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Chicane Capital Enters into Letter of Intent to Complete Qualifying Transaction with Elton Resources
Vancouver, British Columbia--(Newsfile Corp. - April 16, 2026) - Chicane Capital I Corp. (TSXV: C...
About this update from Chicane Capital I Corp
[{"type":"text","content":"Chicane Capital Enters into Letter of Intent to Complete Qualifying Transaction with Elton ResourcesVancouver, British Columbia--(Newsfile Corp. - April 16, 2026) - Chicane Capital I Corp. (TSXV: CCIC.P) (\"Chicane\") is pleased to announce that it has entered into a binding letter of intent dated April 15, 2026 (the \"LOI\") with Elton Resources Corp. (\"Elton\"), a corporation incorporated under the laws of the Province of British Columbia, pursuant to which Chicane and Elton propose to complete a three cornered amalgamation, whereby a wholly-owned subsidiary of Chicane will amalgamate with Elton under the provisions of the Business Corporations Act (British Columbia) (the \"Proposed Transaction\"), and which is expected to result in the reverse take-over of Chicane by Elton, and constitute the \"Qualifying Transaction\" (as defined in Policy 2.4 - Capital Pool Companies (\"Policy 2.4\") of the TSX Venture Exchange (the \"Exchange\")) of Chicane. The Proposed Transaction is not expected to constitute a non-arm's length qualifying transaction or a related party transaction pursuant to the policies of the Exchange.Elton is a private exploration stage mining issuer focused on the exploration of the Darnley Bay Gravity Anomaly (the \"Darnley Bay Project\") located in the Northwest Territories, Canada. The Darnley Bay Project is host to a large gravity and magnetic anomaly (the \"Anomaly\") and is considered to be one of the strongest isolated gravity anomalies in the world1. The Darnley Bay Anomaly exhibits a measured gravity amplitude of 132 mGal, with dimensions of 80 km x 100 km, and a coincident magnetic anomaly with an amplitude of 1,350 nT2. The Anomaly is considered prospective for nickel-copper-platinum group elements (Ni Cu-PGE)2. Its source has drawn favourable comparisons to the prolific mining camps of Sudbury (Canada), Noril'sk (Russia) and the Bushveld Complex (South Africa) by the Geological Survey of Canada, geological consultants and major mining companies2. In July 2018, a Magnetotelluric survey was completed by Quantec Geoscience over a 40 x 50 km area on the Anomaly. The results identified several targets that are expected to be followed up through Elton's future drill program. Elton acquired the rights to explore the Darnley Bay Project from Generation Mining Limited (TSX: GENM) (\"Generation\") pursuant to an...