TORONTO, Oct. 03, 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 (the 'MRE”) for the Dundonald South Nickel Deposit (the 'D-S Deposit”) (Table 1 and Table 2). The D-S Deposit is one of 4 nickel deposits within the sizeable Alexo-Dundonald Nickel Sulphide Project (the 'Project” or 'A-D Project”) (Figure 1), located about 45 km northeast of the City of Timmins, Ontario, and covering about 1,895 hectares (18.95 km2).
- Indicated Resources (Pit-Constrained*) of 2.54 Mt at 0.49% Ni (27.4 Mlbs Ni) - 781% increase in Indicated tonnes and 474% increase in nickel pounds.
- Dundonald South Deposit contains 776,000 t at 1.0% Ni using a 0.67% Ni cut-off (17.1 Mlbs nickel).
- Total Mineral Resources within 4 deposits: 3.4 Mt at 0.54% Ni Indicated and 5.9 Mt at 0.61% Ni Inferred.
- 87% of the nickel pounds and 41% of the tonnes (Pit-Constrained + Out-of-Pit) in the Dundonald South Deposit are in the Indicated category with drilling planned to update to Measured.
- With 59% of the Dundonald South Deposit tonnes in the Inferred category there is excellent exploration upside to expand and upgrade resources through additional drilling.
- Like the other 3 nickel deposits within the Project, the Dundonald South Deposit is open along strike and at depth, with new geological modelling and interpretation providing ample targets for next-stage drilling.
*C$52.50/t NSR Pit-Constrained and C$96.00/t NSR Out-of-Pit cut-offs applied in current 2024 mineral resource estimates whereas C$30.00/t NSR Pit-Constrained and C$90.00/t NSR Out-of-Pit cut-offs were applied in the 2020 mineral resource estimate (Dundonald North Deposit).