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SKRR Exploration enters deal to acquire Carp River
2022-10-25 01:16 ET - News Release
Mr. Sherman Dahl reports
SKRR EXPLORATION INC. SIGNS DEFINITIVE AGREEMENT TO ACQUIRE CARP RIVER NICKEL-COPPER-COBALT CLAIMS IN SASKATCHEWAN & PROVIDES UPDATE ON THE FATHER LAKE NICKEL PROPERTY
SKRR Exploration Inc. has entered into a non-arm's-length acquisition agreement dated Oct. 24, 2022, to acquire a 100-per-cent interest in Edge Geological Consulting Inc.'s Carp River nickel-copper-cobalt property consisting of five mineral claims comprising a total of 5,606.48 hectares.
Highlights:
- Located in mineral-rich Saskatchewan, a world-class mining jurisdiction, immediately north of the town of Stony Rapids;
- Property is situated within the similar regional bedrock lithology associated with the nearby Axis Lake and Rea Lake Ni-Cu-Co deposits and Currie Lake occurrences of ALX's Firebird property, on which Rio Tinto has an option agreement to earn 80 per cent;
- Numerous nickel, copper and cobalt showings along trend, including the Carp River and Bet claims and McAskill showings associated with multiple moderate- to high-priority interpreted VTEM (versatile time domain electromagnetic) anomalies;
- Historic soil grid survey exploration on the Carp River grid in 2005 determined that Ni, Cu and Co anomalies were significant and comparable with those associated with the Axis Lake and Currie Lake occurrences located five kilometres and 10 kilometres to the west, respectively.
Sherman Dahl, SKRR Exploration's chief executive officer, commented: "SKRR continues to build shareholder value by thinking outside the box. Over the last six months, we have expanded our property portfolio with a focus on battery metals in both Northern Saskatchewan and British Columbia. Over the next few months, we are further committed to unlocking the value of our portfolio of gold and battery metal assets. We are extremely excited to acquire the Carp River nickel-copper-cobalt property and add to our expanding portfolio of assets in one of the world's premier mining jurisdictions."
Terms of the agreement
Under the terms of the agreement, SKRR Exploration will acquire a 100-per-cent interest in the Carp River nickel-copper property by making a cash payment of $7,000 to Edge, which represents the costs expended by Edge in staking and researching the property.
The agreement is subject to acceptance by the TSX Venture Exchange.
The acquisition agreement with Edge is not an arm's-length transaction as such term is defined in the exchange's Policy 1.1 and therefore constituted a related-party transaction as such term is defined in Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Ross McElroy is a director of SKRR Exploration and is also a director of Edge.
The Carp River nickel-copper property details
The Carp River property, composed of five contiguous mineral claims totalling 5,606.48 hectares, is located immediately north of the hamlet of Stony Rapids in the province of Saskatchewan. Stony Rapids is a full-service community with a commercial airport. Access to the property is through fixed-wing or helicopter aircraft. From a regional perspective, the property lies within the Tantato domain, which makes up part of the significant Snowbird tectonic zone. Regionally, bedrock consists primarily of mafic granulite and garnet-pyroxene diatexite formations, which extend on strike to the west toward the Axis Lake and Rea Lake Ni-Cu-Co deposits and the Currie Lake occurrences located within five km to 10 km to the west of Carp River.
Historic exploration by Red Dragon and Pure Nickel Inc. in 2005 included a regional airborne VTEM geophysics survey, which covered the known Axis Lake, Rea Lake, Currie Lake and other showings. Interpretation of the 2005 VTEM survey picked numerous highly rated VTEM anomalies over the Carp River property. Follow-up soil grid surveys were conducted over areas where they determined that the conductors looked prospective. Red Dragon and Pure Nickel determined that the Ni-Cu-Co anomalies became more intense close to nickeliferous norite bodies. One of those grids surveyed was the Carp River grid, located in the middle of the Carp River property, where soil results were significant and comparable with those around the Axis Lake and Currie Lake occurrences.
SKRR Exploration cautions that some of the historical results were collected and reported by past operators, and have been neither verified nor confirmed by a qualified person, but form a basis for future work on the Carp River property. Mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on the Carp River property.
Update on Father Lake airborne geophysics survey
A high-resolution helicopter-borne magnetic survey was carried out by Precision GeoSurveys Inc. between April 2 to April 6, 2022 (see news release dated March 22, 2022). The survey collected 1,042 line km of high-resolution magnetic data over one survey block. The entire property was covered with the magnetic survey. Interpretation of the geophysics survey was completed by Bingham Geoscience.
The magnetic field consists of a series of high and low trends parallel to the Grease River fault, which demarcate the Dodge domain (north side) and the Tantato domain (south side). The magnetic solutions highlight the contacts along the hybrid gneiss complex (interlayered felsic gneiss, mafic gneiss and metasediments) on the south side of the Grease River shear zone. A major northwest-southeast structural feature is observed, which also offsets known VTEM conductors in the area (The Dumas Lake fault).
The nickel host rock is a 200-metre-to-800-metre-wide norite body that can be traced for 16 km trending east-northeast with numerous nickel and copper showings along trend. The project covers several historic nickel and copper showings, including: the Dumas zones A, B, C and D. The norite host rock appears defined by a magnetic high in conjunction with historic interpreted VTEM conductors.
The VTEM covers the west side of the project, and an older MegaTEM survey covers the entire project. However, the MegaTEM does not seem to resolve conductors well. There is at least one small area with a strong conductor on the east portion of the property. Coverage of the east portion of the property with VTEM may be a future option.
Qualified person
The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy, PGeo, a director of the company, a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. McElroy verified the data disclosed (unless indicated otherwise), which include a review of the sampling, analytical and test data underlying the information and opinions contained therein.
About SKRR Exploration Inc.
SKRR Exploration is a Canadian-based precious mineral exploration company with properties in Saskatchewan -- one of the world's highest-ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson corridor in Saskatchewan in search of world-class deposits. The Trans-Hudson orogen -- although known in geological terms -- has been significantly underexplored in Saskatchewan. SKRR Exploration is committed to all stakeholders, including shareholders, all its partners and the environment in which it operates.