Grid Metals Corp. (TSXV:GRDM) has entered into an agreement with Canada Nickel Company Inc. to sell a 100% interest in the Bannockburn Nickel Property located near Matachewan, Ontario.
Under the terms of the Transaction Canada Nickel will acquire 100% of the Bannockburn Property in return for issuance to Grid of 2.0 million of Canada Nickel’s common shares.
“This transaction with Canada Nickel will enable us to streamline our portfolio and allow us to focus on our core battery metals projects located in Manitoba’s Bird River area including the PEA stage Makwa Mayville Ni-Cu-PGM-Co Property and the Donner Lake Lithium Property,” President and CEO, Robin Dunbar, said.
“This transaction will also provide us with participation in the future success of Canada Nickel by becoming a significant shareholder. Our share position in Canada Nickel will provide Grid with direct exposure to Canada Nickel’s large portfolio of exploration and development projects in the Timmins nickel camp.”
About the Bannockburn Property
The Bannockburn Property consists of 125 mining claims that Grid Metals acquired under an option agreement from Outokumpu Mining in 2003. Grid recently drilled eight holes at Bannockburn all of which intersected “Crawford” type bulk tonnage disseminated nickel mineralisation (B Zone). The property also has several higher-grade occurrences of Kambalda-style massive sulphide nickel mineralisation.
Under the terms of the Agreement Canada Nickel has agreed to issue 2.0 million of its common shares to Grid in return for the transfer of 125 mining claims located in Bannockburn and Montrose Townships. The shares will be subject to a four month and one day hold period.
For further information please visit: https://gridmetalscorp.com/