(TheNewswire)
July 13, 2021 - TheNewswire - Vancouver, BC,Canada - Nickel Rock ResourcesInc. (the “Company” and “NickelRock”) ( TSXV:NICL ( ( OTC:NICKLF ) ( FSE:NMK2 ) is pleased todetail the positive effects of the recently announced Option to JointVenture Transaction (the “Transaction”) with Surge Battery MetalsInc. (TSXV: NILI) on two of its four nickel claim groups in NorthernBritish Columbia.
Nickel Rock’s exploration stage Nickel Project (the“Project”) consists of four non-contiguous mineral claims groupsheld by the Company through three separate agreements . The claim groups are located in the Takla Lake andTrembleur Lake area of north-central British Columbia nearby oradjacent to FPX Nickel Corp.’s (TSXV: FPX) Decar Nickel Project, asshown in the map below:
Robert Setter, Company President & CEO comments“ As we are well aware, the Decar Nickel Project is an advanced Nickel projecttargeting awaruite, a nickel-iron alloy mineral, hosted byserpentinized ultramafic intrusive rocks of the Trembleur UltramaficUnit. It is our desire to progress our nearby Nickel properties tothe same advanced stage of development.”
“After looking at the results of our recentlycompleted exploration program within the Hard Nickel claim group( News Release June 28,2021 ), our management team determined thatit would be in the best interest of the Company to focus ourexploration program (and all associated exploration dollars) on thetwo mineral claim blocks immediately to the west of the FPX DecarProject.”
Mr. Setter continues “This is in line with ourexploration results and also the results coming from the FPX NickelCorp. Decar Project, and our exploration team has determined it to bea highly desirable area within the region. This is based on thecumulation of historical, current exploration and neighbouringexploration results.”
“This is not to say that our other two large mineralclaims in the immediate area, to the east and north of the DecarProject, do not hold any value, just that the Company needs to focusits exploration team and plans in a particular region. Therefore,the Company has decided to option to joint venture these two mineralclaims with a credible exploration partner in the region. By doingso, we have the ability to extract some immediate value from theseclaims, improve our working capital position, focus our explorationefforts and continue to draw value from all four of our Nickel Project claim groups in the area by retaining a20% interest in these claims and having a joint venture partner commitresources towards exploration on these joint venture claims. Currently, the Company has over CAD$1.3million in working capital, and this transactionwill add to this total and is valued at CAD$1.275 million based on currentshare prices.”
“We believe that this Transaction and explorationfocus is in the best interest of the Company, and are excited to haveactive multiple exploration work programs being conducted in thearea.”
2021 Work Program
The Company plans for its 2021 Work Program areunaffected by the proposed Transaction.
The proposed work program consists of trenching,surface exploration, diamond drilling, camp construction, andexploration activities to support drilling and trenching such as soilsampling, rock sampling, prospecting, and geological mapping. Thecompany proposes a 12-man camp to be built in a cirque on the northslope of the un-named mountain west of and adjacent to Mount SydneyWilliams, and will be built next to a sub-alpine lake at theheadwaters of Van Decar Creek. The location of camp was selected basedon past exploration camps at this location and is suitable forsupporting exploration. Camp will be used to accommodate fieldpersonnel and will be accessed with helicopter.
The Company estimates that this proposed work programwill include CAD$600,000 in exploration expenditures spent over the summer - fall of 2021 whichwill fulfill the Company’s flow-through mining explorationcommitments for the 2021 calendar year.
Qualified Person
Jacques Houle, P.Eng., a qualified person as defined byNI 43 – 101, is responsible for the technical information containedin this release. Readers are cautioned that the information in thispress release regarding the property of FPX Nickel Corp is notnecessarily indicative of the mineralization on the property ofinterest.
About Nickel Rock ResourcesInc.
The Company is a Canadian-based mineral explorationcompany active in the exploration for nickel-iron alloy in BritishColumbia and lithium in Nevada. Nickel Rock Resources Inc. is aCanadian based exploration company whose primary listing is on the TSXVenture Exchange. The Company’s maintains a focus on explorationfor high value battery metals required for the electric vehicle (EV)market. ( http://www.nickelrockresources.com/ )
About Clayton Valley LithiumProject
Clayton Valley is a down-dropped closed basin formed bythe Miocene age Great Basin extension and is still active due tomovement along the Walker Lane structural zone. As a result, thebasin has preserved multiple layers of lithium bearing volcanic ash,resulting from multiple eruptive events over the past 6 million yearsincluding eruptions from the 700,000-year-old Long Valley Calderasystem and related events. These ash layers are thought tocontribute to the lithium brines extracted by Albemarle and are alsolikely involved in the formation of the exposed lithium rich claydeposits on the east side of Clayton Valley. https://nickelrockresources.com/clayton-valley-lithium/
About the British Columbia NickelProject
Hard Nickel and Nickel 100 ClaimGroups
The Mount Sidney Williams area Hard Nickel Claim Groupconsists of seventeen claims in three non-contiguous groups with atotal area of 10,569 hectares, both adjoining and near the Decarproject of FPX Nickel Corp., located 100 kilometres northwest of FortSt. James, B.C. Metallic mineralization includes nickel, cobalt, andchromium. At least some of the nickel mineralization occurs asawaruite. The Mitchell Range area Nickel 100 Claim Group consists offive contiguous claims covering 8,659 hectares with demonstratedmetallic mineralization including nickel, cobalt, and chromium. Nickeland cobalt mineralization have not been well explored, but thepresence of awaruite has been documented.
The Transaction with Surge Battery Metals Inc. includesone of the three Hard Nickel Claim Groups, covering 1863 hectaresimmediately south of and adjacent to the Decar Project groups in theMount Sidney Williams area, and entire Nickel 100 Claim Group,covering 8659 hectares in the Mitchell Range area. All six claimsincluded in the transaction are held 100% by Nickel Rock, and three ofthe claims are subject to 2% NSR, including the Hard Nickel 4 claimand the two southernmost claims of the Nickel 100 Claim Group.
Klone Claims
On October 15, 2020 the Company entered into an optionagreement to earn an undivided 100% interest in the Klone group ofmineral claims (1,400 ha) adjoining the propertyof FPX Nickel Corp (TSXV:FPX) located 100km northwest of Fort St.James BC in the Omineca Mining division.
Funk Claims
On February 1, 2021 and February 22, 2021, the Companyentered into an option agreement to earn an undivided 100% interest,subject to a 2% NSR in 6 mineral claims locatedapproximately 15 km west of Mt Sydney Williams near Fort St James, BC. Additionally, the Company located two adjoining claims by titleselection.
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 theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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