(TheNewswire)
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Vancouver, British Columbia TheNewswire - July 27, 2022 Xander Resources Inc. ("Xander" or the "Company") (TSXV:XND) (OTC:XNDRF) (FSX:1XI) is pleased to provide a recap of 2022 to-date and lay out its exploration plans for the remainder of 2022 including its maiden drill program for its Timmins Nickel Project located near Timmins, Ontario.
HIGHLIGHTS
Closing of oversubscribed non-brokered private placement for the aggregate proceeds of $2,683,263.87
Completion of several exploration milestones at the Timmins Nickel Project as the Company moves towards a minimum 2,500 metre drilling program
Completion of a fixed wing gradient Mag-VLF survey that will be used to develop drilling targets at the Senneville Gold Project
Deepak Varshney, Xander CEO, said, "So far in 2022 it has been a year of steady progress for Xander despite the challenges of the rapidly changing geo-economic climate and the aftermath of the COVID-19 pandemic. In late 2021 we completed an accelerated buyout of our Sennevillle properties in Quebec and acquired the Timmins Nickel Project. The closing of our oversubscribed private placement has put us in a position where a well funded treasury now lets us focus on exploration and we look forward to drilling these two excellent projects in the coming months."
Timmins Nickel Project
The Company has completed multiple site visits, obtained permits, acquired relevant historic data from third parties, and begun a 3D Magnetic Inversion Study (the "Study") using historical VTEM data as it moves towards its upcoming drill program.
The Company has also retained EarthEx Geophysical Solutions Inc. to fly a UAV‑borne magnetic survey over specific targets. The superior spatial precision of the UAV-acquired data will assist in diamond drill targeting by providing a higher resolution assessment of the depth to source, dip of the body and the overall shape and size of the bodies. The UAV-assisted magnetic survey is being flown at 50 m line-spacing with 500 metre tie-lines. A total of 145 line-km will be flown.
Drilling will be completed following integration of the UAV-survey data into a refined final inversion model. A minimum of 2,500 metres is anticipated to be drilled over two (2) months, with the finalized drill hole list and plan completed in September following the completion of inversion works.
Senneville Gold Project
The Company has completed a 1,150 line-kilometre, fixed-wing, high-resolution aeromagnetic gradiometer and digital VLF-EM survey using Terraquest Ltd.'s Matrix Digital VLF-EM frequency system. The results of the survey will be used to map new and refine known geological structures (faults and shear zones) that, together with historical data, will be used by the Company for ground truthing and follow-up exploration with the ultimate goal of developing high-value targets for drilling.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Andrew Tims, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 ").
About Xander Resources Inc.
Xander Resources Inc. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada focused on developing accretive gold and battery metal properties within Canada. The company currently has a focus on projects located within the Provinces of Ontario and Quebec.
Xander is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Val-d'Or, Quebec, including the Senneville Claim Group which comprises over 100 sq. km and is contiguous in the south to Probe Metals' new discovery, and contiguous in the north to Monarch Mining, in close proximity to Eldorado Gold's (formerly QMX Gold) projects, and east of the North American Lithium Deposit, Great Thunder Gold‘s Chubb Lithium property and East of the Sayona Quebec's Authier Lithium Deposit, all in the Val-d'Or Mining Camp, plus its newly acquired nickel-sulphide project in Timmins, Ontario near Canada Nickel's MacDiarmid and Crawford Projects.
We seek Safe Harbor
ON BEHALF OF THE BOARD OF DIRECTORS
Deepak Varshney, P.Geo., President and CEO
For more information, please email ir@xanderresources.ca , or visit www.xanderresources.ca .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements:
This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
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