Measured plus Indicated resources at Turnagain increase by 42% to 1.52 billion tonnes

VANCOUVER, British Columbia, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Mark Jarvis, CEO of Giga Metals Corp. (TSX.V – GIGA), announced today that the Company has updated its NI 43-101 mineral resource estimate based on an additional 15 drill holes totaling 6,295 metres drilled in 2021 that were drilled for resource expansion and resource classification upgrade in addition to supplying geotechnical data.

Table 1: Mineral Resource Statement(1,2,3,4,5) for the Turnagain Project
Open Pit Mineral Resources – Base Case EstimateClassification Tonnes
(million) Ni Grade
(%) Contained Ni
(000s lbs) Co Grade
(%) Contained Co
(000s lbs)Measured423.40.2141,998.40.013125.1Indicated1,095.60.2095,039.70.013308.0Measured and Indicated1,519.00.2107,038.10.013433.1Inferred(4)1,222.30.2065,555.10.012325.3

(1) All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument 43-101 (“NI 43-101”).
(2) Mineral resources are reported in relation to a conceptual pit shell in order to demonstrate reasonable expectation of eventual economic extraction, as required under NI 43-101; mineralization lying outside of these pit shells is not reported as a mineral resource.Mineral resources are not mineral reserves and do not have demonstrated economic viability.
(3) Mineral resources are reported at a cut-off grade of0.1% Ni. Cut-off grades are based on a price of US $9.00 per pound nickel and a number of operating cost and recovery assumptions, plus a contingency.
(4) Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. However,it is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated.
(5) Due to rounding, numbers presented may not add up precisely to the totals provided and percentages my not precisely reflect absolute figures.

“The updated mineral resource estimate for the Turnagain Project represents an important milestone in the path towards developing a large, long-life operation,” said Mark Jarvis, CEO of Giga Metals Corp, “The updated geological modelling has increased our level of certainty in the contained resources to feed a global-scale nickel sulphide concentrate facility. The new model reflects resources in the Horsetrail zone, north of the Turnagain river (95% of M&I resources) and the Hatzl zone south of the river, but excludes resources which underlie the river and an ecological setback on either side.”