Mink Ventures Corporation announces that it has entered into an agreement to acquire a 100% interest, subject to a 1.5% NSR, in the Warren copper nickel project (the “Warren Project“) from US Copper Corp. The Warren Project consists of 14 patented mining claims covering 251 hectares of land, located in Whitesides Township, approximately 35 km west of Timmins, Ontario.
MINK expects that the option will commence at closing, on or around July 4, 2023. To commence the option, MINK must issue to US Copper Corp. 250,000 MINK common shares and 250,000 MINK three-year common share purchase warrants exercisable at a price of $0.25 on closing, and then to maintain and ultimately exercise the option MINK must incur $300,000 in exploration expenditures and issue an additional 800,000 MINK common shares within 21 months from the closing date. The option agreement is subject to a number of terms and conditions typical for a transaction of this nature, including prior TSX Venture Exchange approval.
“This strategic acquisition expands our exploration portfolio and discovery opportunity with a very complementary, second gabbro-hosted copper nickel sulphide project which shares a similar geological environment with our flagship Montcalm project. Both projects benefit from cost-effective exploration due to their exceptional access, year-round exploration seasons, and proximity to the Timmins Mining Camp and all the advantages that come along with that,” said Natasha Dixon, President and CEO. “Mink is a battery metals exploration company. There is no energy transition without these critical minerals. Exploration companies play a vital role in discovering the mineral deposits needed to establish a resilient Canadian source of these metals and MINK is well positioned to play a role with these very prospective assets,” she added.
The Warren property is hosted within the Kamiskotia Gabbro Complex (KGC) and it is thought to be broadly equivalent to the Montcalm Gabbro Complex (MGC) but separated by a granitic arch. The MGC hosts the former Montcalm Mine which produced approximately 3.93 million tonnes grading 1.25% Ni, 0.67% Cu and 0.05% Co (OGS, Atkinson, B., 2010) (See Figure 2).
Gabbro complexes such as MGC and KGC are known to be prospective for magmatic nickel copper sulphide deposition as demonstrated by the Montcalm Mine located within the MGC. The Warren Project complements Mink’s Montcalm property due to the distinctly similar prospective geological environments found in the MGC and the KGC, as well as the presence of significant Cu Ni zones on the Warren Project.