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Silver Elephant Completes Acquisition of Minago Nickel Sulphide Project in Thompson Nickel Belt Manitoba, Canada
VANCOUVER, BC / ACCESSWIRE / February 10, 2021 / Silver Elephant Mining Corp. ("Silver Elepha...
About this update from Silver Elephant Mining Corp
[{"type":"text","content":"Silver Elephant Completes Acquisition of Minago Nickel Sulphide Project in Thompson Nickel Belt Manitoba, CanadaVANCOUVER, BC / ACCESSWIRE / February 10, 2021 / Silver Elephant Mining Corp. (\"Silver Elephant\" or \"the Company\") (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) is pleased to announce that further to its press release dated January 22, 2021, it has acquired of the Minago nickel project (\"Minago project\") from Victory Nickel Inc. (\"Victory Nickel\") pursuant to an Asset Purchase Agreement dated January 21, 2021 between the Company and Victory Nickel (\"APA\").The Minago project encompasses a 197 km2 prospective land package and hosts one of the largest greenfield open-pit nickel sulphide deposits in Canada, the Nose deposit, which contains 790 million pounds of historic nickel resource (68.7 Mt grading 0.52% Ni). Besides the Nose deposit, other drilled discoveries that have been made at the project such as the North Limb deposit which will add to Minago's future global nickel resource estimate.A qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\") has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves.Transaction details:Under the terms of the APA,Silver Elephant acquired the Minago project from Victory Nickel for aggregate consideration of US$11,675,000, which consists of a US$6,675,000 (\"Property Payment\") credit against certain secured debt owed by Victory Nickel to Silver Elephant and US$5,000,000 worth of Silver Elephant common shares (\"Consideration Shares\") to be issued to Victory Nickel over a 1-year period. An initial tranche of 5,363,630 Consideration Shares worth US$2,000,000 was issued on February 9, 2021, a further US$2,000,000 worth of Consideration Shares will be issued on or before August 31, 2021, and a further US$1,000,000 worth of Consideration Shares on or before December 31, 2021, at such timings as may be determined at the sole option of Silver Elephant. All Consideration Shares are subject to 4-month plus 1-day statutory hold period.The Property Payment was a credit in favour of Victory Nickel against an aggregate of approximately US$11,880,000 owed by Victory Nickel ...