VANCOUVER, BC, Oct. 21, 2022 /PRNewswire via COMTEX News Network/ -- Xander Resources Inc. ("Xander" or the "Company") (TSXV: XND) (OTCQB: XNDRF) (FSX: 1XI) is pleased to announce that it has entered into an option agreement (the "Option") to acquire (the "Acquisition") 100% interest in certain 100 mineral claims (the "Claims" and the "Property") located in Timmins, Ontario.
The property consists of 100 separate mineral claim blocks comprising over 21 square kilometres that are located contiguous to the west of the Company's existing Timmins North claims. Historical work at the property includes airborne geophysical survey work (Geotech's helicopter-borne VTEM (versatile time domain electromagnetic)) which has delineated six (6) drill targets in line with the existing high-priority electromagnetic anomalies within the property (often indicative of sulphide mineralization) and numerous major and minor structures.
With the acquisition of these claims, the Company's Timmins North Block now consists of 336 claims that are not only near Canada Nickel Company's (CNC) Crawford Project, where CNC has completed a preliminary economic assessment only 20 months after the commencement of exploration drilling that indicates 25-year mine with an after-tax NPV8% of $1.2 billion, but also adjacent and along trend with CNC's recently identified Reid Discovery which has already through early exploration delineated a mineralized footprint 90% as large as Crawford.
The company's plan over the coming months is to build on the geophysical work completed through further geophysical mapping and interpretation, sampling, and other techniques in order to launch a comprehensive drill program following its upcoming near-term drill program on the prior optioned claims comprising the North Block.
Deepak Varshney, Xander CEO, said, "We are very pleased to have been able to add these claims to our portfolio. Our goal is to build a significant nickel footprint in this district and acquiring these claims, particularly in light of the recent large-scale discovery by CNC at its Reid property, will help us successfully move forward with that objective."
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The Transaction
Pursuant to the Agreement, the Company will grant to the Vendors a 3% net smelter returns royalty and will provide the following commitments to the Vendors, or its assigns to earn an undivided 100% interest in the Property:
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-- $50,000 cash to the Vendor upon the execution date of the Agreement or as soon as practicable thereafter;
-- 9,000,000 common shares of the Company (the "Shares") to be issued to the Vendors at a deemed price of $0.035 per Share within five days of Exchange approval to the transaction;
-- A further $100,000 to the Vendor or its assigns on or before 6 months from the execution date of the Agreement, in cash and/or Shares, at the election of the Company, at a deemed value according to the greater of the 10-day volume-weighted average price ("VWAP") or discounted market;
-- A further $100,000 to the Vendor or its assigns on or before 12 months from the execution date of the Agreement, in cash and/or Shares, at the election of the Company, at a deemed value according to the greater of 10-day VWAP or discounted market price;
-- A further $100,000 to the Vendor or its assigns on or before 18 months from the execution date of the Agreement, in cash and/or Shares, at the election of the Company, at a deemed value according to the greater of 10-day VWAP or discounted market price;
-- A further $100,000 to the Vendor or its assigns on or before 24 months from the execution date of the Agreement, in cash and/or Shares, at the election of the Company, at a deemed value according to the greater of 10-day VWAP or discounted market price.
The Company has agreed to incur not less than $500,000 of qualified exploration expenditures, including 1,500 metres of diamond drilling on the Property within two (2) years of the Closing Date, of which not less than $50,000 will be incurred within one (1) year following the Closing Date. Up to a maximum of $400,000 of exploration expenditures may be satisfied through payments of cash or stock at the election of the Company.
The Acquisition and transactions contemplated, including the issuance of the Shares, are subject to the final approval of the Exchange. The Shares will be subject to the applicable hold periods in accordance with securities laws in Canada and the Exchange policies.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Andrew Tims, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
About Xander Resources Inc.
Xander Resources Inc. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada focused on developing accretive gold and battery metal properties within Canada. The company currently has a focus on projects located within the Provinces of Ontario and Quebec.
Xander is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Val-d'Or, Quebec, including the Senneville Claim Group which comprises over 100 sq. km and is contiguous in the south to Probe Metals' new discovery, and contiguous in the north to Monarch Mining, in close proximity to Eldorado Gold's (formerly QMX Gold) projects, and east of the North American Lithium Deposit, Great Thunder Gold's Chubb Lithium property and East of the Sayona Quebec's Authier Lithium Deposit, all in the Val-d'Or Mining Camp, plus its newly acquired nickel-sulphide project in Timmins, Ontario near Canada Nickel's MacDiarmid and Crawford Projects.
We seek Safe Harbor
ON BEHALF OF THE BOARD OF DIRECTORS
Deepak Varshney, P.Geo., President and CEO
For more information, please email ir@xanderresources.ca, or visit www.xanderresources.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements:This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
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SOURCE Xander Resources Inc.
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