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Vancouver, British Columbia TheNewswire - June 19, 2023 Xander Resources Inc. ("Xander" or the "Company") (TSXV:XND) (OTC:XNDRF) (FSX:1XI) is pleased to announce the results of its annual general and special meeting (the " Meeting ") held on June 16, 2023. All resolutions presented to the shareholders were approved, as a result:
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Xander Resources Inc. ("Xander" or the "Company") (TSXV:XND) (OTC:XNDRF) (FSX:1XI) is pleased to announce the appointment of Deepak Varshney, the Company's current President and CEO, as Corporate Secretary of the Company, and Khalid Naeem as CFO of the Company, effective May 1, 2023
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Xander Resources Inc. ("Xander" or the "Company") (TSXV:XND) (OTC:XNDRF) (FSX:1XI) is pleased to announce that the Company has completed two shares for debt settlements that were previously announced on March 16, 2023 (the " Shares for Debt Settlements "), after being granted approval by the TSX Venture Exchange (" TSXV "). The outstanding debt was owed to consultants of the Company as part of their severance packages
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Vancouver, British Columbia TheNewswire - March 20, 2023 Xander Resources Inc. ("Xander" or the "Company") (TSXV:XND) (OTC:XNDRF) (FSX:1XI) is pleased to announce that it has completed the second phase of its fully financed drill program at its Timmins Nickel Project (the " Property ") located in Timmins, Ontario.
The drill program comprised 1,559 metres across six (6) drill holes and continued Xander's strategy of targeting geophysical anomalies on its claims that are on trend and/or adjacent to properties where Canada Nickel Company (CNC) has identified significant nickel mineralization.
Three (3) holes, NKV23-1, NKV23-2, and NKV23-3, targeted the northern part of the Company's "North Block" on claims along trend with CNC's Mahaffy and Nesbitt properties. Both properties have been drilled by CNC, with the first two drill holes at Nesbitt returning significant intersections of mineralization with intervals of visible disseminated sulphides consistent with the Higher Grade Zone at CNC's Crawford Project where a preliminary economic assessment indicates a 25-year mine with an after-tax NPV (net present value) with 8-per-cent discount rate of $1.2-billion ( https://bit.ly/3YMsYFi , https://bit.ly/3E3b3CB ).
Three (3) holes, NKV23-4, NKV23-5, and NKV23-6, were drilled in the Company's "South Block" of claims that are adjacent to CNC's MacDiarmid Project where CNC announced its second major discovery in the Timmins Camp with a target that is approximately 15% larger than Canada Nickel's original Crawford's Main Zone discovery ( https://bit.ly/3RVjMfI ).
Ultramafics comprising komatiitic flows, gabbro and/or peridotite were intersected in five (5) of the six (6) drill holes. Notable intercepts include:
Drill Hole | Rock Type | Interval Length (metres | Interval Range (metres) |
NKV23-02 | Komatiite | 42.1 | 189.1 – 231.5 |
Komatiite | 18.8 | 240.0 – 258.8 | |
NKV23-03 | Komatiite | 87.0 | 186.0 – 273.0 |
NKV23-04 | Komatiite | 54.5 | 54.0 – 108.5 |
Komatiite | 38.4 | 111.5 – 149.9 | |
Peridotite/Gabbro | 76.8 | 178.2 – 255.0 | |
NKV23-05 | Peridotite/Gabbro | 201.6 | 50.4 – 252.0 |
NKV23-06 | Komatiite | 22.0 | 214.7 – 236.7 |
Peridotite | 22.8 | 236.7 – 259.5 |
The assay results from the second phase drill program will be released following their receipt, compilation and interpretation.
Click Image To View Full Size
Figure 1 - Location of drill holes comprising the second phase of Xander's maiden drill program.
The Timmins Nickel Project
The Timmins Nickel Project consists of two (2) separate mineral claim blocks (as shown in Figure 2 below) and is located within the Timmins mining camp in Ontario, Canada, a highly prolific mining complex with over 100 hundred years of history and well supported by major infrastructure including highways, rail, and relatively inexpensive hydroelectric power.
The "North Block" consists of 336 claims located approximately 21 kilometres west of Canada Nickel Company's (CNC's) Crawford Project where CNC has completed a preliminary economic assessment only 20 months after the commencement of exploration drilling that indicates 25-year mine with an after-tax NPV 8% of $1.2 billion i . It is also situated southwest of Kingsmill, Mahaffy-Aubin, and Nesbitt North, properties acquired from Noble Mineral Exploration by Canada Nickel through option agreements earlier in 2021 ii and adjacent to CNC's recently identified Reid Discovery which has already through early exploration delineated a mineralized footprint 90% as large as Crawford.
The "South Block" consists of 50 claims contiguous to Canada Nickel's MacDiarmid Project where in May 2021, Canada Nickel announced a secondary discovery through the identification of significant intersections of mineralized dunite similar to the average mineralization initially discovered at Crawford. Geophysical surveys reveal that the MacDiarmid target to be approximately 1.8 kilometres long indicating a structural footprint averaging 400 meters in width – 15% larger than Canada Nickel's original Crawford's Main Zone discovery iii .
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Figure 2 - Location of Xander's Claims in the Timmins Camp
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.
i Preliminary Economic Assessment, titled "Crawford Nickel-Sulphide Project National Instrument 43-101 Technical Report and Preliminary Economic Assessment", Effective Date of May 21, 2021
ii https://canadanickel.com/wp-content/uploads/2021/04/20210422-Canada-Nickel-Acquires-Option-Properties-final.pdf
iii https://canadanickel.com/wp-content/uploads/2021/10/2021-10-26-East-Zone-High-Grade-vFinal2.pdf
Copyright (c) 2023 TheNewswire - All rights reserved.
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Xander Resources Inc. ("Xander" or the "Company") (TSXV:XND) (OTC:XNDRF) (FSX:1XI), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that it has entered into agreements to settle $77,357 of indebtedness by the issuance of 2,210,198 common shares of the Company at $0.035 per share. The outstanding debt was owed to two former officers andor directors of the Company as part of their severance packages. The settlements are subject to acceptance of the TSX Venture Exchange. All shares to be issued pursuant to the settlements will be subject to the applicable statutory, exchange and regulatory hold period of four months and any other required resale restrictions. The shares to be issued have not and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws
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Nickel reached its 2024 peak of US$21,615 per metric ton on May 20, but was back below the US$16,000 mark by the end of July. Following some volatility in August and September, the price of nickel gained momentum at the end of Q3, reaching US$18,221 on October 2.
However, the increased prices were not to last, and nickel spent much of the final quarter in a downward trend.
By the end of October, the price had fallen to US$15,732 before climbing back to US$16,607 on November 7.
Since then, the nickel market has seen some volatility but has continued its downward trend. On December 19, it slumped to its 2024 low of US$15,090. However, it saw some small gains, ending the year at US$15,300 on December 31.
Nickel price, Q4 2024.
Chart via Trading Economics.
Nickel’s weak prices are largely due to high output from Indonesia and low demand, particularly from Asian markets, as China’s recovery has failed to gain traction.
As a result, on December 19, it was reported that Indonesia is considering implementing cuts to mining quotas to boost prices. The move would see the country cut output by nearly half, from 272 million metric tons of ore produced in 2024 to 150 million metric tons in 2025.
Additionally, Indonesia is looking to tighten environmental regulation compliance for miners in the new year and could introduce increased volatility into metals markets, including nickel. The move comes not long after it signed several new agreements in November with Chinese companies that would see billions invested in nickel operations in Indonesia.
Indonesia had previously worked to distance itself from China’s partnerships as it sought to improve relations with the United States and be included under the US Inflation Reduction Act (IRA).
The new agreements emerged shortly after Donald Trump won the US presidential election on November 7. Trump’s return to the Oval Office is unlikely to bode well for Indonesian officials seeking to secure a trade deal with the United States. However, a loosening of rules in the IRA might create new inroads for Indonesian nickel producers.
The story since the start of the year has been high output from Indonesian operations.
Low prices saw some nickel producers, including First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) and Australia’s Wyloo Metals, cut production. However, New Caledonia was most affected. The country is more dependent on the nickel sector, with industry giants like Glencore (LSE:GLEN,OTC Pink:GLCNF), Eramet (EPA:ERA) and raw materials trader Trafigura owning significant stakes in nickel producers in the country.
Ultimately, cuts there led to a 200 million euro bailout package from the French government, which exacerbated tensions over New Caledonia's independence from France. Opponents of the agreement argued it risks the territory's sovereignty and that the mining companies aren’t contributing enough to bail out the mines, which employ thousands.
The second quarter was defined by a surge in nickel prices.
Positive momentum began to work its way into the market at the end of Q1, as Indonesia experienced delays in approving mining output quotas and speculation grew that Russian nickel could be sanctioned by the US and UK.
On April 12, news broke that Washington and London had banned US and UK metal exchanges from admitting new aluminum, copper and nickel from Russia. Taking immediate effect, the prohibitions also halted the import of those metals causing the price to soar to a year-to-date high of US$21,615 on May 20.
At the time Joe Mazumdar, editor of Exploration Insights, suggested this move would have little impact on the sector.
“That nickel is still going to make it into the market, it’s just going to go to a different exchange, probably Shanghai … So I could still see that nickel moving and getting consumed in the global market — it’s just not coming to the west,” he explained to the Investing News Network in an interview.
Ultimately, by the end of the quarter, the price was trending toward US$17,000.
Nickel saw a strong end to the third quarter with the price rising above the US$18,000 mark.
Nickel found pricing support in September as the Chinese government introduced a raft of stimulus measures intended to boost economic growth in the country. Among the measures were a 0.5 percent interest rate cut on existing mortgages and a reduction in the downpayment required to purchase a home to 15 percent from 25 percent.
The announcement came alongside cuts at Chinese smelters as they were forced to deal with a shortage in feeder supply due to more delays to Indonesia’s permitting and quota system.
The nickel market is expected to remain oversupplied for some time.
With China’s economy on a slow path to recovery, demand will remain weak. Meanwhile, supply will likely hinge on if Indonesia chooses to make significant cuts to supply output.
While demand for nickel in electric vehicle batteries is expected to be up 27 percent year-on-year in 2024, producers have also been looking to alternatives that don’t require as much nickel. Additionally, more consumers are looking to plug-in hybrid vehicles with smaller batteries that require less nickel.
Even with the increased demand from the battery sector, nickel is primarily used in stainless steel products, which are still dominated by the Chinese manufacturing and real estate sectors.
Perhaps the most significant factors to consider are political. A new administration in the United States and a shift in the IRA's approach to sourcing critical metals like nickel could alter the landscape for nickel producers in 2025.
Don’t forget to follow us @INN_Resource for real-time news updates.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Under the Entitlement Offer, eligible shareholders were invited to subscribe for one (1) New Share for every four (4) existing Shares held at an offer price of $0.03 per share.
The Company has now closed the retail component of the Entitlement Offer with applications totalling 2,767,788 shares including additional acceptances to be issued at $0.03 on top of the 18,650,023 shares issued under the institutional component of the Entitlement Offer on 15 November 2024. In accordance with the timetable, the New Shares will be issued on or before 4 December 2024.
The retail component of the Entitlement Offer is partially underwritten by Nanjia Capital Limited “(Nanjia”) for the amount of approximately $1.09m. Accordingly, Nanjia will now subscribe for 36,349,900 New Shares in accordance with the underwriting arrangements summarised in section 7.4(b) of the Prospectus and the Company expects to finalise this process within the next week.
Shortfall Share Placement
A total of 74,946,591 New Shares were not taken up under the Entitlement Offer by eligible securityholders or issued to Nanjia as underwriter (“Shortfall Shares’”) The directors will work with the lead manager to the Entitlement Offer and the major shareholders to place the shortfall within three (3) months of the closing date, subject to requirements of the ASX Listing Rules and Corporations Act 20021 (Cth) continuing to be met. Please refer to the Prospectus dated 4 November 2024 for further details on the issue of the shortfall.
Click here for the full ASX Release
This article includes content from Blackstone Minerals, 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.
