With the acquisition of these claims, the company North Timmins Block now consists of 336 claims that are not only near Canada Nickel Company’s (CNC) Crawford project, where CNC completed a preliminary economic assessment just 20 months after exploration drilling began that indicates a 25-year-old mine with an after-tax NPV 8% of $1.2 billion but also adjacent and along strike with the recently identified Reid discovery by NCC which has already, through early exploration, delineated a mineralized footprint 90% as large as Crawford.
The company’s plan over the next few months is to build on the geophysical work being done through other geophysical mapping and interpretation, sampling and other techniques to initiate a comprehensive drilling program. following its upcoming short-term drilling program on the prior optional claims comprising the North Block.
Deepak Varshney CEO of Xander, said, “We are very pleased to have been able to add these concessions 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 achieve this goal. »
Pursuant to the Agreement, the Company will grant the Sellers a 3% net smelter return royalty and provide the following covenants to the Sellers, or its assigns, to earn a 100% undivided interest in the Property:
- $50,000 in cash to the Seller on the date of execution of the Agreement or as soon as practicable thereafter;
- 9,000,000 ordinary shares of the Company (the ” Shares “) to be delivered to Sellers at a deemed price of $0.035 per share within five days of the approval of the transaction by the Stock Exchange;
- Another $100,000 to the seller or his successors in title no later than 6 months from the date of execution of the agreement, in cash and/or shares, at the option of the company, at a deemed value according to the higher of the average volume-weighted 10-day price (” VWAP “) or discount market;
- Another $100,000 to the seller or his successors in title no later than 12 months from the date of execution of the agreement, in cash and/or shares, at the option of the company, at a deemed value according to the greater of the VWAP prices 10 days or the updated market price;
- Another $100,000 to the seller or his successors in title no later than 18 months from the date of execution of the agreement, in cash and/or shares, at the option of the company, at a deemed value according to the higher of the VWAP prices 10 days or the updated market price;
- Another $100,000 to the seller or its successors in title no later than 24 months from the date of execution of the agreement, in cash and/or in shares, at the option of the company, at a deemed value according to the higher of the VWAP at 10 days or current market price.
The Company is committed to hiring at least $500,000 eligible exploration expenditures, including 1,500 meters of diamond drilling on the property within two (2) years of the closing date, of which at least $50,000 will be committed within one (1) year following the Closing Date. Up to a maximum of $400,000 exploration expenses may be satisfied by cash or stock payments at the option of the Company.
The acquisition and the contemplated transactions, including the issuance of the shares, are subject to final stock exchange approval. Shares will be subject to applicable hold periods under applicable securities laws. Canada and exchange policies.
The technical content of this press release has been reviewed and approved by Mr. Andrew Tims P.Geo., a Qualified Person as defined by National Instrument 43-101 Disclosure standards for mining projects (” National Instrument 43-101 “).
Xander Resources Inc. is a Canadian-based mineral acquisition and exploration company based in Vancouver, BC , Canada focused on developing accretive properties of gold and battery metals within Canada . The company is currently focusing on projects located in the provinces of Ontario and Quebec.
Xander is exploring commercially mineable mineral deposits and is currently focusing on deposits located in Val d’Or, Quebec including the Senneville Claim Group which comprises over 100 km2 and is contiguous to the south with the new Probe Metals discovery, and contiguous to the north with Monarch Mining, near the projects of Eldorado Gold (formerly QMX Gold), and the east of the North American Lithium deposit, Great Thunder Gold’s Chubb Lithium property and east of Sayona Quebec’s Authier Lithium deposit, all in the Val-d’Or mining camp, as well as its nickel sulphide project newly acquired in Timmins, Ontario near Canada Nickel MacDiarmid and the Crawford Projects.
We are looking for Safe Harbor
ON BEHALF OF THE BOARD OF DIRECTORS
Deepak Varshney Geo., President and CEO
For more information, please email [email protected] or visit www.xanderresources.ca .
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.
This press release may contain “forward-looking information” under applicable Canadian securities laws. This forward-looking information reflects the current beliefs of management and is based on a number of estimates and/or assumptions made by the Company and on information currently available to the Company which, although considered reasonable, is subject to known and unknown risks, uncertainties and other factors that may cause 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 is neither promise nor guarantee and is subject to known and unknown risks and uncertainties, including, but not limited to, general business, economic, competitive, political and social uncertainties. , uncertain and volatile stock and financial markets. , lack of available capital, actual results of exploration activities, environmental risks, future prices of base metals and other metals, operating risks, accidents, labor issues , delays in obtaining government approvals and permits and other risks in the mining industry.
The Company is currently an exploration-stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditure and may not result in the discovery of mineral deposits that can be mined profitably. In addition, the Company currently has no reserves on any of its properties. Accordingly, 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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