Mink Ventures Corporation (TSXV: MINK) has acquired a 100% interest in eight mining claims located adjacent to the north boundary of the 14 Warren patents, as well as a 0.5% net smelter returns royalty on the Warren patents from Mr. Douglas Lalonde, effective 6 September 2023. Total consideration for the 0.5% NSR and the eight claims is 225,000 common shares of the company.
Further, the company also staked an additional 34 claims adjacent to the eastern boundary of the Warren patents. The combined Warren property now covers 1,010ha of land, located in Whitesides Township, approximately 35km west of Timmins, Ontario.
The eight claims (Warren North) to the north of the Warren patents host the projected strike extension of the Warren patents’ underexplored C Zone and the 34 newly staked claims (Warren East) host a number of significant VTEM anomalies of interest within the prospective Kamiskotia Gabbro Complex lithology.
The purchased 0.5% NSR represents one third (1/3) of the total 1.5% net smelter returns royalty on the 14 Warren patents. Each 0.5% NSR is subject to a 0.25% NSR buy back right for C$333,333. There are no royalties on the newly acquired eight claims (Warren North) nor the 34 staked claims (Warren East).
The Warren patents host three known zones with copper nickel and cobalt mineralization; these have been designated A, B, and C. Two historical bulk samples were completed on the Warren patents; the first bulk sample returned 0.21% Cu, 0.96% Ni, 0.11% Co and 0.10% Zn, and a second bulk sample returned 2.83% Cu, 0.58% Ni, 0.10 Co and 0.13 Zn. The combined A-B zones and the C zone have projected strike lengths of 800 and 1,000 meters of strike length respectively from geophysical data.
In the 1950’s a resource* calculation of 385,000t of 1% Cu + Ni was outlined by Jade Oil & Gas on the Warren patents. Jade Oil and Gas drilled 23 holes to test Zones A and B in the mid 1950’s.
Highlights include 2.5% Cu+Ni over 7.6 m and 2.8% Cu+Ni over 8.2m.
Natasha Dixon, president and CEO, commented; “We proposed a mutually beneficial opportunity to the royalty and property vendor for these assets, which we feel will be accretive to all our shareholders, including Mr. Lalonde, over time as we advance the project. Securing the very prospective Warren North claims, which host the strike extension of the C Zone, and the Warren East claims, which host VTEM anomalies, was extremely cost effective and prudent given the significant Cu Ni mineralization at Warren.”
To read more about this release, please visit www.minkventures.com
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