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AFR signs LOI for Newly Recognized Nickel Sulphide Project in the Historic and Prolific Timmins Mining Camp in Ontario, Canada
(TheNewswire) TORONTO, Ontario – TheNewswire – February 7, 2025 - AFR NuVentu...
About this update from Afr Nuventure Resources Inc
[{"type":"text","content":"AFR signs LOI for Newly Recognized Nickel Sulphide Project in the Historic and Prolific Timmins Mining Camp in Ontario, Canada\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n TORONTO, Ontario – TheNewswire – February 7, 2025 -\nAFR NuVenture Resources Inc. (the “\n \n\n Company\n \n\n ”) wishes to\nannounce that it has entered into a letter of intent (“\n \n\n LOI\n \n\n ”) from an\narms’ length private company to option a 100% interest in the mining\nclaims located near Timmins, Ontario known as the Massey Nickel\nProject (the “Property”).\n \n\n\n\n The Property, which comprises approximately 2000\nhectares, is an exceptional exploration project with a data supported\nexploration plan already in place. It is situated in the Kamiskotia\nComplex, host to number of VMS deposits and nickel sulphide zones. The\nproperty in the past was incorrectly interpreted to be underlain by a\nlarge granite intrusion. Recent geological traverses have established\nextensive gabbro, host rock for nickel sulphide mineralization and\nrecent prospecting has identified two sulphide occurrences each\ncoincident with VTEM anomalies. Numerous priority VTEM targets have\nbeen identified and modelled for drilling by Geotech. The project has\nquality targets and is drill ready; a work permit has been submitted\nand approved.\n \n\n\n\n Doug Hunter,\n \n\n P. Geo.\n \n\n and a director of the Company\ncommented: “the setting of multiple VTEM target anomalies in\nmineralized gabbro of the Kamiskotia Complex and their relationship to\nknown surface mineralization is remarkably analogous to that of the\nLynn Lake, Manitoba, gabbro hosted, nickel-copper-cobalt deposits. The\nLynn Lake mine was a significant past producer for 24 years and is now\nbeing re-evaluated for new mine development activity.”\n \n\n\n\n In order to earn a 100% interest in the Property, the\nCompany is required to:\n \n\n\n\n a.\n \n\n pay a total cash\nconsideration of $325,000 as follows:\n \n\n\n\n i.\n \n\n $40,000 upon the date of\nexecution of the\n \n\n\n\n Definitive Agreement\n \n\n\n\n ii.\n \n\n $60,000 on the first\nanniversary date of the Definitive Agreement\n \n\n\n\n iii.\n \n\n $75,000 on the second\nanniversary date of the Definitive Agreement\n \n\n\n\n iv.\n \n\n $150,000 on the third\nanniversary da...