Kenorland Minerals has agreed to divest a 100% interest in and to the Fox River property in the Fox River Belt, Manitoba, Canada, to Superior Nickel.
Under the deal, Superior will issue 2,665,000 common shares in its capital to Kenorland. It will also grant a 2% net smelter return royalty on the property to Kenorland.
Kenorland Minerals president and CEO Zach Flood said: “This transaction represents one of the ways Kenorland is able to create shareholder value and upside through its generative efforts, which does not require significant capital expenditures through direct exploration on the ground.
“We are very excited to see what Superior Nickel will discover in the Fox River Belt, a vastly under-explored, yet highly prospective geologic feature within the Circum-Superior Belt.”
The Fox River Belt is a portion of the Circum-Superior Belt in northern Manitoba. It is analogous to Manitoba’s Thompson Nickel Belt (TNB) and the Cape Smith Belt (CSB) of northern Quebec.
Located within the Fox River Belt, the Fox River Sill comprises a layered mafic-ultramafic intrusive complex.
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According to the geochemical analysis, the sill has the potential for economic concentrations of platinum group elements (PGE) within the belt.
Earlier this year, Kenorland Minerals agreed to sell its Napoleon Project in Alaska, US, to J2 Metals, a private mineral exploration company.
Canadian mineral exploration company Kenorland Minerals currently owns three projects in Quebec. These include the Frotet, Chicobi and Chebistuan projects.
Moreover, the firm holds 100% of the advanced stage Tanacross porphyry Cu-Au project, as well as an option to earn up to 70% on the Healy Project from Newmont, US.