SKRR Exploration Inc. (TSXV: SKRR) (FRE: B04Q) (" SKRR " or the " Company ") is pleased to announce it has entered into a non-arm's length acquisition agreement (the " Agreement ") dated October 24, 2022 to acquire a 100% interest in Edge Geological Consulting Inc.'s (" Edge ") Carp River Ni-Cu-Co property (the " Property ") consisting of five (5) mineral claims compromising a total of 5,606.48 hectares.
- Located in mineral rich Saskatchewan a world class mining jurisdiction, immediately north of the town of Stony Rapids .
- Property is situated within the similar regional bedrock lithology associated with the nearby Axis Lake and Rea Lake Ni-Cu-Co deposits and Currie Lake occurrences of ALX's Firebird property on which Rio Tinto has an option agreement to earn 80%.
- Numerous nickel, copper and cobalt showings along trend, including the Carp River, Bet Claims and McAskill showings associated with multiple moderate to high priority interpreted VTEM anomalies.
- Historic soil grid survey exploration on the Carp River grid in 2005 determined that Ni, Cu, Co anomalies were significant and comparable to those associated with the Axis Lake and Currie Lake occurrences located 5km and 10km to the west respectively.
Sherman Dahl , SKRR's Chief Executive Officer, commented: "SKRR continues to build shareholder value by thinking outside the box. Over the last six months we have expanded our property portfolio with a focus on battery metals in both Northern Saskatchewan and British Columbia . Over the next few months we are further committed to unlocking the value of our portfolio of Gold and Battery Metal assets. We are extremely excited to acquire the Carp River Nickel-Copper-Cobalt property and add to our expanding portfolio of assets in one of the world's premier mining jurisdictions."
Under the terms of the Agreement, SKRR will acquire a 100% interest in the Carp River Nickel-Copper Property by making a cash payment of CAD$7,000 to Edge, which represents the costs expended by Edge in staking and researching the Property.
The Agreement is subject to acceptance by the TSX Venture Exchange.
The acquisition agreement with Edge is not an "Arm's Length Transaction" as such term is defined in the Exchange's Policy 1.1 and therefore constituted a "related party transaction" as such term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions . Ross McElroy is a director of SKRR and is also a director of Edge.
The Carp River property comprised of five (5) contiguous mineral claims totaling 5,606.48 ha., is located immediately north of the hamlet of Stony Rapids in the province of Saskatchewan. Stony Rapids is a full service community with a commercial airport. Access to the Property is via fixed wing or helicopter aircraft. From a regional perspective, the property lies within the Tantato Domain, which makes up part of the significant Snowbird Tectonic Zone. Regionally, bedrock consists primarily of mafic granulite and garnet-pyroxene diatexite formations, which extend on strike to the west towards the Axis Lake and Rea Lake Ni-Cu-Co deposits and the Currie Lake occurrences located within 5km to 10km to the west of Carp River.
Historic exploration by Red Dragon and Pure Nickel Inc. in 2005 included a regional airborne VTEM (Versatile Time Domain Electromagnetic) geophysics survey which covered the known Axis Lake, Rea Lake , Currie Lake and other showings. Interpretation of the 2005 VTEM survey, picked numerous highly rated VTEM anomalies over the Carp River property. Follow-up soil grid surveys were conducted over areas where they determined that the conductors looked prospective. Red Dragon and Pure Nickel determined that the Ni-Cu-Co anomalies became more intense close to nickeliferous norite bodies. One of those grids surveyed was the Carp River grid, located in the middle of the Carp River property, where soil results were significant and comparable to those around Axis Lake and Currie Lake occurrences.
SKRR cautions that some of the historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for future work on the Carp River Property. Mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on the Carp River Property.
A high resolution helicopter-borne magnetic survey was carried out by Precision GeoSurveys Inc. between April 2 to April 6, 2022 (see News Release Mar 22, 2022 ). The survey collected 1,042 line km of high resolution magnetic data over one survey block. The entire property was covered with the magnetic survey. Interpretation of the geophysics survey was completed by Bingham Geoscience.
The magnetic field consists of a series of high and low trends parallel to the Grease River fault which demarcates the Dodge Domain (north side) and Tantato Domain (south side). The magnetic solutions highlight the contacts along the hybrid gneiss complex (interlayered felsic gneiss, mafic gneiss and metasediments) on the south side of the Grease River shear zone. A major NW-SE structural feature is observed which also offsets known VTEM conductors in the area (The Dumas Lake fault).
The nickel host rock is a 200m to 800m wide norite body that can be traced for 16km trending east northeast with numerous nickel and copper showings along trend. The project covers several historic nickel and copper showings including: the Dumas Zones A, B, C & D. The norite host rock appears defined by a magnetic high in conjunction with historic interpreted VTEM conductors.
The VTEM covers the west side of the project and an older MegaTEM survey covers the entire project. However, the MegaTEM does not seem to resolve conductors well. There is at least one small area with a strong conductor on the east portion of the property. Coverage of the east portion of the property with VTEM may be a future option.
The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy P.Geo , a director of the Company and a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects . Mr. McElroy verified the data disclosed (unless indicated otherwise) which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
SKRR is a Canadian-based precious mineral exploration company with properties in Saskatchewan - one of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class deposits. The Trans-Hudson Orogen - although extremely well known in geological terms has been significantly under-explored in Saskatchewan . SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
President & CEO
Neither the 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 contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements that address the TSX Venture Exchange approval of the Agreement, future work on the Father Lake Property and the Carp River Property, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses, and those filed under the Company's profile on SEDAR at www.sedar.com . Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, equipment failures, failure to maintain all necessary government permits, approvals and authorizations, decrease in the price of gold, nickel and other metals, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
SOURCE SKRR Exploration Inc.
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