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Class 1 Nickel and Technologies Ltd
Symbol NICO
Shares Issued 99,529,209
Close 2020-12-17 C$ 0.91
Recent Sedar Documents

Class 1 files updated Alexo-Dundonald technical report

2020-12-17 09:42 ET - News Release

Mr. Benjamin Cooper reports

CLASS 1 NICKEL FILES ALEXO-DUNDONALD TECHNICAL REPORT ON SEDAR

Class 1 Nickel and Technologies Ltd. has filed an updated Alexo-Dundonald National Instrument 43-101 technical report on SEDAR for its 100-per-cent-owned Alexo-Dundonald nickel project located about 45 kilometres northeast of Timmins, Ont. The technical report supports the updated-mineral-resource-estimate press releases of Nov. 2 and Dec. 1, 2020.

The project comprises four foundation mineral 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 strategic land package. A large portion of the property remains untested by drilling.

Class 1 president Benjamin H. Cooper stated: "We are pleased to disclose the technical report on SEDAR that contains the details of our recently announced updated mineral-resource estimate and describes the project upside potential. This is the first step on our path to undertaking a preliminary economic assessment, which is scheduled to commence upon completion of an upcoming Q1 2021 drilling program currently being planned."

Class 1 is now reporting an updated total estimated indicated mineral resource of 1.25 million tonnes with an average grade of 0.99 per cent and an inferred mineral resource of 2.01 million tonnes with an average grade of 1.01 per cent nickel.

                    UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE (1-9)     
                         
Classification         Tonnes M  Ni %  Cu %  Co %  Contained Ni Mlb  Contained Cu Mlb  Contained Co Mlb

Pit constrained and 
out of pit, indicated      1.25  0.99  0.04  0.02             27.35              1.00              0.66       
Out of pit, inferred       2.01  1.01  0.03  0.02             44.51              1.29              0.89       

NI 43-101 disclosure:

  1. Mineral resources that 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 and must not be converted to a mineral reserve. It is reasonably expected that the majority of the inferred mineral resource could be upgraded to an indicated mineral resource with continued exploration.
  4. The mineral resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  5. The historical open-pit mined areas were removed from the MRE.
  6. United-States-dollar metal prices of $7.35 per pound Ni, $3 per lb Cu, $20 per lb cobalt, $1,500 per ounce gold, $900 per oz platinum and $1,650 per oz palladium were used in the net smelter returns royalty calculation with respective process recoveries of 89 per cent, 90 per cent, 40 per cent, 50 per cent, 50 per cent and 50 per cent.
  7. Pit-constrained mineral resource NSR cut-off considers ore crushing, transport, processing, and general and administration costs that respectively combine for a total of $2 plus $6 plus $20 plus $2 equals $30 per tonne processed.
  8. Out-of-pit mineral resource NSR cut-off considers ore mining, crushing, transport, processing, and G&A costs that respectively combine for a total of $58 plus $2 plus $6 plus $20 plus $4 equals $90 per tonne processed.
  9. The out-of-pit mineral resource grade blocks were quantified above the $90-per-tonne cut-off, below the constraining pit shell and within the constraining mineralized wire frames. Additionally, only groups of blocks that exhibited continuity and reasonable potential stope geometry were included. All orphaned blocks and narrow strings of blocks were excluded. The long-hole stoping with backfill mining method was assumed for the out-of-pit mineral-resource estimate calculation.

                              UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE (1-9)

Scenario         Classification  Cut-off NSR $/t  Tonnes (k)  Ni (%)  Ni (Mlb)  Cu (%)  Cu (Mlb)  Co (%)  Co (Mlb)

Pit constrained       Indicated               30       593.4    0.78     10.22    0.04      0.53    0.03      0.34
                      Indicated               90       661.0    1.18     17.13    0.03      0.47    0.02      0.32
Out-of-pit             Inferred               90     2,007.5    1.01     44.51    0.03      1.29    0.02      0.89
                      Indicated          30 + 90     1,254.4    0.99     27.35    0.04      1.00    0.02      0.66
Total                  Inferred               90     2,007.5    1.01     44.51    0.03      1.29    0.02      0.89 

The Dec. 2, 2020, NI 43-101 updated mineral-resource estimate was prepared by Yungang Wu, PGeo, and Eugene Puritch, PEng, FEC, CET, of P&E Mining Consultants Inc., both independent qualified persons as defined by NI 43-101 -- Standards of Disclosure for Mineral Projects. The updated mineral-resource estimate was undertaken for pit-constrained and out-of-pit nickel, copper and cobalt mineral resources. The total indicated mineral-resource estimate was based on NSR cut-off values of $30 per tonne for the pit-constrained mineral resource and $90 per tonne for the out-of-pit mineral resource.

The Alexo-Dundonald project was previously mined through a direct shipping model, and the 2021 preliminary economic assessment that the company plans to undertake will be designed around similar principles.

The updated mineral-resource estimate was completed by P&E Mining Consultants and has been reviewed internally by the company. The full NI 43-101 technical report in respect of the updated mineral-resource estimate is now available on SEDAR under the company's issuer profile and on the company's website.

Quality assurance and quality control

Three programs of due-diligence sampling were conducted between 2010 and 2020 with 161 samples collected and analyzed at AGAT Laboratories, an ISO-accredited facility in Mississauga, Ont. Good correlation between original and due-diligence assays was observed. In addition, during the same period, 2,420 assays were checked against independently acquired laboratory-analysis certificates with only a few minor errors encountered and corrected.

Qualified person

The updated mineral-resource estimate disclosed in this press release was prepared under the supervision of Mr. Puritch, PEng, FEC, CET, of P&E, and the supporting technical report is now available on SEDAR under the company's issuer profile. Mr. Puritch, who is an independent qualified person as defined under NI 43-101, has reviewed and approved the mineral-resource estimate, and technical and scientific information disclosed in this press release.

About Class 1 Nickel and Technologies Ltd.

Class 1 is a mineral-resource company focused on the development of its 100-per-cent-owned Alexo-Dundonald project, a portfolio of komatiite-hosted, magmatic nickel-copper-cobalt sulphide-mineral resources located near Timmins, Ont. The company also holds an option over the Somanike komatiite-hosted nickel-copper project in Quebec, which includes the famous Marbridge mine.

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