Mr. David Fitch reports

CLASS 1 NICKEL REPORTS MULTIPLE DIAMOND DRILL HOLE INTERCEPTS OF HIGH-GRADE NICKEL INCLUDING 1.0 M OF 2.30% NI AND 0.7 M OF 3.11% NI FROM ITS SOMANIKE NICKEL SULPHIDE PROJECT (MARBRIDGE NI-CU MINE), NEAR VAL-D'OR, QUEBEC, CANADA

Class 1 Nickel and Technologies Ltd. has released the results of its 2022/2023 exploration program (diamond drilling, borehole electromagnetic, surface time-domain EM, drone mag-lidar) on its Somanike nickel sulphide project in the central Abitibi region of Quebec. The 6,882-hectare (148 mining claims) project, acquired by the company in early 2021, is located about 25 kilometres north of the mining centre of Malartic, 40 km northwest of Val d'Or and 60 km east of Rouyn-Noranda and includes the historical Marbridge nickel-copper mine which closed in 1968.

2022 to 2023 drilling (true width) and exploration highlights:

• NICO22-022: 0.7 metre at 2.29 per cent Ni from 69.5 m;
• NICO22-048: One m at 2.30 per cent Ni from 474.6 m;
• NICO22-049: 0.7 m at 3.11 per cent Ni from 598.7 m and 0.7 m at 1.64 per cent Ni from 601 m;
• NICO22-025: 0.6 m at 1.35 per cent Ni from 12 m;
• NICO22-038: 1.9 m at 0.93 per cent Ni from 321 m, including 0.14 m at 6.21 per cent Ni;
• NICO22-038: 0.2 m at 2.03 per cent Ni from 334.4 m;
• NICO22-033: 1.5 m at 1.53 per cent Ni from 150 m, including 0.75 m at 2.28 per cent Ni;
• NICO22-036: 3.5 m at 1.07 per cent Ni from 76 m, including 1.60 m at 1.48 per cent Ni;
• Exploration drill hole NICO22-017 intersected 0.48 per cent Ni over one m;
• Mine 1 horizon extended to the southeast and open on geophysical evidence;
• Four new and untested off-hole BHEM targets generated within the Mine 1 mineralized sequence and its footwall.

David Fitch, president and chief executive officer of Class 1 Nickel, stated: "We are very pleased to have completed and received results from the first comprehensive drilling program which targeted areas below and adjacent to the four known mineralized zones at the historical Marbridge Ni-Cu mine. The combined use of modern airborne, surface and borehole geophysics has successfully demonstrated their viability in targeting new and existing areas of sulphide mineralization, providing us with immediate targets for the next phase of drilling. We know from the drilling to date that we are in a very fertile geological environment with abundant ultramafic rocks that host significant grades of nickel along with copper and PGE sulphide mineralization."

The 40-hole, 16,510 m diamond drilling program (see company news release dated Feb. 8, 2023) was designed to explore for nickel, copper, platinum and palladium sulphide mineralization utilizing its comprehensive historical database, a historical 2014 to 2015 project-wide versatile time-domain EM airborne geophysical survey, and ground TDEM geophysical surveys (see company news release dated July 14, 2022). Of the 40 diamond drill holes, six aimed at crown pillar tests on M1 and M2 hit openings, 30 holes successfully tested the extensions to mineralization in the vicinity of the historical Marbridge mine, and four holes tested regional exploration targets northwest of the Marbridge area.

Single and multiple intersections of nickel sulphide mineralization (intercepts of greater than 0.40 per cent Ni) were encountered in 17 drill holes, and all 40 holes intersected ultramafic rocks which are the recognized host rocks to the target sulphide mineralization.

The drilling program extended the Mine 1 horizon 350 m to the southeast of historical mineralization where three new geophysical target areas were generated as off-hole borehole EM (BHEM) responses. An additional untested off-hole BHEM anomaly was detected in ultramafic rocks approximately 100 m lower in the stratigraphy than existing mineralization in the Mine 1 horizon. All of the BHEM geophysical targets are considered high priority and remain untested.

The Mine 2 horizon and Mine 3 to 4 horizons sit structurally above the Mine 1 horizon; results of the drilling program and geophysical investigation showed potential to connect mineralization between Mine 2 and Mine 3 and to extend Mine 4 at depth below 150 metres. Potential exists to connect these with Mine 1 at depth.

Composite calculations from core assay results use a 0.40 per cent Ni minimum grade cut-off applied to individual assay intervals. Zone names are based on the historical Marbridge mine horizons and were assigned based on 3-D models of historical drill intercepts in each mineralized horizon. Holes not listed herein did not intersect significant mineralization or intersected mine openings.

The drilling program was contracted to Forage GeoNord from Dolbeau-Mistassini, Que., and Forage LaMontagne Fortier from Rouyn-Noranda, Que., and completed under the supervision of ABG Exploration Inc. (Alex Belo Geologue Inc.) of Amos, Que.

Exploration potential and next steps

Given the positive results from the 2022 diamond drilling program (see company news releases Aug. 23, 2022, and Feb. 8, 2023) and the new interpretation and targets that have been developed through geophysics (airborne VTEM, surface TDEM and borehole EM), the company has an abundance of opportunities to move the project forward by way of a number of exploration initiatives including:

• 3-D geological model updates and interpretation;
• Surface TDEM geophysical surveys, including infill survey of previous area and new areas;
• New HeliTEM survey in areas of the property net yet covered by 2014 to 2015 survey;
• 3-D induced polarization combined with Magnetotellurics to develop deeper drill targets;
• Drill testing of off-hole 3-D BHEM anomalies in the Mine 1 horizon;
• Drilling within the gap between the Mine 2 and Mine 3 to 4 horizons;
• Additional exploration drilling to test anomalies outside of the Marbridge mine area.

Quality assurance/quality control and assay protocols

All core and QA/QC samples from the drilling program were sent to Impact Global Solutions Inc.'s (IGS) laboratory in Delson, Que., for analysis by a 50-element assay package of four-acid digestion, ore-grade metals package, with inductively coupled plasma optical emission finish and precious metals (Pt, Pd, Au) by fire assay. IGS is recognized by the industry and accredited ISO/MEC 17025 by the Standards Council of Canada. In addition to the QA/QC employed by IGS, Class 1 Nickel uses its own rigorous QA/QC protocols for sampling which includes the insertion of certified reference material standards, sample duplicates and coarse silica blanks into the sample stream on a systematic basis.

Qualified person

The technical information in this news release has been reviewed and approved by Alexandr Beloborodov (PGeo), geological consultant to the company, who is a qualified person under the definitions established by National Instrument 43-101.

About Somanike nickel sulphide project

The Somanike nickel sulphide project is located in the prolific and mining-friendly Abitibi region of northwestern Quebec approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val d'Or and 60 km east of Rouyn-Noranda. The project consists of 148 mining titles (6,882 ha) over the large northwest-trending La Motte ultramafic complex, within the Abitibi greenstone belt. The ultramafic rocks host several nickel sulphide occurrences, recognized nickel targets (geophysical and geological) and areas of historical high-grade nickel production (Marbridge Ni-Cu mine).

The Somanike nickel sulphide project includes Quebec's first nickel mine, the historical Marbridge Ni-Cu mine, operated by Falconbridge Nickel from 1962 to 1968, which produced high-grade nickel and secondary copper. The Marbridge occurs within the northwest-trending La Motte ultramafic complex which comprises deformed and altered ultramafic rocks. Falconbridge Nickel reported production of 702,366 tons grading 2.28 per cent Ni and 0.10 per cent Cu, prior to being placed on care and maintenance in 1968.

The Marbridge consists of two shafts that accessed four separate mineralized zones (horizons) over a combined strike length of 1,000 metres. During production, mineralized material was trucked 25 km south to the Canadian Malartic processing plant. Mining in 1968 ceased in mineralization and the four nickel sulphide zones or mineralized horizons (Mine 1, Mine 2 and Mine 3 to 4) remain open to expansion along strike and down dip/plunge.

About Class 1 Nickel and Technologies Ltd.

Class 1 Nickel and Technologies is a mineral resource company focused on the exploration and development of its 100-per-cent-owned komatiite-hosted Somanike Ni-Cu sulphide project in Quebec, which includes the historical Marbridge Ni-Cu mine. The company also owns the Alexo-Dundonald Ni-Cu-Co sulphide project, a portfolio of komatiite-hosted magmatic sulphide deposits located near Timmins, Ont.

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