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Globe and Mail
27-05-2025
- Business
- Globe and Mail
Class 1 Nickel Airborne Geophysical Survey Identifies Multiple New Targets at River Valley PGE-Cu-Ni Project, Ontario, Canada
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Limited (CSE: NICO | OTCQB: NICLF) ("Class 1' or the "Company") is pleased to announce results from its previously completed high-resolution electromagnetic-magnetic airborne geophysical survey (see Class 1 news release 23 April 2025) over its River Valley PGE-Cu-Ni Project (the 'RV Project'), located about 65 kilometres northeast of the City of Sudbury, Ontario, Canada. The RV Project covers approximately 2,916 ha, within which lies several kilometres of prospective geology and known PGE-bearing sulphide mineralization categorized as Contact-Style PGE-Cu-Ni and hosted by the River Valley Intrusion ('RVI'). The RV Project is immediately south of the advanced River Valley Palladium Project being developed by New Age Metals Inc. The Company engaged Geotech Ltd ('Geotech') to fly a helicopter-borne VTEM™ Plus time-domain electromagnetic and horizontal magnetic-gradiometric survey (the 'Survey') over the RV Project. The final Survey totalled about 254 line-km covering part of the southern contact and part of the eastern footwall of the RVI (Figure 1). Highlights from the Survey include: Geophysical mapping of known surface to near-surface sulphide-hosted Contact-Style PGE-Cu-Ni sulphide mineralization (Figure 2). New surface and near-surface exploration opportunities along and near the Crerar PGE Trend and also well outside known sulphide occurrences (Figure 2). Several new surface features requiring ground follow-up, based on known correlation between hydrothermal alteration and magnetite destruction or conversion (Figure 3). Magnetics suggest known PGE trends continue along strike and that other trends, parallel to the known PGE trends, could exist, requiring ground-truthing (Figure 3). CEO David Fitch commented, 'The results from this first-ever VTEM™ Plus survey covering this area of the River Valley Intrusion and our multi-kilometre Crerar PGE Trend are exciting, providing the Company's technical team with numerous surface and near-surface targets to follow-up on in the soon to be launched summer field program. As we confirm these new targets, we will commence detailed surface mapping and sampling, geophysical surveys, and trenching to expose and understand these PGE-Cu-Ni targets.' Geophysical surveys are not definitive and do not carry any guarantee of a mineral discovery and that in addition to conductive sulphide mineralization, bedrock conductors can also be caused by graphite, conductive structures, and barren sulphides. Results from neighboring properties do not necessarily reflect those that exist within Class 1 Nickel's RV Project. River Valley PGE-Cu-Ni Project The RV Project, covering known Contact-Style PGE-Cu-Ni sulphide mineralization (Crerar PGE Trend) in the southern part of the intrusion (Figure 1), provides PGE-focused exploration upside to the Company's portfolio as well as exposure to critical minerals, PGE, copper, and nickel. The RV Project is underlain by gabbroic to anorthositic rocks of the Paleoproterozoic RVI with a focus on targeting the productive Marginal and Inclusion-Bearing zones. Figure 1. Outline of the RV Project mining claims (red boundary) that define the River Valley PGE Project and the area surveyed (blue boundary) using Geotech's VTEM™ Plus airborne system (base geology from OGS, 2011: Ontario Geological Survey. 1:250 000 scale Bedrock Geology of Ontario; Miscellaneous Release–Data 126 – Rev.1). Versatile Time Domain Electromagnetic (VTEM™) Plus Survey In March 2025, Geotech carried out a helicopter-borne geophysical survey over the River Valley PGE-Cu-Ni Project, near River Valley, Ontario. Principal geophysical sensors included a versatile time domain electromagnetic (VTEM™ Plus) system and a horizontal magnetic gradiometer with two caesium sensors. Ancillary equipment included a GPS navigation system and a radar altimeter. About 254 line-kilometres of geophysical data were acquired during the survey. The Survey was flown in a northwest-southeast direction with traverse flight line spacings of 100 metres and 1 km-spaced tie lines in a northeast direction. Information and data was reported in the WGS 84 Datum, UTM Zone 17 North. VTEM™ and Magnetic Survey Interpretation VTEM™ conductor anomalies were first identified based on conductance and subsequently reviewed for possible cultural interference in Google Earth images. These filtered anomalies were then prioritized (the 'Targets') and integrated with other data and information (Figure 2 and Figure 3), including total magnetic intensity (TMI), magnetic first vertical derivative (1VD), magnetic tilt angle derivative (TDR), property geology, known sulphide mineral occurrences and trends, and known historical drilling compiled from assessment reports and the Ontario Drill Hole Database (ODHD). Figure 2. Generalized geology from the southeastern River Valley Intrusion (OGS, 2011), showing the River Valley PGE Property boundary and the location of known sulphide mineralization, PGE-sulphide trends such as the Crerar PGE Trend, and historical drill hole collars. Electromagnetic picks, known mineralized trends, and potentially new areas of sulphide mineralization are shown in Figure 3. These and other very positive results from the Survey will form the subject of this summer's exploration program that will include geophysical ground-truthing, mapping and sampling, geophysical surveys, and trenching. Figure 3. Magnetic Tilt Angle Derivative overlain on the generalized geology from the southeastern River Valley Intrusion (OGS, 2011), showing the location of the River Valley PGE Property boundary, location of known sulphide mineralization, PGE-sulphide trends such as the Crerar PGE Trend, historical drill hole collars, and geophysical (EM and structural) picks. The Geophysical Structural Picks represent some of the new trends that will be ground-truthed during this summer's field program. Qualified Person Technical information and data in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans ( PGO #0183), a geological consultant to the Company, and 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 Resources Company primarily focused on the exploration and development of its 100% owned komatiite-hosted nickel sulphide projects: the Alexo-Dundonald Project ('A-D'), near Timmins, Ontario (4 nickel sulphide deposits) and the Somanike Project, near Val-d'Or, Quebec (includes the historical Marbridge Ni-Cu Mine). Both projects comprise extensive property packages covering past-producing nickel mines, offering excellent exploration upside and near-term production opportunities. The Company holds 100% interest in its River Valley PGE Project located about 65 km northeast of the City of Sudbury, the world's largest and longest operating nickel-copper-cobalt-PGE mining camp (see Class 1 news release 13 December 2023). Outside of the River Valley PGE Project, Class 1 is advancing its Alexo-Dundonald Project toward near-term production and at the same time continue brownfield and greenfield exploration on its large property package to aggregate additional nickel resources. The A-D Project sits on a 14+ km strike-length, folded komatiite unit containing four nickel-copper-cobalt-PGE mineral resources plus numerous underexplored sulphide occurrences. Decades of successful capital expenditure and investment into the Project has resulted in the discovery and delineation of the four mineral resources but the greater Property area remains underexplored. The A-D Project was previously mined (ca. 2005) via a direct shipping model, and the Company is investigating the possibility of a Preliminary Economic Assessment (PEA) study to determine the best path forward. For more information, please contact: Mr. David Fitch, President & CEO T: +61.400.631.608 Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this news 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 SEDAR+ ( 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. Photos accompanying this announcement are available at
Associated Press
12-05-2025
- Business
- Associated Press
Critical Elements Lithium Summer Exploration Plans
MONTRÉAL, QC / ACCESS Newswire / May 12, 2025 / Critical Elements Lithium Corporation (TSX-V:CRE)(US OTCQX:CRECF)(FSE:F12) ('Critical Elements' or the 'Corporation') is pleased to announce the recommencement of active exploration on its highly prospective, 1,050 square kilometre land portfolio, including the 100% owned Nemaska Belt properties. An important helicopter-borne electromagnetic VTEM plus time-domain system ('VTEM') survey covering the Nemaska Belt group of properties in the Eeyou Istchee region of Québec has been completed (Figure 1). The 2,701-line kilometre VTEM survey executed by Geotech Airborne Geophysical Survey covers the entirety of Critical Elements' 100%-owned Nemaska Belt properties with flight lines at a 200-metre spacing. The objective of the survey was to identify conductors that could correlate with high-grade Nickel-Copper-PGE mineralization and define high-priority drill targets. Figure 1: VTEM survey map Nemaska Belt properties The Corporation plans to begin a surface exploration program on the Nemaska Belt portion of the portfolio and the Rose blocks at the end of May and intends to pursue a prospecting, mapping, and sampling program until late August. Dahrouge Geological Consulting Ltd. ('Dahrouge') has been mandated to perform the summer exploration program targeting potentially economic mineralization including high-grade Nickel-Copper-PGE as well as lithium-bearing spodumene. Management continues to be engaged in assembling the funding required to make a final investment decision on the Corporation's flagship Rose Lithium-Tantalum project. These efforts build on the $20 million conditional funding from Natural Resources Canada's Critical Minerals Infrastructure Fund ( see press release dated February 6, 2025 ) and the support letter from a leading Canadian financial institution stating its interest in providing long term debt financing of up to US$115 million (approximately C$150 million) of project debt ( see press release dated February 10, 2025 ). Qualified Person François Gagnon, P. Geo, Operations Director - Québec for Dahrouge Geological Consulting Ltd., is the Qualified Person who has reviewed and approved the technical content of this press release on behalf of the Corporation. About Critical Elements Lithium Corporation Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly-owned, high-purity Rose Lithium-Tantalum project in Québec, the Corporation's first lithium project to be advanced within a land portfolio of over 1,050 km2. On August 29, 2023, the Corporation announced results of a new Feasibility Study on Rose for the production of spodumene concentrate. The after-tax internal rate of return for the Project is estimated at 65.7%, with an estimated after-tax net present value of US$2.2B at an 8% discount rate. In the Corporation's view, Québec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 94% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government, received the Certificate of Authorization pursuant to section 164 of Québec's Environment Quality Act from the Québec Minister of the Environment, the Fight against Climate Change, Wildlife and Parks, and the project mining lease from the Québec Minister of Natural Resources and Forests under the Québec Mining Act. For further information, please contact: Jean-Sébastien Lavallée, P. Géo. Chief Executive Officer 819-354-5146 [email protected] Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary statement concerning forward-looking statements This news release contains 'forward-looking information' within the meaning of Canadian Securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'scheduled', 'anticipates', 'expects' or 'does not expect', 'is expected', 'scheduled', 'targeted', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information contained herein include, without limitation, statements relating to the results and completion of the 2025 exploration program and its related objectives, securing a strategic partnership and project financing leading to a Final Investment Decision. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made. 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 information. Although Critical Elements has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking information include, but are not limited to: final and complete results of the Corporation's 2025 exploration program and effects on the Corporation's stated objectives, as well as those risk factors set out in the Corporation's Management Discussion and Analysis for its most recent quarter ended February 28, 2025 and other disclosure documents available under the Corporation's SEDAR profile. Forward-looking information contained herein is made as of the date of this news release and Critical Elements disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Forward-looking information contained herein is made as of the date of this news release. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws. SOURCE: Critical Elements Lithium Corp. press release
