North American Nickel Congratulates PNR on Signing Asset Purchase Agreement to Acquire Selkirk Mine in Botswana
North American Nickel Congratulates PNR on
Signing Asset Purchase Agreement to Acquire
Selkirk Mine in Botswana
Vancouver, British Columbia--(Newsfile Corp. - February 14, 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
"), has executed a definitive asset purchase
agreement (the "
Selkirk
APA
") with the Liquidator of Tati Nickel Mining Company ("
TNMC
") to acquire
the Selkirk nickel-copper-cobalt-platinum-group metals ("
Ni-Cu-Co-PGM
") Mine and surrounding
prospecting licenses and infrastructure formerly operated by TNMC. PNR is targeting the closing of the
Selkirk APA, and transfer of ownership of the asset, within 120-days.
PNR has been undertaking due diligence work programs on Selkirk since being selected as the
preferred bidder in the TNMC liquidation process and entering into a memorandum of understanding
("
MOU
") providing for a six-month exclusivity period. During the 120-day closing period, PNR has stated
it will be preparing to execute a drill program with the ambition to bring the 2016 bankable feasibility
study to NI 43-101 compliance.
NAN holds a 10% equity interest and has a right to purchase an
additional undiluted 15% equity interest for US$10 million. NAN also provides corporate management
and technical expertise to PNR on a contractual basis.
NAN CEO Keith Morrison commented, "The execution of the Selkirk APA combined with the recent
completion of the transfer of ownership of the Selebi and Selebi North Mines, completes the assets that
PNR is purchasing from the BCL and TNMC liquidations in Botswana. NAN will continue to support PNR
as it moves forward with closing of the transaction and assuming the ownership of the Selkirk Mine."
The legacy underground Selkirk Mine is situated 28 km south-east of the town of Francistown, and 75
km north of the Selebi Mines. BCL acquired TNMC from Norilsk Nickel through a purchase agreement
that was finalized in October 2014. Norilsk was preparing Selkirk as an open pit operation and had
completed Definitive Feasibility Studies in 2012 and 2013. Selkirk was then advanced to a bankable
feasibility in 2016 as an open pit resource.
PNR has been diligently collecting new data, including a sampling program of HQ size core from five
previously unsampled drill holes. Approximately 288 kgs of representative ore was processed as a
metallurgical sample. The subsequent metallurgical testing, carried out at SGS Lakefield, confirmed the
redevelopment plan to produce separate copper and nickel-cobalt concentrates and identified
significant value in PGMs.
The proposed work plan for Selkirk includes drilling to better define existing resources, build up a
geological model, further update the structural model, exploration for additional resources and additional
metallurgical studies. PNR will focus on bringing the legacy bankable feasibility back to compliance and
update the environmental baseline to include a tailings management facility and dedicated processing
plant to produce concentrates.
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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