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Class 1 Nickel files 43-101 for Alexo-Dundonald in Timmins

Dec 18, 2020

Class 1 Nickel and Technologies Ltd. has filed an updated Alexo-Dundonald National Instrument NI 43-101 Technical Report on SEDAR for its 100% owned Alexo-Dundonald Nickel Project (the “Project” or the “Property”) located about 45 km northeast of Timmins, Ontario. The Technical Report supports the updated Mineral Resource Estimate press releases of November 2 and December 1, 2020.

The Project comprises four foundation Mineral Resources; Alexo North, Alexo South, Dundonald North and Dundonald South which are situated within a regionally folded package of mafic to ultramafic (basalt and komatiite flows) rocks that trend through the strategic land package (Figure 2). A large portion of the Property remains untested by drilling.

Figure 1 – Isometric Image of Alexo-Dundonald Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d85bfe2-0e7c-4327-9d88-8b2ee18c4228

Class 1 President Mr. Benjamin H Cooper stated “We are pleased to disclose the Technical Report on SEDAR that contains the details of our recently announced updated Mineral Resource Estimate and describes the Project upside potential. This is the first step on our path to undertaking a Preliminary Economic Assessment which is scheduled to commence upon completion of an upcoming Q1 2021 drilling program currently being planned.”

Figure 2: Alexo-Dundonald Project Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cd7f8cf7-402c-4daf-9b98-d28849f8d3b4

Class 1 is now reporting an updated total estimated Indicated Mineral Resource of 1.25 Mt with an average grade of 0.99% and an Inferred Mineral Resource of 2.01 Mt with an average grade of 1.01% Nickel (Table 1) and an. Details of the current pit-constrained and out-of-pit Mineral Resources are provided in Table 2.

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