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Class 1 Nickel Announces Filing of Technical Report on High-Grade Alexo South Nickel Sulphide Deposit
TORONTO, June 11, 2024 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) ("Class 1 Nickel" or the "Company") reports that furt
About this update from Class 1 Nickel & Technologies Ltd.
[{"type":"text","content":" TORONTO, June 11, 2024 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (\"Class 1 Nickel\" or the \"Company\") reports that further to its news release dated 24 April 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 South Nickel Sulphide Deposit (“A-S Deposit”) dated 7 June 2024, with an effective date of 19 April 2024, is available on SEDAR+ (www.sedarplus.ca) and on the Company’s website (https://class1nickel.com/alexo-dundonald-project/). The A-S Deposit, located about 45 km northeast of the mining City of Timmins, Ontario, is one of four high-grade nickel deposits within the extensive Alexo-Dundonald Nickel Sulphide Project (the “Project” or “Property”), which covers approximately 2,078 hectares (20.78 km2). The updated Mineral Resource Estimate for the Alexo North 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. David Fitch, CEO of Class 1 Nickel, commented: “With the filing of the technical report and mineral resource estimate for the Alexo South nickel sulphide deposit, we look forward to the filing of the same for the Alexo North nickel sulphide deposit in the coming weeks. We have begun work on updating the next deposit, Dundonald South, with that result expected in the next 6 weeks, followed by the Dundonald North nickel sulphide deposit. Having all four nickel sulphide deposits updated, we are planning a second phase of diamond drilling to expand the high-grade nickel resources and then move the Project through a Preliminary Economic Assessment study to start before the end of 2024.” Alexo South MRE Highlights: Indicated Resources (open pit and underground*) of 572 kt at 0.61% Ni (7.7M lbs Ni) – 44% increase in Indicated tonnes and 10% increase in nickel pounds. Inferred Resources (open pit and underground*) of 125 kt at 0.54% Ni (1.5M lbs Ni) – 693% increase in Inferred tonnes and 419% increase in nickel pounds. 84% of the nickel pounds and 82% of the tonnes in Alexo South Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured. With only 18% of the Alexo South Deposit tonnes in...