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Nickelex Signs Definitive Agreement to Option in on Four Projects in the Thompson Nickel Belt, Manitoba
Nickelex Resource Corporation (TSXV: NICK) ("Nickelex" or the "Company") reports that it has signed a definitive agreement with CanAlaska Uranium Ltd. ("CanAlaska") on October 13, 2023, to earn up to an 80% interest in four projects, consisting of the Strong, Strong Extension, Moak North and Wilson Mineral Exploration Licenses in the Thompson Nickel Belt ("TNB"), Manitoba (the "Projects"). (See Figure 1)
The definitive agreement provides that Nickelex may earn:
- a 49% interest in the Projects by making a cash payment of $35,000, issuing 5,000,000 common shares in the capital of the Company ("Shares") and incurring exploration expenditures of $2,000,000 over the first 2 years;
- an increased interest to 70% by making an additional cash payment of $50,000, issuing 7,500,000 additional Shares and incurring additional exploration expenditures of $3,500,000 by the end of the third year; and
- an increased interest to 80% by making an additional cash payment of $65,000, issuing 25,000,000 additional Shares and incurring additional exploration expenditures of $3,500,000 by the end of the fifth year. In the event any Share issuance would cause CanAlaska to become a new "Control Person" (as such term is defined in TSXV policies), then Nickelex will be required to obtain shareholder approval to same before issuing such Shares in accordance with TSXV policies. If shareholder approval is not received, Nickelex may then pay the outstanding obligation in cash in lieu of Shares based on the fair market value of the Shares at the time of payment.
The Company will also pay CanAlaska $3,000,000 after completing a positive feasibility study on the Projects (such payment may be satisfied in Shares at Nickelex's sole discretion, subject to shareholder approval in the event such issuance would cause CanAlaska to become a new Control Person).
This arm's length transaction is considered a Fundamental Acquisition under the policies of the TSX Venture Exchange. The definitive agreement is subject to TSX Venture Exchange approval.
During the 49% and 70% earn-in stages, CanAlaska will be the operator of the Projects and will be entitled to charge an operator fee. Nickelex will have deciding voting rights on annual exploration programs while sole funding at the various option stages and will have the right to assume operatorship after successfully earning a 70% interest in the Projects.
After the successful completion of the last of the 49%, 70% and 80% earn-in stages, the parties will enter into a joint venture agreement, under which the parties will either co-contribute on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula. Any party diluting to a 10% interest will automatically forfeit its interest in the Projects and in lieu thereof will be granted a 2% net smelter return royalty on the Projects, half of which may be purchased by the other party at its sole discretion for $2,000,000 at any time prior to the commencement of commercial production.
An area of mutual interest will extend two km from the outer boundary of the four properties comprising the Projects, excluding all properties within such area that are currently held by CanAlaska.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5345/184223_f2105577f45a69ff_002full.jpg
The Projects, located 35 km north of Thompson, Manitoba, consist of four Mineral Exploration Licenses ("MEL"), the Strong, Strong Extension, Moak North and Wilson MELs, and cover an area of 30,283 hectares. The Projects are at the north end of the TNB and cover rock lithologies similar to host rocks of other major nickel deposits in the TNB. The Company is planning a $2 million exploration program over two non-contingent stages of exploration, an initial phase of $500,000 to refine drill targets by detailed ground geophysics, with a second phase 3,500 metres of 10 - 12 diamond drill holes at an estimated cost of $1,500,000.
Exploration on the Projects was initiated in the late 1950s, and to date, 139 diamond drill holes have been completed on the properties, with 126 holes drilled prior to 1980, and an additional 13 holes drilled in the early 2000s. Historical drillholes predominantly targeted EM anomalies associated with magnetic anomalies, and several holes successfully intersected the favourable Opswagan Group and several intersected rocks of the Pipe Formation. Sulphides are abundant in many holes, however, nickel bearing intersections were limited to 1 - 3 metre widths of 0.1 - 0.2% nickel. The geophysics completed in 1998 (EM and magnetics) and 2007 (VTEM) on the Strong MEL and subsequent interpretation has resulted in the identification of 14 high priority targets that have had only limited drill testing. Preliminary ground geophysics is required on these targets to detail and prioritize the drill sites. It is estimated that ground geophysics will establish 10 - 12 targets for drilling.
In summary, Nickelex is well-structured with an experienced geologic team, management group, and Board of Directors, and with an exciting portfolio of projects in the critical metal EV sector.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5345/184223_f2105577f45a69ff_003full.jpg
The Company also reports that it has granted incentive stock options to directors, officers and consultants to purchase an aggregate 3,650,000 common shares. The options are exercisable at a price of $0.05 per share for a period of five years and are subject to the policies of the TSX Venture Exchange.
Nickelex is focused on large Class 1 Nickel Deposit Discoveries in Canada and delivering the critical metals needed to power future EV demands and continued stainless steel growth.
John R. Kerr. P. Eng., is the President and director of Nickelex Resource Corporation and a Qualified Person as defined by National Instrument 43-101. He has read and approves the technical content of this release.
On behalf of the Board of Directors,
"John Kerr"
John Kerr, President, Nickelex Resource Corporation
For further information, please visit Nickelex's website at www.nickelexresource.com or contact us at 604.641.2759 or by email at corpdev@mnxltd.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the completion of the property transaction, the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for Nickelex Resource Corporation's projects, and the availability of financing for Nickelex Resource Corporation's projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Nickelex Resource Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
Tartisan Nickel Corp. Acquires Additional Claims for the Kenbridge Nickel Project, Advances Baseline Studies
Tartisan Nickel Corp. (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA)("Tartisan", or the "Company") is pleased to announce that the Company has acquired additional contiguous claims at the Kenbridge Nickel Project, Northwestern Ontario. The total property size now consists of 93 contiguous patents, 153 single cell mining claims and 4 Mining Licenses which in total cover 4,273 ha. The patents and staked cells are owned 100% by Tartisan Nickel Corp. through wholly owned subsidiaries.
The Kenbridge Nickel Project is in the north-central part of the Atikwa Lake area and the south-central part of the Fisher Lake area, Kenora Mining Division, 70 kms east-southeast of the Town of Kenora in northwestern Ontario, Canada. The Kenbridge Nickel Deposit hosts a Nickel-Copper Resource with a 622-meter shaft.
Tartisan Nickel Corp. is also pleased to announce that Aspen Biological Ltd. staff have commenced 2024 baseline study field work which includes completing the baseline aquatic and terrestrial fieldwork within the project footprint and access road options. These studies, along with baseline data previously collected will be used to develop baseline environmental reports to support provincial and federal reviews, approvals, and permitting for advanced exploration and eventual mine development. Ongoing species at risk surveys will also help meet monitoring requirements for exploration activities under Ontario's Endangered Species Act.
Aspen Biological Ltd. is a biological consulting firm based in Thunder Bay, Ontario and provides professional consulting services to the natural resources sectors in northern Ontario. Aspen's principal, Lindsay Spenceley (H.B.Sc-Biology) is a biologist with 23 years of professional experience across North America, specializing in Species at Risk, terrestrial and aquatic baseline environmental assessments and post-development monitoring and compliance. Ms. Spenceley has provided biological support for over 70 hydroelectric, mining, solar, wind, transmission, and development projects during the baseline, impact assessment, construction & operations, and decommissioning phases of a project's life cycle. Ms. Spenceley's main professional focus has involved Species at Risk baseline screenings, habitat assessments, surveys, mitigation, monitoring, and permitting within boreal ecosystems. She has significant expertise carrying out monitoring programs for boreal caribou, wolverine, SAR bat species, and eastern whip-poor-will. She has been involved with and contributed to SAR early exploration mitigation plans, permitting under Ontario's Endangered Species Act, and baseline studies for several mining projects in northern Ontario. Mark Appleby, CEO of Tartisan Nickel Corp. states, "In addition to excellent field skills in all seasons and environments, Lindsay has considerable project management skills. Aspen Biological can leverage its network of experienced resource professionals to pull together, as needed, multi-disciplinary teams to deliver upon project requirements and timelines in a cost-effective manner".
Mark Appleby goes onto say, "Lindsay is also experienced in indigenous consultation and engagement, aboriginal traditional knowledge interviews, land use and occupancy studies, and providing environmental and biological training to Indigenous communities. She routinely works collaboratively with environmental monitors during field programs and is always willing to incorporate input, perspectives, and the opinions of others. Lindsay recently completed a 10-day Indigenous Traditional Values Data Collection Training by Terry Tobias and Associates".
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company which own; the Kenbridge Nickel Project in northwestern Ontario; the Sill Lake Silver Property in Sault Ste. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead Liver Property in Peru.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA). Currently, there are 121,969,004 shares outstanding (127,669,004 fully diluted).
For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Drilling Confirms Thick Copper Zone Continuity at Horden Lake
Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide assay results from two further drill holes from its 2024 diamond drill program completed at its 100% owned Horden Lake Project in Quebec, Canada.
Highlights
- HN-24-94 extends broad zones of copper rich mineralisation down-plunge of previously reported HN-24-93.
- 39.1m @ 0.97% CuEq (0.4% Cu, 0.17% Ni, 0.06g/t Au, 0.14g/t Pd) plus additional 0.07g/t Pt, 131ppm Co, 4.7g/t Ag from 154.1m
- Including 19.7m at 1.41% CuEq from 163.6m
- Includes multiple 2-3m sections grading >2% CuEq
- Drill hole infills a large area, almost 100m from any previous drill hole
- HN-24-95 confirms mineralisation continuity below HN-24-92.
- 4.95m @ 0.66% CuEq (0.23% Cu, 0.12% Ni, 0.05g/t Au, 0.14g/t Pd) plus additional 0.05g/t Pt, 240ppm Co, 3.3g/t Ag from 155.7m
- Assay results and mineralisation consistent with the lower magnetic response between the central and southern zones of the deposit
- Significant gold, silver, palladium, platinum and cobalt metals delineated once again, which were not assayed for in this part of the deposit during previous drill campaigns.
- Consistent news-flow ahead, including results from the remaining 6,392 m / 30 diamond drill holes and downhole EM surveys to be released progressively through the quarter, followed by mineral resource update and metallurgical testwork in H2.
Managing Director, Mr Fairhall said:
“Horden Lake delivers further confirmation of the wide zones of mineralisation indicative of the large, open-pittable copper project that has been defined on the project. The meaningful assays of palladium, gold, cobalt, platinum and silver, previously ignored, further reinforce the upside potential of this asset.
Logging and analysis continues, and we expect consistent news flow over the coming months as we release assays and downhole geophysics interpretations to target both grade and tonnage upside potential on the project.”
Overview
Horden Lake is a copper dominant Cu-Ni-Au-PGM-Co Project located 131km north-northwest of Matagami, in Quebec Canada. The Project hosts a 28mt at 1.5% CuEq indicated and inferred mineral resource estimate, as a result of over 52,464m of drilling already completed on the property. Pivotal has recently completed a 7,097m 34 hole diamond drilling campaign. 2 drill holes / 264m have been reported prior to this announcement.
The objectives of the drilling program were to infill missing by-product multi-element assay information, potentially expand the resource (which remains open at depth across its full extent), and collect a distribution of metallurgical sample for a complete test work program. Downhole EM surveys have also been completed to dimension future exploration potential and targeting.
Figure 1: Drill plan map of the Horden Lake Cu-Ni-Au-PGM Project
Drill Hole Discussion
Holes HN-24-92 and HN-24-93 were designed to target gaps in the resource blocks, infill and add additional missing metals assay information. Table 1 contains significant intercepts, and Figure 2 is a longitudinal section showing the spatial distribution of historical and new drill hole pierce points.
Click here for the full ASX Release
This article includes content from Pivotal Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
3 Top Weekly TSXV Stocks: Power Nickel Leads with 70 Percent Gain
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 14.25 points last week to close at 595.95.
One of the biggest news items this past week was Panama's presidential election, held on Sunday (May 5). Jose Raul Mulino secured 34 percent of the vote against five other candidates to become the country’s president.
Mulino was a last-minute replacement after former President Ricardo Martinelli was barred from running due to a money laundering conviction. Mulino was minister of public security during Martinelli's presidency, which ended in 2014.
The incoming president will replace outgoing President Laurentino Cortizo, who has reached the term limit for the office. Under Cortizo, Canadian mining company First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) was forced to shut down its Cobre Panama mine in November 2023. The order came after a review by Panama’s Supreme Court — it determined that a mining contract renewed earlier in 2023, which sparked protests due to its terms, was unconstitutional.
While viewed as pro-business, Mulino has indicated that he will not move forward with discussions unless First Quantum drops its US$20 billion arbitration against the country. He also vowed that any solution will not involve a contract.
For its part, First Quantum has said it will work with Panama's new administration to find a solution to reopen the mine, which accounts for more than 300,000 metric tons (MT) of copper annually and was responsible for providing more than 40,000 direct and indirect jobs in the country when it was operational.
Against that backdrop, which TSXV-listed mining stocks performed the best last week? Here are the top gainers.
1. Power Nickel (TSXV:PNPN)
Weekly gain: 70 percent; market cap: C$76.6 million; current share price: C$0.68
Power Nickel is a nickel exploration company that is currently focused on the development of its Nisk nickel-copper project in the Eeyou Istchee James Bay region of Québec, Canada. The project comprises 90 mineral claims covering an area of 4,589 hectares, and has seen significant exploration from 2021 to 2024.
Power Nickel released an initial resource estimate for Nisk in November 2023, and it outlines an indicated resource of 5.43 million MT at a weighted average grade of 1.05 percent nickel equivalent. The inferred resource stands at 1.79 million MT grading 1.35 percent nickel equivalent. The company used a nickel equivalent cut-off grade of 0.2 percent for inside the open pit and 0.55 percent for the underground portion of the deposit.
Shares of Power Nickel have seen significant gains since the middle of April, when the firm announced significant initial assay results from its Lion copper-platinum-palladium target, located 5 kilometers north of the main deposit at Nisk.
More recently, the company announced on April 24 that it had concluded its earn-in agreement for Nisk with Critical Elements Lithium (TSXV:CRE,OTCQX:CRECF), giving it an 80 percent stake in the project. Power Nickel was granted the final 30 percent interest after Critical Elements accepted the technical report it completed during the first quarter.
Last Friday (May 10), Power Nickel released further assays that expanded Lion with a new polymetallic discovery. One 5 meter interval graded 1.76 grams per MT (g/t) gold, 102.9 g/t silver, 12.7 percent copper, 20.87 g/t palladium, 1.02 g/t platinum and 0.4 percent nickel.
2. Flying Nickel Mining (TSXV:FLYN)
Weekly gain: 52.63 percent; market cap: C$13.65 million; current share price: C$0.145
Flying Nickel Mining is a nickel and platinum-group metals (PGMs) developer working to advance its flagship Minago nickel-PGMs project to production. The site is located on the southern end of the Thompson Nickel Belt in Manitoba, Canada.
The company’s most recent news came on April 11, when it released an update to Minago's measured and indicated resource. The site hosts 43.44 million MT grading 0.2 g/t palladium, 0.09 g/t platinum and 0.72 percent nickel for a total of 689.53 million pounds of nickel, 279,330 ounces of palladium and 125,700 ounces of platinum.
This marked the first addition of PGMs to the resource estimate for Minago, as well as a 42 percent increase in contained nickel from in-pit resources. In the release, Flying Nickel also said it is expecting a decision this fall for the notice of alteration to its environment act license. The company filed the notice in July 2022.
3. Sandfire Resources America (TSXV:SFR)
Weekly gain: 46.15 percent; market cap: C$388.87 million; current share price: C$0.38
Sandfire Resources America is a copper development company focused on its Black Butte copper project located east of Helena, Montana, in the US. In 2021, a state district court revoked the company's mine operating permit for Black Butte, halting construction activities at the underground mine.
Sandfire describes the project as one of the highest-grade undeveloped copper deposits in the world; a resource estimate for the project's Johnny Lee deposit completed in 2020 outlines a measured and indicated resource of 10.9 million MT grading 2.9 percent copper for a total of 311,000 MT of contained copper.
Shares of Sandfire soared following the Montana Supreme Court's February 26 decision to reinstate the company's mine operating permit. The win is a crucial step for Sandfire to continue the construction of its mine.
The most recent news from Sandfire came on April 29, when it announced assay results from exploration at Black Butte. It highlighted an intercept of 7.4 percent copper over 9.54 meters, including 10.7 percent copper over 6.26 meters. The company said the additional drilling has the potential to increase the resource and extend Black Butte's mine life.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 1:00 p.m. PST on May 10, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals were considered.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
First Assays Confirm Thick Copper Zone and Significant By-Products at Horden Lake
Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide the first assay results from the first 2 of 34 diamond drill holes completed at its 100% owned Horden Lake Project in Quebec, Canada.
Highlights
- Drilling confirms broad zones of copper rich Cu-Ni-Au-PGM-Co mineralisation at Horden Lake, including 37.5m at 1.31% CuEq.
- Significant gold, silver, palladium, platinum and cobalt metals delineated, which were not assayed for in this part of the deposit during historical drill campaigns.
- The first two drill holes fall within the pit constrained portion of the 28 Mt at 1.5% CuEq Indicated and Inferred Mineral Resource Estimate1,2, and display moderately thicker and better grades than the surrounding historical holes.
- Consistent news-flow ahead, including results from the remaining 6,833 m / 32 diamond drill holes and downhole EM surveys to be released progressively through the quarter, followed by mineral resource update and metallurgical testwork in H2.
Assay Highlights
HN-24-93
- 37.5m @ 1.31% CuEq2 (0.57% Cu, 0.22% Ni, 0.10g/t Au, 0.15g/t Pd) plus additional 0.05g/t Pt, 180ppm Co, 7.2g/t Ag from 51.15m
Including 15.0m @ 2.15% CuEq (0.98% Cu, 0.35% Ni, 0.2g/t Au, 0.18g/t Pd) plus additional 0.04g/t Pt, 261ppm Co, 13.4g/t Ag from 73.65m - 1.2m @ 4.44% CuEq (2.73% Cu, 0.35% Ni, 0.81g/t Au, 0.39g/t Pd) plus additional 0.11g/t Pt, 324ppm Co, 33.1g/t Ag from 87.45m
HN-24-92
- 4.8m @ 0.67% CuEq (0.2% Cu, 0.12% Ni, 0.05g/t Au, 0.18g/t Pd) plus additional 0.07g/t Pt, 96ppm Co, 2g/t Ag from 82m
- 6.75m @ 1.54% CuEq (0.63% Cu, 0.28% Ni, 0.07g/t Au, 0.20g/t Pd) plus additional 0.10g/t Pt, 179ppm Co, 7.2g/t Ag from 99m
Including 3.85m @ 2.14% CuEq (0.85% Cu, 0.40% Ni, 0.09g/t Au, 0.26g/t Pd) plus additional 0.12g/t Pt, 234ppm Co, 9.5g/t Ag from 101.2m
Managing Director, Mr Fairhall said:
“I am very pleased to be sharing the first of many assays from Pivotal’s maiden drilling campaign at Horden Lake. These results showcase the shallow wide zones of copper rich mineralisation that characterises Horden Lake. Importantly they validate the existence of significant gold, palladium, platinum, cobalt and silver which were never previously assayed in this part of the deposit, and will serve as potential upside to our mineral resource update later this year.
We look forward to sharing consistent news-flow in the coming months as we receive more assays and downhole geophysics interpretations, to complement our strategy to grow Horden Lake and demonstrate its high-quality development credentials.”
Overview
Horden Lake is a copper dominant Cu-Ni-Au-PGM-Co Project located 131km north-northwest of Matagami, in Quebec Canada. The Project hosts a 28mt at 1.5% CuEq indicated and inferred mineral resource estimate, as a result of over 52,464m of drilling already completed on the property. Pivotal has recently completed a 7,097m 34 hole diamond drilling campaign. The objectives of the drilling program were to infill missing by-product multi-element assay information, potentially expand the resource (which remains open at depth across its full extent), and collect a distribution of metallurgical sample for a complete test work program. Downhole EM surveys have also been completed to dimension future exploration potential and targetting.
Figure 1: Drill plan map of the Horden Lake Cu-Ni-Au-PGM Project
Drill Hole Discussion
Holes HN-24-92 and HN-24-93 were designed to target gaps in the resource blocks, infill and add additional missing metals assay information. Table 1 contains significant intercepts, and Figure 2 is a longitudinal section showing the spatial distribution of historical and new drill holes.
Click here for the full ASX Release
This article includes content from Pivotal Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ramp Metals Announces Proposed Debt Settlements
Ramp Metals Inc. (TSXV:RAMP) ("Ramp Metals" or the "Company") announces that the Company intends to settle outstanding accounts payable in the aggregate amount of $131,476.90 (collectively, the "Debt") owing to certain creditors through the issuance of 730,424 common shares in the capital of Ramp (collectively, the "Settlement Shares") at a deemed price of $0.18 per Settlement Share (the "Transaction").
No new Control Person (as that term is defined in the policies of the TSX Venture Exchange (the "TSXV")) will be created pursuant to the Transaction; however, two non-arm's length parties are expected to receive a total of 62,500 Settlement Shares upon the settlement of $11,250 worth of the Debt. The issuance of those Settlement Shares constitutes a "related party transaction" as that term is defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101, and in particular, Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves those parties, exceeds 25% of the Company's market capitalization.
The board of directors and management of the Company believe that the Transaction is in the best interests of the Company because it will allow the Company to preserve its cash to fund future operations.
The Settlement Shares will be subject to a statutory four-month and one-day hold period from the date of issuance. The Transaction remains subject to the approval of the TSXV.
About Ramp Metals Inc.
Ramp Metals is a battery and base metal exploration company with two flagship properties located in northern Saskatchewan and one property in Nye County, Nevada. The management team is passionate about green field exploration and new technologies. The vision of Ramp Metals is to make the next big discovery required to fuel the green technology movement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward- looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Transaction.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the ability of Ramp to complete the Transaction; requirements for additional capital; future prices of minerals; changes in general economic conditions; changes in the financial markets and in the demand and market price for commodities; other risks of the mining industry; the inability to obtain any necessary governmental and regulatory approvals; changes in laws, regulations and policies affecting mining operations; hedging practices; and currency fluctuations.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information, please contact:
Ramp Metals Inc.
Jordan Black Chief Executive Officer jordaneblack@rampmetals.com
Click here to connect with Ramp Metals Inc. (TSXV:RAMP) to receive an Investor Presentation
March 2024 Quarterly Report
Updated Mineral Resource Estimate for the Hotinvaara Prospect establishes the Pulju Project as a globally significant nickel sulphide district; Base of Till drilling program commences at the recently granted Holtinvaara Exploration Licence.
Nordic Nickel Limited’s (“Nordic Nickel” or “the Company”) (ASX: NNL) flagship 100%-owned Pulju Nickel Project is located in the Central Lapland Greenstone Belt (CLGB), 50km north of Kittilä in Finland, with access to world-class infrastructure, grid power, a national highway, international airport and, importantly, Europe’s only two nickel smelters.
HIGHLIGHTS
- Updated Mineral Resource Estimate (MRE) completed for the Hotinvaara Prospect:
- MRE increased to 418Mt @ 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800t of contained Ni, 40,000t of contained Co and 22,100t of contained Cu;
- Indicated Resource now 42Mt @ 0.22% Ni, for 92,700t of contained Ni;
- Inferred Resource of 376Mt @ 0.21% Ni, for 770,100t of contained Ni.
- A substantial portion of the updated MRE, over 459kt of contained Ni, is located within 250m of surface.
- The Company’s 28 holes drilled during 2023 have more than tripled the in-situ contained nickel estimate and the updated MRE now exceeds the upper end of the Company’s previously published Exploration Target1.
- Detailed metallurgical test work program on Hotinvaara ore is continuing.
- Base of Till (BOT) drilling campaign commenced on the recently granted Holtinvaara Exploration Licence (EL) area, designed to test nickel and copper sulphide targets on one of the three major prospective magnetic anomalies in the area within an interpreted extension of the mineralised ultramafics seen at Hotinvaara.
- New Investor Hub launched to enhance shareholder engagement.
- Cash of $1.96m as of 31 March 2024.
The known nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks with high-grade, massive sulphide lenses and veins enveloped by very large, lower grade disseminated nickel sulphide near-surface. The disseminated nickel at Pulju is widespread and indicates the presence of a vast nickel-rich system.
During the March 2024 Quarter, Nordic Nickel reported an updated Mineral Resource Estimate for Hotinvaara comprising 418 million tonnes grading 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800 tonnes of contained Ni, 40,000t of contained Co and 22,100t of contained Cu2.
Pulju is located 195km from Boliden’s Kevitsa Ni-Cu-Au-PGE mine and 9.5Mtpa processing plant in Sodankylä, Finland. Kevitsa provides feed for the 35ktpa Harjavalta smelter, which is located approximately 950km to the south and processes concentrate from Kevitsa’s low-grade disseminated nickel sulphide ore (Mineral Resource Estimate Ni grade ~0.21%). Europe’s only other smelter is Terrafame’s 37ktpa Sotkamo smelter, located 560km south-east of Pulju.
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