Business
Nio Strategic Metals Closes its 1478472 B.C. Ltd. Acquisition
(TheNewswire) Acquiring 100% interest in 90 mineral claims covering 4,956 hectares in the M...
About this update from Nio Strategic Metals Inc
[{"type":"text","content":"Nio Strategic Metals Closes its 1478472 B.C. Ltd. Acquisition\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Acquiring 100% interest in 90\nmineral claims covering 4,956 hectares in the Mont Laurier\nregion\n \n \n \n \n Montreal, Quebec –\n \n \n TheNewswire -\n \n \n June 10, 2024\n \n \n –\nNio Strategic Metals Inc. (TSXV: NIO) (OTC: NIOCF) (“\n \n \n Nio\n \n \n ” or the\n“\n \n \n Company\n \n \n ”)\n \n \n \n \n is\npleased to announce that, further to its news releases dated May 1st,\n2024, it has closed the acquisition of all outstanding shares,\nrepresenting a 100% interest, in 1478472 B.C. Ltd. a company holding\n90 mining claims comprising the Fafnir Project in Quebec, Canada (the\n“\n \n \n Acquisition\n \n \n ”).\n \n \n \n \n The Project covers approximately 4,956 hectares (50\nsquare kilometers) located approximately 60 km north west of Mont\nLaurier, and 165 km north of Gatineau\n \n \n \n \n and is home to some large\nhigh-grade niobium and Uranium deposits and discoveries. There is\nexcellent access to all parts of the property that are held\nstrategically throughout the region.\n \n \n \n \n \n \n The Company will be\nevaluating and prioritizing a work program on the claims during this\nsummer and will provide additional updates in the coming weeks.\n \n \n \n \n Transaction Terms\n \n \n \n \n \n \n In consideration of the\nacquisition of all outstanding shares in 1478472 B.C. Ltd., the\nCompany paid the shareholders the sum of $75,000 and issued an\naggregate of 3,988,633 common shares in the capital of the Company\n(the “Shares”).  The Shares are subject to restrictions on resale\nfor four months and one day from issuance.\n \n \n \n \n The Fafnir project, subject of pass geophysics and\nground work has a large intrusive NYF (Niobium-Yttrium-Fluorine) type\npegmatite which has returned 9,238 ppm for Niobium, 8,022 ppm of\nUranium and 1,288 ppm of Praseodymium (Pr) / Neodymium (Nd). The\nStructural shear fault that truncates the property’s South Western\nflanc, being the likely context for enrichment, also truncates the\nPetawaga Indice, site of a bulk sample that revealed 3.4% Niobium,\n0.7% uranium and ~1% to 1.5% Lithium, is located 30 kilometers south\nwest of Fafnir.  The Boxi project located ...