TORONTO, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) ("Class 1 Nickel" or the "Company") is pleased to announce that all necessary approvals have been granted and all contractors secured to commence a Phase 1 drill program in August 2022 at Somanike Nickel-Copper-Cobalt PGEs Project ("Somanike"), located near Val-d'Or, Quebec (Canada).
The Company's primary focus is to make a major discovery of high-grade magmatic nickel sulfides in an environment of known nickel mineralization with significant opportunity for new discoveries.
Figure 1. Location of the Somanike Project near the city of Val-d'Or, Quebec.
Figure 2: Phase 1 planned drilling
Drill Program Plan for Somanike central (Marbridge area).
The Phase 1 program consists of 27 diamond holes for a total of approximately 4500 meters (Figure 2). Additional holes are being planned. Where warranted, new drill holes will be surveyed by downhole EM methods designed to detect magmatic sulphides. The drill program has been designed following extensive analyses of and re-interpretation of historical data in context with new geophysical data. Mobilization of one diamond drill rig to its Somanike Project is expected by the end of August.
The Company's principal objectives are to:
The famous Marbridge Mine, which was the first nickel sulphide producing mine in Quebec, has not been seriously drill tested in more than five decades and has not been assessed by modern geophysical technologies capable of detecting magmatic sulphide deposits.
Alex Beloborodov stated, "Most of the historical drilling and mining at Marbridge has only ever been shallow work at less than 300 m below surface, the great bulk of the project remains essentially untested. Therefore, we are all keenly interested to see the potential generation of additional nickel sulphide targets."
Mr. Beloborodov goes on to say, "The Marbridge deposit area has never been investigated by modern geophysical techniques and EM anomalies will be drilled to test what is left of the original Marbridge deposit as well as to discover new deeper or parallel massive sulfides. This area will be seriously tested for the first time since the end of production in 1968."
About Somanike Project
The Somanike Project consists of 148 mining titles (mining rights area) covering 6,882 hectares within a large NW-trending ultramafic complex within the Abitibi Greenstone Belt that hosts several nickel sulphide occurrences, recognized nickel targets, ultramafic trends, and geophysical anomalies. The project is located in the prolific and mining-friendly Abitibi region of northwestern Quebec approximately 25 km north of the mining centre at Malartic, 40 km northwest of Val-d'Or, and 60 km east of Rouyn-Noranda.
The Somanike Project includes Quebec's first nickel mine, the historical Marbridge Mine, which was a high-grade nickel mine operated by Falconbridge Nickel. The Marbridge Mine occurs within a large NW-trending deformed and altered ultramafic complex. The Mine produced 702,366 tonnes grading 2.28% Ni and 0.10% Cu from 1962 to 1968, prior to being placed on care and maintenance in 1968. The Mine consisted of two shafts accessing four separate mineralized zones over a combined strike length of 1000 m. The mineralized material was trucked 25 km south and processed at the Canadian Malartic plant. Since 1968, leading groups have reviewed Marbridge data and reports and unanimously concluded that mining ceased in mineralization and the four nickel sulphide zones remain open to expansion by drilling along strike and down-dip/plunge.
The technical information in this news release has been reviewed and approved by Alexandr Beloborodov (P.Geo.), geological consultant of the Company, who is a Qualified Person under the definitions established by National Instrument 43?101.
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 Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite hosted nickel-copper sulphide project in Quebec, which includes the famous historical Marbridge Mine.
For more information, please contact:
Mr. David Fitch, President & CEO
Neither the Canadian Securities Exchange nor its regulation 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, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, 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 news 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 received 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 disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
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