Canadian exploration company Mink Ventures has reached an agreement with US Copper to acquire a 100% stake in the Warren copper-nickel project near Ontario, Canada.
Spread out across 251 hectares, the project contains 14 patented mining claims.
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The project is located in Whitesides Township, 35km west of Timmins, Ontario.
Expected to begin next month, the option will involve Mink issuing 250,000 of its shares and 250,000 of its three-year common share purchase warrants.
They can be exercised on closing at a price of $0.25.
Mink must incur an exploration expenditure of $300,000 to exercise the option, as well as issue an additional 800,000 of its shares within 21 months from the closing date.
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By GlobalDataThere are several terms and conditions for the transaction, including clearance of the TSX Venture Exchange.
Warren is a drill-ready project and will complement Mink’s Montcalm project due to its similarity and presence of significant copper and nickel zones.
Three distinct mineralised copper-nickel zones were identified and have been outlined by surface exploration and diamond drilling, which is mainly focused on the first two zones over a 600m strike length.
Mink Ventures president and CEO Natasha Dixon said: “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.
“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.”
