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Class 1 Nickel Announces Filing of Technical Report on Alexo North Nickel Sulphide Deposit, Alexo-Dundonald Project, Timmins, Ontario
TORONTO, July 09, 2024 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) ("Class 1 Nickel" or the "Company") reports that, fur
About this update from Class 1 Nickel & Technologies Ltd.
[{"type":"text","content":" TORONTO, July 09, 2024 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (\"Class 1 Nickel\" or the \"Company\") reports that, further to the news release dated 22 May 2024, it has filed the National Instrument 43-101 (“NI 43-101”) Technical Report in support of an updated Mineral Resource Estimate (“MRE”) for its Alexo North Nickel Sulphide Deposit (“A-N Deposit”) dated 5 July 2024 and with an effective date of 21 May 2024. The NI 43-101 report is available on SEDAR+ (www.sedarplus.ca) and on the Company’s website (https://class1nickel.com/alexo-dundonald-project/). The updated MRE for the Alexo North Nickel Sulphide Deposit was announced 22 May 2024 and updates to the remaining two nickel sulphide mineral resources contained within the Project, Dundonald South and North, will be completed over the coming months. The updated Mineral Resource Estimate for the Alexo South Nickel Sulphide Deposit was announced by Class 1 Nickel on 24 April 2024. David Fitch, CEO of Class 1 Nickel, commented, “In light of the updated NI 43-101 findings for Alexo North, we're pleased to note a significant 63% increase in Indicated tonnes and an 8% rise in nickel pounds, now totalling 42,600 tonnes at 0.92% Ni. Notably, nearly all nickel pounds are now classified as Indicated, underscoring our commitment to data-driven exploration and development and building nickel resources. Our focus remains on further enhancing resource quality through ongoing drilling efforts across the Alexo-Dundonald Nickel Project, working toward economic studies in the near future.” Alexo North MRE Highlights: Indicated Resources (open pit and underground*) of 42,600 t at 0.92% Ni (864k lbs Ni) – 63% increase in Indicated tonnes and 8% increase in nickel pounds. Inferred Resources (open pit and underground*) of 500 t at 0.32% Ni (3k lbs Ni) – 100% increase in Inferred tonnes and 100% increase in nickel pounds. 99.6% of the nickel pounds and 99% of the tonnes in Alexo North Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured. With only 1% of the Alexo North Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling. Alexo North Deposit, one of the 4 deposits on the Alexo-Dundonald Property, is open along stri...