Toronto, Ontario--(Newsfile Corp. - June 13, 2023) - Mink Ventures Corporation (TSXV: MINK) ("MINK" or the "Company") announces that it has entered into an agreement to acquire a 100% interest, subject to a 1.5% NSR, in the Warren copper nickel project (the "Warren Project") from US Copper Corp. (TSXV: USCU). The Warren Project consists of 14 patented mining claims covering 251 hectares of land, located in Whitesides Township, approximately 35 km west of Timmins, Ontario (see Figure 1).
MINK expects that the option will commence at closing, on or around July 4, 2023. To commence the option, MINK must issue to US Copper Corp. 250,000 MINK common shares and 250,000 MINK three-year common share purchase warrants exercisable at a price of $0.25 on closing, and then to maintain and ultimately exercise the option MINK must incur $300,000 in exploration expenditures and issue an additional 800,000 MINK common shares within 21 months from the closing date. The option agreement is subject to a number of terms and conditions typical for a transaction of this nature, including prior TSX Venture Exchange approval.
HIGHLIGHTS (see Figure 3):
- The Warren Project is drill ready. Mink's geologists have completed an in-depth study of all available historical data and recent geophysical survey data. Some limited ground truthing to update GIS data prior to selecting drill targets will occur with a diamond drill program to follow.
- The Warren Project complements Mink's key Montcalm project due to the distinctly similar, prospective geological environments as well as the presence of significant Cu Ni zones at Warren.
- Three distinct mineralized copper nickel zones have been identified and are designated Zones A, B, and C, outlined by both surface exploration and diamond drilling, focused mainly on Zones A and B over a strike length of ~600 meters.
- Historical work in the mid 1950's included two B-Zone bulk samples by Maralgo Mines Ltd. Bulk Sample 1 returned 0.21% Cu, 0.96% Ni, 0.11% Co and 0.10% Zn, and Bulk Sample 2 returned 2.83% Cu, 0.58% Ni, 0.10 Co and 0.13 Zn.
- A resource* calculation of 385,000 tons of 1% Cu + Ni on the B Zone was outlined by Jade Oil & Gas. They drilled 23 holes to test Zones A and B in the mid 1950's. Highlights include 2.5% Cu+Ni over 7.6 m and 2.8% Cu+Ni over 8.2 meters. *The resource calculation is historical in nature and is not NI43-101 compliant; it is not to be relied upon and is reported as a historical statement only.
- Geophysical data from magnetics, horizontal loop EM (HLEM) and induced polarization (IP) suggest a potential strike length of A and B Zones of approximately 800 meters.
- Limited exploration has been conducted on the C Zone other than a historical shaft. A recent (2021) grab sample in the shaft area muck pile by W. Hawkins, P. Eng returned 3.7 ppm Ag, 3940 ppm Cu, 1670 ppm Ni and 223 ppm Co. Geophysical surveys (magnetic, HLEM, and IP) support a potential strike length of C Zone of 1 kilometer.
References: Technical Report for Western Troy Capital Resources on the Warren Property (W. Hawkins P. Eng, 2021) and Maxmin, Magnetometer and VLF Surveys Evaluation Report, Whitesides and Massey Twp. Claims (C. Mackenzie Consulting Geologist, 1990)
"This strategic acquisition expands our exploration portfolio and discovery opportunity with a very complementary, second gabbro-hosted copper nickel sulphide project which shares a similar geological environment with our flagship Montcalm project. Both projects benefit from cost-effective exploration due to their exceptional access, year-round exploration seasons, and proximity to the Timmins Mining Camp and all the advantages that come along with that," said Natasha Dixon, President and CEO. "Mink is a battery metals exploration company. There is no energy transition without these critical minerals. Exploration companies play a vital role in discovering the mineral deposits needed to establish a resilient Canadian source of these metals and MINK is well positioned to play a role with these very prospective assets," she added.
The Warren property is hosted within the Kamiskotia Gabbro Complex (KGC) and it is thought to be broadly equivalent to the Montcalm Gabbro Complex (MGC) but separated by a granitic arch. The MGC hosts the former Montcalm Mine which produced approximately 3.93 million tonnes grading 1.25% Ni, 0.67% Cu and 0.05% Co (OGS, Atkinson, B., 2010) (See Figure 2).
Gabbro complexes such as MGC and KGC are known to be prospective for magmatic nickel copper sulphide deposition as demonstrated by the Montcalm Mine located within the MGC. The Warren Project complements Mink's Montcalm property due to the distinctly similar prospective geological environments found in the MGC and the KGC, as well as the presence of significant Cu Ni zones on the Warren Project.
As highlighted above, the Warren Project has had a sporadic exploration history since the late 1920's to present day and a number of promising historical mineralized Cu Ni zones were outlined. The majority of the exploration completed to date on the property was completed in an area representing a very minimal portion of the property and completed well over 60 years ago. More recent geophysical surveys from the early 1990's and 2008-2009 outlined a series of untested targets along strike from known mineralization and/or new targets proximal to known mineralization. These targets are particularly evident in the accompanying magnetic and IP compilation map shown in Figure 3. As a result of this geophysical data being available, the Warren Project is drill ready with some minimal ground truthing of grids and occurrences.
Qualified Person:
Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo approved the technical data disclosed in this release. Note: Certain historical information pertaining to a historical resource estimate, is disclosed in this press release. The methods and parameters used to prepare this estimate and the category of the estimate is unknown. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the issuer is not treating the historical estimate as current mineral resources or reserves.
About Mink Ventures Corporation:
Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for battery metals in Ontario, Canada. It has a prospective, nickel copper cobalt exploration portfolio, with its Montcalm project, which covers approximately 40 km2 adjacent to Glencore's former Montcalm Mine with historical production of 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2010), as well as the recent addition of the Warren Project, comprised of 14 patented mining claims covering 251 hectares. These complementary Ni Cu projects have excellent access and infrastructure and are in close proximity to the Timmins Mining Camp. The Company has 14,972,319 shares outstanding.
For further information about Mink Ventures Corporation please contact: Natasha Dixon, President & CEO, T: 250-882-5620 E: ndixon@minkventures.com or Kevin Filo, Director, T: 705-266-6818 or visit www.sedar.com.
Forward Looking Statements
This press release includes certain "forward-looking information", including, but not limited to, statements with respect to the option to acquire the Warren Project, the share and warrant issuances and exploration work required to exercise the option, TSX Venture Exchange approval of the option agreement, and the prospectivity of the Warren Project and the Montcalm Project. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MINK to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of exploration work; inability to raise the money necessary to incur the expenditures required to retain and advance the Warren Project and Montcalm Project; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; accidents, labour disputes and other risks of the mining industry; political instability, or delays in obtaining governmental and stock exchange approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to MINK's filings with Canadian securities regulators available on SEDAR. These forward-looking statements are made as of the date hereof and MINK disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or ac curacy of this release.
Figure 1: Detailed Location Map
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Figure 2: Regional Geology Map
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Figure 3: Warren Project Compilation Map (Magnetics and IP)
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169738
