Archer Exploration Provides Update on Gargoyle Ni-Cu-Co Project in Lumby Lake Greenstone Belt, Ontario
Archer Exploration Provides Update on
Gargoyle Ni-Cu-Co Project in Lumby Lake
Greenstone Belt, Ontario
Vancouver, British Columbia--(Newsfile Corp. - December 21, 2023) -
Archer Exploration Corp.
(CSE: RCHR) (OTCQB: RCHRF) (FSE: 6YR0)
(the "
Company
" or "
Archer
") is pleased to announce
the results of its Summer 2023 field program at the Gargoyle Ni-Cu-Co project in the Lumby Lake
Greenstone Belt, located approximately 55 kilometres northeast of Atikokan, Ontario.
Highlights
The Gargoyle property hosts a 10 kilometre long succession of favourable ultramafic rocks hosting
numerous untested conductors
Ni-Cu-Co sulphide mineralization has been traced across intermittent outcrops over a 1 kilometre
strike length
Four well-mineralized samples collected from two outcrops, contained anomalous nickel
concentrations ranging from 0.54% to 0.76% Ni
Memorandum of Understanding completed with Lac des Mille Lacs First Nations
The Gargoyle Ni-Cu-Co project consists of three separate claim blocks (Gargoyle, Goblin and Ghost
properties) that together comprise 719 mineral claims totaling 15,216 hectares (Figure 1 and 2).
The
Gargoyle property is host to a 10 kilometre long succession of ultramafic rocks hosting numerous
airborne conductors, none of which have been drill tested. Significant Ni-Cu-Co sulphide mineralization
has been traced across intermittent outcrops for an approximately 1 kilometre strike length.
Tom Meyer, Archer's Chief Executive Officer, commented:
"We are excited for our first opportunity to
follow-up on the work carried out in this area by the previous landholders since we acquired the
Gargoyle project in November 2022. Previous work on this highly prospective and easily accessible
property identified magmatic nickel-copper-cobalt sulphide mineralization within a local abundance of
favourable ultramafic rocks in the area. The focus of our current work is to further explore nickel
sulphide targets and manifest the upside potential of Gargoyle within our large portfolio of Canadian
nickel sulphide exploration projects."
John Townend, Archer's Senior Manager of Technical Services & Exploration, commented:
"During the
Spring and Summer of 2023, we targeted the highest priority VTEM conductors that were coincident
with either mapped mafic/ultramafic rocks or unmapped and unexplained magnetic highs which could
potentially be hosting magmatic nickel sulphide mineralization. Prospecting identified and delineated
many new mafic and ultramafic outcrops (Figures 2 and 3) and discovered new occurrences of iron
formation that helped explain some of the geophysical targets of interest (Figures 2 and 4)."
"Prospecting also confirmed the presence of an approximately 1 kilometre strike length of
disseminated nickel sulphide mineralization that makes up the original Gargoyle Lake showing
outlined by previous landholders."
The Gargoyle, Goblin and Ghost properties are situated within the Archean age Lumby Lake Greenstone
Belt, approximately 90 kilometres from the former Shebandowan mine, which produced 9.29 million tons
at 1.75% Ni, 0.88% Cu, 0.063% Co and 1.83 g/t PGE's.
The geology is comprised of mafic
metavolcanics with lesser mafic/ultramafic intrusions, high-MgO komatiitic flows and subvolcanic
intrusions (Figure 3), felsic plutons, and chemical and clastic meta-sedimentary rocks (Figure 4). The
komatiitic volcanic succession contain common interflow, sulphide-bearing sedimentary units, which are
an ideal sulphur source for the local formation of nickel sulphide mineralization within the adjacent
komatiites. Previous work identified disseminated magmatic Ni-Cu-Co sulphide mineralization on the
Gargoyle property, hosted by prospective ultramafic rocks that have a marked accumulation in the area.
Figure 1 - Goblin, Ghost & Gargoyle Project Location
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Memorandum of Understanding with Lac des Mille Lacs First Nations
Archer would also like to recognize that the Gargoyle, Goblin and Ghost properties are part of the
traditional territories of the Lac des Mille Lacs First Nations (the "
LDMLFN
"). The LDMLFN holds and
exercises aboriginal and treaty rights to and over their traditional territories.
Archer is pleased to announce that the Company has entered into a Memorandum of Understanding (the
"
MOU
") with the LDMLFN whereby Archer recognizes and agrees to respect the aboriginal and treaty
rights of the LDMLFN while engaged in all exploration activities within LDMLFM traditional territories.
Archer and the LDMLFN both believe that effective communication, transparency, two-way learning, and
engagement between the parties is essential to the success of building a long-term relationship.
Archer
and the LDMLFN jointly acknowledge that this MOU is mutually beneficial and provides respective
understanding and obligations while working together.
2023 Summer Exploration Program
Archer's 2023 summer exploration program on the Gargoyle property was focused on following up the
2018 discovery of magmatic Ni-Cu-Co sulphide mineralization and exploring for additional
mineralization associated with the mafic and ultramafic rock units. Outcrop exposure on the eastern
portion of the Gargoyle property is limited due to thick overburden and so the focus of the summer field
exploration program was on the western portion of the property. Four samples collected from two
outcrops near the historical showing returned strongly anomalous nickel values ranging from 0.54% to
0.76% Ni (Table 1 and Figure 2).
A review and interpretation of the electromagnetic ("
EM
") data collected during a 2018 airborne VTEM
Plus survey was highly successful and identified numerous new EM conductors across the property (see
Figure 2). The EM modeling helped to identify the location, size, orientation, and conductivity of the
source EM response, allowing targeted follow up for ground exploration activities.
Targeted ground exploration outlined areas within mafic and ultramafic bodies which have anomalous
nickel concentrations that may be indicative of contained nickel sulphides. Some of these areas with
elevated nickel also have coincident, unsourced conductors which may represent higher concentrations
of nickel sulphides.
The geophysical interpretation modelled numerous conductors which may represent higher
concentrations of nickel sulphide mineralization. Several higher conductance anomalies have yet to be
explained, with several being interpreted to be coincident with mafic/ultramafic bodies that are along
strike of known ultramafic bodies. These anomalies are in areas that have never been followed up and
will be a focus of future prospecting programs (Figure 2).
Table 1 - 2023 Assays > 5,000 ppm Ni
Sample
Description
Ni
(ppm)
Ni
(%)
F088222
7% stringer blebs of pyrrhotite>>chalcopyrite <4cm long x 8mm thick
7,580
0.76
F088223
7% stringer blebs of pyrrhotite>>chalcopyrite 5mm long x 8mm thick
5,390
0.54
F088303
Blebs and disseminated pyrrhotite with chalcopyrite mixed in blebs.
6,390
0.64
F088304
Blebs and disseminated pyrrhotite with chalcopyrite mixed in blebs.
7,290
0.73
Figure 2 - Goblin, Ghost & Gargoyle Properties
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Next Steps
Further field work, sample collection, and mechanical stripping is anticipated to be conducted over the
highest priority areas identified during the 2024 summer exploration program, focusing on the
unexplained conductors coincident with or on strike of known mafic/ultramafic bodies and any other
unexplained moderate to strong conductors. Only two thirds of the 2019 VTEM Plus geophysical survey
was interpreted and further modeling may result in additional EM targets being identified, necessitating
further investigation.
This systematic approach to modeling, investigating, and explaining the EM anomalies will drive further
exploration towards delineating and extending the most favourable areas of known mafic/ultra mafic
bodies that have the best potential for hosting nickel sulphide concentrations and may lead to future,
more detailed ground geophysics, geochemistry and potential drill testing.
Given the lack of outcrops in the eastern third of the property yet to be prospected, and the large number
of conductors identified to be followed up, a more reconnaissance type exploration approach, such as a
property wide soil sample survey, may be effective at identifying the prospective areas for more
advanced target development work. This approach is supported by the results of a historic soil survey
carried out in the southwest corner of the Gargoyle claim block which successfully identified elevated
nickel concentrations over areas with mapped ultramafic rocks.
Figure 3 - Spinifex Texture in Thicker Komatiite Flow
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Figure 4 - Banded Iron Formation
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QA/QC
Through May, June and early July, prospecting and sampling was carried out resulting in 304 rock
samples being collected on the properties. These, along with 34 standards and blanks, were sent to
ALS Canada prep laboratory in Thunder Bay, ON, for standard preparation (Crush to 70% less than
2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns) and the resulting pulps
shipped to ALS Vancouver for assay. All samples were analyzed with PGM-ICP23 and ME-ICP61
packages and 111 of those were also analyzed with ME_XRF26.
Qualified Person
The scientific and technical content of this press release has been reviewed and approved by Mr. John
Townend, P.Geo, Sr. Manager Technical Services & Exploration, who is a "Qualified Person" as defined
by National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
.
Mr. Townend is satisfied
that the analytical and testing procedures used are standard industry operating procedures and
methodologies, including sampling, analytical and test data underlying the technical information
disclosed in this news release. 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.
Annual Equity Awards Grant
The Company is also pleased to announce that it has granted an aggregate of 5,269,274 incentive stock
options (the "
Options
") to certain directors, officers, employees, and consultants of the Company. The
Options have an exercise price of $0.08 per common share, are exercisable for a period of five-years
from the date of the grant and will vest in three equal annual instalments commencing on the grant date.
In addition, the Company has granted an aggregate of 3,036,421 restricted share units (the "
RSUs
") to
certain directors, officers, employees, and consultants of the Company and 3,812,500 deferred share
units (the "
DSUs
") to certain directors of the Company.
The RSUs will vest in three equal annual
instalments commencing on the first anniversary of the grant date and the DSUs will not vest until such
time as the recipient director ceases to be a director of the Company, provided that no DSUs will vest
within 12 months of the grant date.
The Options, RSUs, and DSUs were granted in accordance with the
Company's omnibus equity incentive compensation plan dated September 14, 2022, which was
approved on February 24, 2023 by the shareholders of the Company.
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 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 km
2
in the world-
class mining district of Sudbury, Ontario.
The Company's growth strategy is focused on the exploration and development of its nickel sulphide
properties within its portfolio. Archer's vision is to be a responsible nickel sulphide project 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:
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 statements. 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 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 liquidity for shareholders of the
Company; litigation risk; the ongoing military conflict in Ukraine; the ongoing military conflict in Israel,
West Bank and Gaza Strip; 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.
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