(TheNewswire)
Vancouver, BC - TheNewswire- November 17, 2021- Nickel Rock Resources Inc. (the “Company” or“Nickel Rock”) (TSXV:NICL ) ( OTC:NICKLF ) ( FRA:NMK2) announces that further to itsnews releases dated July 8, 2021 and October 20, 2021 and the TSXVenture Exchange’s final approval letter dated November 15, 2021 theCompany has closed its non-arm’s length disposition of certainNickel claims to Surge Battery Metals Inc. (“Surge”).
The Company entered intoa n option agreement with Surge dated July 7,2021 (the “Agreement”), whereby Surge may earn an undivided 80%interest in the HN4 and N100 Nickel group of claims, located inNorthern British Columbia (the “Transaction”). The Companyoptioned out these claims to Surge in order toconcentrate on its exploration efforts on the Nickel Group Claimsdirectly adjacent to the FPX Nickel Corp. (TSXV: FPX) Baptiste NickelDeposit.
As consideration for the Transaction, Nickel Rock hasreceived 5,000,000 shares of Surge and Surge shall incur an aggregate of $200,000 inExploration Expenditures on the Property on or before two years fromthe date of the Agreement.
Upon Surge havingexercised the Option, Surge will have earned an undivided 80% interestin the Property, and the parties will enter into a CommerciallyReasonable and Definitive Joint Venture Agreement.
Pursuant to TSXV Policy5.9 and Multilateral Instrument 61-101 -- Protection of MinoritySecurity Holders in Special Transactions (" MI61-101 "), the Option Agreement constitutesa "related party transaction" due to the fact that CFO andCorporate Secretary are also the CFO and Corporate Secretary of Surge. The Company relied on Section 5.5(a) of MI 61-101 for an exemptionfrom the formal valuation requirement and Section 5.7(1)(a) of MI61-101 for an exemption from the minority shareholder approvalrequirement of MI 61-101 as the fair market value of the transactiondid not exceed 25% of the Company's market capitalization.
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.
Nickel Rock Resources Inc. is a Canadian basedexploration company whose primary listing is on the TSX VentureExchange. The Company’s maintains a focus on exploration for highvalue battery metals required for the electric vehicle (EV) market. www.nickelrockresources.com
About the British Columbia, NickelProjects
The Mount Sidney Williams Group consists of three claimblocks with a total area of 10,569 hectares in the area surroundingMount Sidney Williams, both adjoining and near the Decar project ofFPX Nickel Corp., located 100 kilometres northwest of Fort St. James,B.C., in the Omineca mining division. Metallic mineralization includesnickel, cobalt, and chromium. At least some of the nickelmineralization occurs as awaruite. The Mitchell Range Group areaclaim consist of one claim block covering 8,659 hectares withdemonstrated metallic mineralization including nickel, cobalt, andchromium. Nickel cobalt mineralization has not been well explored, butthe presence of awaruite has been documented. The Company has optioned out an 80% interest on certain mineralclaims within the Hard Nickel 4 and Nickel 100 exploration project, toSurge Battery Metals Inc. (TSXV:NILI).
The Company has entered into an Option Agreement toacquire a 100% interest, subject to a 2% NSR, in 6 mineral claims(Funk claims) located approximately 15 km west of Mt Sydney Williamsnear Fort St James, BC.
The Company also entered into an option agreement whereby the Company may earn an undivided100% interest in the Klone Group of mineral claims (1,400 ha)adjoining the property of FPX Nickel Corp. located 100km northwest ofFort St. James BC in the Omineca Mining division.
About Clayton Valley LithiumProject
The Company owns a 100% in 77 lithium placer claimscovering over 640 hectares in Clayton Valley. Clayton Valley is adown-dropped closed basin formed by the Miocene age Great Basinextension and is still active due to movement along the Walker Lanestructural zone. As a result, the basin has preserved multiplelayers of lithium bearing volcanic ash, resulting from multipleeruptive events over the past 6 million years including eruptions fromthe 700,000-year-old Long Valley Caldera system and related events. These ash layers are thought to contribute to the lithium brinesextracted by Albemarle and are also likely involved in the formationof the exposed lithium rich clay deposits on the east side of ClaytonValley. https://nickelrockresources.com/clayton-valley-lithium/
On Behalf of the Board of Directors
“Robert Setter”
604-428-5690
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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