NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company") is pleased to announce that exploration drilling on the Langmuir Nickel Project ("Langmuir" of the "Property") from the inaugural drill program with significant intersections from within and along the eastern and western boundaries of the W4 Nickel Zone
Since June 2021, a total of 20 holes representing 4,192 metres of diamond drilling on the Langmuir Nickel Project. Assay results for 10 holes of the 2021 exploration drill program are reported in the Table 1 below. Drill hole information including the location of the collars, dip and azimuth of the holes and the final depth are provided in Table 2.
"We are very excited to start getting assay results and these begin to confirm our excitement for the potential of the Langmuir Project and the Shaw Dome more broadly," said Sean Samson, President & CEO of EVNi "This is a district which has produced nickel with the sorts of grades that get turned into mines."
"I am extremely encouraged by the mineralization observed within the W4 Zone," states Paul Davis, EVNi's Vice President of Exploration. "The unique characteristics of this deposit with a lower magnetic susceptibility and disseminated sulphides with a high nickel tenor opens up additional priority targets for exploration on the Langmuir Property. We are gearing up to start our Phase 2 drill program testing additional high priority targets along the favourable geologic trends to the east and west of W4."
The drill program was designed to test gaps within the W4 Zone historic drilling and provide EVNI with representative intersections of the W4 mineralization, test the eastern and western boundaries of the W4 Zone and explore the favourable ultramafic horizon to the east and west of the W4 mineralization.
Drilling within the W4 Zone intersected significant nickel mineralization associated with disseminated, blebby, veined and massive sulphides hosted in a serpentinized ultramafic unit including 40.2 metres grading 0.68% Ni in hole EV21-08; 17.10 metres grading 0.91% Ni in EV21-02; and 1.11 metres grading 8.66% Ni in EV21-01. These results confirm the high-grade nature of the sulphides mineralization associated with the W4 Zone. EV Nickel has implemented the analysis of sulphur for all drill core samples, allowing the Company to determine the nickel tenors, (nickel content in 100% sulphide) that have been calculated between 18% to >40% within the W4 Zone. This indicates that significant nickel mineralization is associated with low sulphide concentrations of less than 5% sulphide within the host ultramafic host. Assay results are pending for 10 holes of the Phase I drill hole program.
The type of nickel mineralization associated with the W4 Zone is not typical of the other nickel deposits hosted within the Shaw Dome, south of Timmins, Ontario. The sulphide composition of the mineralized zones is composed almost exclusively of pentlandite resulting in significant nickel grades being associated with low sulphide contents. The sulphide mineralization is also finely disseminated within the zone and has led the Company to expand the sampling in holes EV21-01 and EV21-10 to include intersections adjacent to those reported in Table 2 for which the assays are still pending. This style of mineralization also presents with a different geophysical signature than the traditional deposits and opens up additional target areas within the Langmuir Property.
Drill core samples from the 2021 drill program at the Langmuir Project are cut and bagged at the core logging facility located near the property and transported to ALS Canada Ltd for analysis. Samples, along with standards and blanks that are included for quality assurance and quality control, were prepared and analyzed at the laboratory. Samples are crushed to 70% less than 2mm. A riffle split is pulverized to 85% passing 75 microns. Nickel, copper, cobalt and sulphur are analyzed by sodium peroxide fusion with an ICP finish and platinum, palladium and gold by fire assay and ICP-AES finish. These and future assay results may vary from time to time due to re‒analysis for quality assurance and quality control.
EV Nickel is a Canadian nickel exploration company, focused on the Shaw Dome area, south of Timmins, Ontario. The Shaw Dome area is home to its Langmuir project which includes W4, the basis of a 2010 historical estimate of 677K tonnes @ 1% Ni, ~15M lbs of Class 1 Nickel. EV Nickel's objective is to grow and advance a nickel business, targeting the growing demand for Class 1 Nickel, from the electric vehicle battery sector. EV Nickel has almost 9,100 hectares to explore across the Shaw Dome and has identified 30km of additional favourable strike length.
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.
Cautionary Note Regarding the Langmuir project's 2010 historical estimate:
Historical mineral resources for Langmuir were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, "Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada", dated June 28, 2010 (the "Historical Report"). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the historical report, or the estimates therein. The historical estimates presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
For further information, visit www.evnickel.com
Or contact: Sean Samson, Chief Executive Officer at samson@evnickel.com.
EV Nickel Inc. 200 - 150 King St. W, Toronto, ON M5H 1J9 www.evnickel.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
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Horizonte Minerals Plc, (AIM:HZM)(TSX:HZM) the nickel company focused in Brazil is pleased to announce that it has signed loan documentation in relation to its previously announced (30 September 2021) senior secured project finance debt facility of US$346.2 million (the "Senior Debt Facility") between Araguaia Niquel Metais LTDA as the Borrower and a syndicate of international financial institutions, the Lenders (BNP Paribas, BNP Paribas Fortis, ING Capital LLC, ING Bank N.V., Natixis, New York Branch, Société Générale and Swedish Export Credit Corporation). The documentation covers the facilities provided by the international financial institutions listed above. Ongoing documentation with the two export credit agencies is due for completion in early Q1 2022. First drawdown under the Senior Debt Facility is expected to occur in the fourth quarter of 2022 following satisfaction of certain conditions precedent customary to a financing of this nature, including the issuance of the export credit agency guarantees
Endeavour Financial is acting as financial advisor and Norton Rose Fulbright LLP as legal counsel to the Company.
For further information, visit www.horizonteminerals.com or contact:
Horizonte Minerals plc Jeremy Martin (CEO) Anna Legge (Corporate Communications)
Peel Hunt (NOMAD & Joint Broker) Ross Allister David McKeown
BMO (Joint Broker) Thomas Rider Pascal Lussier Duquette Andrew Cameron
About Horizonte Minerals: Horizonte Minerals plc (AIM & TSX: HZM) is developing two 100% owned, tier one projects in Parà state, Brazil - the Araguaia Nickel Project and the Vermelho Nickel-Cobalt Project. Both projects are large scale, high-grade, low-cost, low-carbon and scalable. Araguaia is construction ready and will produce 29,000 tonnes of nickel per year to supply the stainless-steel market. Vermelho is at feasibility study stage and will produce 25,000 tonnes of nickel and 1,250 tonnes of cobalt to supply the EV battery market. Horizonte's combined near-term production profile of over 50,000 tonnes of nickel per year positions the Company as a globally significant nickel producer. Horizonte is developing a new nickel district in Brazil that will benefit from established infrastructure, including hydroelectric power available in the Carajás Mining District.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, the ability of the Company to complete the Acquisition as described herein, statements with respect to the potential of the Company's current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; the ability of the Company to complete the Placing as described herein, and the realization of mineral resource and reserve estimates. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: the inability of the Company to complete the Acquisition as described herein, exploration and mining risks, competition from competitors with greater capital; the Company's lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company's future payment obligations; potential disputes with respect to the Company's title to, and the area of, its mining concessions; the Company's dependence on its ability to obtain sufficient financing in the future; the Company's dependence on its relationships with third parties; the Company's joint ventures; the potential of currency fluctuations and political or economic instability in countries in which the Company operates; currency exchange fluctuations; the Company's ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company's plans to continue to develop its operations and new projects; the Company's dependence on key personnel; possible conflicts of interest of directors and officers of the Company, the inability of the Company to complete the Placing on the terms as described herein, and various risks associated with the legal and regulatory framework within which the Company operates. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
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Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to present a Mineral Resource update for its 90% owned Ta Khoa Nickel Project (TKNP) in northern Vietnam (refer Figure 2). The global Ta Khoa resource estimate is comprised of the Ban Phuc and Ban Khoa DSS deposits (refer to Figure 3 and Table 1); and the Ban Chang and King Snake MSV (refer Figure 3 and Table 1).
Blackstone Minerals has conducted significant exploration and development programs since acquiring the TKNP in late 2019. Programs include extensive geochemical, geophysical, drilling, mapping, analytical testing, resource evaluations, petrographic and mineralogical analysis at the main development projects and a series of greenfield exploration prospects.
Blackstone’s TKNP and Ta Khoa Refinery (TKR) form two major cogs in Blackstone’s vertically integrated development strategy to produce Nickel-Cobalt-Manganese (NCM) 811 precursor for the growing lithium-ion battery industry. The strategy is underpinned by Blackstone’s ability to secure nickel concentrate and Ta Khoa is emerging as a nickel sulfide district of enviable scale with several exploration targets yet to be tested. The updated TKNP Mineral Resource presented in this report demonstrates a clear means of secure nickel concentrate supply.
In July 2021 the Company completed a technically and economically robust PFS for the TKR. The PFS was based on treating 400ktpa of nickel concentrate, supplied from the TKNP as well as third party concentrate. Blackstone plans to provide at least half of the TKR feed concentrate from TKNP, with mill feed sourced from Ban Phuc, Ban Chang, King Snake and potentially other targets as drilling continues.
Highlights from the TKNP Mineral Resource update include:
Click here for the full ASX release
This article includes content from Blackstone Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
BHP Lonsdale Investments Pty Ltd ( BHP Lonsdale ), a wholly owned subsidiary of BHP, announced today the termination of the support agreement between BHP Lonsdale, its subsidiary BHP Western Mining Resources International Pty Ltd ( BHP WMR ) and Noront Resources Ltd. (TSXV: NOT) ( Noront ) dated July 26, 2021 as amended (the " Support Agreement ") relating to Noront's support of BHP Lonsdale's C$0.75 per share offer to acquire Noront. In accordance with the terms of the Support Agreement, Noront has made a C$17.78 million termination payment to BHP WMR.
About BHP BHP is a world-leading global resources company. We extract and process minerals, oil and gas, with 80,000 employees and contractors, primarily in Australia and the Americas. Our products are sold worldwide, with sales and marketing led through Singapore and Houston , United States . Our global headquarters are in Melbourne, Australia . Our Potash head office is in Saskatoon and our head office for metals exploration is in Toronto .
Our corporate purpose is to bring people and resources together to build a better world. Our strategy is to deliver long-term value and returns through the cycle. We aim to do this through owning a portfolio of world class assets with exposure to highly attractive commodities that benefit from the mega-trends playing out in the world around us, by operating them exceptionally well, by maintaining a disciplined approach to capital allocation and through being industry leaders in sustainability and the creation of social value.
BHP has a strong track record in Canada BHP has a strong track record of mining development and investment in Canada over several decades. We have invested in diamonds, potash, exploration, Carbon Capture and Storage (CCS) research, and in environmental preservation through the BHP Foundation in Canada's boreal forest. We have built strong relationships with communities and stakeholders throughout our history in Canada . Earlier this year, BHP approved US$5.7 billion in investment for its Jansen project, for what stands to be one of the world's largest, most modern potash mines and a significant economic driver for Saskatchewan . www.bhp.com
Certain statements contained in this press release contain "forward-looking information" within the meaning of applicable securities laws and are prospective in nature. Forward-looking information and statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.
Forward-looking information and statements in this press release are based on the Offeror's, BHP Lonsdale's and Noront's beliefs and opinions at the time the statements are made, and there should be no expectation that these forward-looking statements will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and the Offeror, BHP Lonsdale and Noront disavow and disclaim any obligation to do so except as required by applicable law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Offeror or any of its affiliates or Noront.
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La Mancha Investments S.à r.l. (" La Mancha "), a Luxembourg-incorporated private investment company focused on opportunities primarily in the precious metals and battery metals mining sector, is pleased to announce that it has completed a subscription for 759,128,764 ordinary shares (the " Ordinary Shares ") of Horizonte Minerals PLC (" Horizonte ") (London-AIM: HZM; TSX: HZM). The transaction was completed by way of private placement (the " Private Placement ") at a price of 7 pence per share (approximately C$0.12 per share using the daily average rate of exchange for GBP:CAD published by the Bank of Canada on December 21, 2021, being £1.00=C$1.7131), for aggregate gross proceeds of US$71,100,000 (approximately C$91,910,970 using the daily average rate of exchange for USD:CAD published by the Bank of Canada on December 21, 2021, being US$1.00=C$1.2927).
The Private Placement was completed pursuant to the terms of an investment agreement entered into with Horizonte on November 23, 2021 (the " Investment Agreement "). The Investment Agreement provides for La Mancha's right to nominate one director to Horizonte's Board of Directors, as well as certain anti-dilution and pre-emptive rights and governance rights. The Investment Agreement also contains a lock-in and standstill in relation to the Ordinary Shares whereby La Mancha has agreed (subject to certain customary exceptions) not to (i) dispose of any of its Ordinary Shares for a period of 4 months from the date of the Private Placement; and (ii) acquire any interests in Ordinary Shares, for a period of 18 months following the date of the Investment Agreement, which would cause La Mancha's ownership interest in Horizonte to exceed 25% (on an undiluted basis).
In connection with the Investment Agreement, La Mancha also entered into a convertible note loan instrument on November 23, 2021, pursuant to which La Mancha agreed to purchase up to US$15,000,000 (approximately C$19,390,500 using the daily average rate of exchange for USD:CAD published by the Bank of Canada on December 21, 2021, being US$1.00=C$1.2927) principal amount convertible notes (the " Convertible Note "). The Convertible Note will be issued by Horizonte, subject to certain terms and conditions, prior to March 31, 2022 at a 5.75% discount (such that La Mancha shall only be required to pay 94.25% of the principal amount) at a fixed interest rate of 11.75% per annum, which shall be capitalised until the project completion of Horizonte's Araguaia Project and payable in cash (subject to available cashflows) thereafter. In the case of an event of default in accordance with the terms of the Convertible Note, the interest rate is increased to 15.00% per annum. At any time until the maturity date (being the later of September 30, 2032 and 3 months after the final maturity date of Tranche A of Horizonte's proposed US$346.2 million senior debt facility), La Mancha may, at its option, convert the Convertible Note, partially or wholly, into Ordinary Shares of Horizonte at a conversion price equal to 125% of 7 pence, being 8.75 pence per Ordinary Share (the " Conversion Price "), subject to customary anti-dilution rights.
Immediately prior to the completion of the Private Placement, La Mancha did not beneficially own, directly or indirectly, or exercise control or direction over any Ordinary Shares. Immediately following completion of the Private Placement, La Mancha became an insider of Horizonte, owning 759,128,764 Ordinary Shares representing approximately 19.96% of the issued and outstanding Ordinary Shares (on an undiluted basis).
Assuming the issuance of the Convertible Note in the aggregate principal amount of US$15,000,000 (approximately C$19,390,500 using the daily average rate of exchange for USD:CAD published by the Bank of Canada on December 21, 2021, being US$1.00=C$1.2927) as of the date hereof, the conversion thereof in full at the Conversion Price of 8.75 pence (approximately C$0.15 using the daily average rate of exchange for GBP:CAD published by the Bank of Canada on December 21, 2021, being £1.00=C$1.7131) and the accumulation of no interest, La Mancha would hold an additional 129,270,000 Ordinary Shares, and would beneficially own and have control and direction over an aggregate of 888,398,764 Ordinary Shares, representing approximately 22.6% of the outstanding Ordinary Shares (on a partially diluted basis).
La Mancha completed the Private Placement and agreed to acquire the Convertible Note for business and investment purposes. In the future La Mancha may, from time to time, increase or decrease its investment in Horizonte through market transactions, private agreements, treasury issuances, the conversion of the Convertible Note for Ordinary Shares or otherwise at any time subject to the terms of the Investment Agreement and other applicable restrictions.
La Mancha's head office is located at 31-33 Avenue Pasteur L-2311 Luxembourg.
Horizonte's head office is located at Rex House, 4 - 12 Regent Street, London, England, SW1Y 4RG.
La Mancha will file an early warning report in accordance with applicable securities laws, which will be available under Horizonte's profile on the SEDAR website at www.sedar.com, and may also be obtained by contacting:
Karim Nasr Chief Executive Officer of the La Mancha Group T: +44 (0) 20 3960 2020 Email: contact@lamancha.com
La Mancha is a Luxembourg based investment fund focusing on opportunities primarily in the precious metals mining sector across multiple geographies. La Mancha is a long-term investor that supports its investments with further capital and expertise to fund their growth and expansion plans. For more information, please visit www.lamancha.com .
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