CanAlaska to buy Manibridge Nickel Mine from Pure Nickel

26 March 2019 (Last Updated March 26th, 2019 11:51)

CanAlaska Uranium has signed an agreement to purchase 100% of the Manibridge Nickel Mine in central Canada from Pure Nickel.

CanAlaska to buy Manibridge Nickel Mine from Pure Nickel
Manibridge Nickel Mine in central Canada in 1975. Credit: CANALASKA URANIUM LTD.

CanAlaska Uranium has signed an agreement to purchase 100% of the Manibridge Nickel Mine in central Canada from Pure Nickel.

To acquire ownership of the Manibridge Mine claims, which cover 270ha in the Thompson Nickel Belt, Manitoba, CanAlaska has to issue 300,000 shares and 100,000 two-year warrants exercisable at $0.28/share, and pay $25,000 to Pure Nickel.

The Ore 5 and Ore 6 claims are subject to retained interests held by Glencore Canada as part of a purchase agreement signed by the company and Pure Nickel in 2007.

The retained interest involves a back-in right for Glencore to buy back 50% interest in the claims upon discovery of a NI 43-101 Mineral Resource of 15 million tonnes or greater.

CanAlaska president Peter Dasler said: “Our recent drill programme tested one of the targets on the northern extension of the Manibridge Mine geology. The drilling intercepted high grade nickel as seen in drill hole 19MB02, with 6.55m (21.5ft) @ 2.39% nickel, 0.14% copper and .03% cobalt.

“The addition of the Manibridge Mine property secures our position in this exciting new discovery area, and provides additional substance for potential partners to rapidly develop with us.”

Crowflight Minerals and Pure Nickel formed a 50-50% joint venture (JV) in 2007 to explore the Manibridge claims.

“The addition of the Manibridge Mine property secures our position in this exciting new discovery area.”

As part of an exploration programme in 2008, two new zones of nickel mineralisation were intersected within 400m of the Manibridge deposit.

Pure Nickel president and CEO David Russell: “We believe consolidating the Manibridge Mine claims with CanAlaska’s adjacent claims creates an exploration property with great potential.”

Earlier this month, CanAlaska signed an agreement for the sale of the Zeballos Gold project to Privateer Gold.