VANCOUVER, BC, Oct. 21,
2022 /CNW/ - Xander Resources Inc. ("Xander" or
the "Company") (TSXV: XND) (OTCQB: XNDRF) (FSX: 1XI) is
pleased to announce that it has entered into an option agreement
(the "Option") to acquire (the "Acquisition") 100%
interest in certain 100 mineral claims (the "Claims" and the
"Property") located in Timmins,
Ontario.
The property consists of 100 separate mineral claim blocks
comprising over 21 square kilometres that are located contiguous to
the west of the Company's existing Timmins
North claims. Historical work at the property includes
airborne geophysical survey work (Geotech's helicopter-borne VTEM
(versatile time domain electromagnetic)) which has delineated six
(6) drill targets in line with the existing high-priority
electromagnetic anomalies within the property (often indicative of
sulphide mineralization) and numerous major and minor
structures.
With the acquisition of these claims, the Company's Timmins North Block now consists of 336 claims
that are not only near Canada Nickel Company's (CNC) Crawford
Project, where CNC has completed a preliminary economic assessment
only 20 months after the commencement of exploration drilling that
indicates 25-year mine with an after-tax NPV8% of
$1.2 billion, but also adjacent and
along trend with CNC's recently identified Reid Discovery which has
already through early exploration delineated a mineralized
footprint 90% as large as Crawford.
The company's plan over the coming months is to build on the
geophysical work completed through further geophysical mapping and
interpretation, sampling, and other techniques in order to launch a
comprehensive drill program following its upcoming near-term drill
program on the prior optioned claims comprising the North
Block.
Deepak Varshney, Xander CEO,
said, "We are very pleased to have been able to add these claims to
our portfolio. Our goal is to build a significant nickel footprint
in this district and acquiring these claims, particularly in light
of the recent large-scale discovery by CNC at its Reid property,
will help us successfully move forward with that
objective."
The Transaction
Pursuant to the Agreement, the Company will grant to the Vendors
a 3% net smelter returns royalty and will provide the following
commitments to the Vendors, or its assigns to earn an undivided
100% interest in the Property:
-
- $50,000 cash to the Vendor upon
the execution date of the Agreement or as soon as practicable
thereafter;
- 9,000,000 common shares of the Company (the "Shares") to
be issued to the Vendors at a deemed price of $0.035 per Share within five days of Exchange
approval to the transaction;
- A further $100,000 to the Vendor
or its assigns on or before 6 months from the execution date of the
Agreement, in cash and/or Shares, at the election of the Company,
at a deemed value according to the greater of the 10-day
volume-weighted average price ("VWAP") or discounted
market;
- A further $100,000 to the Vendor
or its assigns on or before 12 months from the execution date of
the Agreement, in cash and/or Shares, at the election of the
Company, at a deemed value according to the greater of 10-day VWAP
or discounted market price;
- A further $100,000 to the Vendor
or its assigns on or before 18 months from the execution date of
the Agreement, in cash and/or Shares, at the election of the
Company, at a deemed value according to the greater of 10-day VWAP
or discounted market price;
- A further $100,000 to the Vendor
or its assigns on or before 24 months from the execution date of
the Agreement, in cash and/or Shares, at the election of the
Company, at a deemed value according to the greater of 10-day VWAP
or discounted market price.
The Company has agreed to incur not less than $500,000 of qualified exploration expenditures,
including 1,500 metres of diamond drilling on the Property within
two (2) years of the Closing Date, of which not less than
$50,000 will be incurred within one
(1) year following the Closing Date. Up to a maximum of
$400,000 of exploration expenditures
may be satisfied through payments of cash or stock at the election
of the Company.
The Acquisition and transactions contemplated, including the
issuance of the Shares, are subject to the final approval of the
Exchange. The Shares will be subject to the applicable hold periods
in accordance with securities laws in Canada and the Exchange policies.
Qualified Person
The technical content of this news release has been reviewed and
approved by Mr. Andrew Tims, P.Geo.,
a qualified person as defined by National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI
43-101").
About Xander Resources
Inc.
Xander Resources Inc. is a Canadian mineral acquisition and
exploration company based in Vancouver,
BC, Canada focused on
developing accretive gold and battery metal properties within
Canada. The company currently has
a focus on projects located within the Provinces of Ontario and Quebec.
Xander is exploring for commercially exploitable mineral
deposits and is currently focused on deposits located in
Val-d'Or, Quebec, including the
Senneville Claim Group which comprises over 100 sq. km and is
contiguous in the south to Probe Metals' new discovery, and
contiguous in the north to Monarch Mining, in close proximity to
Eldorado Gold's (formerly QMX Gold) projects, and east of the North
American Lithium Deposit, Great Thunder Gold's Chubb Lithium
property and East of the Sayona Quebec's Authier Lithium Deposit,
all in the Val-d'Or Mining Camp, plus its newly acquired
nickel-sulphide project in Timmins,
Ontario near Canada Nickel's MacDiarmid and Crawford Projects.
We seek Safe Harbor
ON BEHALF OF THE BOARD OF DIRECTORS
Deepak Varshney, P.Geo.,
President and CEO
For more information, please email ir@xanderresources.ca, or
visit www.xanderresources.ca.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-looking statements:
This news release may
include "forward-looking information" under applicable Canadian
securities legislation. Such forward-looking information reflects
management's current beliefs and are based on a number of estimates
and/or assumptions made by and information currently available to
the Company that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors that may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking information.
Readers are cautioned that such forward-looking information are
neither promises nor guarantees and are subject to known and
unknown risks and uncertainties including, but not limited to,
general business, economic, competitive, political and social
uncertainties, uncertain and volatile equity and capital markets,
lack of available capital, actual results of exploration
activities, environmental risks, future prices of base and other
metals, operating risks, accidents, labour issues, delays in
obtaining governmental approvals and permits, and other risks in
the mining industry.
The Company is presently an exploration stage company.
Exploration is highly speculative in nature, involves many risks,
requires substantial expenditures, and may not result in the
discovery of mineral deposits that can be mined profitably.
Furthermore, the Company currently has no reserves on any of its
properties. As a result, there can be no assurance that such
forward-looking statements will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such statements.
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SOURCE Xander Resources Inc.
