SKRR Exploration Inc. enters into Acquisition Agreement for the Disposition of the Watts Lake Zinc Property in Saskatchewan
SKRR Exploration Inc. enters into Acquisition
Agreement for the Disposition of the Watts
Lake Zinc Property in Saskatchewan
VANCOUVER, BC
,
March 22, 2023
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (FSE:
B04Q) ("
SKRR
" or the "
Company
") is pleased to announce it has entered into a definitive arm's
length acquisition agreement with Fathom Nickel Inc. (CSE: FNI) ("
Fathom
") dated
March 21, 2023
(the "
Acquisition Agreement
") for the disposition of SKRR's 100% owned Watts Lake zinc property
(the "
Property
"). The Property consists of 24 mineral claims comprising a total of 13,708.11
hectares and is approximately 65 km north-east of the town of
La Ronge, Saskatchewan
and 20km
northwest of the community of
Missinipe, SK
.
Terms of the Acquisition Agreement
Under the terms of the Acquisition Agreement, Fathom will acquire a 100% interest in the Property
by making the following cash and share payments to SKRR:
i
.
an initial cash payment of
C$75,000
;
ii
.
2,000,000 common shares in the capital of Fathom; and
iii
.
an additional cash payment of
C$75,000
within 60 days of the execution of the Acquisition
Agreement. The Acquisition Agreement provides for an underlying 2% net smelter return
royalty in favour of Edge Geological Consulting Inc. (subject to a buy down to 1% for
C$1,000,000
).
The common shares to be issued pursuant to the Acquisition Agreement will be subject to a four
month hold period from the date of issuance in accordance with applicable securities laws.
Sherman Dahl
, President and CEO of SKRR, commented:
"SKRR is an asset-rich project generator, having acquired numerous high potential
precious metal, and strategic base and battery metal projects, primarily focused in the
province of
Saskatchewan
. Working with strong groups like Fathom Nickel Inc. allows
SKRR to unlock hidden value within our company. Multiple occurrences of near-surface
mineralization, including the historic
Borys Lake
lead-zinc deposit, along an extensive
>14km conductive trend, make Watts Lake a very exciting property. There is not only
potential for further mineralization potential but, as VMS deposits often occur in clusters,
and numerous mineralized showings associated with structural conductive features on the
property, there is good potential for further discoveries. Located in one of the World's top
mining jurisdictions, the shallow depth, favorable geology and proximity to major
infrastructure, means there is the potential to fast-track exploration and development
activity."
Watts Lake Property Highlights
World-Class Jurisdiction:
Saskatchewan
is consistently ranked globally as a top mining
investment jurisdiction.
Large Land Package in a Favorable Geological Setting:
Watts Lake is a large contiguous
land package consisting of 13,708 ha in the established, deposit endowed La Ronge Domain, of
Saskatchewan
. The Property is strategically located near important infrastructure, including
within 20km of major provincial highway network.
Historic Borys Lake Lead-Zinc Zones:
The Borys Lake Corridor is anchored by the shallow
depth historic
Borys Lake
lead-zinc deposit, including all four known drill hole delineated zones;
Mac, Main, Will A/Will B and Sam zones.
The main zone was interpreted to have an
approximate strike length of
975 m
and widths varying from 5.3 to
19.5 m
with the zinc to
lead ratio being approximately 10:1. Mineralization is open along strike and at depth.
Strong Blue-Sky Potential:
Watts Lake project area covers multiple, parallel basement
conductive corridors, identified by a 2008 airborne versatile time-domain electromagnetic
(VTEM) geophysical survey, including the entire approximately 14km-long
Borys Lake
conductive corridor, as well as significant portions of parallel corridors. The conductive corridors
have numerous drill intersected and surface identified mineralized occurrences of zinc, copper,
and silver as well as anomalous gold, nickel and cobalt.
See Fathom's news release dated
March 22, 2023
for additional details regarding Fathom, the
transaction and the Property.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and
approved by
Ross McElroy P.Geol
, a director of the Company and a "Qualified Person" as defined
in National Instrument 43-101 –
Standards of Disclosure
for Mineral Projects
.
About SKRR Exploration Inc.
:
SKRR is a Canadian-based precious and base metal explorer with properties in
British Columbia
and
Saskatchewan
– some of the world's highest ranked mining jurisdictions. The primary exploration
focus is on the Trans-Hudson Corridor in
Saskatchewan
in search of world class precious and base
metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has
been significantly under-explored in
Saskatchewan
. SKRR is committed to all stakeholders including
shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
Neither the 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.
Forward-Looking Information
This news release contains "forward–looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation, statements that address the
Property and the Acquisition Agreement, other statements relating to the technical, financial and
business prospects of the Company, its projects and other matters, and the Company's plans and
goals. All statements in this news release, other than statements of historical facts, that address
events or developments that the Company expects to occur, are forward-looking statements.
Although the Company believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future performance and
actual results may differ materially from those in the forward-looking statements. Such statements
and information are based on numerous assumptions regarding present and future business
strategies and the environment in which the Company will operate in the future, including the price of
metals, the ability to achieve its goals, the ability to secure equipment and personnel to carry out
work programs, 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. Such forward-
looking information reflects the Company's views with respect to future events and is subject to
risks, uncertainties and assumptions, including the risks and uncertainties relating to the
interpretation of exploration results, the interpretation of technical and scientific data, risks related to
the inherent uncertainty of exploration and development and cost estimates and the potential for
unexpected costs and expenses and including those filed under the Company's profile on SEDAR at
www.sedar.com
. There is a possibility that future exploration, development or mining results will not
be consistent with the Company's expectations. Factors that could cause actual results to differ
materially from those in forward looking statements include, but are not limited to, continued
availability of capital and financing and general economic, market or business conditions, adverse
weather or climate conditions, decrease in the price of metals, equipment failures or failure to obtain
the necessary equipment, failure to maintain all necessary government permits, approvals and
authorizations, the impact of Covid-19 or other viruses and diseases on the Company's ability to
operate, failure to maintain community acceptance (including First Nations), increase in costs,
litigation, and failure of counterparties to perform their contractual obligations. The Company does
not undertake to update forward–looking statements or forward–looking information, except as
required by law.
SOURCE
SKRR EXPLORATION INC.
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For further information:
Sherman Dahl, President & CEO, Tel: 250-558-8340
CO: SKRR EXPLORATION INC.
CNW 03:00e 22-MAR-23