NINE MILE METALS PROVIDES DRILLING UPDATE AT CALIFORNIA LAKE DRILL HOLE (CL23-10-01)
VANCOUVER, B.C. – NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), is pleased to provide an update on its current drillhole (CL23-10-01) at its California Lake VMS Project. Drillhole is currently at a depth of 615 meters targeting Lens A at depth. The Azimuth and dip are monitored daily, the Azimuth presently at 209 degrees and the Dip flattened to 65 degrees. Our calculations show we are on target. Rocks intersected to date include felsic volcanics of the Flat Landing Brook Formation which hosts numerous VMS mines and occurrences in the southern portion of the BMC including Stratmat and Headway. Between 490.10 and 496.15 there was a distinct, banded sulphide zone with 5- 8% pyrite and blebs of chalcopyrite. This section has been cut and will be submitted to ALS Global for analysis. Mixed felsic rocks of the Flat Landing Brook Formation continued to 557 meters where a distinct break occurred, the drill hole intersecting the upper boundary of a Tectonic Zone characterized by white quartz and pink – orange K-Spar veining. Pyrite and chalcopyrite (Cu) mineralization is locally present in the quartz – K-Spar veins associated with the Tectonic Zone. FIGURE 1: (CL23-10-01) , Chalcopyrite (Cu) associated with Quartz – K-Spar veining. FIGURE 2: (CL-23-10-01) Sulphide banding / bedding, 490.10- 496.15m. Figure 3 : (CL23-10-01) Tectonic Zone with White Quartz, Orange K-Spar Nine Mile Metals VP Exploration and Director, Gary Lohman, B.Sc., P.Geo., stated that, “The drill hole is on target as we continue to drill through the Flat Landing Brook felsic volcanics / Tectonic Zone. The banded sulphide zone with visible chalcopyrite was a pleasant surprise, indicating copper in the system. The section has been cut for analysis in addition to other areas where intense silicification and pyrite dominate the drill core.” Kevin B. Hicks, Director stated, “We continue to monitor the dip and azimuth readings as the drilling progresses towards our target depth. The hole was very straight in the upper sections therefore we can accommodate some build rate in the dip and still hit our predetermined target radius at depth.” Still above target depth, the geological sequences encountered in drill hole CL-23-10-01 are characteristic of the Flat Landing Brook felsic volcanics. Local intense hydrothermal alteration, high temperature mineralogy and sulphide banding confirm the potential of the California Lake VMS West trend. Additional drilling is planned along this prospective trend where EarthEx defined numerous untested, late time EM conductors, characteristic of VMS mineralization, along strike of known Cu, Pb and Zn occurrences. The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company’s Qualified Person, and is not independent of the Company. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and the Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. ON BEHALF OF NINE MILE METALS LTD. “Patrick J Cruickshank, MBA” CEO and Director T: +1.506-804-6117 E: patrick@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the section 490.10 and 496.15 metres has been cut and will be submitted to ALS Global for analysis, (b) local intense hydrothermal alteration, high temperature mineralogy and sulphide banding confirm the potential of the California Lake VMS West trend, (c) additional drilling is planned along this prospective trend, (d) the drill hole is on target as we continue to drill through the Flat Landing Brook felsic volcanics / Tectonic Zone, and (e) we continue to monitor the dip and azimuth readings as the drilling progresses towards our target depth. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
NINE MILE METALS COMPLETES CONVERTIBLE LOAN FINANCING
VANCOUVER, B.C. – Friday December 15, 2023, NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), discloses that it has closed its convertible loan financing for a total of $201,000 (the “Loans”). The Convertible Loans have a term of 12 months from the closing (the “Maturity Date”) and bear interest at 15 per cent per annum, calculated and payable on the Maturity Date. Convertible Loan proceeds will be used for advancing the bulk sample program on the Nine Mile Brook project and general working capital. The loans will be convertible at the election of each of the 19 lenders as of the Maturity Date at a price of $0.10 per Unit. Each Unit will be comprised of one common share and one common share purchase warrant (a “Warrant”) and each Warrant will be exercisable at $0.10 per share for a period of 24 months. The Company’s President, Charles MaLette, participated as a lender of $25,000 of the total loan amount. $10,400 in cash and 104,000 Warrants were received by Research Capital Corporation as a Finder’s Fee for the Convertible Loan. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and our new Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. Social Media @NineMileMetals Nine Mile Metals @ Nine Mile Metals Nine Mile Metals @ninemilemetals ON BEHALF OF NINE MILE METALS LTD. “Charles MaLette” President and Director T: (604) 428-5171 E: info@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that Loan proceeds will be used for advancing the bulk sample program on the Nine Mile Brook project and general working capital. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Nine Mile Metals Increases Flow Through Financing to $1.5 Million
Vancouver, B.C. December 13, 2023- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) announces that it has updated the terms of its flow-through (“FT”) private placement (please refer news release December 12, 2023). The FT private placement will now consist of the sale of up to 7,500,000 FT Units at $0.20 each, for gross proceeds of up to $1,500,000. Each FT Unit will be comprised of one common share, issued on a flow-through basis (“FT Share”) and one-half Common Share purchase warrant, issued on a non-flowthrough basis (“Warrant”). Each full Warrant will entitle the holder thereof to acquire one common share in the capital of the company (each, a “Common Share”) at a price of $0.23 per Common Share for a period of 24 months from date of issuance. The FT Shares are intended to qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada), and will be targeting critical minerals for eligibility under the Critical Mineral Exploration Tax Credit (the “CMETC”) program. The CMETC program is a new incentive that provides investors in companies exploring for certain critical minerals with a 30% tax credit based on the amount invested. In consideration for their services in introducing subscribers to the Company under the FT Private Placement, finders may receive commission of 8% cash and 8% common share purchase warrants, exercisable to purchase one common share at a price of $0.23 for a period of 24 months. No Related Parties intend to participate in and no new control persons will be created by the FT private placement. The Company will use the net proceeds of the FT private placement to carry out recommended exploration programs and up to 4,000 metres of drilling on its four properties in New Brunswick, Canada. This work will be eligible as “Canadian Exploration Expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada). All securities issued in the FT private placement will be subject to a four-month and a day hold period. Completion of the FT private placement and Canada Revenue Agency (“CRA”) renunciation is subject to the receipt of all necessary regulatory approvals, including the TSX Venture Exchange and the CRA. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and our new Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. ON BEHALF OF NINE MILE METALS LTD. “Charles MaLette” President and Director T: (604) 428-5171 E: info@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that that (a) the Company will close the FT private placement for proceeds of $1,500,000; (b) No Related Parties intend to participate in and no new control persons will be created by the FT private placement, and (c) the Company will use the proceeds as described above. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
NINE MILE METALS ANNOUNCES FLOW THROUGH FINANCING
Vancouver, B.C. Tuesday December 12, 2023- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) announces the terms of a new flow-through (“FT”) private placement. The FT private placement will consist of the sale of up to 2,500,000 FT Units at $0.20 each, for gross proceeds of up to $500,000. Each FT Unit will be comprised of one common share, issued on a flow-through basis (“FT Share”) and one-half Common Share purchase warrant, issued on a non-flowthrough basis (“Warrant”). Each full Warrant will entitle the holder thereof to acquire one common share in the capital of the company (each, a “Common Share”) at a price of $0.23 per Common Share for a period of 24 months from date of issuance. The FT Shares are intended to qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada). In consideration for their services in introducing subscribers to the Company under the FT Private Placement, finders may receive commission of 8% cash and 8% common share purchase warrants, exercisable to purchase one common share at a price of $0.23 for a period of 24 months. No Related Parties intend to participate in and no new control persons will be created by the FT private placement. The Company intends to use the net proceeds of the FT private placement to carry out the current and intended drilling programs on its California Lake and Wedge properties respectively. This work will be eligible as “Canadian Exploration Expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada). All securities issued in the FT private placement will be subject to a four-month and a day hold period. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and our new Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. ON BEHALF OF NINE MILE METALS LTD. “Charles MaLette” President and Director T: (604) 428-5171 E: info@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that that (a) the Company will close the FT private placement for proceeds of $500,000; (b) No Related Parties intend to participate in and no new control persons will be created by the FT private placement, and (c) the Company will use the proceeds as described above. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Nine Mile Metals Provides Drilling Update At California Lake Drill Hole (CL23-10-01)
VANCOUVER, B.C. – Friday December 8th, 2023 – NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), is pleased to provide an update on its current drill hole (CL23-10-01) at its California Lake VMS Project. Drill hole is currently at a depth of 433.3 meters, now targeting Lens A at a measured depth of 720m. The Azimuth and Dip are monitored daily, the Azimuth presently at 207 degrees and the Dip flattened to 67 degrees. Our calculations show we are still on target. (Figure 2) Rocks intersected to date include felsic volcanics of the Flat Landing Brook Formation which hosts numerous VMS mines and occurrences in the southern portion of the Bathurst Ming Camp (“BMC”) including the Stratmat and Headway VMS Deposits. At depth, the felsic volcanics are well altered, the original host rock character locally obliterated by intense phengite alteration, a key alteration halo associated with VMS deposits (Figure 3). Rock alteration and mineralogy, indicative of high temperature, further confirm an active hydrothermal system was present during deposition. Due to the length of this targeted drill hole, continued monitoring of the azimuth and dip is critical. Once the drill hole is collared, a gyro survey is conducted at every 30-meter interval recording both the azimuth and dip. The trajectory is then calculated and plotted to ensure the drill hole is within our target parameters. As required, a continuous gyro survey can be conducted, recording details at 1-meter intervals, providing an accurate plot of the trajectory. In the event a severe deviation is detected, drilling can be modified to redirect the hole to target. Geologists from the New Brunswick Department of Mines and Energy have reviewed the drill core and confirmed the presence of various members of the Flat Landing Brook Formation including sediments, rhyolites and accompanying phengite alteration. There were no surprises in the drill core and all rock types encountered are characteristic for this portion of the BMC. Nine Mile Metals VP Exploration and Director, Gary Lohman, B.Sc., PGO., stated that, “The team is very pleased with progress to date. The Chapais drill team has been very diligent maintaining the trajectory of the hole while also providing excellent core recovery. Geologically, we are encouraged by the results to date, the host rocks relating very well to the classical model below (Figure 3), especially the intense alteration intersected which is associated with the Flat Landing Brook rhyolites.” Kevin B. Hicks, Director stated, “Drilling remains on track and the projected landing location at target depth remains well within our target radius. The drilling rate in meters per day will slow as we progress deeper in the hole due to core retrieval cycling and the hardness of the rock. Given the shallowing of the dip angle, our measured depth target has gone from 705 to 720 meters for a true vertical depth target of 675 meters. We look forward to next week and our continued drilling of this important hole on the tip of the California West VMS Trend.” Drilling to date has intersected a variety of rock types including a very distinct red sediment known to occur proximal to VMS mineralization at both the Ahearn Brook occurrence to the immediate north and the Stratchens Lake Brook occurrence to the west (Figure 4). Below the red sediments, there are long sequences of felsic volcanics, a key component of the VMS model. At California Lake, we have intersected wide sequences of rhyolite, including sections exhibiting intense phengite alteration. As seen in figure 5, the alteration halo can be abrupt, accompanied by bleaching of the host rock. Sequences of banded pyritic horizons up to 5 meters in width have also been noted in drill core attesting to a depositional environment. Base metal mineralization includes zinc associated within larger blebs of pyrite, confirmed with the XRF, and minor blebs of chalcopyrite (copper) within sections of Fe enriched (black) chlorite, the latter, when of substantial size and enrichment, define Zone 2 in (Figure 3) above. Although still above target depth, the geological sequences encountered in drill hole CL-23-10-01 are characteristic of a VMS environment. Locally intense hydrothermal alteration of the volcanics and high temperature mineralogy are also positive indicators of a potentially productive VMS system at depth. The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company’s Qualified Person, and is not independent of the Company. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and the Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. ON BEHALF OF NINE MILE METALS LTD. “Patrick J Cruickshank, MBA” CEO and Director T: +1.506-804-6117 E: patrick@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the drilling rate in meters per day will slow as we progress deeper in the hole due to core
Nine Mile Metals Files Bulk Sample Permit and Receives Conditional Approval for its High-Grade Lens Bulk Sample Project At Nine Mile Brook
VANCOUVER, B.C. – Tuesday December 5th, 2023 – NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), is pleased to announce the submission and conditional approval of its Nine Mile Brook Lens Bulk Sample Permit to the NB DEM, for the Nine Mile Brook Lens Bulk Sample Project. Nine Mile Metals has received conditional NB DEM Bulk Sample Permit Approval “Pending submission of the Gemtec Reclamation Plan Design”, which is expected to be completed within a few days. The Gemtec “Water, Sediment & Flow Testing Baseline Results Report” will be used to support the Reclamation Plan and has been submitted to the NB DEM. GEMTEC has completed and delivered the Nine Mile Brook Bulk Sample Engineering Site Plan, in support of the permit process which has been submitted to the NB DEM. Nine Mile Metals has now contacted necessary program vendors for firm quote costs in support of the site plan and will define its cost benefit analysis for the Bulk Sample Program Project. Patrick J. Cruickshank, CEO and Director, stated, “We are pleased to advance our Nine Mile Brook Lens bulk sample program into the execution stage. Nine Mile has received conditional permit approval from the NB DEM pending final submission of its Reclamation Plan which we should receive from GEMTEC in the next few days. We have reached out to our bulk sample excavation vendors of choice and are receiving firm costs and will be able to determine our project cost benefit analysis. With our high ore grade and current mineral rock values, this is a significant financial return for Nine Mile Metals, and we’re looking forward to our next update.” Nine Mile Metals VP Exploration and Director, Gary Lohman, B.Sc., Geo., stated that, “The team is very pleased with the site plan designed by GEMTEC. In addition to good access, the overall footprint, at approximately 100 x 160 meters, is compact and utilizes previously excavated ground to minimize environmental disturbance. We look forward to receiving final permitting and commencing work in early 2024.” Kevin B. Hicks, Director stated, “Entering the execution phase of the Nine Mile Brook Bulk Sample Project is a significant milestone for Nine Mile Metals. The net revenue associated with the completion of this project should place Nine Mile Metals on a solid financial footing for a significant period of time.” The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company’s Qualified Person, and is not independent of the Company. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and the Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. ON BEHALF OF NINE MILE METALS LTD. “Patrick J Cruickshank, MBA” CEO and Director T: +1.506-804-6117 E: patrick@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the Gemtec Water, Sediment & Flow Testing Baseline Results Report will be used to support the Reclamation Plan, (b) we have reached out to our bulk sample excavation vendors of choice and are receiving firm costs and will be able to determine our project cost benefit analysis, (c) Gemtec Reclamation Plan Design is expected to be completed within a few days, (d) the net revenue associated with the completion of this project should place Nine Mile on a solid financial footing for a significant period of time, (e) we look forward to receiving final permitting and commencing work in early 2024, and (f) with our high ore grade and current mineral rock values, this is a significant financial return for Nine Mile, and we’re looking forward to our next update. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
NINE MILE METALS ANNOUNCES FURTHER UPDATES TO CONVERTIBLE LOAN FINANCING
VANCOUVER, B.C. – Monday December 4, 2023, NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), discloses that it will amend the proposed unsecured convertible loan financing that it announced in the Company’s news releases on November 21 and 27, 2023, (the “Convertible Loan”). The Convertible Loans will continue have a term of 12 months from the closing (the “Maturity Date”) and bear interest at 15 per cent per annum, calculated and payable on the Maturity Date. Convertible Loan proceeds will be used for advancing the bulk sample program on the Nine Mile Brook project and general working capital. The loans continue to be convertible as of the Maturity Date at a price of $0.10 per Unit. As previously announced on November 27, 2023, each Unit will be comprised of one common share and one common share purchase warrant (a “Warrant”) and each Warrant will be exercisable at $0.10 per share for a period of 24 months. The updates to the Convertible Loan financing are that proceeds will be up to $250,000 and it will be the choice of each lender whether to convert the amount owing on the Maturity Date into Units. As previously announced, in consideration for their services in introducing subscribers to the Company under the Convertible Loan, finders may receive commission of 8% cash and 8% common share purchase warrants, exercisable to purchase one common share at a price of $0.10 for a period of 24 months. The terms of the Convertible Loan are subject to acceptance by the CSE. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and our new Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. ON BEHALF OF NINE MILE METALS LTD. “Charles MaLette” President and Director T: (604) 428-5171 E: info@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the financing will be for proceeds of up to $250,000, with a term of 12 months and bear interest at 15 per cent per annum, (b) Convertible Loan proceeds will be used for advancing the bulk sample program on the Nine Mile Brook project and general working capital, (c) the investor has the option to convert the amount owing on the Maturity Date into Units at a price of $0.10 per Unit, and (d) finders may receive commission of 8% cash and 8% common share purchase warrants. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
NINE MILE METALS UPDATES LOAN FINANCING TO CONVERTIBLE LOAN
VANCOUVER, B.C. – Monday November 27, 2023, NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), discloses that it will update the proposed unsecured loan financing for proceeds of up to $500,000 that it announced in the Company’s news release on November 21, 2023, to an unsecured convertible loan financing (the “Convertible Loan”). The Convertible Loan financing will be for proceeds of up to $500,000. The Convertible Loans will have a term of 12 months from the closing (the “Maturity Date”) and bear interest at 15 per cent per annum, calculated and payable on the Maturity Date. Convertible Loan proceeds will be used for advancing the bulk sample program on the Nine Mile Brook project and general working capital. No bonus shares will be offered in connection with the Convertible Loan, but the Company may choose to convert the amount owing on the Maturity Date into Units at a price of $0.10 per Unit. Each Unit will be comprised of one common share and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable at $0.10 per share for a period of 24 months. In consideration for their services in introducing subscribers to the Company under the Convertible Loan, finders may receive commission of 8% cash and 8% common share purchase warrants, exercisable to purchase one common share at a price of $0.10 for a period of 24 months. The terms of the Convertible Loan are subject to acceptance by the CSE. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and our new Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. ON BEHALF OF NINE MILE METALS LTD. “Charles MaLette” President and Director T: (604) 428-5171 E: info@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the financing will be for proceeds of up to $500,000, with a term of 12 months and bear interest at 15 per cent per annum, (b) Convertible Loan proceeds will be used for advancing the bulk sample program on the Nine Mile Brook project and general working capital, (c) the Company may choose to convert the amount owing on the Maturity Date into Units at a price of $0.10 per Unit, and (d) finders may receive commission of 8% cash and 8% common share purchase warrants. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
NINE MILE METALS ANNOUNCES LOAN FINANCING
VANCOUVER, B.C. – Tuesday November 21, 2023, NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), announces its intention to complete an unsecured loan financing for proceeds of up to $500,000 (the “Loan”) for accredited investors. The Loan will have a term of 12 months from the closing (the “Maturity Date”), and bear interest at 12 per cent per annum, calculated and payable on the Maturity Date. In consideration for the Loan, the Company has agreed to issue a 20% bonus in common shares of the Company (the “Bonus Shares”). The calculation of the Bonus Shares will be 20% of the principal amount of the Loan divided by $0.11 per share. The Bonus Shares will be subject to a four month and a day hold period. Loan proceeds will be used for advancing the bulk study program on Nine Mile Brook project and general working capital. Related parties may participate as lenders for up to approximately 25%. No new control parties will be created in connection with the bonus shares or agent’s warrants. In consideration for their services in introducing subscribers to the Company under the Loan, finders may receive commission of 8% cash and 8% agent’s warrants, exercisable to purchase one common share at a price of $0.14 for a period of 24 months. The terms of the Loan are subject to acceptance by the CSE. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and our new Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. ON BEHALF OF NINE MILE METALS LTD. “Charles MaLette” President and Director T: (604) 428-5171 E: info@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the Loan will have a term of 12 months from the closing, (b) the calculation of the Bonus Shares will be 20% of the principal amount of the Loan, (c) the Bonus Shares will be subject to a four month and a day hold period, (d) Loan proceeds will be used for advancing the bulk study program on Nine Mile Brook project and general working capital, (e) no new control parties will be created in connection with the bonus shares or agent’s warrants, (f) related parties may participate as lenders for up to approximately 25%, and (g) finders may receive commission of 8% cash and 8% agent’s warrants. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Nine Mile Metals Mobilizes California Lake VMS Drill Program and Introduces New Targeting Technology, Bathurst Mining Camp, New Brunswick
VANCOUVER, B.C. – Thursday November 16, 2023, NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), is pleased to announce that it has initiated its California Lake VMS Drill Program. Les Forages Chapais from Sussex, N.B. (”Chapais”) has been engaged to drill these high priority targets beginning with Target #10 Drillhole CL-23-10-01, as displayed in Figure 1 below. Over the past year, our geophysical technical advisors, EarthEx Geophysical Solutions (“EarthEx”), and our newest Technology partner, Earth Sciences Services Corp (“ESSCO”) have both independently identified our Western Portfolio Targets as shown below. Initially, EarthEx reprocessed the legacy MegaTEM data with their proprietary technology, highlighting the Late Time Conductive Electromagnetic responses and defining the Strong – Medium and Lower Priority conductive axes (Figure 1). Both, individual targets and target trends were identified. ESSCO identified the sub surface 3D density targets consistent with existing Bathurst Mining Camp VMS deposits as baseline models for their technology processes. Approximately 4 months ago, ESSCO approached Nine Mile and introduced their proprietary technology (Acoustic EM) to Nine Mile. This technology was developed as a regional screening tool to facilitate targeting within large, known productive mineralized camps such as the Bathurst Mining Camp (“BMC”). Utilizing a fixed wing passive EM system, ESSCO independently flew the BMC with their proprietary system in order to model the Brunswick #12 and search for similar areas. The results of the regional testing returned only a few target regions which fit the size and scope parameters of the Brunswick #12 deposit model, the largest priority target being #10 along the California Lake West VMS Trend. Once identified and in coordination with Nine Mile, further on-site data collection was undertaken to facilitate 3D modeling. The first stage was ground level follow up utilizing Acoustic-Transponder reference stations and a local scale drone supported (Acoustic-EM) survey to outline the targets acoustic density isoshells. Further refinement of the data defines the internal density structure which, in the case of California Lake Target #10, revealed five (5) independent Lenses, the target density component integrating multiple data streams in addition to both conductivity and resistivity (Figure 2). Patrick J. Cruickshank, CEO & Director stated, “We have assembled the best leading technologies for exploration of VMS in the BMC. We are encouraged that our geophysical modeling and partners have identified the same priority targets on California Lake and the Wedge Projects independently. Having our Technical Team locate size and scale targets with the parameters of the BMC deposit model is encouraging. ESSCO has developed their technology based on Magnetotelluric methods utilized in hydrocarbon exploration (i.e., EXXON, MOBIL), integrating their own proprietary technology and processes to define density targets. They used the famous Brunswick #12 deposit as their baseline for locating additional potential deposits. This compilation of targets supported by different technologies using different processes and algorithms has moved our exploration program leaps forward. ESSCO’s technology is scalable, and we are testing the largest target in the western portfolio on the favourable horizon, the targeting further supported by the geology, soils, and sampling. We are prioritizing CL-23-10-01 to utilize our previously announced NB JMAP Grant that must be completed this calendar year. We look forward to announcing results in the coming weeks. Our recent land acquisitions have made it possible to finalize our technology targeting process on our entire Nine Mile Metals portfolio. We have our exploration roadmap for years to come.” The Chapais drilling team has 99 years of combined experience since 1966 and in the past 56 years, Chapais has successfully completed surface and underground drill programs at the Brunswick #12, Brunswick #6, Heath Steele, and the Caribou deposits. They have specific BMC style VMS expertise in addition to experience drilling deep holes in difficult terrain. We look forward to their technical execution for this deep hole utilizing their skid mount drill rig with Hex Casing and Reflex Gyro technology to keep the hole on track. Chapais also integrates Starlink Satellite Internet technology at their rig providing instant drill hole monitoring and metrics in real time. As shown above (Figures 3, 4 and 5), the data processing by ESSCO is unique and incorporates acoustic waveform data in their density modeling. Acoustic waveform data has previously been regarded as noise in the dataset however ESSCO has developed their unique data capture while AI processing converts both the conventionally captured and new technology captured data into both a lithology and mineralization density isoshell model. Further processing by ESSCO provides drill collar information to optimally test these priority targets. Nine Mile will test this technology with drill hole CL-23-10-1. Drilled at an azimuth of 205 degrees and a dip of -73 degrees, the top of the target is 705 meters while the total depth may extend to 1,000 meters (Figure 6). The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company’s Qualified Person and is not independent of the Company. About Nine Mile Metals Ltd.: Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and our new Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold. ON BEHALF OF NINE MILE METALS LTD. “Patrick J. Cruickshank, MBA” CEO and Director T: (506) 804-6117 E: patrick@ninemilemetals.com Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is