Class 1 Nickel Increases Resource Estimate for Dundonald Deposit
Class 1 Nickel Updates Resource Estimate
Class 1 Nickel and Technologies Ltd. (CSE: NICO | OTCQB: NICLF) has recently detailed an updated mineral resource estimate for the Dundonald South Nickel Deposit, a significant component of the Alexo-Dundonald Nickel Sulphide Project. This update highlights a remarkable increase compared to previous estimates from 2020.
Remarkable Resource Growth
The updated mineral resources indicate a total of 2.54 million tonnes at a grade of 0.49% nickel in the Indicated category, marking an impressive increase of 781% in indicated tonnes compared to previous assessments. The deposit further reveals approximately 27.4 million pounds of nickel, translating to a 474% rise in nickel weight.
Current Estimate Breakdown
The Dundonald South Deposit currently hosts approximately 776,000 tonnes at a grade of 1.0% nickel, utilizing a 0.67% cut-off. Along with this, the total mineral resources across the four deposits within the project amounts to about 3.4 million tonnes at an average grade of 0.54% nickel in the Indicated category. Additionally, it contains 5.9 million tonnes at 0.61% nickel classified as Inferred resources.
Exploration Opportunities Ahead
An exciting aspect of the updated estimate is that 87% of the nickel pounds in the deposit are categorized as Indicated, with ongoing drilling activities planned to potentially upgrade these to Measured resources. Notably, the exploration potential remains robust, as 59% of the Dundonald South Deposit is currently classified as Inferred, indicating excellent opportunities for further drilling and resource growth.
Dundonald Project Overview
The Dundonald South Nickel Deposit is one of four deposits included in the expansive Alexo-Dundonald Nickel Sulphide Project, which spans roughly 1,895 hectares. This region, located about 45 kilometers northeast of Timmins, has shown great potential for nickel sulphide mineralization. Geological models suggest that the deposit remains open both along strike and at depth, inviting future exploration targeting.
Updated Mineral Resource Reports
The updated MRE has been completed by Atticus Geoscience Consulting Ltd. in partnership with Caracle Creek Chile SpA. This estimate supersedes the previous assessment conducted in 2020, and is officially compliant with the guidelines set forth in National Instrument 43-101. A technical report supporting this latest evaluation will be filed to provide further insights.
CEO Remarks
David Fitch, the CEO of Class 1 Nickel, expressed enthusiasm regarding the updates, emphasizing that the re-interpreted model reveals the high-grade nickel sulphide potential of the Dundonald South deposit. The anticipation of high-grade nickel assays over significant intervals further supports development strategies moving forward.
Future Phase Drilling Program
With the updated resources for three out of the four nickel deposits, Class 1 Nickel is aligning its Phase 2 drilling programs to refine exploration and establish a pathway toward a comprehensive Preliminary Economic Assessment. This focused approach aims to harness the project's full economic potential.
Exploration Strategies Going Forward
Class 1 Nickel is set to embark on a new exploration program targeting the numerous underexplored areas of the Alexo-Dundonald Project. Utilizing recent advancements in airborne geophysics, along with new ground surveys, the initiative aims to unearth additional nickel sulphide occurrences beyond the known deposits.
Additionally, the company's dual strategy focuses not only on developing high-grade nickel sulphide resources but also on exploring large-tonnage, low-grade komatiite-hosted deposits within the project area. This comprehensive exploration plan seeks to maximize the potential of nickel resources in the region.
Core Handling and Assay Procedures
Following the Class 1 Nickel drilling program, standard core handling and assay procedures were implemented, ensuring thorough quality assurance and control. The drilled core is prepared and analyzed at reputable laboratories for nickel, copper, cobalt, and other valuable minerals, guaranteeing analytical accuracy throughout the resource estimation process.
About Class 1 Nickel and Technologies
Class 1 Nickel and Technologies Limited is dedicated to the exploration and development of its komatiite-hosted nickel sulphide projects. The company is currently focusing on maximizing its existing resources in parallel with advancing future production opportunities.
Frequently Asked Questions
What is the recent update in the resource estimate?
The recent update indicates a significant increase in the Indicated resources to 2.54 million tonnes at a grade of 0.49% nickel, showing immense growth compared to previous evaluations.
Who conducted the mineral resource estimate?
The updated mineral resource estimate was carried out by Atticus Geoscience Consulting Ltd. in collaboration with Caracle Creek Chile SpA.
What is the significance of the Dundonald South Deposit?
The Dundonald South Deposit showcases high-grade nickel sulphide potential, contributing significantly to the overall resources of the Alexo-Dundonald Nickel Sulphide Project.
What are the future plans for exploration?
Class 1 Nickel plans to conduct extensive exploration in underexplored areas of the project, utilizing recent geophysical data to identify additional nickel sulphide occurrences.
How does the company ensure assay accuracy?
The company follows strict QA/QC procedures during core handling and prepares samples at certified laboratories to maintain analytical integrity during the resource estimation process.
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