Business
1844 Enters into Option Agreement to Acquire up to a 100% Interest in the High-Grade Hawk Ridge Nickel/Copper Project in Quebec
Saskatoon, Saskatchewan--(Newsfile Corp. - March 6, 2023) - 1844 RESOURCES Inc. (TSXV: EFF) (th...
About this update from 1844 Resources Inc
[{"type":"text","content":"1844 Enters into Option Agreement to Acquire up to a 100% Interest in the High-Grade Hawk Ridge Nickel/Copper Project in QuebecSaskatoon, Saskatchewan--(Newsfile Corp. - March 6, 2023) - 1844 RESOURCES Inc. (TSXV: EFF) (the \"Company\" or \"1844\") announces that it has entered into an option agreement (the \"Option Agreement\") to acquire up to a 100% undivided interest in the Hawk Ridge nickel/copper project (the \"Hawk Ridge Project\" or \"Hawk Ridge\") located in northeastern Quebec from Nickel North Exploration Corp. (\"NNX\"), in exchange for a series of cash payments, share issuances and funding of exploration expenditures, separated into five phases.Sylvain Laberge, President & CEO of 1844 states, \"We are exceptionally pleased to enter into this agreement to acquire up to a 100% interest in Hawk Ridge. We have been reviewing the market for projects that can move 1844 into a position to be a leader in exploration in the region and the addition of Hawk Ridge certainly meets this goal. This is a transformational option agreement for 1844. We look forward to rapidly advancing this project, along with our existing projects in the Gaspé.\"The Hawk Ridge PropertyHawk Ridge comprises of 411 claims covering 179 km2 over a 50km belt located on the Ungava Bay, located North of Kuujjuaq, with direct access to tidewater on the east coast of Quebec. The project is known for its Ni and Cu content, specifically:NNX completed mineral resource estimates for the Falco 7, Gamma, Hopes Advance Main and Hopes Advance North deposits. Metals included in the Mineral Resource estimate are copper, nickel, cobalt, platinum, palladium and gold. The aggregate pit constrained inferred mineral resource (the \"Historical Resource\") for all four deposits as reported by NNX using a $35/t cut-off was 29.44 Mt grading 0.20% Ni, 0.52% Cu, 0.012% Co, 0.19 g/t Pd, 0.04 g/t Pt and 0.021 g/t Au, corresponding to 0.56% NiEq. 1844 is treating the Historical Resource as a historical estimate and not a current mineral resource. Please see \"Historical Resource Estimate Notes\" below for further information.The deposit contains an additional exploration target which was defined by NNX in its technical report titled \"Technical Report and Updated Mineral Resource Estimate of the Hawk Ridge Nickel-Copper (PGE) Property, Northern Quebec, effective July 5, 202...