XND:CC - Xander Resources Commences Maiden Drilling Program at the Timmins Nickel Project
(TheNewswire)
Vancouver, British Columbia / TheNewswire / November 29, 2022 – Xander Resources Inc.(“Xander” or the “Company”) (TSXV: XND) (OTCQB: XNDRF) (FSX:1XI) a North American mineral acquisition andexploration company focused on the development of drill-ready batteryand precious metal projects, is pleased to announce that it hascommenced drilling at its Timmins Nickel Project (the “Project”)in located in Timmins, Ontario.
Highlights
-
The maiden diamond drilling program focuses on theconductors and/or magnetic trends identified by airborneelectromagnetic surveys (VTEM and UAV-borne magnetic surveys),particularly those near Canada Nickel Company's ("CNC")recently identified Reid Discovery, which has already been tested bydrilling, to have a mineralized footprint 90% as large as CNC's CrawfordProject . CNC's Crawford Project has completed apreliminary economic assessment only 20 months after the commencementof exploration drilling that indicates 25-year mine with an after-taxNPV 8% of $1.2 billion.
-
The targeted conductors coincide with favourablegeometries for sulphide accumulation within a mineralized ultramaficintrusion, as interpreted by a 3D magnetic inversion.
-
Forage DCB Drilling of Rouyn-Noranda will carry out thedrilling operations. One drill rig has been mobilized onto theProperty.
The drill program is anticipated to comprise between2,500 and 4,000 metres (NQ) with a focus on the Company’s “NorthBlock” of claims. The objective of the program will be to drill a series of high-prioritygeophysical anomalies within the Property, supplemented by soilsampling results, with a particular focus on the targets near Canada Nickel Company’s (“CNC”) recentlyidentified Reid Discovery.
Figure 1 - Summary of hole locationswith respect to the folded magnetic body where Canada Nickel Company'sReid Discovery (bottom right). Holes F and G are planned to be drilledapproximately 500 and 1,000 metres to the west and are a primarytarget for the drilling program. Xander’s claim boundaries areenclosed in red.
Deepak Varshney, CEO of XanderResources stated: “We are very excited to commence our maidenprogram in Timmins. Commencing exploratory drilling is an importantmilestone and we believe that this project is part of the journey wewill need to take in North America to secure a domestic supply ofnickel.”
TheProperty
The Property consists of two (2) separate mineral claimblocks and is located within the Timmins mining camp in Ontario,Canada, a highly prolific mining complex with over 100 hundred yearsof history and well supported by major infrastructure includinghighways, rail, and relatively inexpensive hydroelectric power.
The “North Block” consists of 343 claims locatedapproximately 45 kilometres west of Canada Nickel Company’s(CNC’s) Crawford Project (as shown in Figure 2 below) where CNC hascompleted a preliminary economic assessment only 20 months after thecommencement of exploration drilling that indicates 25-year mine withan after-tax NPV 8% of $1.2billion i . It is alsosituated southwest of Kingsmill, Mahaffy-Aubin, and Nesbitt North,properties acquired from Noble Mineral Exploration by Canada Nickelthrough option agreements earlier in 2021 ii .
The “South Block” consists of 50 claims contiguousto Canada Nickel’s MacDiarmid Project (as shown in Figure 3 below)where in May 2021, Canada Nickel announced a secondary discoverythrough the identification of significant intersections of mineralizeddunite similar to the average mineralization initially discovered atCrawford. Geophysical surveys reveal that theMacDiarmid target to be approximately 1.8 kilometres long indicating astructural footprint averaging 400 meters in width – 15% larger thanCanada Nickel’s original Crawford’s Main Zonediscovery iii .
Figure 2 - Location of Xander's Claimswith respect to Canada Nickel Company's projects in the vicinity.
Qualified Person
The technical content of this news release has beenreviewed and approved by Mr. Andrew Tims, P.Geo., a qualified personas defined by National Instrument 43-101 Standards of Disclosure for MineralProjects (“ NI 43-101 ”).
About Xander Resources Inc.
Xander Resources Inc. is a Canadian mineral acquisitionand exploration company based in Vancouver, BC, Canada focused ondeveloping accretive gold and battery metal properties within Canada.The company currently has a focus on projects located within theProvinces of Ontario and Quebec.
Xander is exploring for commercially exploitablemineral deposits and is currently focused on deposits located inVal-d’Or, Quebec, including the Senneville Claim Group whichcomprises over 100 sq. km and is contiguous in the south to ProbeMetals’ new discovery, and contiguous in the north to MonarchMining, in close proximity to Eldorado Gold’s (formerly QMX Gold)projects, and east of the North American Lithium Deposit, GreatThunder Gold’s Chubb Lithium property and East of the SayonaQuebec's Authier Lithium Deposit, all in the Val-d’Or Mining Camp,plus its newly acquired nickel-sulphide project in Timmins, Ontarionear Canada Nickel’s MacDiarmid and Crawford Projects.
ON BEHALF OF THE BOARD OFDIRECTORS
Deepak Varshney, P.Geo., Presidentand CEO
For more information, please email ir@xanderresources.ca , or visit www.xanderresources.ca .
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Forward-looking statements:
This news release may include"forward-looking information" under applicable Canadiansecurities legislation. Such forward-looking information reflectsmanagement's current beliefs and are based on a number of estimatesand/or assumptions made by and information currently available to theCompany that, while considered reasonable, are subject to known andunknown risks, uncertainties, and other factors that may cause theactual results and future events to differ materially from thoseexpressed or implied by such forward-looking information. Readers arecautioned that such forward-looking information are neither promisesnor guarantees and are subject to known and unknown risks anduncertainties including, but not limited to, general business,economic, competitive, political and social uncertainties, uncertainand volatile equity and capital markets, lack of available capital,actual results of exploration activities, environmental risks, futureprices of base and other metals, operating risks, accidents, labourissues, delays in obtaining governmental approvals and permits, andother risks in the mining industry.
The Company is presently anexploration stage company. Exploration is highly speculative innature, involves many risks, requires substantial expenditures, andmay not result in the discovery of mineral deposits that can be minedprofitably. Furthermore, the Company currently has no reserves on anyof its properties. As a result, there can be no assurance that suchforward-looking statements will prove to be accurate, and actualresults and future events could differ materially from thoseanticipated in such statements.
i Preliminary Economic Assessment, titled "CrawfordNickel-Sulphide Project National Instrument 43-101 Technical Reportand Preliminary Economic Assessment", Effective Date of May 21,2021
ii https://canadanickel.com/wp-content/uploads/2021/04/20210422-Canada-Nickel-Acquires-Option-Properties-final.pdf
iii https://canadanickel.com/wp-content/uploads/2021/10/2021-10-26-East-Zone-High-Grade-vFinal2.pdf
Copyright (c) 2022 TheNewswire - All rights reserved.