Mink Ventures Enters into Option to Acquire Copper Nickel Project, Timmins, Ontario
Mink Ventures Enters into Option to Acquire
Copper Nickel Project, Timmins, Ontario
Toronto, Ontario--(Newsfile Corp. - June 13, 2023) - Mink Ventures Corporation (TSXV: MINK) ("
MINK
"
or the "
Company
") announces that it has entered into an agreement to acquire a 100% interest, subject
to a 1.5% NSR, in the Warren copper nickel project (the "
Warren Project
") from US Copper Corp.
(TSXV: USCU). The Warren Project consists of 14 patented mining claims covering 251 hectares of
land, located in Whitesides Township, approximately 35 km west of Timmins, Ontario (see Figure 1).
MINK expects that the option will commence at closing, on or around July 4, 2023. To commence the
option, MINK must issue to US Copper Corp. 250,000 MINK common shares and 250,000 MINK three-
year common share purchase warrants exercisable at a price of $0.25 on closing, and then to maintain
and ultimately exercise the option MINK must incur $300,000 in exploration expenditures and issue an
additional 800,000 MINK common shares within 21 months from the closing date. The option agreement
is subject to a number of terms and conditions typical for a transaction of this nature, including prior TSX
Venture Exchange approval.
HIGHLIGHTS (see Figure 3):
The Warren Project is drill ready. Mink's geologists have completed an in-depth study of all
available historical data and recent geophysical survey data. Some limited ground truthing to
update GIS data prior to selecting drill targets will occur with a diamond drill program to follow.
The Warren Project complements Mink's key Montcalm project due to the distinctly similar,
prospective geological environments as well as the presence of significant Cu Ni zones at Warren.
Three distinct mineralized copper nickel zones have been identified and are designated Zones A,
B, and C, outlined by both surface exploration and diamond drilling, focused mainly on Zones A
and B over a strike length of ~600 meters.
Historical work in the mid 1950's included two B-Zone bulk samples by Maralgo Mines Ltd. Bulk
Sample 1 returned 0.21% Cu, 0.96% Ni, 0.11% Co and 0.10% Zn, and Bulk Sample 2 returned
2.83% Cu, 0.58% Ni, 0.10 Co and 0.13 Zn.
A resource* calculation of 385,000 tons of 1% Cu + Ni on the B Zone was outlined by Jade Oil &
Gas. They drilled 23 holes to test Zones A and B in the mid 1950's. Highlights include 2.5% Cu+Ni
over 7.6 m and 2.8% Cu+Ni over 8.2 meters. *
The resource calculation is historical in nature and
is not NI43-101 compliant; it is not to be relied upon and is reported as a historical statement
only.
Geophysical data from magnetics, horizontal loop EM (HLEM) and induced polarization (IP)
suggest a potential strike length of A and B Zones of approximately 800 meters.
Limited exploration has been conducted on the C Zone other than a historical shaft.
A recent
(2021) grab sample in the shaft area muck pile by W. Hawkins, P. Eng returned 3.7 ppm Ag, 3940
ppm Cu, 1670 ppm Ni and 223 ppm Co. Geophysical surveys (magnetic, HLEM, and IP) support a
potential strike length of C Zone of 1 kilometer.
References: Technical Report for Western Troy Capital Resources on the Warren Property (W.
Hawkins P. Eng, 2021) and Maxmin, Magnetometer and VLF Surveys Evaluation Report, Whitesides
and Massey Twp. Claims (C. Mackenzie Consulting Geologist, 1990)
"This strategic acquisition expands our exploration portfolio and discovery opportunity with a very
complementary, second gabbro-hosted copper nickel sulphide project which shares a similar geological
environment with our flagship Montcalm project. Both projects benefit from cost-effective exploration due
to their exceptional access, year-round exploration seasons, and proximity to the Timmins Mining Camp
and all the advantages that come along with that," said Natasha Dixon, President and CEO. "Mink is a
battery metals exploration company. There is no energy transition without these critical minerals.
Exploration companies play a vital role in discovering the mineral deposits needed to establish a
resilient Canadian source of these metals and MINK is well positioned to play a role with these very
prospective assets," she added.
The Warren property is hosted within the Kamiskotia Gabbro Complex (
KGC
) and it is thought to be
broadly equivalent to the Montcalm Gabbro Complex (
MGC
) but separated by a granitic arch.
The MGC
hosts the former Montcalm Mine which produced approximately 3.93 million tonnes grading 1.25% Ni,
0.67% Cu and 0.05% Co (OGS, Atkinson, B., 2010) (See Figure 2).
Gabbro complexes such as MGC and KGC are known to be prospective for magmatic nickel copper
sulphide deposition as demonstrated by the Montcalm Mine located within the MGC. The Warren Project
complements Mink's Montcalm property due to the distinctly similar prospective geological environments
found in the MGC and the KGC, as well as the presence of significant Cu Ni zones on the Warren
Project.
As highlighted above, the Warren Project has had a sporadic exploration history since the late 1920's to
present day and a number of promising historical mineralized Cu Ni zones were outlined. The majority of
the exploration completed to date on the property was completed in an area representing a very minimal
portion of the property and completed well over 60 years ago. More recent geophysical surveys from the
early 1990's and 2008-2009 outlined a series of untested targets along strike from known mineralization
and/or new targets proximal to known mineralization. These targets are particularly evident in the
accompanying magnetic and IP compilation map shown in Figure 3. As a result of this geophysical data
being available, the Warren Project is drill ready with some minimal ground truthing of grids and
occurrences.
Qualified Person:
Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101.
Mr. Filo approved the technical data disclosed in this release. Note: Certain historical information
pertaining to a historical resource estimate, is disclosed in this press release. The methods and
parameters used to prepare this estimate and the category of the estimate is unknown.
A qualified
person has not done sufficient work to classify the historical estimate as current mineral resources or
mineral reserves, and the issuer is not treating the historical estimate as current mineral resources or
reserves.
About Mink Ventures Corporation:
Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for
battery metals in Ontario, Canada. It has a prospective, nickel copper cobalt exploration portfolio, with its
Montcalm project, which covers approximately 40 km
2
adjacent to Glencore's former Montcalm Mine with
historical production of 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario
Geological Survey, Atkinson, 2010), as well as the recent addition of the Warren Project, comprised of
14 patented mining claims covering 251 hectares. These complementary Ni Cu projects have excellent
access and infrastructure and are in close proximity to the Timmins Mining Camp. The Company has
14,972,319
shares outstanding.
For further information about Mink Ventures Corporation please contact: Natasha Dixon, President &
CEO, T: 250-882-5620 E:
or Kevin Filo, Director, T: 705-266-6818 or visit
www.sedar.com
.
Forward Looking Statements
This press release includes certain "forward-looking information", including, but not limited to,
statements with respect to the option to acquire the Warren Project, the share and warrant issuances
and exploration work required to exercise the option, TSX Venture Exchange approval of the option
agreement, and the prospectivity of the Warren Project and the Montcalm Project.
Forward-looking
statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of MINK to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking statements. Factors that
could affect the outcome include, among others: future prices and the supply of metals; the results of
exploration work; inability to raise the money necessary to incur the expenditures required to retain
and advance the Warren Project and Montcalm Project; environmental liabilities (known and
unknown); general business, economic, competitive, political and social uncertainties; accidents,
labour disputes and other risks of the mining industry; political instability, or delays in obtaining
governmental and stock exchange approvals. For a more detailed discussion of such risks and other
factors that could cause actual results to differ materially from those expressed or implied by such
forward-looking statements, refer to MINK's filings with Canadian securities regulators available on
SEDAR. These forward-looking statements are made as of the date hereof and MINK disclaims any
intent or obligation to update publicly any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as required by applicable securities laws.
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 ac curacy of this
release.
Figure 1: Detailed Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8332/169738_70475cd764153ac2_001full.jpg
Figure 2: Regional Geology Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8332/169738_70475cd764153ac2_002full.jpg
Figure 3: Warren Project Compilation Map (Magnetics and IP)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8332/169738_70475cd764153ac2_003full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/169738