02	M3
and	214.0	225.0	11.0	4.4	0.78	0.00	0.07	0.10	0.02	M3
NICO22-036	76.0	80.5	4.5	3.5	1.07	0.05	0.08	0.13	0.02	M4
including	76.5	77.0	0.5	0.4	1.72	0.14	0.23	0.00	0.00	M4
including	78.5	80.5	2.0	1.6	1.48	0.05	0.10	0.00	0.00	M4

*True width calculations were applied separately to Mine 1, Mine 2, and Mine 3-4 zones (horizons) as each has a different orientation in 3D space. Applied orientations are based on best-fit planes to historical intercepts as follows; Mine 1: 147Az, -49NE dip; Mine 2: 127Az, -78NE dip; Mine 3-4: 97Az, -86N dip.

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

Drill Hole	From (m)	To (m)	Length (m)	Width (m)*	Ni (%)	Cu (%)	Pt (g/t)	Pd (g/t)	Au (g/t)	Zone
NICO22-022	69.50	70.20	0.70	0.70	2.29	0.11	0.00	0.00	0.00	M1
NICO22-048	466.30	466.80	0.50	0.50	1.50	0.05	0.05	1.70	0.03	M1
and	474.60	475.70	1.10	1.00	2.30	0.10	0.10	0.17	0.05	M1
NICO22-049	598.70	599.70	1.00	0.70	3.11	0.17	0.28	0.30	0.09	M1
and	601.00	602.00	1.00	0.70	1.64	0.25	0.17	0.34	0.05	M1
NICO22-025	12.00	12.60	0.60	0.60	1.35	0.00	0.26	0.19	0.08	M1-open stope
NICO22-038	334.40	334.90	0.50	0.20	2.03	0.12	0.00	0.00	0.00	M3-Footwall
NICO22-033	150.00	152.00	2.00	1.50	1.53	0.00	0.07	0.11	0.17	M3
including	150.00	151.00	1.00	0.75	2.28	0.00	0.05	0.13	0.29	M3
NICO22-038	321.80	322.10	0.30	0.14	6.21	0.09	0.00	0.00	0.00	M3
NICO22-036	76.00	80.50	4.50	3.50	1.07	0.05	0.08	0.13	0.02	M4
including	76.50	77.00	0.50	0.40	1.72	0.14	0.23	0.00	0.00	M4
including	78.50	80.50	2.00	1.60	1.48	0.05	0.10	0.00	0.00	M4

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

Drill Hole	UTM_X (mE)	UTM_Y (mN)	Elevation (m)	Length (m)	Az	Dip
NICO22-013	707857	5358683	314.86	397	215	-55
NICO22-014	708238	5358606	315.5	834	210	-70
NICO22-015	708641	5358526	319.31	585	200	-67
NICO22-016	708634	5358530	319.97	615	0	-45
NICO22-017	706940	5359108	314.66	446	260	-70
NICO22-018	706935	5359109	315.17	288	317	-65
NICO22-019	706934	5359107	314.89	483	220	-65
NICO22-020	706939	5359161	315.69	318	20	-50
NICO22-021	708634	5358529	319.59	192	0	-55
NICO22-022	708001	5358759	320.41	303	235	-45
NICO22-023	708634	5358529	319.64	352	0	-60
NICO22-024	708596	5358661	316.54	455	195	-50
NICO22-025	707965	5358726	319.78	37	215	-45
NICO22-026	707965	5358726	319.7	36	215	-60
NICO22-027	707951	5358722	319.73	150	215	-65
NICO22-028	707950	5358722	319.61	153	285	-65
NICO22-029	707977	5358854	324.26	660	215	-50
NICO22-030	708637	5358704	319.8	357	195	-50
NICO22-031	708773	5358701	317.24	321	200	-55
NICO22-032	708345	5358764	317.41	585	190	-60
NICO22-033	708773	5358700	317.35	426	200	-45
NICO22-034	708773	5358701	317.2	486	200	-65
NICO22-035	708773	5358701	317.3	423	235	-60
NICO22-036	708345	5358764	317.54	603	200	-45
NICO22-037	708213	5358869	320.12	539	230	-60
NICO22-038	708773	5358701	317.32	666	160	-65
NICO22-039	708567	5358780	317.47	495	180	-50
NICO22-040	708909	5358455	314.8	21	195	-45
NICO22-041	708922	5358451	314.82	34.2	195	-60
NICO22-042	708922	5358452	314.72	46	195	-85
NICO22-043	709089	5358493	314.79	594	210	-45
NICO22-044	709090	5358494	314.82	398	260	-65
NICO22-045	709090	5358492	314.8	492	200	-50
NICO22-046	708596	5358662	316.73	708	250	-67
NICO22-047	708487	5358620	317.93	444	227	-55
NICO22-048	708600	5358667	316.69	749	215	-70
NICO22-049	708598	5358664	316.98	741	295	-80
NICO22-050	708490	5358851	317.78	606	210	-62
NICO22-051	708951	5358710	314.75	501	200	-50
NICO22-052	709222	5358449	310.65	201	20	-50

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

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

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

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

Exploration Potential and Next Steps

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

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

QA/QC and Assay Protocols

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

Qualified Person

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

About Somanike Nickel Sulphide Project

About Class 1 Nickel

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

For more information, please contact:

Mr. David Fitch, President & CEO

T: +61.400.631.608

E: info@class1nickel.com

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

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

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

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

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

Key Points:

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

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

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

**Figure 2:** Completed drilling at Marbridge.

**Figure 3:** A 3D overview of the drill holes completed in phase 1 with modelled mineralized zones.

**Figure 4:** A plan view of the drill holes completed to date with 2^nd Vertical Derivative DroneMAG background.

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

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

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

Hole Name	Easting	Northing	Elevation	Length	Azimuth	Dip
NICO22-013	707857.00	5358682.68	314.86	397.00	215.00	-55.00
NICO22-014	708238.11	5358605.70	315.50	834.00	210.00	-70.00
NICO22-015	708640.74	5358525.81	319.31	585.00	200.00	-67.00
NICO22-016	708634.16	5358530.08	319.97	615.00	0.00	-45.00
NICO22-017	706939.67	5359108.07	314.66	446.00	260.00	-70.00
NICO22-018	706934.49	5359109.10	315.17	288.00	317.00	-65.00
NICO22-019	706933.92	5359107.09	314.89	483.00	220.00	-65.00
NICO22-020	706938.78	5359161.43	315.69	318.00	20.00	-50.00
NICO22-021	708634.37	5358528.97	319.59	192.00	0.00	-55.00
NICO22-022	708000.46	5358758.78	320.41	303.00	235.00	-45.00
NICO22-023	708634.39	5358528.77	319.64	352.00	0.00	-60.00
NICO22-024	708596.44	5358660.78	316.54	455.00	195.00	-50.00
NICO22-025	707964.72	5358725.67	319.78	37.00	215.00	-45.00
NICO22-026	707964.91	5358725.90	319.70	36.00	215.00	-60.00
NICO22-027	707950.59	5358722.17	319.73	150.00	215.00	-65.00
NICO22-028	707949.94	5358722.43	319.61	153.00	285.00	-65.00
NICO22-029	707977.17	5358853.69	324.26	660.00	215.00	-50.00
NICO22-030	708636.95	5358704.12	319.80	357.00	195.00	-50.00
NICO22-031	708772.78	5358700.69	317.24	321.00	200.00	-55.00
NICO22-032	708344.88	5358764.27	317.41	585.00	190.00	-60.00
NICO22-033	708772.74	5358700.49	317.35	426.00	200.00	-45.00
NICO22-034	708772.86	5358700.87	317.20	486.00	200.00	-65.00
NICO22-035	708772.97	5358701.30	317.30	423.00	235.00	-60.00
NICO22-036	708344.85	5358763.58	317.54	603.00	200.00	-45.00
NICO22-037	708213.24	5358869.09	320.12	539.00	230.00	-60.00
NICO22-038	708772.87	5358700.62	317.32	666.00	160.00	-65.00
NICO22-039	708566.69	5358779.82	317.47	495.00	180.00	-50.00
NICO22-040	708908.90	5358455.08	314.80	21.00	195.00	-45.00
NICO22-041	708921.88	5358451.24	314.82	34.20	195.00	-60.00
NICO22-042	708921.87	5358451.62	314.72	46.00	195.00	-85.00
NICO22-043	709088.83	5358493.44	314.79	594.00	210.00	-45.00
NICO22-044	709090.17	5358493.96	314.82	398.00	260.00	-65.00
NICO22-045	709089.56	5358492.49	314.80	492.00	200.00	-50.00
NICO22-046	708596.44	5358661.82	316.73	708.00	250.00	-67.00
NICO22-047	708486.46	5358619.81	317.93	444.00	227.00	-55.00
NICO22-048	708600.39	5358667.17	316.69	749.00	215.00	-70.00
NICO22-049	708597.79	5358663.77	316.98	741.00	295.00	-80.00
NICO22-050	708490.18	5358850.98	317.78	606.00	210.00	-62.00
NICO22-051	708950.90	5358709.54	314.75	501.00	200.00	-50.00
NICO22-052	709222.15	5358449.23	310.65	201.00	20.00	-50.00

About Somanike Project

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

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

Qualified Person

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

About Class 1 Nickel

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

For more information, please contact:

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

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

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

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

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

Toronto, Ontario (December 23, 2022) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that since receiving its second drilling permit in October it has consequently expanded its drill program at its Somanike Nickel-Copper-Cobalt PGEs Project (“Somanike”), located near Val-d’Or, Quebec (Canada). Two diamond drills are currently active on the Marbridge Property. Approximately 13,706m in 35 drill holes have been drilled to date. Assays are pending and are expected early in 2023

Key Points

Diamond drilling has intersected sulphide mineralisation in 18 drill holes. Mineralization is within and, in close proximity to ultramafic rocks. The host rocks are komatiitic flows and can be correlated with the horizons in the mine sequences at Mine 1, Mine 2, Mine 3 and Mine 4. Assays are pending.
Drilling has confirmed that Mine 1 is in a separate stratigraphic sequence from the other mined areas. While Mine 2, Mine 3 and Mine 4 are within the same sequence, Mine 4 is at a different stratigraphic level.
Down hole time domain (BHEM) geophysical surveys on holes drilled to date have identified multiple off-hole anomalies for follow up.
Drone mag and LIDAR has been completed over the main Marbridge area.

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

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

Figure 2: Completed and ongoing drilling at Marbridge.

Figure 3: A 3D overview of the drill holes completed to date with shaded VTEM, ground TDEM and BHEM modelled electromagnetic plates.

Drill Program Plan for the Marbridge area.

The drill program has been designed following extensive analyses of and re-interpretation of historical data in context with new geophysical data.

The Company’s principal objectives are to:

Investigate in situ mineralization at the historical mines, and lateral extent using the new TDEM data as a guide.
Investigate TDEM anomalies associated with ultramafic rocks in the footwall and hanging wall stratigraphy that includes ultramafic rocks and lateral extensions of these favorable rocks.
Investigate potential for feeder system mineralization.

Maximum depth of historical drilling at:

Mine 1 is 593 metres, immediately down plunge of the mine;
1. Mine 2 is 227 metres; and
1. Mines 3 and Mine 4 are 132 metres.
1. Mineralization is open and its lateral extent is poorly confined.

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

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

Hole Name	Easting	Northing	Elevation	Azimuth	Dip	Length
NICO-22-013	707854.40	5358672.30	313.00	215.00	-55.00	397.00
NICO-22-014	708238.90	5358604.90	314.58	210.00	-70.00	834.00
NICO-22-015	708643.00	5358529.00	318.00	200.00	-67.00	585.00
NICO-22-016	708643.00	5358529.00	318.00	0.00	-45.00	615.00
NICO-22-017	706930.00	5359105.00	314.00	260.00	-70.00	446.00
NICO-22-018	706930.00	5359105.00	314.00	317.00	-65.00	288.00
NICO-22-019	706930.00	5359105.00	314.00	220.00	-65.00	483.00
NICO-22-020	706936.24	5359166.80	314.00	20.00	-50.00	318.00
NICO-22-021	708643.00	5358529.00	318.00	0.00	-55.00	192.00
NICO-22-022	707998.50	5358761.00	319.00	235.00	-45.00	303.00
NICO-22-023	708643.00	5358529.00	318.00	0.00	-60.00	252.00
NICO-22-024	708597.00	5358665.00	318.00	195.00	-50.00	455.00
NICO-22-025	707966.00	5358715.00	318.39	215.00	-45.00	37.00
NICO-22-026	707966.00	5358715.00	318.39	215.00	-60.00	36.00
NICO-22-027	707954.00	5358720.00	318.60	215.00	-65.00	24.00
NICO-22-028	707954.00	5358720.00	318.60	285.00	-65.00	153.00
NICO-22-029	707975.00	5358856.00	321.90	215.00	-50.00	660.00
NICO-22-030	708636.00	5358703.00	320.00	195.00	-50.00	357.00
NICO-22-031	708773.00	5358702.00	318.50	200.00	-55.00	321.00
NICO-22-032	708350.00	5358765.00	318.00	190.00	-60.00	588.00
NICO-22-033	708773.00	5358702.00	318.50	200.00	-45.00	426.00
NICO-22-034	708773.00	5358702.00	318.50	200.00	-65.00	486.00
NICO-22-035	708773.00	5358702.00	318.50	235.00	-60.00	423.00
NICO-22-036	708350.00	5358765.00	320.00	200.00	-45.00	603.00
NICO-22-037	708211.00	5358874.00	320.00	230.00	-60.00	539.00
NICO-22-038	708773.00	5358702.00	318.50	160.00	-65.00	666.00
NICO-22-039	708560.00	5358806.00	316.95	180.00	-50.00	495.00
NICO-22-040	708903.60	5358447.00	314.00	195.00	-45.00	21.00
NICO-22-041	708923.00	5358460.00	313.00	195.00	-60.00	33.00
NICO-22-042	708923.00	5358460.00	313.00	195.00	-45.00	46.00
NICO-22-043	709083.00	5358493.00	313.00	210.00	-45.00	594.00
NICO-22-044	709083.00	5358493.00	313.00	260.00	-65.00	398.00
NICO-22-046	708597.00	5358665.00	320.31	250.00	-67.00	441.00
NICO-22-047	708486.00	5358619.00	317.30	227.00	-55.00	444.00
NICO-22-048	708597.00	5358665.00	320.31	215.00	-70.00	747.00

About Somanike Project

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

Qualified Person

About Class 1 Nickel

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

For more information, please contact:

Mr. David Fitch, President & CEO

T: 416.454.0166

E: info@class1nickel.com

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

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

Class 1 Nickel Set to Commence Phase 1 Drill Program to test the TDEM Geophysical anomalies at Somanike Central (Marbridge Mine) project, near Val-d’Or, Quebec

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

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

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

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

Figure 2: Phase 1 planned drilling

Drill Program Plan for Somanike central (Marbridge area).

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

The Company’s principal objectives are to:

Investigate in situ mineralization at the historical mines, and lateral extent using the new TDEM data as a guide.
Investigate TDEM anomalies associated with ultramafic rocks in the footwall and hanging wall stratigraphy that includes ultramafic rocks and lateral extensions of these favorable rocks.
Investigate potential for feeder system mineralization.

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 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

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.

Class 1 Nickel Identifies New Sulphide Nickel targets at La Motte Ultramafic Complex

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.

Class 1 Nickel Announces Key Appointments to Accelerate Exploration at the Somanike Nickel Project in Quebec, Canada

Alex Beloborodov joins the Class 1 Nickel Team as the Exploration Manager Quebec and Robin Adair joins as an Independent Geological Technical Advisor
Approvals and line cutting have been completed for the ground geophysics program at the Somanike Project
Ground EM crew from Geophysique TMC is currently mobilizing on site for a planned 35km time-domain electromagnetic survey (TDEM)
TDEM deeper penetrating ground-based geophysics will be deployed to confirm possible extensions to historical mineralization and to identify new drill targets ahead of an extensive drilling campaign in 2022.

TORONTO, March 23, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce the appointments of Mr. Alex Beloborodov and Mr. Robin Adair to the Class 1 Nickel team to accelerate exploration at the Somanike Nickel Project in Quebec, a komatiite-hosted magmatic sulphide Ni-Cu property, which includes the famous Marbridge Nickel Mine.

David Fitch, President & Director stated: “We are excited to have Alex and Robin join the team to rapidly accelerate the exploration program at Somanike. The geophysical program underway will cover a large portion of the known historical nickel trends as well as the Marbridge Mine and will lead nicely into a comprehensive drill campaign”.

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

Alex Beloborodov is a professional geologist with 11 years of experience in nickel, copper and gold exploration in Quebec and Nunavut. He spent 6 years working in nickel sulphide exploration with various greenfield and brownfield projects as well as working on a producing nickel mine with Canadian Royalties. Mr. Beloborodov has a B.Sc. in Geology from Université du Quebec à Montréal.

Robin Adair is a Professional Geologist and has 37 years in mineral exploration and project development experience with a significant proportion focused on magmatic nickel – copper – PGE projects in Canada with Falconbridge Ltd. He worked directly on the Somanike Project from 2014-2017. Mr. Adair holds a B.Sc. and M.Sc. from the University of Alberta.

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

The Geophysics program will cover the entire Marbridge trend, the Ataman trend and the Cominco showing as well.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d36e74e-f67b-4925-ac87-69390606e60e

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

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

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

About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a mineral resources company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite-hosted magmatic sulphide Ni-Cu-Co-PGE mineral resources located near the City of Timmins, Ontario. The Company also owns the Somanike komatiite-hosted magmatic sulphide Ni-Cu property in Quebec, which includes the famous Marbridge Nickel Mine, and the 100% owned River Valley PGE Project located about 65 km northeast of Sudbury, Ontario.

For more information, please contact:

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

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

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

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

Class 1 Nickel Commences Geophysical work program at the Somanike Nickel-Copper – PGE Project in La Motte Quebec

A surface TDEM geophysics campaign has commenced at the Somanike Nickel-Copper – PGE project in La Motte Quebec
Direct coverage to now be applied over the famous Marbridge Mine, a former shallow producing Nickel-Copper mine that has not been directly drilled in more than 4 decades
TDEM deeper penetrating ground-based geophysics will be deployed to confirm possible extensions to historical mineralization and to identify new drill targets ahead of an extensive drilling campaign in 2022

TORONTO, Feb. 09, 2022 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that that it has contracted Geophysique TMC to conduct a TDEM (time-domain electromagnetic survey) over the entire Marbridge and Ataman trend.

Figure 1: Somanike Project Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a1d4eee-7253-43d5-af89-bac6e9c2618a

Figure 2: Somanike Project Historic Drilling and Production
https://www.globenewswire.com/NewsRoom/AttachmentNg/db10f1fe-21b6-4784-aa19-42c196aeccab

Chief Geophysicist for Class 1 Nickel, Mr. Alan King, commented, “Completing a new TDEM survey will allow us to compare signatures from the known mineralized sulphide zones with what may lay deeper and/or surrounding the known deposits, and will be valuable in determining the potential of the Somanike Property around the Marbridge Nickel Mine.”

Conducting TDEM over the immediate vicinity of Marbridge historic Nickel Mine will allow the technical team to map conductors of significance in subsurface areas that may be associated with magmatic semi-massive to massive Ni-Cu-Co-PGE sulphides, to an initial depth of down to approximately 400 metres. Targets from the TDEM survey will be followed up using drilling, and borehole EM surveys, as appropriate.

Alexandr Beloborodov, President of ABG Exploration Inc. (Exploration Manager Quebec) stated, “Successful nickel sulphide mines can plunge to depths of in some cases more than 1 or 2 km from surface, therefore the potential size and scale of Marbridge is presently unknown. Considering that most of the historical drilling and mining at Marbridge has only ever been shallow work at less than 300 m below surface, the great bulk of the project remains essentially untested. Therefore, we are all keenly interested to see the potential generation of additional nickel sulphide targets.”

The La Motte belt extends for 12 kilometres northwest of Lac Malartic and hosts several Ni-Cu deposits and occurrences

Mr Beloborodov also commented; “Furthermore The Marbridge area is a loci to ultramafic volcanism on the basis of a significant amount of ultramafic rocks present in the area, plus the known magmatic sulphide mineralisation. In addition to the Marbridge mine lenses, disseminated to semi-massive nickel sulphide mineralisation has been discovered associated with mafic ultramafic lithologies in other areas, both within and immediately adjacent to the project tenement areas. At the Ataman prospect immediately south of Marbridge, it is apparent that there are two general mineralized horizons.”

Qualified Person

For more information, please contact:

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

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

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

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

Class 1 Nickel Provides Update on Somanike Project in Quebec

Class 1 Surface Samples confirm high-grade mineralization
Assays validate historic Nickel-Copper-Cobalt-Platinum-Palladium

TORONTO, Oct. 12, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that the Company has confirmed the existence of high-grade mineralization from surface samples at the Somanike Project in La Motte Quebec.

David Fitch, President of Class 1 Nickel indicated that: “We engaged ABG Exploration to take samples of previously blasted rocks from around the Somanike and Bilson-Cubric high-grade historical resource and the PGE occurrences to the east. The results confirm the rock types and the high-grade nature of the magmatic sulphide mineralization”.

Alexandr Beloborodov, P.Geo. an independent consultant, recently completed a due diligence site visit at the Somanike Project with the purpose of confirming the Ni-Cu-PGE mineralization around the historic Marbridge mine area, the Ataman nickel zone and the Bilson-Cubric showing. A total of 10 samples were collected over a two-day period on the Project. These samples were submitted to ALS Canada Ltd. laboratories in Val-d’Or. Grab samples were sourced from surface showings at Ataman, Marbridge and Bilson-Cubric outcrops.

Initial Site Visit Highlights:

Grab samples taken from old mineralized Somanike (Bilson-Cubric, Ataman and Marbridge projects) confirm the high-grade nickel and platinum group elements (PGEs) abundances and tenor of these deposits
Re-sampled surface samples confirm the high nickel and high PGE contents of the multiple Somanike showings
Re-sampling of old Bilson-Cubric showing also confirmed the reproducibility of nickel (Ni), copper (Cu) and PGE mineralization from historical work

Table 1: Somanike Grab Samples Results

SAMPLE DESCRIPTION	PROJECT AREA	LITHOLOGY	MINERALIZATION	PGM-ICP24	ME-ICP61
Pt	Pd	Cu	Ni
g/t	g/t	%	%
E6704911	Cubric	Iron formation in Gabbro	8% pyrrhotite, 8% chalcopyrite	0.037	0.188	0.17	0.656
E6704912	Cubric	Iron formation in Gabbro	semi massive 10% pyrrhotite, 10%chalcopyrite	0.153	0.384	0.39	3.78
E6704917	Mine 2 fence	Gossan	15% pyrite, green and purple alteration in basalt	2.02	2.15	0.012	2.98
E6704918	Mine 2 fence	Gossan	5% pyrite, green and purple alteration in basalt	1.045	1.245	0.012	0.577
E6704919	Mine 1 closest to shaft	Ultramafic, magnetic	None	0.006	0.011	0.01	0.226
E6704920	Mine 1 fence	Gossan	12% pyrrhotite, 3% chalcopyrite	0.2	0.379	0.08	1.845
E6704921	Mine 1 fence	Gossan	6% pyrrhotite, 2% chalcopyrite	0.258	0.445	0.20	2.05
E6704923	Ataman west, Alex showing	Gossan	1% pyrite	<0.005	0.001	0.006	0.011
E6704924	Ataman central blast	Gossan, silicified basalt	2% pyrite	<0.005	0.011	0.006	0.008
E6704925	Ataman central	Gossan, silicified basalt	2% pyrite	<0.005	0.004	0.019	0.033

Figure 1: Somanike Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/d3e3882c-4a6e-485f-9216-8163a2dfc25f

About Somanike

The Somanike Project consists of 148 mining titles (mining rights area) covering 6882 hectares within a large NW-trending ultramafic complex that hosts several nickel sulphide occurrences in the prolific Abitibi Greenstone Belt region of northwestern Quebec. The Somanike Project is located approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d’Or, and 60 km east of Rouyn-Noranda. The property also contains many recognized target nickel trends and geophysical anomalies. One of these trends is the Ataman conductor trend, located 1 km south of the Marbridge Mine.

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

Following closure of the Marbridge Mine in 1968, exploration in the Somanike area has been largely dormant. Historical exploration programs focused on magmatic nickel sulphide deposits, such that the majority of assays were for Ni and very limited Cu. Somanike was not investigated by modern geophysical surveys until 2014, when a VTEM survey was flown over the entire property with the objective of identifying nickel-copper sulphide targets for drill testing. Compilation of all historical drill data in conjunction with the 2014 VTEM survey identified numerous targets and exploration programs were designed to test for the presence of significant nickel and copper sulphides. In 2019, a high Resolution Helicopter-Borne Magnetic Survey by GDS was carried over the Somanike Property.

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

About Class 1 Nickel

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

For more information, please contact:
David Fitch, President
T: +61 400.631.608
E: dfitch@class1nickel.com

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

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

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

Class 1 Nickel Completes Acquisition of Strategic Portfolio of Mineral Claims in Ontario and Quebec

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Limited (CSE: NICO/ OTCQB: NICLF) (the “Company” or “Class 1 Nickel”) is pleased to announce that it has closed its previously announced acquisition (the “Acquisition”) from Platinum Group Elements Limited (“PGEL”) of a strategic project portfolio of adjacent and adjoining claims to the Company’s Alexo Dundonald project in Timmins, Ontario, as well as adjacent and adjoining claims to the Company’s Somanike project in Quebec, and a complimentary primary PGE project in Sudbury Ontario (collectively, the “Properties”). The consideration for the Acquisition consisted of a cash payment of Cdn$550,000 and the issuance of an aggregate of 10,000,000 common shares of the Company (the “Consideration Shares”).

Pursuant to the Acquisition, the Company has acquired a 100% legal and beneficial interest in the Properties, subject to a 2% net smelter returns royalty on certain claims known as the Timmins claims, River Valley claims and Metals Creek claims, and a 2% gross metal royalty on certain claims known as the Bilson Cubric claims.

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

The Consideration Shares are subject to a statutory hold period expiring on December 31, 2021.

About Class 1 Nickel

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

For more information, please contact:
David Fitch, President
T: 011 +61 400.631.608
E: dfitch@class1nickel.com

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

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

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks related to the prospective nature of the Properties, currency risk, availability of capital, permitting and land title issues, the risks inherent in mineral exploration and development activities, and such other risk factors as are set forth in the Company’s continuous disclosure documents available on SEDAR from time to time. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update the forward-looking statements contained herein other than as required under applicable securities laws.

Class 1 Nickel

CLASS 1 NICKEL PROVIDES EXPLORATION AND OPERATIONS UPDATE

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

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

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

Class 1 Nickel Set to Commence Phase 1 Drill Program to test the TDEM Geophysical anomalies at Somanike Central (Marbridge Mine) project, near Val-d’Or, Quebec

Class 1 Nickel Identifies New Sulphide Nickel targets at La Motte Ultramafic Complex

Class 1 Nickel Announces Key Appointments to Accelerate Exploration at the Somanike Nickel Project in Quebec, Canada

Class 1 Nickel Commences Geophysical work program at the Somanike Nickel-Copper – PGE Project in La Motte Quebec

Class 1 Nickel Provides Update on Somanike Project in Quebec

Class 1 Nickel Completes Acquisition of Strategic Portfolio of Mineral Claims in Ontario and Quebec

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