09:03 AM EDT, 10/03/2024 (MT Newswires) -- Class 1 Nickel and Technologies ( NICLF ) reported Thursday an increase in resources at the Dundonald South nickel deposit in Ontario.

An updated estimate indicated resources of 2.54 million metric tons at 0.49% nickel for 27.4 million pounds of contained nickel, a 781% increase in indicated tonnes and 474% increase in nickel pounds compared to the previous estimate.

With 59% of the Dundonald South Deposit tonnes in the inferred category, the company said there is excellent exploration upside to expand and upgrade resources through additional drilling.

"These new results from the updated mineral resource estimate for Dundonald South are extremely positive and the re-interpreted model shows off the high-grade nickel sulfide potential of this deposit and gives us several new areas to target in future drilling programs," CEO David Fitch said.