Class 1 Nickel Announces Commencement of VTEM Survey over Alexo-Dundonald and NI 43-101 Mineral Resource Upgrade Work Nears Completion

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fc218d2b-e522-467a ...

• Geotech Ltd has commenced a VTEM survey over the entire Alexo-Dundonald project area
  
  
• P&E Mining Consultants Inc. has completed field work on site and is nearing completion of the updated 43-101 Mineral Resource Estimate on Dundonald
  
  
• Several Historic Nickel Sulphide Mineral Resources are currently being validated and brought into the overall Property Mineral Resources resulting in an increase to overall tonnage and grade
  

TORONTO, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Class 1 Nickel & Technologies Limited (“Class 1 Nickel” or the “Company”) (CSE: NICO), is pleased to announce that Geotech Ltd has commenced an extensive VTEM plus time-domain electromagnetic airborne survey at the Alexo-Dundonald Nickel-Copper-PGE Projects, and P&E Mining Consultants Inc. has completed field work and is now preparing the revised and upgraded NI 43-101 Mineral Resource Estimate.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7da9fa89-d39c-46d7 ...

The Alexo-Dundonald Ni-Cu-PGE Project consists of the Alexo North, Alexo South, Dundonald North, and Dundonald South deposits.

The Alexo Deposits sit on the northeast arm of a large interpreted “Z”-shaped komatiite fold, while the Dundonald Deposits sit in the middle and on the southwest arm of the same fold. A past producing operation (historical 2.0% to 4.0% nickel head grade) left historical nickel sulphide Mineral Resources (Ni-Cu-Co-PGE) that remain open at depth and along strike.

As previously announced, Geotech Ltd. is conducting the airborne VTEM and magnetic survey over the existing Alexo-Dundonald historical Mineral Resources and interpreted Z-folded komatiitic peridotite, providing Class 1 Nickel’s technical team data to map conductors of significance in subsurface areas that may be associated with magmatic semi-massive to massive Ni-Cu-Co-PGE sulphides, to an initial depth of approximately 300 metres. Targets from the airborne survey will be followed up using surface AEM and/or drilling, and borehole EM surveys, as appropriate.