Nine Mile Metals Agrees to Acquire Additional Claims around the Nine Mile Brook VMS Project
Vancouver, B.C. March 1, 2022- NINE MILE METALS LTD. (CSE: NINE) (the “Company” or “Nine Mile”) is pleased to announce an agreement (the “Agreement”) to acquire an additional 35 claim units (the “New Claims”) around the Nine Mile Brook Project in Bathurst Mining Camp, New Brunswick. The New Claims cover the contact between the Canoe Landing Lake and Boucher Brook Formations where there are identified high priority, strong dipping bedrock conductors to the northeast of the Nine Mile Brook VMS Lens.
Pursuant to the Agreement, the Company intends to acquire the New Claims for cash consideration of $15,000 plus 75,000 common shares of the Company, which will have a four month hold legend. In addition, there is a 1.0% net smelter royalty (“NSR”) on the New Claims derived from metallic mineral production. The Company has the right to purchase the 1.0% NSR from the vendors for $1,000,000 at any time prior to commencement of commercial production. The vendors are individuals and at arm’s length from the Company.
Figure 1: Nine Mile Brook Project Geology
The acquisition of the New Claims is intended to solidify the Company’s land position at the Nine Mile Brook VMS Project into a target rich environment with complete coverage over high priority conductors. The land package also includes a large stratigraphic section of the Spruce Lake Formation which hosts the Boucher Brook Cu, Pb, Zn occurrence in the northwest (Figure 1) and numerous VMS deposits in the Bathurst Mining Camp including the Caribou mine.
“We are very pleased to announce this agreement to acquire these specific claims adjacent to our Flagship Nine Mile Brook VMS Project in the Bathurst Mining Camp. This acquisition will allow Nine Mile to cover 100% of its high priority VMS targets identified through Fiddlehead Mining Corp’s geophysical analysis conducted in the fall of 2021. With these New Claims, we will increase our footprint over the Boucher Brook Contact Horizon which has been identified as a priority target formation,” stated Charles MaLette, President & CEO.
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. who acts as the Company’s Qualified Person and as the COO of FMC, and is not independent of the Company.
About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a mineral exploration company. Its primary business objective is to explore its two properties located in New Brunswick, Canada: 100% owned Canoe Landing Lake West and 50% owned Nine Mile Brook.
ON BEHALF OF NINE MILE METALS LTD.
CEO, President, Director & Secretary
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 Company will acquire the New Claims, (b) the Company will increase its footprint over the Boucher Brook Contact Horizon (c) there are identified high priority, strong dipping bedrock conductors to the northeast of the Nine Mile Brook VMS Lens, (d) the New Claims will solidify the Company’s land position at the Nine Mile Brook VMS Project into a target rich environment with complete coverage over high priority conductors, and (e) the land package includes a large stratigraphic section of the Spruce Lake Formation which hosts the Boucher Brook Cu, Pb, Zn occurrence in the northwest and numerous VMS deposits in the Bathurst Mining Camp including the Caribou mine. 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.