Toronto, Ontario--(Newsfile Corp. - September 7, 2023) - Mink Ventures Corporation (TSXV: MINK) ("MINK" or the "Company") today announced that it has acquired a 100% interest in eight (8) mining claims located adjacent to the north boundary of the 14 Warren patents, as well as a 0.5% net smelter returns royalty ("NSR") on the Warren patents from Mr. Douglas Lalonde, effective September 6, 2023. Total consideration for the 0.5% NSR and the eight claims is 225,000 common shares of the Company. Further, the Company also staked an additional 34 claims adjacent to the eastern boundary of the Warren patents. The combined Warren property now covers 1,010 hectares of land, located in Whitesides Township, approximately 35 km west of Timmins, Ontario. (See Figure 1 and 2)
HIGHLIGHTS:
- The eight claims (Warren North) to the north of the Warren patents host the projected strike extension of the Warren patents' underexplored C Zone and the 34 newly staked claims (Warren East) host a number of significant VTEM anomalies of interest within the prospective Kamiskotia Gabbro Complex lithology.
- The purchased 0.5% NSR represents one third (1/3) of the total 1.5% net smelter returns royalty on the 14 Warren patents. Each 0.5% NSR is subject to a 0.25% NSR buy back right for $333,333. There are no royalties on the newly acquired eight claims (Warren North) nor the 34 staked claims (Warren East).
- The Warren patents host three known zones with copper nickel and cobalt mineralization; these have been designated A, B, and C. Two historical bulk samples were completed on the Warren patents; the first bulk sample returned 0.21% Cu, 0.96% Ni, 0.11% Co and 0.10% Zn, and a second bulk sample returned 2.83% Cu, 0.58% Ni, 0.10 Co and 0.13 Zn. The combined A-B zones and the C zone have projected strike lengths of 800 and 1,000 meters of strike length respectively from geophysical data.
- In the 1950's a resource* calculation of 385,000 tons of 1% Cu + Ni was outlined by Jade Oil & Gas on the Warren patents. Jade Oil and Gas 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. 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.
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)
Natasha Dixon, President and CEO, commented; "We proposed a mutually beneficial opportunity to the royalty and property vendor for these assets, which we feel will be accretive to all our shareholders, including Mr. Lalonde, over time as we advance the project. Securing the very prospective Warren North claims, which host the strike extension of the C Zone, and the Warren East claims, which host VTEM anomalies, was extremely cost-effective and prudent given the significant Cu Ni mineralization at Warren."
WARREN PROPERTY GEOLOGICAL DISCUSSION
Mink's expanded Warren Project 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 property 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 Property.
As highlighted above, the Warren patents have 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, once winter access work is initiated in late 2023.
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.
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 copper nickel Project, These complementary Ni Cu projects have excellent access and infrastructure and are in close proximity to the Timmins Mining Camp. After giving effect to the share issuance for the acquisition of the NSR and eight claims, the Company has 17,902,984 common 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 purchase of mineral claims and of a net smelter returns royalty, TSX Venture Exchange approval of the purchase 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 accuracy of this release.
Figure 1: Detailed Location Map
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Figure 2: New Claim Map
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Figure 3: Warren Project- Compilation Map
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179733
