Class 1 Nickel Files Alexo-Dundonald Technical Report ON SEDAR
CLASS 1 NICKEL FILES ALEXO-DUNDONALD TECHNICAL REPORT ON SEDAR
Toronto, Ontario (December 17, 2020) – Class 1 Nickel and Technologies Ltd. (CSE:NICO)
("Class 1" or the "Company") is pleased to announce it has filed an updated Alexo -Dundonald
National Instrument NI 43-101 Technical Report on SEDAR for its 100% owned Alexo-Dundonald
Nickel Project (the “Project” or the “Property”) located about 45 km northeast of Timmins,
Ontario. The Technical Report supports the updated Mineral Resource Estimate press releases of
November 2 and December 1, 2020.
The Project comprises four foundation Mineral Resources; Alexo North, Alexo South, Dundonald
North and Dundonald South which are situated within a regionally folded package of mafic to
ultramafic (ba salt and komatiite flows) rocks that trend through the strategic land package
(Figure 2). A large portion of the Property remains untested by drilling.
Figure 1 – Isometric Image of Alexo-Dundonald Project
Class 1 President Mr. Benjamin H Cooper stated “We are pleased to disclose the Technical Report
on SEDAR that contains the details of our recently announced updated Mineral Resource Estimate
and describes the Project upside potential. This is the first step on our path to undertaking a
Preliminary Economic Assessment which is scheduled to commence upon completion of an
upcoming Q1 2021 drilling program currently being planned.”
Figure 2: Alexo-Dundonald Project Map
Class 1 is now reporting an updated total estimated Indicated Mineral Resource of 1.25 Mt
with an average grade of 0.99% and an Inferred Mineral Resource of 2.01 Mt with an
average grade of 1.0 1% Nickel (Table 1) and an. Details of the current pit -constrained and
out-of-pit Mineral Resources are provided in Table 2.
Table 1: Alexo-Dundonald Updated Mineral Resource Estimate Summary
UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE (1-9)
Classification
Tonnes
(M)
Ni
%
Cu
%
Co
%
Contained
Ni Mlb
Contained
Cu Mlb
Contained
Co Mlb
Pit Constrained
& Out-of-Pit
Indicated
1.25 0.99 0.04 0.02 27.35 1.00 0.66
Out-of-Pit
Inferred 2.01 1.01 0.03 0.02 44.51 1.29 0.89
NI 43-101 disclosure:
(1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
(2) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
(3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an
Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected
that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource
with continued exploration.
(4) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy
and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council .
(5) The historical open pit mined areas were removed from the MRE.
(6) US$ metal prices of $7.35/lb NI, $3/lb Cu, $20/lb Co, $1,500/oz Au, $900/oz Pt and $1,650/oz Pd were
used in the NSR calculation with respective process recoveries of 89%, 90%, 40%, 50%, 50% and 50%
(7) Pit constrained Mineral Resource NSR cut-off considers ore crushing, transport, processing and general
and administration (G&A) costs th at respectively combine for a total of ($2 + $6 + $20 + $2) =
CAD$30/tonne processed.
(8) Out-of-pit Mineral Resource NSR cut-off considers ore mining, crushing, transport, processing and G&A
costs that respectively combine for a total of ($58 + $2 + $6 + $20 + $4) = CAD$90/tonne processed.
(9) The out -of-pit Mineral Resource grade blocks were quantified above the $90/t cut -off, below the
constraining pit shell and within the constraining mineralized wireframes. Additionally, only groups of
blocks that exhibited continuity and reasonable potential stope geometry were included. All orphaned
blocks and narrow strings of blocks were excluded. The longhole stoping with backfill mining method
was assumed for the out-of-pit Mineral Resource Estimate calculation.
Table 2 – Pit Constrained and Out-of-Pit Estimated Mineral Resources
UPDATED ALEXO-DUNDONALD MINERAL RESOURCE ESTIMATE (1-9)
Scenario Classific
ation
Cut-
off
NSR
C$/t
Tonne
s
(k)
Ni
(%)
Ni
(Mlb)
Cu
(%)
Cu
(Mlb)
Co
(%)
Co
(Mlb)
Pit
Constraine
d
Indicated 30 593.4 0.78 10.22 0.04 0.53 0.03 0.34
Out-of-pit
Indicated 90 661.0 1.18 17.13 0.03 0.47 0.02 0.32
Inferred 90 2,007.5 1.01 44.51 0.03 1.29 0.02 0.89
Total
Indicate
d 30+90 1,254.
4 0.99 27.3
5 0.04 1.00 0.02 0.66
Inferred 90 2,007.
5 1.01 44.5
1 0.03 1.29 0.02 0.89
The Updated December 2, 2020 NI 43-101 Updated Mineral Resource Estimate was prepared by
Yungang Wu, P.Geo. and Eugene Puritch, P.Eng, FEC, CET of P&E Mining Consultants Inc, both
Independent Qualified Persons as defined by NI 43 -101 - Standards of Disclosure for Mineral
Projects. The Updated Mineral Resource Estimate was undertaken for pit constrained and out-of-
pit nickel, copper, and cobalt Mineral Resources. The total Indicated Mineral Resource Estimate
based on NSR cut-off values of CDN$30 per tonne for the pit constrained Mineral Resource and
CDN$90 per tonne for the out-of-pit Mineral Resource.
The Alexo-Dundonald Project was previously mined via a direct shipping model, and the 2021
Preliminary Economic Assessment that the Company plans to undertake will be designed around
similar principles.
The Updated Mineral Resource Estimate was completed by P&E Mining Consultants Inc (“P&E”)
and has been reviewed internally by the Company. The full NI 43-101 Technical Report in respect
of the Updated Mineral Resource Estimate (the “Technical Report”) is now available on SEDAR
(www.sedar.com) under the Company’s issuer profile or you can view it on the Company’s
website.
Quality Assurance and Quality Control
Three programs of due diligence sampling were conducted between 2010 and 2020 with 161
samples collected and analyzed at AGAT Laboratories an ISO accredited facility in Mississauga,
Ontario. Good correlation between original and due diligence assays was observed. In addition,
during the same period 2,420 assays were checked against independently acquired laboratory
analysis certificates with only a few minor errors encountered and corrected.
Qualified Person
The Updated Mineral Resource Estimate disclosed in this press release was prepared under the
supervision of Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., and the
supporting Technical Report is now available on SEDAR (www.sedar.com) under the Company’s
issued profile. Mr. Puritch who is an Independent Qualified Person as defined under NI 43 -101,
has reviewed and approved the Mineral Resource Estimate and technical and scientific information
disclosed in this press release.
About Class 1:
Class 1 Nickel and Technologies Limited (CSE: NICO) 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 Mineral Resources located near Timmins, Ontario.
The Company also holds an option over the Somanike komatiite hosted nickel 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 new website at www.class1nickel.com and
our Twitter feed: @ClassNickel.
Neither the Canadian Securities Exchange nor its regulation services provider has
reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Statements and Information
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the estimate of Mineral
Resources in the updated Mineral Resource statement may be materially affected by environmental, permitting, legal,
title, taxation, socio -political, marketing, or other relevant issues. There is no certainty that the Indicated Mineral
Resources will be converted to the Probable Mineral Reserve category, and there is no certainty that the updated
Mineral Resource statement will be realized.
The Mineral Resource Estimates contained herein may be subject to legal, political, environmental or other risks that
could materially affect the potential development of such Mineral Resources. See the Technical Report, once filed, for
more information w ith respect to the key assumptions, parameters, methods and risks of determination associated
with the foregoing.
This press release contains “forward -looking statements” within the meaning of applicable Canadian securities
legislation. Forward -looking s tatements include, but are not limited to, statements regarding the impact and
implications of the Updated Mineral Resource Estimate and drill results of the Company, the growth potential and
possible economics of the project and the Company’s understanding of the Alexo-Dundonald Project, the development
potential and timetable of the project; the estimation of Mineral Resources; realization of Mineral Resource Estimates’;
the anticipated timing of the Preliminary Economic Assessment; the timing and amount of estimated future exploration;
the anticipate results of the Company’s planned 2021 drill program on the Alexo -Dundonald Project and its possible
impact on the potential size of the Mineral Resource Estimate; costs of future activities; capital and opera ting
expenditures; success of exploration activities; the anticipated ability of investors to continue benefitting from the
Company’s low discovery costs; technical expertise and support from local communities; and the anticipated timing of
filing the Tech nical Report. Generally, forward -looking statements can be identified by the use of forward -looking
terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”,
“forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and
phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”,
“occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important
facts that, if untrue, could cause the actual results, performance or achievements of Class 1 to be materially different
from future results, performances or achievements expressed or implied by suc h statements. Such statements and
information are based on numerous assumptions regarding present and future business strategies and the environment
in which Class 1 will operate in the future. Certain important factors that could cause actual results, per formances or
achievements to differ materially from those in the forward -looking statements include, amongst others, currency
fluctuations, the global economic climate, dilution, share price volatility and competition. Forward -looking statements
are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results,
level of activity, performance or achievements of Class 1 to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the
Company’s activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact
on nickel and other metals; there being no assurance that the exploration program will result in expanded Mineral
Resources; risks and uncertainties inherent to Mineral Resource Estimates; receipt of necessary approvals; general
business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour
disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and
uncertainties discussed in the latest annual information form of the Company, in the Technical R eport to be filed and
in other continuous disclosure documents of the Company available under the Company’s profile at www.sedar.com.
Although Class 1 has attempted to identify important factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results
and future events could d iffer materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward -looking statements. Class 1 does not undertake to update any forward -looking
statements, except in accordance with applicable securities laws.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources
These Mineral Resource Estimates have been prepared in accordance with the requirements of Canadian securities
laws, which differ from the requirements of U.S. securitie s laws. The terms “ Mineral Resource”, “Measured Mineral
Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in NI 43-101 and recognized by
Canadian securities laws but are not defined terms or recognized under U.S. securitie s laws. U.S. investors are
cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to Mineral
Reserves. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed that all or any part of an “ Inferred Mineral Resource”
will ever be upgraded to a higher category. Under Canadian securities laws, estimates of “Inferred Mineral Resources”
may not form the basis of Feasibility or Pre-Feasibility studies. U.S. investors are cautioned not to assume that all or
any part of an Inferred Mineral Resource exists or is economically or legally mineable. Accordingly, these Mineral
Resource Estimates and rel ated information may not be comparable to similar information made public by U.S.
companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules
and regulations thereunder.