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Nine Mile Metals Signs Option to Purchase 100% of California Lake and Canoe Landing Lake East VMS Projects
Vancouver, British Columbia--(Newsfile Corp. - April 26, 2022) - NINE MILE METALS LTD. (CSE: NINE) (OTCQB: STVGF) (FSE: KQ9) (the "Company" or "Nine Mile") is p
About this update from Nine Mile Metals Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - April 26, 2022) - NINE MILE METALS LTD. (CSE: NINE) (OTCQB: STVGF) (FSE: KQ9) (the \"Company\" or \"Nine Mile\") is pleased to announce it has signed a new Mineral Property Option to acquire all the Vendor's 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) of the Bathurst Mining Camp (\"BMC\"), New Brunswick (the \"Property\"), subject to a 2% Net Smelter Royalty. The Mineral Property Option Agreement is dated April 25, 2022 (the \"Agreement\"). Nine Mile Metals geological exploration footprint has now increased from 31.24 km2 to a massive 70.18 km2, over the most fruitful host rocks in the entire BMC. Nine Mile now has three distinct advanced VMS Projects: Nine Mile Brook; California Lake; and Canoe Landing Lake (East and West). These acquisitions transform Nine Mile Metals into one of the largest exploration companies in the BMC. Figure 1: Updated Claim Map These strategic acquisitions solidify the Company's land position in the highly target rich Spruce Lake, Canoe Landing Lake, and Boucher Brook Formations, in the world-famous Bathurst Mining Camp. These prolific formations host 16 of the 46 known VMS deposits, including Trevali's producing Caribou mine. (see Figure 1) California Lake VMS Project The California Lake VMS Project covers 24.42 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. Historical work in the area identified a variety of VMS depositional styles including disseminated and stringer sulphides in addition to massive, tabular massive sulphides as at the California Lake 32 South Zone where previous drilling intersected values ranging from 7.86% Zn, 2.51% Pb, 73.9 g/t Ag and 1.41 g/t Au over 6 metres. At California Lake - Murray Brook, historical surface trenching identified an extensive hydrothermal alteration zone some 500 metres in length and between 10 and 100 metres wide with significant concentrations of base metal sulphides including grab samples up to 5% C...