North American Nickel Congratulates PNR on Completing Purchase of the Selebi and Selebi North Mines in Botswana
North American Nickel Congratulates PNR on
Completing Purchase of the Selebi and Selebi
North Mines in Botswana
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2022) -
North American Nickel Inc.
(TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108)
(the "
Company
" or "
NAN
") is pleased to
announce that Premium Nickel Resources ("
PNR
"), in which NAN holds a 10% equity interest and has a
right to purchase an additional undiluted 15% equity interest for US$10 million, has closed the asset
purchase agreement (the "
Selebi APA
") transaction with the Liquidator of BCL Limited ("
BCL
") to
acquire the Selebi and Selebi North nickel-copper-cobalt ("
Ni-Cu-Co
") Mines (together, the "
Selebi
Mines
"). (See News Release dated September 28, 2021). The transfer of ownership to PNR of the
Selebi Mines and related infrastructure has been finalized and exploration activity is expected to begin
immediately.
PNR began comprehensive due diligence programs on the Selebi Mines in March 2021 following being
selected as the preferred bidder in the liquidation process and entering into a memorandum of
understanding ("
MOU
") providing for a six-month exclusivity period. NAN provides corporate
management and technical expertise to PNR on a contractual basis.
NAN CEO, Keith Morrison, commented, "Completion of the transfer of ownership of the Selebi and
Selebi North Mines from the BCL liquidator is a major milestone for PNR in Botswana. On behalf of
NAN, a PNR founding shareholder, I would like to congratulate PNR on this achievement. NAN will
continue to provide daily management, technical and operational expertise to PNR as they begin the
process to re-characterize the remaining resources supporting the ambition to quickly redevelop these
mines based on modern best practices and assuming conservative commodity prices."
Since executing the MOU in March 2021, PNR has been collecting new information, including
metallurgical sampling of approximately 700 kgs of fresh representative ore. The subsequent
metallurgical testing, carried out at SGS Lakefield, confirmed the redevelopment plan for the Selebi
Mines to produce separate copper and nickel-cobalt concentrates.
PNR executed the Selebi APA in September 2021 and promptly entered into a 120-day closing period.
During the closing period, PNR continued to acquire new data in preparation to begin an extensive
exploration program to define the upside potential of the remaining resources at both Selebi and Selebi
North.
The Selebi Mines include two shafts and related infrastructure (rail, power and water). Shaft sinking and
plant construction started in 1970. Mining concluded in October 2016 when the operations were placed
on care and maintenance due to a failure in the separate Phikwe processing facility. The Selebi Mines
were subsequently placed under liquidation in 2017.
The proposed work plan for the Selebi Mines includes diamond drilling which is expected to be ongoing
for up to 18 months. During that time, additional metallurgical samples will be collected and sent for more
detailed studies. The underground infrastructure at Selebi North will be upgraded to support the
underground drilling program as well as improve health & safety at Selebi North.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq,
Greenland and Ontario, Canada. In 2019 the Company became a founding shareholder in Premium
Nickel Resources ("
PNR
") a private Canadian company, to provide direct exposure to Ni-Cu-Co
opportunities in the southern African region. PNR has finalized a transaction resulting in the transfer of
ownership of assets, in liquidation, formerly operated by BCL Limited and, completed an asset purchase
agreement to acquire an additional asset, in liquidation, formerly operated by Tati Nickel Mining
Company in Botswana. Simultaneously, the Company is expanding its area of exploration interest into
Morocco.
The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048
square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with
norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is
situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi
deep water port with an all-year-round shipping season and hydroelectric power potential from a
quantified watershed.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing
Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies
along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-
PGM deposits and producing mines within the Sudbury Camp.
The Company acquired 100% ownership of property near the southern extent of the Lingman Lake
Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder
Bay Ontario. The acquisition of these properties is part of the Company's strategy to develop a pipeline
of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition
opportunities globally.
ON BEHALF OF THE BOARD OF DIRECTORS
Keith Morrison
Chief Executive Officer
North American Nickel Inc.
For more information contact:
North American Nickel Inc.
Jaclyn Ruptash
Vice President Corporate Affairs
+1 (604) 770-4334
Neither 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
: This news
release includes certain "forward-looking statements" and "forward-looking information" under
applicable Canadian securities legislation concerning the business, operations and financial
performance and condition of the Company. Forward-looking statements and forward-looking
information include, but is not limited to, statements about the future prospects of any assets or
properties of the Company, the ability of the Company to successfully complete due diligence, the ability
of the Company to access capital, any spending commitments, the success of exploration activities, the
future economics of minerals including nickel and copper, the benefits of the development potential of
the properties of the Company, the benefits of drilling and advancement of projects. Forward-looking
information is necessarily based upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause
the actual results and future events to differ materially from those expressed or implied by such forward-
looking information. There can be no assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and is based upon the opinions and
estimates of management and information available to management as at the date hereof. The
Company disclaims any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, except as required by law.
Although the Company has attempted to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be anticipated, estimated or intended. Statements
concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking
statements to the extent they involve estimates of the mineralization that will be encountered if the
property is developed.
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