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Nine Mile Metals Exercises Option Early to Acquire 100% of California Lake, Canoe Landing Lake East and Nine Mile Brook East Properties
Vancouver, British Columbia--(Newsfile Corp. - April 25, 2024) - NINE MILE METALS LTD. (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") anno
About this update from Nine Mile Metals Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - April 25, 2024) - NINE MILE METALS LTD. (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) (the \"Company\" or \"Nine Mile\") announces that it has exercised its option early to Purchase 100% of California Lake, Canoe Landing Lake East and Nine Mile Brook East mineral projects, dated April 25, 2022 (the \"Option.\"). The Option and payments were previously announced on April 26, 2022. The Company will own 100% right, title, and interest in and to 12 mineral claims: California Lake (6 claims), Canoe Landing Lake East (4 claims); and Nine Mile Brook area (2 claims), totalling 38.94 km2 (see figure 1), subject to a 2% Net Smelter Royalty. The Company will issue a total of 333,332 common shares at a deemed price of $0.075 per share, in accordance with the Option. The Optionors and the Company have also agreed to convert the final $30,000 cash payment owing under the Option for 333,334 common shares at a deemed price $0.09 per share. All securities issued will be subject to a four month and a day hold period. California Lake VMS Project: The California Lake VMS Project covers 35.83 square kilometers immediately north of the Canoe Landing Lake Project and includes a large section of the highly prospective Spruce Lake Formation. Included in the land package are 4 known base metal (Cu, Pb, Zn) mineral occurrences: South Branch Forty Mile Brook; California Lake 32 South; California Lake 68 South; and California Lake - Murray Brook. Canoe Landing Lake VMS Project: To the southeast of California Lake, the acquired Canoe Landing Lake East VMS property covers 5.5 square kilometers along the east flank of the Canoe Landing Lake VMS Deposit. Hosted within the Boucher Brook Formation near the contact with the Canoe Landing Lake Formation, the deposit consists of 22.8 million tons grading 0.64% Pb, 1.82% Zn, 0.56% Cu, 0.94 oz/ton Ag and 0.034 oz/t Au. Nine Mile Brook VMS Project: The Upper Pabineau River and Nine Mile Brook properties on the eastern flank of our existing Flagship Nine Mile Brook VMS Project, adds 9.02 square kms of prospective stratigraphy along the Boucher Brook Formation, host of the Nine Mile Brook VMS occurrence and the Canoe Landing Lake Deposit to the west. FIGURE 1: California Lake, Canoe Landing Lake East & Nine Mile Brook East Property Package (Highlighted Red) Patrick J. Cruicksha...