Business
Archer Exploration Provides Update On Zanzui Nickel Project And Termination Of Option Agreement
VANCOUVER, BC, May 31, 2022 /CNW/ - Archer Exploration Corp. (CSE: RCHR) ("Archer") provides an update on the acquisition of the Zanzui Nickel Project and the t
About this update from Northx Nickel Corp.
[{"type":"text","content":" VANCOUVER, BC, May 31, 2022 /CNW/ - Archer Exploration Corp. (CSE: RCHR) (\"Archer\") provides an update on the acquisition of the Zanzui Nickel Project and the termination of its option agreement with Geomap Exploration Inc. for the Caster Property dated August 1st, 2020, as amended (the \"Option Agreement\"). Zanzui Update As disclosed in its news release dated December 15th, 2021, the Company 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 (the \"Echelon Transaction\"). Echelon, through its subsidiaries, holds the Zanzui Nickel Project in Northern Tanzania and related mining and technical data. The Company and Echelon continue to work together to obtain all required regulatory approvals. The Company has received approval from the Tanzania Mining Commission and is currently awaiting final approval from the Tanzania Revenue Authority. For further details regarding the Echelon Transaction, please see the Company's news release dated December 15th, 2021. Keith Bodnarchuk, Interim CEO of Archer, commented: \"The fundamentals around the nickel space continue to point to a long-term bull market. We look forward to closing the transaction for the Zanzui Nickel Project in the coming months and continuing to pursue a significant landholding of high upside nickel sulphide properties.\" Termination of Caster Option Agreement Pursuant to the Option Agreement, Archer was granted the right to earn a 100% interest in the Caster Property. However, Archer has elected to discontinue payments under the Option Agreement and focus on the acquisition and advancement of nickel projects, including the Zanzui Nickel Project in Tanzania. Archer has incurred $110,000 in exploration expenditures on the Caster Project, including completion of the Phase I exploration program. About Archer Exploration Archer is focused on nickel dominated projects. The future demand for nickel is seen as extremely robust, with supply facing a number of significant constraints. The Company is advancing its potential acquisition of the Zanzui Nickel Project in Tanzania. Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exch...