Mink Ventures acquires new claims and NSR on Warren Copper Nickel Project, Timmins

Mink Ventures Corporation has acquired a 100% interest in eight (8) mining claims located adjacent to the north boundary of the 14 Warren patents, as well as a 0.5% net smelter returns royalty ("NSR") on the Warren patents from Mr. Douglas Lalonde, effective September 6, 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 1,010 hectares of land, located in Whitesides Township, approximately 35 km west of Timmins, Ontario. (See Figure 1 and 2) 

HIGHLIGHTS:

• 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 $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 385,000 tons 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 8.2 meters. *The resource calculation is historical in nature and is not NI43-101 compliant; it is not to be relied upon and is reported as a historical statement only. Note: Certain historical information pertaining to a historical resource estimate, is disclosed in this press release. The methods and parameters used to prepare this estimate and the category of the estimate is unknown. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the issuer is not treating the historical estimate as current mineral resources or reserves.

References: Technical Report for Western Troy Capital Resources on the Warren Property (W. Hawkins P. Eng, 2021) and Maxmin, Magnetometer and VLF Surveys Evaluation Report, Whitesides and Massey Twp. Claims (C. Mackenzie Consulting Geologist, 1990)

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." 

WARREN PROPERTY GEOLOGICAL DISCUSSION

Mink's expanded Warren Project is hosted within the Kamiskotia Gabbro Complex (KGC) and it is thought to be broadly equivalent to the Montcalm Gabbro Complex (MGC) but separated by a granitic arch. The MGC hosts the former Montcalm Mine which produced approximately 3.93 million tonnes grading 1.25% Ni, 0.67% Cu and 0.05% Co (OGS, Atkinson, B., 2010) (See Figure 2).

Gabbro complexes such as MGC and KGC are known to be prospective for magmatic nickel copper sulphide deposition as demonstrated by the Montcalm Mine located within the MGC. The Warren property complements Mink's Montcalm property due to the distinctly similar prospective geological environments found in the MGC and the KGC, as well as the presence of significant Cu Ni zones on the Warren Property.

As highlighted above, the Warren patents have had a sporadic exploration history since the late 1920's to present day and a number of promising historical mineralized Cu Ni zones were outlined. The majority of the exploration completed to date on the property was completed in an area representing a very minimal portion of the property and completed well over 60 years ago. More recent geophysical surveys from the early 1990's and 2008-2009 outlined a series of untested targets along strike from known mineralization and/or new targets proximal to known mineralization. These targets are particularly evident in the accompanying magnetic and IP compilation map shown in Figure 3. As a result of this geophysical data being available, the Warren Project is drill ready, once winter access work is initiated in late 2023.

Tags: Northern Ontario / Exploration / Gold / All Articles