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Table 2. Mineral Resource Statement (II) for the Dundonald North Nickel Sulphide Deposit, 0.46% Ni cut-off grade (COG).
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| Dundonald North Resources | Tonnage (t) | Grade | Contained Metal | |||||||
| Ni (%) | Cu (%) | Co (%) | NiEq (%) | NSR (C$/t) | Ni (k lbs) | Cu (k lbs) | Co (k lbs) | |||
| Underground (0.46% Ni COG) | ||||||||||
| Inferred | 2,600,000 | 0.75 | 0.05 | 0.02 | 0.80 | 150 | 43,000 | 2,100 | 1,200 | |
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*see Notes to Table 1 above
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Figure 1. Alexo-Dundonald Nickel Sulphide Project showing the location of the 4 nickel deposits with an oval over the area of the Dundonald North Deposit and optimized pit shell outlines for Alexo North, Alexo South and Dundonald South deposits, all overlain on the generalized geology of the Project (Caracle, 2025).
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The updated Dundonald North MRE was calculated entirely from historical drilling (22,041.97 m in 64 holes) completed on the D-N Deposit by previous operators and verified by QP Simon Mortimer.
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Updates to the mineral resources of the Alexo South, Alexo North, Dundonald South deposits were announced 24 April 2024, 22 May 2024, and 3 October 2024, respectively (Table 3 and Table 4).
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Table 3. Mineral Resources for the 4 Alexo-Dundonald Nickel Sulphide Deposits at 1.0% Ni, using various %Ni cut-offs.
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| Deposit | Type | Resource Category | Ni (%) Cut-Off | Ni Grade (%) | Tonnage (t) | Contained Ni Metal (klbs) |
| Alexo South | Pit-Constrained | Indicated | 0.52 | 1.00 | 77,700 | 1,720 |
| Alexo North | Pit-Constrained | Indicated | 0.28 | 1.01 | 33,900 | 791 |
| Dundonald South | Pit-Constrained | Indicated | 0.67 | 1.09 | 388,000 | 9,350 |
| Dundonald North | Underground (no pit) | Inferred | 0.71 | 1.01 | 1,000,000 | 23,000 |
| Total: | Indicated | 1.07 | 499,600 | 11,861 | ||
| Total: | Inferred | 1.01 | 1,000,000 | 23,000 | ||
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Table 4. Summary of Mineral Resources for the 4 Alexo-Dundonald Nickel Sulphide Deposits.
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| Deposit | Resource Category | NSR Cut-Off | Tonnage (t) | Grade | Contained Metal | |||||||||
| Ni (%) | Cu (%) | Co (%) | NiEq (%) | NSR (C$/t) | Ni (klbs) | Cu (klbs) | Co (klbs) | |||||||
| Within-Pit | ||||||||||||||
| Alexo North | Indicated | C$52.5/t | 35,100 | 0.98 | 0.11 | 0.04 | 1.08 | 206 | 759 | 83 | 33 | |||
| Inferred | C$52.5/t | 470 | 0.32 | 0.04 | 0.02 | 0.36 | 68 | 3 | 0 | 0 | ||||
| Alexo South | Indicated | C$52.5/t | 275,000 | 0.58 | 0.02 | 0.02 | 0.62 | 123 | 3,490 | 133 | 133 | |||
| Dundonald South | Indicated | C$52.5/t | 2,540,000 | 0.49 | 0.02 | 0.01 | 0.52 | 103 | 27,400 | 911 | 755 | |||
| Inferred | C$52.5/t | 3,600,000 | 0.42 | 0.01 | 0.01 | 0.11 | 88 | 33,000 | 1,100 | 1,100 | ||||
| Total: | Indicated | 2,850,000 | 0.50 | 0.02 | 0.01 | 0.53 | 106 | 31,700 | 1,130 | 921 | ||||
| Total: | Inferred | 3,600,000 | 0.42 | 0.01 | 0.01 | 0.44 | 88 | 33,000 | 1,100 | 1,100 | ||||
| Out-of Pit (Underground) | ||||||||||||||
| Alexo North | Indicated | C$96.0/t | 7,540 | 0.63 | 0.08 | 0.03 | 0.70 | 134 | 105 | 12 | 5 | |||
| Alexo South | Indicated | C$96.0/t | 297,000 | 0.65 | 0.03 | 0.02 | 0.69 | 139 | 4,240 | 190 | 157 | |||
| Inferred | C$96.0/t | 130,000 | 0.54 | 0.03 | 0.02 | 0.58 | 116 | 1,500 | 75 | 52 | ||||
| Dundonald North | Inferred | C$96.0/t | 2,500,000 | 0.75 | 0.05 | 0.02 | 0.80 | 152 | 42,000 | 2,600 | 1,200 | |||
| Dundonald South | Indicated | C$96.0/t | 201,000 | 0.95 | 0.03 | 0.02 | 0.99 | 198 | 4,210 | 145 | 80 | |||
| Inferred | C$96.0/t | 390,000 | 0.57 | 0.02 | 0.01 | 0.60 | 120 | 4,900 | 160 | 120 | ||||
| Total: | Indicated | 505,000 | 0.77 | 0.03 | 0.02 | 0.81 | 162 | 8,560 | 347 | 242 | ||||
| Total: | Inferred | 3,000,000 | 0.72 | 0.04 | 0.02 | 0.60 | 120 | 48,000 | 2,900 | 1,400 | ||||
| Combined Within-Pit and Out-of Pit (Underground) Resources | ||||||||||||||
| Total: | Indicated | 3,350,000 | 0.54 | 0.02 | 0.01 | 0.58 | 115 | 40,200 | 1,470 | 1,160 | ||||
| Total: | Inferred | 6,600,000 | 0.56 | 0.02 | 0.01 | 0.51 | 100 | 81,000 | 4,000 | 2,500 | ||||
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As stated in the Company’s news release of 4 December 2024, the primary objectives of Class 1 are to expand known mineralization and resources at its 4 existing magmatic nickel sulphide deposits within the Alexo-Dundonald Nickel Sulphide Project.
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Furthermore, the Company will be launching an exploration program to examine the numerous underexplored areas of the Project including the numerous nickel sulphide occurrences that exist outside of the known deposit areas. Much of this exploration will be guided by recently completed airborne geophysics and historical drilling, with new ground geophysics and remote sensing surveys being planned.
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Deposit Types and Project Potential
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In addition to the high-grade nickel sulphide (>1.0% Ni) potential we see at Alexo-Dundonald, immense potential exists to target and develop large tonnage, low-grade komatiite-hosted 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). The Company is currently planning a targeted diamond drilling program to outline this deposit type within the Alexo-Dundonald Project.
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