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Nine Mile Metals to Acquire Additional 5.06 Sq Kms of Strategic Claims Adjacent to California Lake VMS Project
VANCOUVER, British Columbia, Sept. 19, 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. 19, 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 September 14, 2023, with Lorena Hamilton, (the “Agreement”) to acquire an additional 5.06 square kms, 23 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 brings the total Land package in the BMC to an impressive 137.81 km2. Figure 1: Nine Mile Metals Western Portfolio Projects (California Lake, Canoe Landing Lake & The Wedge) Patrick J Cruickshank, CEO & Director stated, “We are pleased to announce we have added strategic claims to our western flank of our California Lake VMS project. This now allows us to explore the entire trend that our new technology has identified. We are advancing and building a high-quality portfolio in the Nine Mile Synform region of the BMC. We look forward to including these claims in our final target analysis to be announced shortly.” “The newly acquired claims cover sequences of felsic volcanics and various geological contacts known to host VMS mineralization along strike to both the north and south of the acquired ground. To the north is Ahearn Brook with select assays up to 209.14 g/t Ag, 2.26% Cu, 16.6% Pb and 29.1% Zn. In the west, the Strachens Lake Brook occurrence is on the south flank, with reported assays up to 32.57 g/t Ag, 0.39% Cu, 0.51% Pb and 3.14% Zn. The addition of these claims greatly enhances our exploration potential in this portion of the BMC,” stated Gary Lohman, B.Sc., P. Geo., VP Exploration and Director. Pursuant to the Agreement, the Company intends to acquire the New Claims for 550,000 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 September 26, 2023. The disclosure of technical information in this news release has been prepared in accordance with Canadia...