Tartisan Nickel Corp.

Developing a Diversified Base and Precious Metals Portfolio

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Tartisan Nickel Corp. (CSE:TN) is a Canadian battery metals exploration and development company focused on developing the Kenbridge nickel-copper-cobalt project located in Kenora, Ontario, Canada as well as exploring gold-silver and zinc-manganese projects in Peru.

Tartisan’s primary property, the Kenbridge deposit, has a combined open-pit and underground, measured and indicated resource of 7.14 million tonnes at 0.62 percent nickel, 0.33 percent copper. Tartisan is currently updating the NI 43-101 Technical Report for the Kenbridge deposit. The company has fostered strong community relationships with First Nations in the region, and is a signatory of Treaty Number 3.

Part of the Tartisan Nickel portfolio of holdings consists of an over 17 percent equity stake in Eloro Resources Ltd (TSXV:ELO), including ownership of a 2 percent NSR for the company’s La Victoria property. Originally discovered by Tartisan, the La Victoria property lies within a 300-kilometer belt in the Peruvian Andes which hosts 12 operating mines, 9 of which are precious metal and 3 of which are world class producers.

Tartisan Nickel also owns a 100 percent stake in the Don Pancho zinc-lead-silver-manganese project, located just 9 kilometers from Trevali’s (TSX:TV) Santander Mine, which has historical grades of up to 4.4 percent zinc, 3.3 percent lead and 61 g/t silver over 1.15 meters. The third of Tartisan’s Peruvian holdings is a 100 percent stake in the Ichuna copper-silver project, contiguous to Buenaventura’s San Gabriel property.

Tartisan Nickel has an experienced management team who are actively engaged in exploring and advancing projects to increase shareholder value.

Company Highlights

  • Kenbridge property has a measured and indicated resource of 7.14 million tonnes at 0.62 percent nickel, 0.33 percent copper.
  • Ongoing exploration work and the preparation of a new NI 43-101 Technical Report is underway.
  • 17 percent stake in Eloro Resources and 2 percent NSR in their La Victoria property with continued exploration in 2019.
  • Strong management team with proven experience in advancing projects to production readiness and increasing shareholder value.
  • Tightly held share structure with 50 percent owned by approximately 12 investors

Flagship Kenbridge Project

Similar to the demand for cobalt, the demand for nickel is on the rise as it is a key material in lithium-ion batteries used in electric vehicles. According to Battery University, nickel-based lithium-ion batteries offer the greatest energy densities on the market, making nickel an appealing material for battery manufacturers.

The 1,762-hectare Kenbridge nickel-copper project is located in Northwestern Ontario, 70 kilometers southeast of Kenora. The project has trail access and sits 40 kilometers away from a power grid.

The Kenbridge project was discovered in 1937 and was owned by Falconbridge Ltd. between 1952 and 1958. During that time, Falconbridge conducted significant work including 27,000 meters of drilling, and built a 623-meter shaft.

The property has also seen a number of metallurgical testing programs that have determined a high recovery rate for both nickel and copper. The deposit—open at depth and along strike—also hosts cobalt and precious metals.

Kenbridge resource estimate

In 2008, Canadian Arrow, the property’s previous owner, published an NI 43-101 resource estimate that outlined a combined open-pit and underground, measured and indicated resource of 7.14 million tonnes at 0.62 percent nickel, 0.33 percent copper. This is supported by an inferred resource of 118,000 tonnes at 1.38 percent nickel and 0.87 percent copper.




Kenbridge Preliminary Economic Assessment (PEA) (Sedar, Canadian Arrow Mines Limited 2008 and 2010)

Canadian Arrow released a PEA for the Kenbridge project in 2008. An updated PEA included the following highlights (Sedar, Canadian Arrow Mines Limited 2008 and 2010):

  • Pre-tax NPV (7.5 percent) of $253 million
  • IRR of 65 percent
  • Mine life of 8 years
  • Mine life recovery of 84.6 million pounds of nickel
  • Total operating costs of $45.87 per tonne


Exploration plans

Tartisan has a three-pronged exploration strategy for the Kenbridge project, which was launched in September 2018. This includes the analysis of the structural and deformational setting of the project through surface mapping and geophysics.

Second, the company has engaged MineMap Pty Ltd. to evaluate the resource base of the deposit from both an open-pit and underground perspective. The principal resource consultant from MineMap used to work for Falconbridge and thus has existing insight into the Kenbridge project. This second arm of exploration is a key component to the process of updating the NI 43-101 technical report on the property.

The third element of the exploration program includes the contracting of Abitibi Geophysics Inc. from Thunder Bay, Ontario to provide geophysical surveys that can help define the geophysical character of the property. These will evaluate the mineralized outcrops oat surface to the high-grade previously drilled mineralization at the base of the 632-meter shaft.

“Since the original magnetic survey by Falconbridge Nickel in 1955, approximately 10 detailed geophysical surveys have been conducted over the Kenbridge deposit and property, but none were deep-seeking geophysical studies,” said Tartisan Nickel CEO Mark Appleby. “Since our purchase of the Canadian Arrow assets in February 2018, we have undertaken a careful review of the asset. Our geophysical programs should put our whole geophysical database into a real discovery context so that when we go to drill the Kenbridge property, we will have the best possible target definition.”

Don Pancho Property

The wholly-owned Don Pancho property is located in the central region of Peru, nine kilometers west of Trevali Mining’s Santander mine, which has a measured and indicated resource of 3.8 million tonnes grading 4.85 percent zinc, 0.83 percent lead and 1.23 oz/t silver and an inferred resource of 12 million tonnes at 4.22 percent zinc, 0.23 percent lead and 0.56 oz/t silver. The 600-hectare property sits upon a polymetallic trend which also includes the world class Iscaycruz and Yauliyacu mines, operated by Glencore (LSE:GLEN). The project is supported by existing mining infrastructure, including gravel access roads, and sits nearby the Tingo hydroelectric plant.


Historical exploration

The Don Pancho deposit was first identified in 1997 and was acquired by application in 2007. To date, $1.5 million has been spent on exploring the property, including extensive surface mapping and sampling. Additionally, a previous owner, Stellar Mining, also conducted a 2,021-meter diamond drilling program across six holes, all of which intersected zinc-lead-silver mineralizations. Results from this drilling program included grades of up to 4.4 percent zinc, 3.3 percent lead and 61 g/t silver over 1.15 meters and outlined an 800 meter by 200 meter exposed breccia zone on the property.


Upcoming exploration plans

Having analyzed the work conducted on the property to date, Tartisan believes that the next round of exploration should be conducted with drilling at right angles of the previous holes.

“The Company is excited to start a new phase of exploration targeting lead-zinc-silver-manganese mineralization along this extensive altered brecciated zone,” said Tartisan CEO Mark Appleby. “Besides being located in a prolific polymetallic belt, having a better understanding of the structural controls for locating new mineralized zones and the recent renewed interest in zinc, the Don Pancho property is a great opportunity for our company.”

Eloro Resources: La Victoria

Tartisan’s portfolio also includes a 17 percent equity stake (6 million common shares and 3 million warrants at $0.40) in Eloro Resources Ltd. Eloro’s flagship property is the 8,930-hectare La Victoria gold-silver property, which was previously owned by Tartisan from 2009 until late 2016. Eloro acquired the property from Tartisan and, as part of the agreement, Tartisan holds a 2 percent net smelter royalty (NSR) on the La Victoria project.

Located in Central Peru, the property sits within a 300-kilometer andean belt which hosts world-class, low-cost gold producers including Tahoe Resources Inc (TSX:THO) and Barrick Gold Corp (TSX:ABX). It is supported by excellent infrastructure including road access, water supply and an industrial power corridor within 4.3 kilometers of the site. The property sits at elevations ranging from 3,000 to 4,500 meters above sea level, nearby the population centers of Huandoval, Pallasca and Cabana.

tartisan la victoria

Mineralization on La Victoria

The La Victoria property is made up of nine registered mining concessions and has shown five primary mineralization zones that have been the focus of Eloro’s exploration activities: San Markito, Rufina, Victoria, Victoria South and Ccori Orcco.

The vein systems on the property measure between 20 meters to 70 meters wide and up to 500 meters long, running in a northwest to southeast direction.


Since acquiring the property at the end of 2016, Eloro has conducted a series of geological mapping, geophysical survey and sampling activities. Results from the sampling program included 0.8 g/t gold and 229 g/t gold over 3.5 meters in the San Markito zone; 20.5 g/t gold over 0.4 meters and 14.4 g/t gold over 0.5 meters in Rufina; 8.4 g/t gold over 1.2 meters in Victoria; and 13.66 g/t gold over 1.1 meters and 33.02 g/t gold over 0.3 meters in Victoria South. These results helped to further identify the drilling targets for the company’s first phase of drilling.


D. Mark Appleby—President and CEO, Director

Mark Appleby was appointed President and Chief Executive Officer and a member of the Board of Directors of Tartisan Nickel Corp. in December 2010. He has over 30 years of experience in a variety of disciplines relating to investment banking, corporate finance and the capital markets. His career began in 1983, where he served as an intern at Manulife in the equity and fixed income departments. In 1987 he joined First Boston Canada Ltd, where he reached the position of Vice-President-Bond Trading. Subsequently, Appleby has worked as an investment executive with Scotia Mcleod Inc., and is co-founder of The Atlantis Group, a Company specializing in a variety of disciplines including the resource sector. Mr. Appleby was also a Director of Guyana Goldfields Inc (TSX: GUY) for five years.

Dan Fuoco—CFO

Dan Fuoco, is the Chief Financial Officer of Tartisan Nickel Corp. He is also currently CFO of Northern Sphere Mining Corp., (C:NSM). From 1998 to 2011 he held various positions at Magna International Inc. and MI Developments Inc. including Finance Director, Special Projects Chairman’s Office/Vice Chairman’s Office. Prior to that, he was Senior Manager, Financial Audit at Deloitte & Touche Toronto office from 1986 to 1998. Fuoco is a Chartered Accountant and has a Bachelor of Business Administration Degree from the Schulich School of Business York University, Toronto, Ontario.

Yves P. Clement, PGeo—Director

Yves Clement is a professional geologist with over 28 years’ experience in the generation, evaluation and development of a wide variety of mineral resources hosted by a broad spectrum of geological environments in Canada, South America and West Africa. He has held Exploration Manager and VP, Exploration positions in several countries, and has extensive joint venture generation / project management experience and hands-on exploration experience in Archean / Proterozoic greenstone and Andean Cordillera settings.

Clement is currently VP, Exploration of Xtra-Gold Resources Corp. (TSX: XTG), a junior mineral exploration company focused on gold exploration in Ghana, West Africa. Yves is fluent in Spanish and has extensive exploration / project management experience in Latin American countries, including: Peru, Chile, Colombia, Ecuador, Venezuela, and Mexico. Prior to joining Xtra-Gold, he was VP, Exploration of Ginguro Exploration Inc. (TSX-V: GEG) and VP, Corporate Development of Golden Sierra Resources Corp, where he was responsible for the generation of precious and base metal exploration opportunities in Chile and Ecuador. He received a Geological Engineering Technology diploma from Cambrian College of Applied Arts and Technology, Sudbury, Ontario; and is a member of the Association of Professional Geoscientists of Ontario (“APGO”).

Douglas M. Flett, JD—Director

Douglas M. Flett graduated from the University of Windsor Law School in 1972 and was called to the (Ontario) Bar in 1974. He practiced in his own corporate-commercial law firm until 1996 when he retired from practising law for a career in the resource industry. He continues to be a member of the Law Society of Upper Canada. He has been a Director of KWG Resources Inc (KWG:CNSX) since 2006. He is a past Director of Kenora Prospectors & Miners Ltd, and is past President and currently a Director of Fletcher Nickel Inc and a Director of Debuts Diamonds Inc. Flett is a member of the Compensation and Audit Committees for Tartisan Nickel Corp. He has completed the Rotman Institute of Corporate Directors SME Program.


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