Resource Estimate Update At High-Grade Alexo North Nickel Sulphide Deposit

TORONTO - Class 1 Nickel and Technologies Ltd. reported on the updated mineral resource estimate (MRE) for the Alexo North Nickel Deposit (A-N Deposit). The A-N Deposit, located about 45 km northeast of the City of Timmins, Ontario, is one of 4 high-grade nickel deposits within the extensive Alexo-Dundonald Nickel Project, which covers approximately 1,895 hectares (18.95 km2).

David Fitch, CEO, said, “We are very encouraged to have two updated and comprehensive mineral deposit models and mineral resource estimates for the Alexo North and Alexo South nickel sulphide deposits. We now look forward to future drilling programs, using the most optimal information available with the ultimate goal of expanding our high-grade mineral resources at Alexo-Dundonald and moving into economic studies such as our first Preliminary Economic Assessment which is planned for 2024.

In addition to advancing our existing high-grade nickel sulphide deposits at Alexo-Dundonald, the Company also sees immense potential to target and develop large-tonnage, low-grade, ultramafic-hosted nickel deposits such as those being developed in the Timmins area by Canada Nickel Company (Crawford Project), EV Nickel Inc. (CarLang A Deposit) and Aston Minerals Limited (Boomerang Project).”