TORONTO, Feb. 10, 2022 (GLOBE NEWSWIRE) -- ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK) (OTCQX:IDKFF), a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce that Premium Nickel Resources (“PNR”), a private Canadian company that provides direct exposure to nickel-copper-cobalt (“Ni-Cu-Co”) opportunities in the southern African region, has closed the previously announced asset purchase agreement (the “Selebi APA”) (see press release dated September 28, 2021) with the Liquidator of BCL Limited (“BCL”) to acquire the Selebi and Selebi North Ni-Cu-Co Mines (together, the “Selebi Mines”). Exploration activity on the Selebi Mines is expected to begin immediately.
ThreeD is a founding shareholder of PNR and currently owns approximately 9% of PNR’s total issued and outstanding common shares. Furthermore, Sheldon Inwentash, Chairman & CEO of ThreeD, is on the Board of Directors of PNR.
Sheldon Inwentash, Chairman & CEO of ThreeD said, “This is an exciting time to be invested in PNR. By securing ownership of the Selebi Mines, PNR is establishing itself as an industry leader in Botswana and ensuring the company’s promising future and continued growth. This event is a major milestone in PNR’s development, and we look forward to continuing our relationship with PNR as the company begins exploration activities.”
Since executing the MOU in March 2021, PNR has been collecting new information, including metallurgical sampling of approximately 700 kgs of fresh representative ore. The subsequent metallurgical testing, carried out at SGS Lakefield, confirmed the redevelopment plan for the Selebi Mines to produce separate copper and nickel-cobalt concentrates.
PNR executed the Selebi APA in September 2021 and promptly entered into a 120-day closing period. During the closing period, PNR continued to acquire new data in preparation to begin an extensive exploration program to define the upside potential of the remaining resources at both Selebi and Selebi North.
The Selebi Mines include two shafts and related infrastructure (rail, power and water). Shaft sinking and plant construction started in 1970. Mining concluded in October 2016 when the operations were placed on care and maintenance due to a failure in the separate Phikwe processing facility. The Selebi Mines were subsequently placed under liquidation in 2017.
The proposed work plan for the Selebi Mines includes diamond drilling which is expected to be ongoing for up to 18 months. During that time, additional metallurgical samples will be collected and sent for more detailed studies. The underground infrastructure at Selebi North will be upgraded to support the underground drilling program as well as improve health & safety at Selebi North.
About ThreeD Capital Inc.
ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.
https://threedcapital.com/
https://www.globenewswire.com/en/news-release/2022/02/10/2382997/0/en/ThreeD-Capital-Reports-Premium-Nickel-Resources-Completes-Purchase-Of-The-Selebi-Selebi-North-Mines-In-Botswana.html