Tartisan Nickel Corp. has announced that the Company has closed the grant to Electric Royalties Ltd., a 0.5% gross revenue royalty (“GRR”) on six mining patents located on the wholly-owned Kenbridge Nickel Project, Kenora Mining District, Ontario, Canada.
Financial terms for the transaction included cash consideration of C$500,000 and 2,500,000 common shares of Electric Royalties Ltd. The approximate market value of the transaction was C$1,350,000. Electric Royalties will also have the option, for a period of 18 months, to acquire a further 0.5% GRR on the six (6) mining patents for an additional C$1,750,000 cash consideration. In addition, Electric Royalties will have an option to acquire a 1% GRR on certain mining claims, mining leases and mineral tenures comprising the Kenbridge North Nickel Project, approximately 2.5 km north of the Kenbridge Nickel Deposit, for C$1,000,000 cash, at any time during a period of 24 months from the date that Tartisan publishes an initial technical report in respect of the Kenbridge North Project which is prepared in accordance with National Instrument 43-101 and which contains an estimate of Inferred Mineral Resources.
The Transaction noted herein was subject to completion of due diligence, approval of the TSX Venture Exchange and other customary conditions including an escrow agreement pertaining to the “ELEC” common share consideration.
Kenbridge Project Highlights
- Located in a politically stable and mining-friendly region (New Gold’s producing Rainy River gold mine is located approximately 80 km to the south), with access to an all-season road scheduled for completion in 2023.
- The project has a 622-meter (m) three compartment shaft with two underground level workstations and has never been mined.
- Mineral Resource estimate1 completed by P&E Mining Consultants Inc. at an NSR cut-off of C$100/tonne includes:
- Measured and Indicated Mineral Resources of 3.445 million tonnes at 0.97% nickel (Ni), 0.52% copper (Cu) and 0.013% cobalt (Co), containing 74 million pounds (Mlb) of Ni, 39.1 Mlb of Cu and 1.0 Mlb of cobalt (Co).
- Inferred Mineral Resources of 1.014 million tonnes at 1.47% Ni, 0.67% Cu and 0.011% Co, containing 32.7 Mlb of Ni, 14.9 Mlb of Cu and 0.2 Mlb of Co.