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Mink Ventures Enters into Option to Acquire Copper Nickel Project, Timmins, Ontario
Toronto, Ontario--(Newsfile Corp. - June 13, 2023) - Mink Ventures Corporation (TSXV: MINK) (" MI...
About this update from Mink Ventures Corp.
[{"type":"text","content":"Mink Ventures Enters into Option to Acquire Copper Nickel Project, Timmins, OntarioToronto, Ontario--(Newsfile Corp. - June 13, 2023) - Mink Ventures Corporation (TSXV: MINK) (\"MINK\" or the \"Company\") announces that it has entered into an agreement to acquire a 100% interest, subject to a 1.5% NSR, in the Warren copper nickel project (the \"Warren Project\") from US Copper Corp. (TSXV: USCU). The Warren Project consists of 14 patented mining claims covering 251 hectares of land, located in Whitesides Township, approximately 35 km west of Timmins, Ontario (see Figure 1).MINK expects that the option will commence at closing, on or around July 4, 2023. To commence the option, MINK must issue to US Copper Corp. 250,000 MINK common shares and 250,000 MINK three-year common share purchase warrants exercisable at a price of $0.25 on closing, and then to maintain and ultimately exercise the option MINK must incur $300,000 in exploration expenditures and issue an additional 800,000 MINK common shares within 21 months from the closing date. The option agreement is subject to a number of terms and conditions typical for a transaction of this nature, including prior TSX Venture Exchange approval. HIGHLIGHTS (see Figure 3):The Warren Project is drill ready. Mink's geologists have completed an in-depth study of all available historical data and recent geophysical survey data. Some limited ground truthing to update GIS data prior to selecting drill targets will occur with a diamond drill program to follow.The Warren Project complements Mink's key Montcalm project due to the distinctly similar, prospective geological environments as well as the presence of significant Cu Ni zones at Warren.Three distinct mineralized copper nickel zones have been identified and are designated Zones A, B, and C, outlined by both surface exploration and diamond drilling, focused mainly on Zones A and B over a strike length of ~600 meters. Historical work in the mid 1950's included two B-Zone bulk samples by Maralgo Mines Ltd. Bulk Sample 1 returned 0.21% Cu, 0.96% Ni, 0.11% Co and 0.10% Zn, and Bulk Sample 2 returned 2.83% Cu, 0.58% Ni, 0.10 Co and 0.13 Zn.A resource* calculation of 385,000 tons of 1% Cu + Ni on the B Zone was outlined by Jade Oil & Gas. They drilled 23 holes to test Zones A and B in the mid 1950's. Highlights include 2.5% Cu+Ni over 7.6 m...