Nine Mile Metals to acquire three Canada projects

The Option and payments were previously announced on 26 April 2022.

The Company will own 100% right, title, and interest in and to 12 mineral claims: California Lake (6 claims), Canoe Landing Lake East (4 claims); and Nine Mile Brook area (2 claims), totalling 38.94 km2, subject to a 2% Net Smelter Royalty.

The Company will issue a total of 333 332 common shares at a deemed price of US$0.075 per share, in accordance with the Option. The Optionors and the Company have also agreed to convert the final US$30 000 cash payment owing under the Option for 333 334 common shares at a deemed price US$0.09 per share.

All securities issued will be subject to a four month and a day hold period.

Patrick J. Cruickshank, MBA, CEO and Director, stated, “We are excited to announce the completion of a strategic milestone: the early exercise for 100% ownership of the California Lake, Canoe Landing Lake East and the Nine Mile Brook East (Upper Pabineau) Projects. This acquisition, coupled with the immense success of our 2022 California Lake East Drill Programme – a key component of the Target #8 Trend in our 2024 Western Portfolio Roadmap – firmly positions Nine Mile Metals for significant shareholder value enhancement. The complete ownership of the Source Target (Target #6) secured last fall further solidifies our western portfolio priority target trends. Now, with all claims owned and consolidated under Nine Mile Metals, we are poised to maximise economies of scale and operational efficiencies in land management. We share the optimism of our partners and look forward to a transformative 2024 as we advance our exploration initiatives.”

Read the article online at: https://www.globalminingreview.com/mining/29042024/nine-mile-metals-to-acquire-three-canada-projects/