Canadian miner Class 1 Nickel has found additional resources at its Alexo-Dundonald deposits at the Timmins mining project in Ontario.
The company reported on Monday that a new survey had upgraded its indicated mineral volumes by 119pc to 1.25mn mt containing 0.99pc nickel, while its inferred mineral resources also shot up to 1.01mn mt graded at 1.08pc nickel.
The indicated mineral resources are estimated to hold around 27.35mn lb (12,405.75mt) of nickel, 1mn lb of copper, and 660,000lb of cobalt.
The deposit covers an area of around 14kms containing nickel, copper, and cobalt ore, according to Class 1. The company added that the previous owners of the project had already drilled around 102,883 meters around this area, confirming the presence of a significant amount of small high-grade mineral deposits apart from the ones found by Class 1.
Apart from the Alexo-Dundonald Project, Class 1 holds a stake in Quebec’s Somanike nickel-copper project.