Nickelex Signs Agreement to Acquire 100% of the Arlington Gold Property, British Columbia
Nickelex Signs Agreement to Acquire 100% of
the Arlington Gold Property, British Columbia
Vancouver, British Columbia--(Newsfile Corp. - April 23, 2024) -
Nickelex Resource Corporation
(TSXV: NICK) ("Nickelex" or the "Company")
has signed a letter agreement with Origen Resources
Inc. ("Origen") on April 19, 2024 (the "Arlington Agreement"), to earn a 100% interest in nine claims,
totaling 3,583.89 ha, located within the Boundary District of south-central British Columbia (the "Arlington
Property").
The Arlington Agreement, which is subject to TSX Venture Exchange ("Exchange") acceptance
("Regulatory Approval"), provides that Nickelex may earn a 100% interest in the Arlington Property by
meeting the following obligations to Origen, all by the first anniversary of Regulatory Approval:
making cash payments totaling $130,000 ($30,000 of which is reimbursement of costs associated
with the Bond posted in regards to the current drill permit to be assigned to Nickelex);
incurring exploration expenditures of $250,000 on the Arlington Property; and
issuing shares to Origen valued at $200,000 within 7 days of Regulatory Approval; and issuing
additional shares to Origen valued at $200,000, or 2 million shares, whichever is greater in
aggregate value, by the first anniversary of Regulatory Approval.
Origen will retain a royalty of 2% of net smelter returns, provided that the Company may purchase 1% of
such royalty at any time for the price of $1,000,000.
About the Arlington Property, Greenwood MD, B.C.
The Arlington Property is located in the West Kettle River Valley, south-central British Columbia, 17 km
north of Beaverdell and 65 km south of Kelowna B.C. (see Location Map). The property consists of nine
claims covering 3,583.89 hectares located in the Greenwood Mining Division. Historic work in the area
was driven by the early success and discoveries made in the Beaverdell and Carmi Mining Camps
during the late 1890s. Previous exploration on the Arlington property was conducted from the early
1970's to 1996 and from 2015 to 2021. In 2020/21, the Fresh Pots and Blockchain mineral claims were
staked by Origen to encompass ground geologically similar to the adjoining Arlington claims. Origen
conducted ground surveys on the Fresh Pots claims, consisting of soil and rock-chip sampling, ground
magnetic surveys and geological mapping. It completed ~2,000 soil sampling surveys in 2021/22 which
revealed a strong gold anomaly approximately 2,000 meters in a N-S direction and 1,000 meters in an
E-W direction. The values ranged from 15 - 2300 ppb Au, with associated anomalous values of Cu, Co,
Ag, and As. The Freshpots claims area has never been drilled before Origen conducted a back-pack
drill hole (20 - 30 meters deep) in 2022. Assays from the core graded 2.18 ppm Au, 11.34 ppm Ag and
0.35% Cu over 0.70 m.
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Nickelex is planning an initial exploration program consisting of detailed soil sampling, geological
mapping, prospecting and trenching, followed by a 6-7 hole, 1,000m drill program during 2024. The
objective of the program will be to determine the nature of mineralization and possible presence of gold
skarn mineralization, similar to mineralization at the Buckhorn Mine located 8km south of the
Canada/USA border.
In corporate news, the Company has terminated the private placement that was announced on October
24, 2023.
About Nickelex
Nickelex is a Malaspina-Manex Group Company. The Group provides expertise in exploration,
administration, and corporate development services for Nickelex's operations:
Swift Katie gold/copper property
is well located near Salmo, British Columbia in an area that has
historically hosted several important mining districts and is underlain by rocks favourable for the
discovery of both copper-gold porphyry deposits and high-grade gold quartz veins. Exploration to date
has identified three separate Cu-Au deposits over an 1800 metre cumulative strike-length, and two
prominent gold targets within a 2500-metre-long alteration zone which transects the southern part of the
property. It is 100% owned. The Company has now received a permit allowing exploration by diamond
drilling of up to 17 exploration sites in 2024.
Strong Project - Thompson, Manitoba nickel properties
: The company holds an option to acquire
interests in the Strong Project in the North Thompson Nickel Belt. The Agreement is subject to
completion of certain conditions including receipt of Exchange approval. The Company has agreed with
the optionor to hold completion of the agreement conditions in abeyance pending satisfaction of certain
conditions precedent.
Pilar Gold Inc. and Laiva Gold Inc.:
operations in Brazil and Finland. Nickelex participated in the
funding, acquisition and development of several gold properties and mines in Brazil, ultimately selling its
interests in such Brazilian properties to Pilar Gold in exchange for 4 million shares of Pilar Gold with an
ascribed book value of C$2,400,000. Upon the formation of Laiva Gold Inc. by Pilar Gold to acquire a
mine and mill in Finland, Nickelex received 500,000 shares of Laiva Gold at a current valuation of
C$400,000. Pilar Gold operates the Pilar gold mine in Brazil and plans to restart the high-grade Sertão
mine in 2024. Laiva Gold owns the Laiva gold mine and mill in Finland and plans to restart operations
this year. Both Pilar Gold and Laiva Gold intend to list its shares on a Canadian Stock Exchange in
2024.
John R. Kerr. P. Eng., is the President of Nickelex Resource Corporation and a Qualified Person as
defined by National Instrument 43-101. He has read and approves the technical content of this release.
On behalf of the Board of Directors,
"John Kerr"
John Kerr, President, Nickelex Resource Corporation
For further information, please visit Nickelex's website at
www.nickelexresource.com
or contact us at
604.641.2759 or by email at
.
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.
This news release may contain forward-looking statements including but not limited to comments
regarding the completion of the property transaction, the timing and content of upcoming work
programs, geological interpretations, receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements in this news release include statements regarding the exercise of the
option to acquire a 100% interest in the Arlington Property, Exchange acceptance of the Arlington
Agreement, future exploration plans and expenditures on the Arlington Project, and Exchange
acceptance of the Strong project acquisition. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially
from those currently anticipated in such statements. These statements are based on a number of
assumptions, including, but not limited to, assumptions regarding general economic conditions,
interest rates, commodity markets, regulatory and governmental approvals for Nickelex Resource
Corporation's projects, and the availability of financing for Nickelex Resource Corporation's projects
on reasonable terms. Factors that could cause actual results to differ materially from those in forward
looking statements include market prices, exploitation and exploration successes, the timing and
receipt of government and regulatory approvals, and continued availability of capital and financing
and general economic, market or business conditions. Nickelex Resource Corporation does not
assume any obligation to update or revise its forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent required by applicable law.
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