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Class 1 Nickel Expands River Valley PGE Project with the Staking of New Mining Claims
TORONTO, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to annou
About this update from Class 1 Nickel & Technologies Ltd.
[{"type":"text","content":" TORONTO, Feb. 03, 2022 (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 expanded its land position through staking at its 100% owned River Valley PGE Project (the “Project”) located about 60 to 70 km northeast of Sudbury, Ontario, Canada. This latest acquisition, referred to as “River Valley East Property”, increases its total land holdings in the Project to approximately 4214 hectares. David Fitch, President of Class 1 Nickel, commented, “We look forward to exploring this new addition to our prospective land position on the River Valley PGE Project which includes historical showings and limited drilling on the separate “Crerar Township Property” which covers historical results ranging from 0.01 to 2.2 g/t Pt+Pd+Au from rock grab samples and 2.78 g/t Pt+Pd+Au over 1.5 m from past diamond drilling. We believe that this Project provides an excellent opportunity to explore and potentially build PGE mineral resources near the well-established Ni-Cu-PGE mining camp of Sudbury.” About the River Valley PGE Project The new staking comprising the River Valley East Property consists of 97 contiguous mining claims (approximately 2129 ha) whereas the separate Crerar Township Property comprises 95 contiguous mining claims (approximately 2085 ha). The River Valley East Property is located immediately east and the Crerar Township Property immediately south of New Age Metals Inc.’s River Valley Palladium Project which is at the Preliminary Economic Assessment stage and has started a pre-feasibility study. The Project is located within a geologically diverse area that straddles the Superior (Neoarchean), Southern (Paleoproterozoic) and Grenville (Mesoproterozoic) Provinces of the Canadian Shield. Of particular importance to the Project are a series of large, east-northeast-trending, layered, mafic igneous intrusions referred to as the East Bull Lake Intrusive Suite and which include the River Valley Intrusion. These intrusions are notable for containing high concentrations of PGE-Cu-Ni sulphide mineralization hosted in reef and/or contact-type deposits and occurrences. Contact-type sulphide mineralization is the primary target in the River Valley Intrusion, hosted largely by the Marginal Series rocks that are dominated by the PGE-bea...