Nickel Rock Resources Closes Disposition of Nickel Claims with Surge Battery Metals Inc.
NEWS RELEASE
Nickel Rock Resources Closes Disposition of Nickel Claims
with Surge Battery Metals Inc.
Vancouver, BC – November 17, 2021- Nickel Rock Resources Inc. (the “Company” or “Nickel
Rock”) (TSXV: NICL, OTCQB: NICKLF, FRA: NMK2) announces that further to its news releases dated
July 8, 2021 and October 20, 2021 and the TSX Venture Exchange’s final approval letter dated
November 15, 2021 the Company has closed its non-arm’s length disposition of certain Nickel
claims to Surge Battery Metals Inc. (“Surge”).
The Company entered into an option agreement with Surge dated July 7, 2021 (the “Agreement”),
whereby Surge may earn an undivided 80% interest in the HN4 and N100 Nickel group of claims,
located in Northern British Columbia (the “Transaction”). The Company optioned out these claims to
Surge in order to concentrate on its exploration efforts on the Nickel Group Claims directly adjacent
to the FPX Nickel Corp. (TSXV: FPX) Baptiste Nickel Deposit.
As consideration for the Transaction, Nickel Rock has received 5,000,000 shares of Surge and Surge
shall incur an aggregate of $200,000 in Exploration Expenditures on the Property on or before two
years from the date of the Agreement.
Upon Surge having exercised the Option, Surge will have earned an undivided 80% interest in the
Property, and the parties will enter into a Commercially Reasonable and Definitive Joint Venture
Agreement.
Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security
Holders in Special Transactions ("MI 61-101"), the Option Agreement constitutes a "related party
transaction" due to the fact that CFO and Corporate Secretary are also the CFO and Corporate
Secretary of Surge. The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the
formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the
minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction
did not exceed 25% of the Company's market capitalization.
Qualified Person
Jacques Houle, P.Eng., a qualified person as defined by NI 43 – 101, is responsible for the technical
information contained in this release. Readers are cautioned that the information in this press release
regarding the property of FPX Nickel Corp is not necessarily indicative of the mineralization on the
property of interest.
About Nickel Rock Resources Inc.
Nickel Rock Resources Inc. is a Canadian based exploration company whose primary listing is on the
TSX Venture Exchange. The Company’s maintains a focus on exploration for high value battery
metals required for the electric vehicle (EV) market. www.nickelrockresources.com
Nickel Rock Resources Inc.
1220 – 789 West Pender Street
Vancouver, BC, Canada V6C 1H2
604- 428-5690
www.nickelrockresources.com
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About the British Columbia, Nickel Projects
The Mount Sidney Williams Group consists of three claim blocks with a total area of 10,569 hectares
in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX
Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C., in the Omineca mining division.
Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel
mineralization occurs as awaruite. The Mitchell Range Group area claim consist of one claim block
covering 8,659 hectares with demonstrated metallic mineralization including nickel, cobalt, and
chromium. Nickel cobalt mineralization has not been well explored, but the presence of awaruite has
been documented. The Company has optioned out an 80% interest on certain mineral claims within
the Hard Nickel 4 and Nickel 100 exploration project, to Surge Battery Metals Inc. (TSXV:NILI).
The Company has entered into an Option Agreement to acquire a 100% interest, subject to a 2% NSR,
in 6 mineral claims (Funk claims) located approximately 15 km west of Mt Sydney Williams near Fort
St James, BC.
The Company also entered into an option agreement whereby the Company may earn an undivided
100% interest in the Klone Group of mineral claims (1,400 ha) adjoining the property of FPX Nickel
Corp. located 100km northwest of Fort St. James BC in the Omineca Mining division.
About Clayton Valley Lithium Project
The Company owns a 100% in 77 lithium placer claims covering over 640 hectares in Clayton Valley.
Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and
is still active due to movement along the Walker Lane structural zone. As a result, the basin has
preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events
over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera
system and related events. These ash layers are thought to contribute to the lithium brines extracted
by Albemarle and are also likely involved in the formation of the exposed lithium rich clay deposits
on the east side of Clayton Valley. https://nickelrockresources.com/clayton-valley-lithium/
On Behalf of the Board of Directors
“Robert Setter”
604-428-5690
Robert Setter, President & CEO
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 news release
may contain forward-looking statements which include, but are not limited to, comments that involve future
events and conditions, which are subject to various risks and uncertainties. Except for statements of historical
facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and
security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking
statements are not guarantees of future performance and actual results may vary materially from those
statements. General business conditions are factors that could cause actual results to vary materially from
forward-looking statements.