(TheNewswire)
February 24, 2021 - TheNewswire - Vancouver, BC, Canada - Nickel Rock Resources Inc. (“theCompany” or “Nickel Rock”) ( TSXV:NICL ) ( OTC:NIKLF ) is pleasedto announce that further to its news release dated October 27, 2020 , and the TSX Venture Exchange’s(“Exchange”) conditional acceptance, the Company has closed itsProperty Acquisition (“Fundamental Transaction”) whereby theCompany entered into two Purchase and Sale Agreements, both dated October 23, 2020 (the “Agreements”) with J.Malcolm Bell (the “Vendor”) for a 100% interest, subject to a 2% NSR, in each of two nickelexploration projects located in British Columbia, Canada.
Pursuant to the terms of the Agreements, the Vendorreceived a payment of $8,500 upon signing the Agreements and theCompany issued 5,000,000 common shares upon Exchange Approval. TheCompany also issued 500,000 common shares in connection with theFundamental Acquisition. All finder’s fees are subject to Exchangeapproval.
All securities issued in connection with theFundamental Transaction are subject to a four?month and a day holdperiod expiring on June 25, 2021 in accordance with applicableCanadian Securities Laws.
Nickel Rock also announces that in connection with theFundamental Transaction the filing of a technical report entitled“ Technical Report for theNickel Project, Omineca Mining Division, Takla Lake Area, BritishColumbia Canada” , with an effective date ofJanuary 21, 2021 (the “Report”). The Report has been prepared inaccordance with National Instrument 43-101 and can be found under theCompany’s profile on SEDAR at www.sedar.com .
The Report can also be found on the Company’s websiteat www.nickelrockresources.com .
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.
Nickel Projects
The Mount Sidney Williams Group consists of five claim blocks in fourgroups with a total area of 6,125.32 hectares in the area surroundingMount Sidney Williams, both adjoining and near the Decar project ofFPX Nickel Corp., located 100 kilometers 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 area claim consist of two contiguous claimblocks covering 3,134.70 hectares with demonstrated metallicmineralization including nickel, cobalt, and chromium. Nickel-cobaltmineralization has not been well explored, but the presence ofawaruite has been documented. The company is planning detailedexploration for the upcoming exploration season.
Lithium Project
The Clayton Valley Project is an early-stage lithium brine prospect inEsmeralda county, Nevada. A total of 118 claims covering about 930hectares (2,300 acres) were staked over the western side of theClayton Valley playa. The property position covers an inferred grabenbounded by the Silver Peak range front on the west and Goat Island onthe east. The exploration concept is the graben is a subbasin of thelarger Clayton Valley basin and may represent a secondary trap forlithium brines within the greater system.
On Behalf of the Board of Directors
“Robert Setter”
Robert Setter, President & CEO
604- 4 28-5690
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 guaranteeingfuture 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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