Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has executed a definitive option and joint venture agreement with Teck Resources, a leading Canadian resource company, to explore and develop its Mawka nickel project in southeastern Manitoba, Canada.
The Makwa nickel project sits on the southern arm of the Bird River Greenstone Belt approximately 145km from Winnipeg, the provincial capital. The focus of the agreement will be the discovery of a Tier 1 magmatic nickel-copper-PGM-cobalt deposit at Makwa.
Grid will maintain its 100% interest and exploration programme at Mayville CuNi Property located 30km to the north of Makwa. The agreement grants Teck a two-stage option to acquire up to a 70% interest in Makwa by funding cumulative expenditures of C$15.7M and making staged cash payments of C$1.6M to Grid (of which C$1M can be completed through a subscription of shares at Teck’s election). Teck’s minimum commitment under the agreement is the initial C$400,000 cash payment. Following completion of additional geophysical surveying, Teck would be committed to funding C$450,000 of minimum expenditures. The agreement is subject to TSXV approval.
Robin Dunbar, Grid’s CEO & president, stated, “We are pleased to announce a definitive agreement with Teck, a leading Canadian resource company focused on responsibly providing the metals essential to economic development and the energy transition. Teck’s significant technical and operational know-how will be of immediate benefit to the Makwa nickel project. Having Teck involved in the project will provide financial support and added technical expertise to give our shareholders the maximum opportunity to participate in a Tier 1 nickel discovery.”
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