XND:CC - Xander Resources Commences Second Phase of Drilling Program for Timmins Nickel Project; Reviews Lithium Opportunities in the James Bay Region of Quebec
(TheNewswire)
Vancouver, British Columbia – TheNewswire - February 13, 2023 – Xander Resources Inc.(“Xander” or the “Company”) (TSXV:XND) (OTC:XNDRF) (FSX:1XI) is pleased to announcethat it has initiated the second phase of its fully financed drillprogram at its Timmins Nickel Project (the “ Property ”) locatedin Timmins, Ontario.
The drill program will comprise a minimum of 1,500metres across six (6) drill holes and will continue Xander’sstrategy of targeting geophysical anomalies on its claims that are ontrend and/or adjacent to properties where Canada Nickel Company (CNC)has identified significant nickel mineralization:
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Three (3) drill holes, NKV23-A, NKV23-B, and NKV23-C,will be drilled in the northern part of the Company’s “NorthBlock” of claims along trend with CNC’s Mahaffy and Nesbittproperties. Both properties have been drilled by CNC, with the firsttwo drill holes at Nesbitt returning significant intersections ofmineralization with intervals of visible disseminated sulphidesconsistent with the Higher Grade Zone at CNC’s Crawford Projectwhere a preliminary economic assessment indicates a 25-year mine withan after-tax NPV (net present value) with 8-per-cent discount rate of$1.2-billion ( http://bit.ly/3YMsYFi , http://bit.ly/3E3b3CB ).
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Three (3) drill holes, NKV23-D, NKV23-E, and NKV23-F,will be drilled in the in the Company’s “South Block” of claimsthat are adjacent to CNC’s MacDiarmid Project where CNC announcedits second major discovery in the Timmins Camp with a target that isapproximately 15% larger than Canada Nickel’s original Crawford’sMain Zone discovery ( https://bit.ly/3RVjMfI ).
Figure 1 - Location of drill holescomprising the second phase of Xander's maiden drill program.Xander’s claims are shown within the bolded white boundaries.
The Company also announces that the assays from thefirst phase of its drill program comprising five (5) drill hole across2,171 metres are still pending. The results of these analyses will bereleased following their receipt, compilation andinterpretation.
Deepak Varshney, CEO of XanderResources, stated: “We are very excited to continue with our maidendrill program. This program is an important milestone for our Companyas we endeavour to take part in the journey to secure a domesticsupply of North American nickel. The Timmins Camp is gaining momentumwith various other promising assets and companies in this region andwe look forward to being a part of this story.”
Lithium Strategy Update
The Company is also pleased to report that it isactively reviewing opportunities to acquire or develop projects in thelithium industry with a specific focus on projects in Ontario andQuebec. These acquisitions would be in addition to the claims locatedon the western part of its Senneville project which are at the fringeof the La Corne Batholith 30 kilometres north of Val-d’Or, Quebecthat are in proximity to the North American Lithium Deposit withproven and probable reserves of 17.06 Mt grading 0.94% Li2O andmeasured and indicated resources of 33.24 Mt grading 1.19% Li2O.
The Company is in the advanced stages of negotiationsfor specific projects in proximity to the prolific CV Lithium Trendand Patriot Battery Metals’ (PMET’s) Corvette lithium discovery inthe James Bay District of Quebec and will provide further updates asnegotiations progress.
Deepak Varshney, CEO of XanderResources, commented: “The recent discoveries in Quebec show that itis an emerging centre of lithium exploration and developmentcomparable to some of the largest districts globally. We believe thereis a high probability that there will be additional discoveriesthroughout the province given the early stage of exploration in mostareas. Given our strong cash position, we believe we arewell-positioned to participate in this emerging sector of explorationin Quebec and accordingly, we have undertaken a review of propertiesthat are of interest.”
Investors are cautioned that there is no assurance thatnegotiations involving any potential acquisition will concludesuccessfully.
The Timmins Nickel Project
The Timmins Nickel Project consists of two (2) separatemineral claim blocks (as shown in Figure 2 below) and is locatedwithin the Timmins mining camp in Ontario, Canada, a highly prolificmining complex with over 100 hundred years of history and wellsupported by major infrastructure including highways, rail, andrelatively inexpensive hydroelectric power.
The “North Block” consists of 336 claims locatedapproximately 21 kilometres west of Canada Nickel Company’s(CNC’s) Crawford Project where CNC has completed a preliminaryeconomic assessment only 20 months after the commencement ofexploration drilling that indicates 25-year mine with an after-taxNPV 8% of $1.2billion i . It isalso situated southwest of Kingsmill, Mahaffy-Aubin, and NesbittNorth, properties acquired from Noble Mineral Exploration by CanadaNickel through option agreements earlier in 2021 ii and adjacent toCNC’s recently identified Reid Discovery which has already throughearly exploration delineated a mineralized footprint 90% as large asCrawford.
The “South Block” consists of 50 claims contiguousto Canada Nickel’s MacDiarmid Project where in May 2021, CanadaNickel announced a secondary discovery through the identification ofsignificant intersections of mineralized dunite similar to the averagemineralization initially discovered at Crawford.Geophysical surveys reveal that the MacDiarmidtarget to be approximately 1.8 kilometres long indicating a structuralfootprint averaging 400 meters in width – 15% larger than CanadaNickel’s original Crawford’s Main Zone discovery iii .
Figure 2 - Location of Xander's Claimsin the Timmins Camp
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.
We seek Safe Harbor
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
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