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Class 1 Nickel Announces Filing of Updated Dundonald South Mineral Resource Estimate, Alexo-Dundonald Nickel Sulphide Project
TORONTO, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) ("Class 1 Nickel" or the "Company") is pleased to ann
About this update from Class 1 Nickel & Technologies Ltd.
[{"type":"text","content":" TORONTO, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) (\"Class 1 Nickel\" or the \"Company\") is pleased to announce it has filed its National Instrument 43-101 (“NI 43-101”) Technical Report in support of the updated Mineral Resource Estimate (the “MRE”) for the Dundonald South Nickel Sulphide Deposit (the “D-S Deposit”) as announced in the 3 October 2024 news release. The D-S Deposit is one of 4 nickel deposits within the sizeable Alexo-Dundonald Nickel Sulphide Project (the “Project” or “A-D Project”) (Figure 1), located about 45 km northeast of the City of Timmins, Ontario, and covering approximately 3,093 ha (30.93 km2). With updated mineral resources from 3 of the 4 nickel deposits now complete (see Class 1 news releases 24 April 2024, 22 May 2024, and 3 October 2024) the Company is confident in validating the high-grade nature of the four nickel sulphide deposits (2.7Mt at 1.01% Ni): Deposit Type Ni (%) Cut-Off Grade (% Ni) Tonnage (t) Dundonald South Pit-Constrained 0.67 1.00 776,000 1Dundonald North Global (no pit) 0.19 1.01 1,820,000 Alexo South Pit-Constrained 0.52 1.00 77,700 Alexo North Pit-Constrained 0.28 1.00 35,900 Total: 1.01 2,710,000 1cut-off grade calculation based on the data provided by Stone et al. (2020). With respect to the newly interpreted geological model (see Class 1 news release 3 October 2024) and updated mineral resource estimate for the Dundonald South Deposit (Table 1): Contains 776,000 t at 1.0% Ni using a 0.67% Ni cut-off (17.1Mlbs nickel). Indicated Resources (Pit-Constrained1) of 2.54 Mt at 0.49% Ni (27.4Mlbs Ni) – 781% increase in Indicated tonnes and 474% increase in nickel pounds. 87% of Ni lbs and 41% of tonnes (Pit-Constrained + Out-of-Pit1) in Indicated category with drilling planned to update to Measured. 59% of the D-S Deposit tonnes is in Inferred category - excellent exploration upside to expand and upgrade resources through additional drilling. Like the other 3 nickel deposits within the Project, the Dundonald South Deposit is open along strike and at depth, with new geological modelling and interpretation providing ample targets for next-stage drilling. Total Mineral Resources within the 4 nickel sulphide deposits: 3.4 Mt at 0.54% Ni Indicated and 5.9 Mt at 0.61% Ni Inferred1 2. 1C$52.50/t NSR Pit-Constrained and C$96.00/t NS...