Giga issues clarification to news release updating resource estimate (Vancouver, B.C., Canada) – Mark Jarvis, CEO of Giga Metals Corp . (TSX.V – GIGA) ("Giga" or the " Company"), today issued a clarification of Giga’s
November 1, 2022 TSX.V - GIGA
Giga issues clarification to news release updating resource estimate
(Vancouver, B.C., Canada) – Mark Jarvis, CEO of Giga Metals Corp . (TSX.V – GIGA) ("Giga"
or the " Company"), today issued a clarification of Giga’s October 27, 2022 news release. The
column headings in the tables in the October 27, 2022 news release summarizing the resource
contained a typographical error that resulted in the updated contained nickel and cobalt resource
estimate being understated. The corrected tables and the balance of the October 27, 2022 news
release are as follows:
Table 1: Mineral Resource Statement(1,2,3,4,5) for the Turnagain Project
Open Pit Mineral Resources – Base Case Estimate
Classification Tonnes
(million)
Ni Grade
(%)
Contained Ni
(million lbs)
Co Grade
(%)
Contained Co
(million lbs)
Measured 423.4 0.214 1,998.4 0.013 125.1
Indicated 1,095.6 0.209 5,039.7 0.013 308.0
Measured
and Indicated 1,519.0 0.210 7,038.1 0.013 433.1
Inferred(4) 1,222.3 0.206 5,555.1 0.012 325.3
(1) All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum
(“CIM”) definitions, as required under National Instrument 43-101 (“NI 43-101”).
(2) Mineral resources are reported in relation to a conceptual pit shell in order to demonstrate reasonable expectation of
eventual economic extraction, as required under NI 43-101; mineralization lying outside of these pit shells is not reported as
a mineral resource. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
(3) Mineral resources are reported at a cut-off grade of 0.1% Ni. Cut-off grades are based on a price of US $9.00 per pound nickel
and a number of operating cost and recovery assumptions, plus a contingency.
(4) Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that
would enable them to be categorized as mineral reserves. However, it is reasonably expected that the majority of Inferred
mineral resources could be upgraded to Indicated.
(5) Due to rounding, numbers presented may not add up precisely to the totals provided and percentages my not precisely reflect
absolute figures.
“The updated mineral resource estimate for the Turnagain Project represe nts an important
milestone in the path towards developing a large, long-life operation.” said Mark Jarvis, CEO of
Giga Metals Corp, “The updated geological modelling has increased our level of certainty in the
contained resources to feed a global-scale nickel sulphide concentrate facility. The new model
reflects resources in the Horsetrail zone, north of the Turnagain river (95% of M&I resources) and
the Hatzl zone south of the river, but excludes resources which underlie the river and an ecological
setback on either side.”
2022 Updated Mineral Resources comparison to 2019 Mineral Resource
Since the 201 9 mineral resource update, Giga Metals has performed resource expansion and
geotechnical drilling in addition to revising its geological modeling. In addition, the schema for
classification of resources has been adjusted to reflect drill spacing and reflect confidence that the
proposed production rate can reasonably be realized within specified periods of time (i.e. quarterly
and yearly). In addition, metal prices have been adjusted to reflect the current economic
environment.
As a result, the Measured plus Indicated resources have grown; however, the Inferred resources
have also grown as the volumes of the ultimate conceptual pit have expanded. This comparison is
provided for information purposes only . This comparison should not be interpreted as a
statement of mineral reserves; mineral reserves can only be defined in a Pre-Feasibility or
Feasibility study.
Table 2: Comparison of 2022 and 2019 Consolidated Mineral Resource Statement(1,2,3,4,5) for
the Turnagain Project
Classification Tonnes
(million)
Ni Grade
(%)
Contained Ni
(million lbs)
Co Grade
(%)
Contained Co
(million lbs)
2022 Update
Measured
and Indicated 1,519.0 0.210 7,038.1 0.013 433.1
Inferred(4) 1,222.3 0.206 5,555.1 0.012 325.3
2019 Estimate
Measured
and Indicated 1,073.3 0.220 5,206.1 0.013 312.4
Inferred(4) 1,142.1 0.217 5473.9 0.013 327.3
2019 to 2022
Absolute Change
Measured
and Indicated 445.7 -0.010 1,832.1 0.000 120.7
Inferred(4) 80.2 -0.011 81.2 -0.001 -2.0
2019 to 2022
Relative Change
Measured
and Indicated 41.5% -4.5% 35.2% -0.5% 38.6%
Inferred(4) 7.0% -5.0% 1.5% -7.1% -0.6%
For footnotes 1-5, see Table 1.
For the purpose of advancing engineering studies, the confidence level in enough of the resource
has been increased to the Measured plus Indicated categories to support advancing studies to the
Pre-Feasibility and Feasibility levels.
2022 Mineral Resource Classification Methodology
The mineral resource estimates for Turnagain were prepared to industry standards and best
practices using commercial mine-modeling and geostatistical software. Garth Kirkham, P.Geo. is
the Independent Qualified Person responsible for the Turnagain mineral resource estimates for the
purposes of NI 43-101.
Mineral Resources are classified under the categories of Measured, Indicated and Inferred
according to Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines. Mineral
resource classificati on was based primarily on drill hole spacing and on continuity of
mineralization.
The grid spacing for each resource category to classify the resources assuming the current
production rate of metal production estimation is used as the driving factor. The refore, no
Measured Resources can be declared based on one hole. The uncertainty based on current
information suggests sampling must be on a scale of approximately 75 x 75 m to delineate
Measured resources. Indicated Resources are delineated from multiple drill holes located on a
nominal 150 m grid pattern and Inferred Resources are based on material not falling in the
categories above and within a maximum 200 m of at least one drillhole. Final resource
classification shells were manually constructed on pla n and section for reasonable prospect of
eventual economic extraction.
The spacing distances are intended to define contiguous volumes and they should allow for some
irregularities due to actual drill hole placement. The final classification volume resul ts typically
must be adjusted manually to come to a coherent classification scheme.
Greg Ross, P.Geo., a Qualified Person as defined by National Instrument 43 -101, is responsible
for the implementation and supervision of the Turnagain Project QA/QC program. Among other
measures, prepared standards and blanks were inserted at the project site, and lab-reported results
reviewed, to monitor the quality of the assay data. See reports dated December 5, 2011, titled
“Turnagain Project Hard Creek Nickel Corporation Preliminary Economic Assessment”; and dated
February 25, 2019, titled “Giga Metals Releases Final Drill Results from 2018 Program” ; and
dated May 2019, 2022, titled “Giga Metals Releases Drill Results from 2021 Program” filed on
SEDAR for details on geology, mineralization, data verification, sampling procedures, and lab
information.
Garth Kirkham, P.Geo. and Greg Ross, P.Geo., Qualified Persons as defined by NI 43 -101, have
reviewed and approved the contents of this news release. Greg Ross, P. Geo. is the Project Manager
of the Company and is not considered independent within the meani ng of NI 43 -101. Garth
Kirkham, P. Geo. is considered to be independent with the meaning of NI 43-101.
About Giga Metals
Giga Metals Corporation is focused on metals critical to modern batteries, especially those used in Electric
Vehicles and Energy Stor age. The Company’s core asset is the Turnagain Project, located in northern
British Columbia, which contains one of the few significant undeveloped sulphide nickel and cobalt
resources in the world. Giga Metals has formed a joint venture with Mitsubishi Corporation to develop the
Turnagain nickel/cobalt project in Canada and plans to complete a Prefeasibility Study in H1 2023.
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management
regarding the Turnagain Project. Forward-looking statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements
include, but are not limited to, statements with respect to the future financial or operating performance of the Company
and its mineral projects, the estimation of mineral resources, steps to be taken towards commercialization of the
resource, the timing and amount of estimated future production and capital, operating and exploration expenditures.
Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to
differ materially from those contained in the statements. No assurance can be given that any of the events anticipated
by the forward-looking statements will occur or, if they do occur, what benefits the Compa ny will obtain from them.
These forward -looking statements reflect management's current views and are based on certain expectations,
estimates and assumptions which may prove to be incorrect, including that Giga has created confidence levels
sufficient in Turnagain to support a Pre-feasibility study and ultimately a Feasibility study, and statements relating to
future exploration and development of the Project and mineral resource and mineral reserve estimations relating to
the Project. A number of risks an d uncertainties could cause our actual results to differ materially from those
expressed or implied by the forward-looking statements, including: (1) the mineral resource estimates relating to the
Project could prove to be inaccurate for any reason whatsoe ver, (2) Giga is unable to finance the Project, (3) prices
for nickel and cobalt or project costs make any commercialization uneconomic, (4) indicated resources may not
materialize, (5) permits, environmental opposition, government regulation or any of man y other factors may prevent
the Company from commercializing the Turnagain , and (6) even if the Project goes into production, there is no
assurance that operations will be profitable . These forward-looking statements are made as of the date of this news
release and, except as required by applicable securities laws, the Company assumes no obligation to update these
forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-
looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in
the "Risks and Uncertainties" section in the Company's most recent MD&A filed with Canadian security regulators.
On behalf of the Board of Directors,
“Mark Jarvis”
MARK JARVIS, CEO
GIGA METALS CORPORATION
Contact Information
Office Phone: +1 (604) 681-2300
Investor Inquiries: [email protected]
Company Website: www.gigametals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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