Avante Mining has finalised the acquisition of 13 mining licences (property), expanding its Pipestone Project in central Newfoundland, Canada.
The licences, which cover 17,375ha, were obtained through the purchase of 100% of the shares of 1446199 B.C.
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As part of the transaction, announced earlier this month, Avante issued 15,690,001 common shares at $0.07 each to the vendors, with a three-year lock-up agreement.
An initial 10% of the shares were released upon closing, with a further 15% to be released every six months. Additionally, certain vendors will retain a 2% net smelter return royalty on the property.
This move increases Avante’s project size to nearly 210km² and secures the majority of the nickeliferous Pipestone ultramafic complex.
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Historical drilling on the northern part of the property has shown promising results, with assays up to 0.27% nickel (Ni) and 0.22% Ni over an 87.15m hole, which remains open in all directions.
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By GlobalDataThe project benefits from existing infrastructure including road access and proximity to a hydroelectric generating station.
Avante’s focus is on bulk tonnage-style, near-surface nickel mineralisation within the ultramafic rocks of the property.
The company aims to identify areas where primary nickel has been altered to awaruite or nickel-sulphide, offering potential for a “green” nickel source.
Avante CEO Adrian Smith said: “We are excited to be moving the Pipestone Project forward at an accelerated pace where we now control the majority of the nickeliferous Pipestone ultramafic complex in central Newfoundland.
“We believe this project is located in a top-tier jurisdiction to develop mining projects and are now well into the process of compiling the significant amount of work that has been completed within the property area including the sampling from Cliffs Natural Resources Inc (“Cliffs”).
“Cliffs previously identified the Pipestone belt as a top priority project with the potential to define an awaruite deposit similar to the Decar property owned by FPX Nickel.”
