2023-04-05 07:09:42 ET
- ArcPacific Resources ( OTCPK:ACPRF ) to acquire an undivided 100% interest, subject to 2% Net Smelter Royalty, in and to 96 mineral claims within 2,400 hectares located 60 kilometres west of the town of Nain in Newfoundland and Labrador, Canada, commonly referred to as the TL Nickel North property.
- The Property is located in the Churchill province of Labrador and straddles a major regional contact between early Archean quartzo-feldspathic gneiss with inter-layers of mafic gneiss and paragneiss on the west and granitic units of the middle Proterozoic Nain Plutonic Suite to the east and northeast.
- The company plans to further evaluate these untested targets as part of a joint program with the exploration program expected this field season on the TL Nickel Property.
- The company will earn a 100% interest (subject to a 2% NSR) in the property through the issuance of 1,500,000 common shares to the vendor and the payment of $20,000 in cash within 5 days of receiving TSX Venture Exchange approval.
- The company has the right to repurchase one-half of the NSR, representing 1.0%, at any time for $1,000,000; in addition, the company has a right of first refusal on the remaining 1.0% NSR.
For further details see:
ArcPacific acquires TL Nickel North Property