(TheNewswire)
Vancouver, BC - TheNewswire- October 27, 2020 - NevadaEnergy Metals Inc. (the "Company"), ( TSXV:BFF ) (OTC:SSMLF) (Frankfurt:A2AFBV) is pleased to announce that it has entered into two Purchase and Sale Agreements, both dated October23, 2020 with J. Malcolm Bell (the "Vendor") for a 100% interest, subject to a 2%NSR, in each of two nickel exploration projects located in BritishColumbia, Canada
The Mount SidneyWilliams Group consists of five claim blocks in four groups with atotal area of 6,125.32 hectares in the area surrounding Mount SidneyWilliams, in close proximity to the Decar project of FPX Nickel Corp (TSXV:FPX), located 100km northwest of Fort St.James BC in the Omineca Mining Division. The mineral claims arepartially underlain by rocks of the Trembleur Ultramafic Unit, whichconsist of variably serpentinized harzburgite, dunite,orthopyroxenite, serpentinite, carbonate-talc rocks and listwanite. M etallic mineralization includes nickel, cobalt,and chromium. At least some of the nickel mineralization occurs asawaruite, and as low-sulphur minerals including heazlewoodite,bravoite and siegenite. Nickel-cobalt mineralization is generallyvery fine-grained and disseminated. Chromite is generally low gradeand disseminated, but occasionally occurs in small, high grade pods.Systematic, ground-based exploration work began in the Mount SidneyWilliams area claims under the direction of Ms. Ursula Mowat in 1987,continuing intermittently until 2012. Ms. Mowat is a recipient of theH.H "Spud" Huestis Award (2015), along with Peter Bradshawand Ron Britten of FPX Nickel Corp. Ms. Mowat has retained alloriginal maps and file data from this 25-year period. Pursuant to the terms of the Agreement the Company will issue2,500,000 shares to the Vendor.
The Mitchell Range Grouparea claim consist of two contiguous claim blocks covering 3,134.70hectares with demonstrated metallic mineralization including nickel,cobalt, and chromium. Nickel-cobalt mineralization has not beenwell-explored, but the presence of awaruite has been documented. Chromite is generally low grade and disseminated, but occasionallyoccurs in several well-documented but small, high grade pods. Ms.Mowat completed a preliminary field work program over the area of theMitchell Range claims in 2004, and confirmed the presence of elevatednickel, cobalt and chromium values in rocks and stream sediments.Pursuant to the terms of the Agreement the Company will issue afurther 2,500,000 shares to the Vendor.
The areas of bothmineral claim groupings were included in Geoscience BC's QUEST-Westproject, including multiparameter geophysical surveys, regional streamsediment re-analyses and data compilations between 2008 and 2009. This modern exploration framework combined with Ms. Mowat's historicaldata and knowledge will be particularly useful for optimizing successin the Company's future exploration programs.
The Agreements aresubject to TSX Venture Exchange ("Exchange") approval. Finder's fees will be paid on behalfof the transaction in accordance with Exchange policies. Allsecurities issued in connection with transaction and finder's feeswill be subject to a four month and a day hold period in accordancewith applicable securities laws.
Qualified Person
All scientific and technical information in this pressrelease has been prepared under the supervision of Jacques Houle, P.Eng, a consultant and a qualified person within the meaning ofNational Instrument 43-101. Readers are cautioned that the informationin this press release regarding the property of FPX Nickel Corp is notnecessarily indicative of the mineralization on the property ofinterest. The QP has been unable to verify the information in thispress release about the Decar property, (such information was publiclydisclosed in their PEA dated Sept. 9, 2020) and the QP believes it isreliable.
Nevada Energy Metals Inc. is a Canadian basedexploration company whose primary listing is on the TSX VentureExchange. Previously, the Company's main exploration focus has beendirected at lithium brine targets located in the mining friendly stateof Nevada. The Company has 100% ownership in 77 placer claims inClayton Valley, only 250m from Rockwood Lithium, the only brine-basedlithium producer in North America.
On Behalf of the Board of Directors
"Robert Setter"
Robert Setter, President & CEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for the contents of this newsrelease. This news release may contain forward-looking statementswhich include, but are not limited to, comments that involve futureevents and conditions, which are subject to various risks anduncertainties. Except for statements of historical facts, commentsthat address resource potential, upcoming work programs, geologicalinterpretations, receipt and security of mineral property titles,availability of funds, and others are forward-looking. Forward-lookingstatements are not guarantees of future performance and actual resultsmay vary materially from those statements. Availability of financing,and general business conditions are all factors that could causeactual results to vary materially from forward-lookingstatements.
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