It said the resource now comprised indicated 1.25 million tonnes at 0.99% nickel and an inferred 1.01Mt at 1.08% nickel, a 119% and 1,400% increase since the previously reported estimate dated June 30, which was based on the Alexo-Kelex deposit.
The company said in August it had engaged consultants to upgrade Dundonald's historical resource and combine it with Alexo, now it had consolidated the nickel-copper-cobalt sulphide projects into one 20sq.km land package near Timmins.
"This project has indicated the viability of a direct shipping model on several occasions in the past," president Benjamin Cooper said.
"This time we are operating in a rising class 1 nickel market with truly global demand and our company is envisioning a much bolder, larger, stronger approach utilising greater financial backing and capacity with a plan to ship more mineralised material, faster and more efficiently than previously possible."
The company said small-scale openpit nickel mining and direct shipping mineralised material production last occurred at Alexo-Dundonald in 2004-2005, followed by more mining and stockpiling in 2011 in conjunction with the signing of a custom processing agreement with Glencore's Strathcona process facility near Sudbury.
Class 1, formerly Lakefield Marketing Corp, listed on the Canadian Securities Exchange in August.
The company also has an option on the Somanike nickel-copper project in Quebec.
It announced plans last month to raise up to C$3 million at 80c per flow-through unit and 70c per hard dollar unit, for work at Alexo-Dundonald and Somanike, general working capital "and to fund potential future acquisitions".
Its shares (CSE: NICO) closed unchanged yesterday at 70c, valuing it at $70 million (US$53 million).