Class 1 Nickel Files Alexo-Dundonald Technical Report on SEDAR

TORONTO, Dec. 17, 2020 (GLOBE NEWSWIRE) — 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 (basalt 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 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d85bfe2-0e7c-4327-9d88-8b2ee18c4228Class 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 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cd7f8cf7-402c-4daf-9b98-d28849f8d3b4Class 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 1.01% 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

Table 2 – Pit Constrained and Out-of-Pit Estimated Mineral Resources
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 ControlThree 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 PersonThe 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
E: bcooper@class1nickel.comFor 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 InformationMineral 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 with 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 statements 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 operating 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 Technical 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 such 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, performances 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 Report 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 differ 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.