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Class 1 Nickel Reports Updated NI 43-101 Mineral Resource Estimate on Its Alexo-Dundonald Ni-Cu-Co Deposits, Timmins, Ontario
1.25 M Indicated Tonnes at 1.0% Ni and 1.01 M Inferred Tonnes at 1.1% Ni TORONTO, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE:NI
About this update from Class 1 Nickel & Technologies Ltd.
[{"type":"text","content":" 1.25 M Indicated Tonnes at 1.0% Ni and 1.01 M Inferred Tonnes at 1.1% Ni TORONTO, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE:NICO) (\"Class 1\" or the \"Company\") is pleased to report an updated National Instrument 43-101 Mineral Resource Estimate on its 100% owned Alexo-Dundonald Nickel Project (the “Project” or the “Property”) located about 45 km northeast of Timmins, Ontario. The Project comprises four foundation 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 approximately 20 square km land package (Figure 1). A large portion of the Property remains untested by drilling and modern geophysics. Following the completion of a modern Mineral Resource validation program and a Technical Report of the Mineral Resources contained within the newly amalgamated Alexo and Dundonald deposit models, Class 1 is reporting an updated total estimated Indicated Mineral Resource of 1.25 Million tonnes (Mt) with an average grade of 0.99% Ni and a total estimated Inferred Mineral Resource of 1.01 Mt with an average grade of 1.08% Nickel (Table 1). The total estimated Indicated Mineral Resource has increased by 119% and the Inferred Mineral Resource has increased by 1,400% since the previously reported Mineral Resource Estimate contained in the NI 43-101 compliant Technical Report dated June 30, 2020. Details of the current pit-constrained and out-of-pit Mineral Resources are provided in Table 2. Table 1: Alexo-Dundonald Updated Mineral Resource Estimate Summary UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE (1-9) Classification Tonnes(M) Ni % Cu % Co % Contained Ni lbs M Contained Cu lbs M Contained Co lbs M Indicated 1.25 0.99 0.04 0.02 27.35 1.00 0.66 Out-of-Pit Inferred 1.01 1.08 0.03 0.02 23.90 0.63 0.45 NI 43-101 disclosure: (1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. (2) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. (3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource...