Class 1 Nickel Updates Resource Estimate - Indicated Resources (open pit and underground*) of 42,600 t at 0.92% Ni (864k lbs Ni) – 63% increase in Indicated tonnes and 8% increase in nickel pounds.
- Inferred Resources (open pit and underground*) of 500 t at 0.32% Ni (3k lbs Ni) – 100% increase in Inferred tonnes and 100% increase in nickel pounds.
- 99.6% of the nickel pounds and 99% of the tonnes in Alexo North Deposit Mineral Resource Estimate are in the Indicated category with drilling planned to update to Measured.
- With only 1% of the Alexo North Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.
- Alexo North Deposit, one of the 4 deposits on the Alexo-Dundonald Property, is open along strike, with the new geological model and interpretation providing ample targets for next-stage drilling.
- Updated Mineral Resource Estimate work continuing on the remaining 2 deposits (Dundonald South and North) of the Alexo-Dundonald Nickel Project.
*C$52.5/t NSR open pit and C$96.0/t NSR underground cut-offs applied in current 2024 mineral resource estimate whereas a C$30.0/t NSR open pit and C$90.0/t NSR underground cut-offs were applied in the 2020 mineral resource estimate.
TORONTO, May 22, 2024 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) ("Class 1 Nickel" or the "Company") is pleased to announce an updated mineral resource estimate (“MRE”) for the Alexo North Nickel Deposit (“A-N Deposit”) (Table 1). The A-N Deposit, located about 45 km northeast of the City of Timmins, Ontario, is one of 4 high-grade nickel deposits within the extensive Alexo-Dundonald Nickel Project (the “Project”) (Figure 1), which covers approximately 1,895 hectares (18.95 km2).
Class 1 Nickel Updates Resource Estimate on High-Grade (globenewswire.com)