Business
Archer Exploration Announces Execution Of Agreements For Acquisition Of Zanzui Nickel Project
VANCOUVER, BC, Dec. 15, 2021 /CNW/ - Archer Exploration Corp. (CSE: RCHR) ("Archer" or the "Company") is pleased to announce that further to its news release da
About this update from Northx Nickel Corp.
[{"type":"text","content":" VANCOUVER, BC, Dec. 15, 2021 /CNW/ - Archer Exploration Corp. (CSE: RCHR) (\"Archer\" or the \"Company\") is pleased to announce that further to its news release dated September 8, 2021, it has entered into a securities exchange agreement (the \"SEA\") with Echelon Minerals Ltd. (\"Echelon\") and the shareholders of Echelon, pursuant to which it will acquire all of the issued and outstanding shares of Echelon. Subject to customary closing conditions and regulatory approvals, Archer will acquire 100% of the issued and outstanding shares of Echelon in consideration for an aggregate 2,524,772 common shares of the Company at a deemed price of $0.50 per share. As previously announced on September 8, 2021, the Company advanced Echelon US$600,000 for the purposes of making payments due in relation to maintaining the Zanzui licences. Archer expects to complete the Echelon acquisition in February 2022. Echelon, through its subsidiaries, holds the Zanzui Nickel Project in Northern Tanzania and related mining and technical data. The Zanzui Nickel Project The Zanzui Nickel Project is located in northern Tanzania, approximately 110 km southeast of the town of Mwanza. The Zanzui Project covers approximately 90km2 of an ultramafic intrusive in Northern Tanzania and is located 50km south of the Wamangola and Ngasamo nickel laterite deposits. The Zanzui Project contains a historical inferred resource of 27.1 million tonnes of 0.81% nickel contained within a lateritic cap. The laterite layer/cap is underlain and surrounded by a much larger layered mafic/ultramafic intrusion composed of serpentinites, serpentised dunites, peridotites and pyroxenites, gabbros andanorthosites. The intrusion is circular in shape and is approximately 11km in diameter, surrounded by Pre-Cambrian granites. A 2008 Versatile Time Domain Electromagnetic (VTEM) survey on the property highlighted a number of potential Ni/PGE-sulphide drill targets for follow-up investigation. Sulphide-bearing horizons were in fact intersected in limited previous drilling carried out by the UNDP in 1985, with one composite sample returning 1.24 g/t palladium. Historical Mineral Resource The Zanzui property contains a historical inferred mineral resource estimate of 27.1 million tonnes of 0.81% Nickel. The estimate was reported in the 2012 technical report p...