Wallbridge plans to distribute approximately 48.2 million of the acquired Archer shares to its shareholders. Credit: omid roshan on Unsplash.

Canada-based Wallbridge Mining Company has divested all its nickel assets, rights and obligations in Quebec and Ontario to nickel-copper PGE-focused explorer Archer Exploration.

The offloaded nickel assets include 2,046 mining titles covering a 67,000ha area and a 100% stake in the Grasset nickel sulphide project in Quebec.

Under the deal signed earlier this year, Wallbridge received 66.2 million Archer common shares with a total deemed value of C$53.6m.

The company will also retain a 2% net smelter royalty on production from the Grasset project.

Located within the Abitibi greenstone belt 55km from Matagami, Quebec, the Grasset project would serve as Archer’s flagship and core asset.

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“Archer is a focused exploration and development company which we believe has the management group and funding in place to deliver long-term value for our shareholders.”

Wallbridge plans to distribute approximately 48.2 million Archer shares to its shareholders on a pro-rata basis. It plans to retain the remaining 18 million shares that represent about 19.9% of outstanding share capital in Archer.

Archer president and CEO Tom Meyer said: “We believe this acquisition will establish Archer as a leading Canadian nickel sulphide-focused exploration and development company.”