ArcPacific Enters into Option Agreement to Aquire 100% Interest in TL Nickel Project with 14m of 1.02% Nickel
ArcPacific Enters into Option Agreement to
Aquire 100% Interest in TL Nickel Project with
14m of 1.02% Nickel
Vancouver, British Columbia--(Newsfile Corp. - November 23, 2022) -
ArcPacific Resources Corp.
(TSXV: ACP
)
(FSE: P21P) (OTC Pink: ACPRF)
("
ACP
" or the "
Company
")
is pleased to announce it
has entered into an option agreement dated November 20, 2022 (the "Option Agreement") to acquire a
100% interest in the TL Nickel Project (the "Property") located 50 kilometres northwest of Voisey's Bay
Ni-Cu-Co (nickel-copper-cobalt) mine and 70km west of the town of Nain, in Newfoundland and
Labrador, Canada.
The Property is located in the Churchill Province of Labrador and consists predominately of quartz-
feldspathic and metasedimentary gneisses derived from plutonic and sedimentary rocks. The rocks are
intruded by the multi-phase, Nain Plutonic Suite (NPS) composed primarily of anorthosite, troctolite,
diorite and granitoids.
Following the discovery of Voisey's Bay deposit, enhanced regional prospecting led to the discovery of
three pyrrhotite-chalcopyrite-pyrite showings located on the Property, namely, the Long Pond, All About-
it, and No Baccy. Initial surface grab samples from the Long Pond and All About-it Showings returned up
to 1.36% Ni and 0.58% Cu, and 1.05% Ni and 1.53% Cu respectively. Initial chip sampling at the No
Baccy Showing returned up to 0.71% Ni and 0.85% Cu over 2.3 metres (Saunders & Scott, 2003). Work
continued on the Property through 1995-1996 and 2001-2008 which resulted in the identification of a
primary mineralized corridor occurring over approximately 2 kilometres centered on the Property. Below
are selected highlights from the drilling on the Property.
Select Historic Drilling Highlights
Zone
Hole ID
From (m)
To (m)
Interval (m)
Nickel (%)
Copper (%)
Cobalt (%)
Au + PGE
(g/t)
Long Pond
08-LP-55
7
21
14
0.80
0.85
0.03
0.36
including
10
19
9
1.02
0.55
0.04
0.40
including
7
13
6
1.02
1.59
0.05
0.30
Long Pond
08-LP-56
8
25
17
0.41
0.15
0.02
0.16
including
8
14
6
0.69
0.24
0.02
0.21
including
9
12
3
1.04
0.38
0.03
0.28
All About-it
08-AA-60
3
42
39
0.57
0.28
0.02
0.25
including
6
20
14
1.02
0.51
0.03
0.35
WITH
13
14
1
2.15
0.38
0.05
0.36
All About-it
08-AA-61
2
31
29
0.42
0.21
0.02
0.15
including
5
6
1
1.62
0.66
0.05
0.35
including
8
10
2
1.23
0.34
0.04
0.41
All About-it
08-AA-62
5.5
41.5
36
0.42
0.19
0.02
0.19
including
7.5
10.5
3
1.01
0.39
0.04
0.63
including
11.5
13.5
2
1.09
0.25
0.06
0.53
No Baccy
08-NB-64
5.50
11.5
6
0.75
0.22
0.02
0.32
including
5.50
7.5
2
1.47
0.28
0.03
0.46
Long Pond
05-54
5.5
13.8
8.30
0.84
0.37
0.02
Not Assayed
including
6.8
11.8
5.00
1.19
0.53
0.03
Not Assayed
Long Pond
C1-2
19.98
23.7
3.72
0.72
0.38
0.02
Not Assayed
All About-it
C3-2
13.3
37
23.7
0.47
0.16
0.02
Not Assayed
including
16
21.23
5.23
1.15
0.42
0.04
Not Assayed
*PGE+Au is non-weighted combined values of platinum + palladium + gold measured in grams per tonne.
**Source: Newfoundland and Labrador GeoFile Numbers: 014D/10/0313, 014D/10/0302, 014D/10/0229.
Previous drilling did not test the structures to depth, as such the mineralization remains open. The
mineralization is contained within troctolitic gabbroic intrusive rocks and consists of pyrrhotite,
pentlandite and chalcopyrite, up to 40% sulphide content has been observed locally, and exhibits
leopard textures typical of mineralization at the Voisey's Bay orebody.
Adrian Smith, CEO of ArcPacific, comments, "This acquisition provides the Company with an excellent
opportunity to expand its exposure to the rapidly growing energy metal space. The Property has several
geological and geophysical similarities to the Voisey's Bay Mine located only 50km to the southeast
which includes a purpose-built port. We believe there is a significant opportunity to expand on the nickel-
copper-cobalt mineralization present by testing the structures to depth and infilling along the 2-kilometre
mineralized trend."
An Airborne VTEM/MAG survey completed in 2008 outlined numerous EM conductors and coincident
Magnetic anomalies giving better definition to current targets and identifying new ones which have not all
been tested. It also has shown that the two mineralized trends (see Figure 1 below) can be traced for
several km and leaving several high priority targets untested. The Company is in the process of
completing a detailed data review and geological modeling program which will aid in planning future
work programs on the Property.
Figure 1: TL Property drill collar location map over TMI magnetics with EM anomalies
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6963/145370_89fda788149d1afe_001full.jpg
Details of the Acquisition
To earn a 100% interest in and to the Property, the Company will be required to issue 2,750,000
common shares and pay $175,000 cash over two years in accordance with the following payment
schedule:
Payment Date
Cash Payments
Share Issuances
Upon Receipt of TSX-V Approval
$25,000
500,000
On or before 1
st
Anniversary of
signing the Option Agreement
$50,000
750,000
On or before 2
nd
Anniversary of
signing the Option Agreement
$100,000
1,500,000
TOTAL
$175,000.00
2,750,000 Shares
If, by mutual agreement of all parties, the Company also has the option to issue common shares of the
Company in lieu of cash, the cash amount that would otherwise have been payable shall be converted to
common shares of the Company at a price $0.05 per common share.
The Property is subject to a Royalty of 2% NSR (the "Royalty"). The Company shall have the right to buy
back three-quarters of the Royalty equal to 1.5% NSR for one million five hundred thousand dollars
($1,500,000) at any time. An advanced Royalty payment of fifty thousand dollars ($50,000) per annum
shall come into effect beginning on the first month following the filing of a NI 43-101 or equivalent
resource calculation completed on the Property containing at a minimum, ten million tonnes (10,000,000
tonnes) at a grade of 0.5% nickel.
The advanced Royalty payments shall be reduced from the buyback
payments noted above and shall be limited to a combined total of one million dollars ($1,000,000).
All securities issued in connection with the Option Agreement will be subject to a statutory hold period of
four months and one day from issuance pursuant to applicable securities laws.
The Option Agreement remains subject to approval by the TSX Venture Exchange.
Disclosure
The Results presented in this release are considered historic in nature and the Qualified Person ("QP")
for the Company has not verified the historic sample analytical data disclosed within this release. While
the Company has obtained all historic records including analytical data from the previous owners of the
property and from various government databases, the Company has not independently verified the
results of the historic sampling. The historical drilling and sampling results contained within this news
release were taken from the government of Newfoundland and Labrador's online database Geofile
Numbers 014D/10/0313, 014D/10/0302, and 014D/10/0229, and from Saunders, & Scott. (2003) and
from Report on Geology, Exploration History and Mineral Potential of the TL Nickel Property, northern
Labrador, Canada, an unpublished report on the Property.
Adrian Smith, P.Geo., is a QP as defined by National Instrument 43-101 for the above-mentioned
project. The QP is a member in good standing of the Professional Engineers and Geoscientists
Newfoundland and Labrador (PEGNL) and is a registered Professional Geoscientist (P.Geo.). Mr. Smith
has reviewed and approved the technical information disclosed above.
About ArcPacific Resources Corp.
ArcPacific Resources Corp. (TSXV: ACP) is a Canadian based exploration company. ArcPacific owns
100% interest in the LMSL Copper Gold & Silver Project in British Columbia, Canada, in the prolific
Quesnel Trough which is world renowned for its copper and gold endowment. The Company also holds
other highly prospective exploration projects in Canada including its Blackdome gold project where it
discovered continuous gold mineralization in the first ever trenching at the project. The Company is
focused on creating shareholder value through new discoveries and strategic development of its mineral
properties and
is exploring additional business opportunities. For further information, please visit
http://www.arcpacific.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
/s "Adrian Smith" CEO and Director
Forward-Looking Information
This news release includes "forward-looking statements" and "forward-looking information" within the
meaning of Canadian securities legislation. All statements included in this news release, other than
statements of historical fact, are forward-looking statements. Forward-looking statements include
predictions, projections and forecasts and are often, but not always, identified by the use of words such
as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and
statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and
other similar expressions and includes the negatives thereof.
Forward-looking information in this news release includes statements regarding: mineral resources, the
Company's plans with respect to the exploration and development of its properties, the timing of cash
payments and share issuances, receipt of TSX- V appproval. Forward-looking statements are based on
a number of assumptions and estimates that, while considered reasonable by management based on
the business and markets in which ACP operates, are inherently subject to significant operational,
economic, and competitive uncertainties, risks and contingencies. There can be no assurance that such
statements will prove to be accurate and actual results, and future events could differ materially from
those anticipated in such statements. Important factors that could cause actual results to differ materially
from the Company's expectations including; actual exploration results, interpretation of metallurgical
characteristics of the mineralization, changes in project parameters as plans continue to be refined,
future metal prices, availability of capital and financing on acceptable terms, general economic, market
or business conditions, uninsured risks, regulatory changes, delays or inability to receive required
approvals, and other exploration or other risks detailed herein and from time to time in the filings made
by the Company with securities regulators, including those described in the Company's most recently
filed MD&A. The Company does not undertake to update or revise any forward-looking statements,
except in accordance with applicable law.
Readers are further advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. For further information, please contact us at
or 1.778.331.3816.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/145370