Class 1 Nickel acquires Somanike Nickel Project
Class 1 Nickel acquires Somanike Nickel Project
Toronto, Ontario (February 18, 2021) – Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB:
NICLF) ("Class 1 Nickel" or the "Company") is please d to announce that it has exercised the option to
acquire a 100% interest in the Somanike Property pursuant the option agreement dated September 24,
2019, as amended and restated April 27, 2020, between Legendary Ore Mining Corp. (a wholly-owned
subsidiary of the Company) and Vanicom Resources Limited (the "Legendary Option Agreement").
Pursuant to the Legendary Option Agreement, the Company has exercised the option granted to Vanicom
by Quebec Precious Metals Corporation ("QPMC") under an option agreement dated August 20, 2018, as
amended (the "QPMC Option Agreement"), by payi ng Vanicom $1 plus reimbursing Vanicom for all
expenses made on the Somanike Property prior to the Company exercising said option.
The Somanike Property consists of 110 mining titles covering 5146.06 hectares located in the Abitibi area
of the Province of Quebec. The Legendary Option Agreement was entered into following a reorganization
of Vanicom, whereby Vanicom divested its ownership of Legendary to Vanicom shareholders, which was
completed on September 19, 2019.
The Company has previously issued 181,089 common shares of the Company ("Common Shares") to QPMC
and 53,846 Common Shares to Globex Mining Enterprises Inc. In order to exercise its option under the
Legendary Option Agreement, the Company has paid QPMC an aggregate of $75,000 and has drilled the
necessary 750m of core on certain claims held by Globex Mining Enterprises Inc.
Exploration in the Somanike Property has been largely dormant since the early 1970s following the closing
of the Marbridge Ni-Cu Mine in 1968. Historical expl oration programs focused on Ni-Cu with the majority
of assays conducted for Ni and very limited Cu. The entire project area was not investigated by modern
geophysical surveys until 2014 and 2015, when Sphinx Resources Ltd. ("Sphinx") flew a VTEM survey over
the entire Somanike Property with the objective of id entifying nickel-copper sulphide targets. Compilation
of all historical drill data in co njunction with the new VTEM survey identified numerous targets and
exploration programs were designed to test for Nickel and Copper.
About Class 1 Nickel:
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource
Company focused on the development of its 100% owned Alexo-Dundonald Project, a portfolio of komatiite
hosted magmatic nickel-copper-cobalt sulphide Mi neral Resources located near Timmins, Ontario. The
Company also owns the Somanike komatiite hosted ni ckel copper project in Quebec, which includes the
famous Marbridge Mine.
For more information, please contact:
Benjamin Cooper, President
T: 416.454.0166
For additional information please visit our website at www.class1nickel.com and our Twitter feed:
@Class1Nickel.
Neither the Canadian Securities Exchange nor its regu lation services provider has reviewed or accepted
responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking information which is not comprised of historical facts.
Forward-looking information is characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain
events or conditions “may” or “will” occur. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events, results, and opportunities to differ
materially from those expressed or implied by such forward-looking information. Factors that
could cause actual results to differ materially from such forward-looking information include, but
are not limited to, changes in the state of equity and debt markets, fluc tuations in commodity
prices, delays in obtaining required regulatory or governmental approvals, and other risks involved
in the mineral exploration and development in dustry, including those risks set out in the
Company’s management’s discussion and analysis as filed under the Company’s profile
at www.sedar.com. Forward-looking information in this ne ws release is based on the opinions
and assumptions of management considered reasonable as of the date hereof, including that all
necessary governmental and regulatory approvals will be re ceived as and when expected.
Although the Company believes that the assumptions and factors used in preparing the forward-
looking information in this news release are reasonable, undue reliance should not be placed on
such information. The Company di sclaims any intention or obligat ion to update or revise any
forward-looking information, other than as required by applicable securities laws.