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Mink Ventures Acquires Additional Claims and a 0.5% NSR on Its Warren Copper Nickel Project, Timmins, Ontario
Toronto, Ontario--(Newsfile Corp. - September 7, 2023) - Mink Ventures Corporation (TSXV: MINK) (...
About this update from Mink Ventures Corp.
[{"type":"text","content":"Mink Ventures Acquires Additional Claims and a 0.5% NSR on Its Warren Copper Nickel Project, Timmins, OntarioToronto, Ontario--(Newsfile Corp. - September 7, 2023) - Mink Ventures Corporation (TSXV: MINK) (\"MINK\" or the \"Company\") today announced that it has acquired a 100% interest in eight (8) mining claims located adjacent to the north boundary of the 14 Warren patents, as well as a 0.5% net smelter returns royalty (\"NSR\") on the Warren patents from Mr. Douglas Lalonde, effective September 6, 2023. Total consideration for the 0.5% NSR and the eight claims is 225,000 common shares of the Company. Further, the Company also staked an additional 34 claims adjacent to the eastern boundary of the Warren patents. The combined Warren property now covers 1,010 hectares of land, located in Whitesides Township, approximately 35 km west of Timmins, Ontario. (See Figure 1 and 2) HIGHLIGHTS:The eight claims (Warren North) to the north of the Warren patents host the projected strike extension of the Warren patents' underexplored C Zone and the 34 newly staked claims (Warren East) host a number of significant VTEM anomalies of interest within the prospective Kamiskotia Gabbro Complex lithology.The purchased 0.5% NSR represents one third (1/3) of the total 1.5% net smelter returns royalty on the 14 Warren patents. Each 0.5% NSR is subject to a 0.25% NSR buy back right for $333,333. There are no royalties on the newly acquired eight claims (Warren North) nor the 34 staked claims (Warren East). The Warren patents host three known zones with copper nickel and cobalt mineralization; these have been designated A, B, and C. Two historical bulk samples were completed on the Warren patents; the first bulk sample returned 0.21% Cu, 0.96% Ni, 0.11% Co and 0.10% Zn, and a second bulk sample returned 2.83% Cu, 0.58% Ni, 0.10 Co and 0.13 Zn. The combined A-B zones and the C zone have projected strike lengths of 800 and 1,000 meters of strike length respectively from geophysical data.In the 1950's a resource* calculation of 385,000 tons of 1% Cu + Ni was outlined by Jade Oil & Gas on the Warren patents. Jade Oil and Gas drilled 23 holes to test Zones A and B in the mid 1950's. Highlights include 2.5% Cu+Ni over 7.6 m and 2.8% Cu+Ni over 8.2 meters. *The resource calculation is historical in nature and is not NI43-101 compliant; it is not to be re...