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Nine Mile Metals Acquires 35 Additional Claims on the Nine Mile Brook Cu, Pb, Zn, Ag, Au (VMS) Project
Vancouver, British Columbia--(Newsfile Corp. - March 14, 2022) - NINE MILE METALS LTD. (CSE: NINE) (the "Company" or "Nine Mile") is pleased to announce it has
About this update from Nine Mile Metals Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 14, 2022) - NINE MILE METALS LTD. (CSE: NINE) (the \"Company\" or \"Nine Mile\") is pleased to announce it has acquired 35 claim units (the \"New Claims\") on the east flank of the Nine Mile Brook Project in the world class Bathurst Mining Camp, New Brunswick. The New Claims cover the contact between the Canoe Landing Lake and Boucher Brook Formations where the company has identified several high priority targets, strong dipping bedrock conductors to the northeast of the Nine Mile Brook Hi Grade Cu, Pb, Zn, Ag, Au (VMS) Lens (see figure 1). Figure 1: Nine Mile Brook Project Geology With the acquisition of the New Claims, the Nine Mile Brook Project land package now covers 25.13 km2 and includes a large portion of the prospective California Lake Group stratigraphy and all geophysical anomalies. The company can now focus on its 2022 exploration program including the integration of the New Claims into the existing 3D geophysical exploration model. The California Lake Group is part of the Bathurst Supergroup, which hosts the VMS Deposits, more specifically, the Spruce Lake and Canoe Landing Lake Formations host 12 deposits, the highly desirable prospective stratigraphy in the Bathurst Mining Camp. Nine Mile Metals is well positioned in this Formation covered by the Nine Mile Brook & Canoe Landing Lake West VMS Projects. The Bathurst Mining Camp is a premier mining jurisdiction in Canada, host to 95 massive sulphide (VMS) occurrences and 46 deposits including the historic Brunswick #12 (335 Mt - operated for 51 years), #6 Mine (51 Mt) and Trevali Mining Corporation's producing Caribou Mine (71 Mt). The Bathurst Mining Camp is considered the 3rd Largest VMS Mining Camp in the World & The Frazier Institute rates the New Brunswick Mining Jurisdiction as one of the World's Best. The Company paid cash consideration of $15,000 plus 75,000 common shares of the company, which have a four-month hold legend. In addition, there is a 1-per-cent net smelter royalty (NSR) on the New Claims derived from metallic mineral production. The Company has the right to purchase the 1-per-cent NSR from the vendors for $1-million at any time prior to commencement of commercial production. The vendors are individuals and at arm's length from the company. The disclosure of technical information in th...