Archer Exploration Announces Amendment to Parkin Option and Joint Venture Agreement
Archer Exploration Announces Amendment to Parkin
Option and Joint Venture Agreement
VANCOUVER, BC, June 29, 2023 – Archer Exploration Corp. (CSE: RCHR) (OTCQB: RCHRF) (FSE: 6YR0) (the
“Company” or “ Archer”) is pleased to announce that it has entered into an agreement with Impala
Platinum Holdings Limited (“ Impala”) to amend the terms of the Parkin option and joint venture
agreement (the “Parkin Option”).
Pursuant to the terms of the amended Parkin Option a greement, Archer may now acquire Impala’s
remaining 49.6% interest in the Parkin offset joint venture by making i) a n initial cash payment of
C$500,000 by June 30, 2023, and ii) a deferred cash payment of C$500,000 by December 31, 2023. The
Company has made the initial cash payment and intends to exercise the option by making the deferred
cash payment by December 31, 2023.
“This amendment represents Archer’s first step in unlocking the value of our extensive portfolio of projects
in the Sudbury Basin” stated Tom Meyer, Archer’s President & CEO, “ The Parkin Project covers the entire
9.5 km long Parkin Offset Dyke, a well-endowed and largely underexplored corridor that will be the initial
focus of Archer’s Sudbury exploration efforts. By deferring a portion of the Parkin Option payment, we
have retained the short -term working capital flexibility required to expand the summer exploration
program at our flagship Grasset project in Quebec. We look forward to simplifying the ownership structure
of the Sudbury portfolio as we increase exploration activity towards the end of this year.”
Upon exercise of the Parkin Option, the Company will hold a 100% interest in the Milnet and Parkin East
properties, a 98.5% interest in the Parkin property, and a 50% interest in the Parkin CBA property (Figure
1). The Company considers the Parkin Project to be a high exploration priority and will be a prime focus
of exploration efforts in the Sudbury Basin.
The Parkin Project
The Parkin Project consists of four properties (Parkin, Milnet, Parkin CBA, and Parkin East) covering 2 5
km2 located on the northeast corner of the Sudbury Basin, approximately 45 k m north-northeast of the
City of Greater Sudbury, Ontario (Figure 1).
The Parkin Project is being explored for high-grade polymetallic nickel, copper, and PGEs within the 9.5 -
km strike length of the Parkin Offset Dyke. The properties include the past -producing Milnet mine, the
high-grade Milnet 1500 Zone, the historic near -surface Parkin resource (as defined below), the Malbeuf
Zone, and a number of high-grade surface occurrences, which demonstrate that the Parkin Offset Dyke is
well mineralized and has the potential for significant grades of PGEs along with copper, nickel, and gold.
Offset dykes are a primary ore hosting environment in the Sudbury B asin, accounting for approximately
one quarter of Sudbury’s total mineral inventory and as such are compelling exploration targets. Ni-Cu-
PGM sulphide mineralization found on the Parkin properties is typical of that hosted by quartz diorite
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offset dykes in other parts of the Sudbury mining camp. Examples include the prolific deposits at Vale's
North and South Mines hosted by the Copper Cliff Offset dyke; Vale's new Totten mine in the Worthington
Offset Dyke and KGHM International Ltd.'s discovery on its Victoria project, also hosted in the
Worthington Offset dyke.
Archer currently has the option to earn a 100% interest in the Milnet and Parkin East properties, a 98.5%
interest in the Parkin property, and up to a 75% interest in the Parkin CBA property.
Figure 1 – The Parkin Project
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Figure 2 – Parkin Project Mineralization and Exploration Targets
Parkin Historic Resource1
Historic drilling on the Parkin property had delineated five mineralized zones along a 750 m strike length
of the Parkin Offset D yke. In 2002 a resource estimate was prepared, which included an Indicated
Resource of 264,000 tonnes grading 0.70% Cu, 0.65% Ni, 0.62 g/t Pt, 0.80 g/t Pd and 0.23 g/t Au, and an
Inferred Resource of approximately 87,000 tonnes grading 0.7% Cu, 0.4% Ni, 1.2 g/t Pt, 1.1 g/t Pd and 0.6
g/t Au (the “ Historical Resource Estimate”). Mineralization occurred from surface down to a depth of
200 m.
The Historical Resource Estimate was prepared in compliance with NI 43 -101 at the time and uses
categories consistent with current requirements , however, d ue to the significant amount of additional
exploration work (surface stripping and drilling), the Historical Resource Estimate is no longer current and
should be considered historic.
The Historical Resource Estimate was generated using available drill data and Gemcom software. The five
mineralized zones were modelled using a minimum true width of 2.0 m and an NSR cut -off grade of
C$40/tonne. The NSR cut-off was calculated using US$0.80/lb copper, US$3.00/lb nickel, US$10/lb cobalt,
US$450/oz platinum, US$400/oz palladium, US$270/oz gold, a $450/t smelter charge deduction and a
concentration ratio of 30/(Cu%+Ni%). Grades were defined for each of the mineralized zones (block
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models) using a 35 m search and an Inverse Distance Squared method with a sample minimum and
maximum of 1 and 15, respectively. These searches were confined to the modelled solids.
The Historical Resource Estimate is considered historical in nature and as such is based on prior data and
reports prepared by previous property owners. The reader is cautioned not to treat it, or any part of it, as
current mineral resources or reserves. The Company has determined the Historical Resource Estimate is
reliable given that it is based on data collected with modern drilling and sampling methods and relevant
to be included here in that it simply demonstrates the mineral potential of the Parkin property. A qualified
person has not done sufficient work to classify the Historical Resource Estimate as a current resource and
the Company is not treating the Historical R esource Estimate as a current resource . Significant data
compilation, re-drilling, re-sampling, data verification and a site visit may be required by a qualified person
before the Historical Resource Estimate can be classified as a current resource. There can be no assurance
that any of the historical mineral resources, in whole or in part, will ever become economically viable. In
addition, mineral resources are not mineral reserves and do not have demonstrated economic viability.
Even if classified as a current res ource, there is no certainty as to whether further exploration will result
in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.
The Historic Milnet Mine1,2
Between 1952 and 1954 the Milnet Mine reported production of 157,130 tons averaging 2.25 g/t Pt, 2.98
g/t Pd, 0.33 g/t Au, 1.49% Ni and 1.54% Cu. Drilling beneath the Milnet Mine in 2009 resulted in the
discovery of the high-grade Milnet 1500 Z one, intersecting 14.24 m containing 1.50 g/t Pt, 2.52 g/t Pd ,
3.99 g/t Au, 0.78% Ni and 2.57% Cu from 1499 to 1513 m. More recent drilling in 2011 intersected an 8.0
m interval containing 1.40 g/t Pt, 2.68 g/t Pd, 0.23 g/t Au, 4.11 % Ni and 0.60 % Cu from 1473 to 1481 m.
Modelling of mineralized intersections and borehole electromagnetic geophysics indicates that the size
of the Milnet 1500 Zone is a minimum of 400 m by 35 m to 60 m with an undetermined thickness. The
zone is open, and its full extent is not known. Most of the dyke in the area has not been tested by drilling.
Footnotes Regarding Technical References
1. Source: “2016 Technical Summary Report on the North Range Joint Venture Parkin Properties
(including the Milnet, Parkin, CBA Parking and Parkin East Properties), Sudbury, Ontario” prepared
by Peter C. Wood, P. Geo for Wallbridge Mining Company Limited w ith an effective date of
February 29, 2016.
2. To convert tons to tonnes, you can use the conversion factor of 1 tonne = 1.102 tons.
Qualified Person
The scientific and technical content of this press release has been reviewed and approved by Mr. Jacquelin
Gauthier, P.Geo, Vice President, Exploration, who is a "Qualified Person" as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral Projects. This news release refers to neighboring
properties in which the Company has no interest. Mineralization on those neighboring properties does
not necessarily indicate mineralization on the Company’s properties.
About Archer
Archer Exploration is a Canadian Ni -Cu-Co-PGE focused exploration and development company with an
extensive portfolio of assets in Quebec and Ontario, Canada. The Company’s flagship asset is the Grasset
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Project, located within the Abitibi Greenstone Belt, with an Indicated Resource of 5.5 Mt @ 1.53% NiEq.
In addition, the Company holds a portfolio of 37 properties and over 300 km2 in the world -class mining
district of Sudbury, Ontario.
The Company’s growth strategy is focused on the exploration and devel opment of its nickel sulphide
properties within its portfolio. Archer’s vision is to be a responsible nickel sulphide developer in stable
pro-mining jurisdictions. Archer is committed to socially responsible exploration and development,
working safely, ethically, and with integrity. For more information, please visit
www.archerexploration.com.
Tom Meyer
President & Chief Executive Officer
Tel: +1 866.899.7247 (RCHR)
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements
Neither the CSE nor its Market Regulator (as that term is defined in policies of the CSE) accepts
responsibility for the adequacy or accuracy of this release.
The information contained herein contains “forward-looking statements” within the meaning of applicable
securities legislation. “Forward-looking information” includes, but is not limited to, statements with
respect to the activities, events or developments that Archer expects or anticipates will or may occur in the
future. Generally, but not always, forward-looking information and statements can be identified by the
use of words such as “plans”, “expects”, “is expected” , “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and
phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be
taken”, “occur” or “be achieved” or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among
others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned
exploration activities, that general business and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on reasonable terms, that third party
contractors, equipment and supplies and governmental and other approvals required to conduct Archer’s
planned exploration activities will be available on reasonable terms and in a timely manner. Although the
assumptions made by Archer in providing forward-looking information or making forward-looking
statements are considered reasonable by management at the time, there can be no assurance that such
assumptions will prove to be accurate.
By their nature, forward -looking statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or achievements, or other future events, to be
materially different from any future results, performance or achievements expressed or implied by such
forward-looking state ments. Such factors and risks include, among others: risks associated with the
conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to
reliance on the Company's management team and outside contractors; risks relating to project financing
and equity issuances; risks and unknowns inherent in all mining projects; laws and regulations governing
the environment, health and safety; the ability of the communities in which the Company operates to
manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19
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to the Company; operating or technical difficulties in connection with mining or development activities;
employee relations, labour unrest or unavailability; the Company's interactions with surrounding
communities; the Company's ability to successfully integrate acquired assets; the speculative nature of
exploration and development; stock market volatility; conflicts of interest among certain directors and
officers; lack of li quidity for shareholders of the Company; litigation risk; the ongoing military conflict in
Ukraine; general economic factors (including inflationary pressure); the price of commodities; and the
factors identified under the caption "Risk Factors" in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of Archer as
of the date of this news release and, accordingly, is subject to change after such date. Readers should not
place undue importance on forward-looking information and should not rely upon this information as of
any other date. Archer does not undertake any obligation to update these forward-looking statements in
the event that management’s beliefs, estimates or opinions, or other factors, should change.