Business
Nine Mile Metals to Acquire Additional 10.78 SQ KMS of Strategic Claims Adjacent to California Lake and Nine Mile Brook VMS Projects
VANCOUVER, British Columbia, Sept. 07, 2023 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) is plea
About this update from Nine Mile Metals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 07, 2023 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) is pleased to announce the Company entered into an agreement dated August 31, 2023, with Prospect Or Corp, (the “Agreement”) to acquire an additional 10.78 square kms, 49 claim units (the “New Claims”) adjacent to its California Lake and Nine Mile Brook VMS Projects, in Bathurst Mining Camp, New Brunswick (“BMC”). This acquisition solidifies complete targeted trends identified last season and allows Nine Mile to launch complete exploration programs on these priority targets. Patrick J Cruickshank, CEO & Director stated, “We are pleased to announce this strategic acquisition of priority claims in our regional portfolio within this highly prospective area in the BMC. The acquisition cements our holdings around the California-Wedge Projects and most importantly, we now hold the entire mineralized trend encompassing the VMS drilling last year at the California Lake Project. As previously announced, we drilled (8) drill holes with VMS mineralization present over 10m to 14m widths. We now can proceed to explore the entire trend and the source target identified with our technology due south of last years drilling culminating in a target on the Wedge Project and these newly acquired claims. These new properties increase our footprint in the Nine Mile Synform directly south of our Nine Mile Brook Project and adjacent on the western boundary of our acquisition last year of the Windfall claims. Our leading-edge technologies have identified high priority trends and specific targets that we now own 100% allowing us to address the entire geophysical trend. We look forward to future announcements on these (2) wholly owned target areas in our expanding portfolio in the BMC.” Pursuant to the Agreement, the Company intends to acquire the New Claims for 300,000 common shares of the Company, which will have a four month hold legend. In addition, there is a 2.0% net smelter royalty (“NSR”) on the New Claims derived from metallic mineral production. The Company has the right to purchase the 50% of the 2% NSR from the vendors for $1,000,000 at any time prior to commencement of commercial production. The vendor is at arm’s length from the Company. Completion of the acquisition will take place on S...