TORONTO, Nov. 23, 2021 /CNW/ - LAURION Mineral
Exploration Inc. (TSXV: LME) (OTCPINK: LMEFF) ("LAURION" or
the "Corporation") today announced that it has entered
into an agreement with Canadian Gold Miner Corp. ("CGM") and
Canada Nickel Company Inc. ("Canada Nickel") whereby LAURION
and CGM have agreed to grant Canada Nickel an option to acquire a
100% undivided interest in and to the Midlothian Property (as
defined below).
LAURION and CGM entered into a joint venture agreement on
July 25, 2019 (the "Joint
Venture") for the purposes of extending the parties' prior
arrangements regarding an early stage exploration project located
80 km west-southwest of Kirkland Lake,
Ontario and 25 km west-southwest of Matachewan, Ontario (the "Midlothian
Property"). The principal purpose of the arrangement was to
advance the development of any commercially exploitable ore body on
the Midlothian Property. Under the terms of the Joint Venture, CGM
was appointed as the operator owning a 70% interest, while LAURION
retained a 30% interest in the mining claims.
On November 19, 2021, LAURION and
CGM entered into an agreement with Canada Nickel whereby Canada
Nickel acquired the irrevocable right and option to acquire a 100%
undivided interest in and to the Midlothian Property. In exchange
for the option, Canada Nickel made an up-front cash payment of
$50,000 and issued 100,000 common
shares in the capital of Canada Nickel. In order to earn a 100%
interest in the Midlothian Property, Canada Nickel must complete,
pay or issue (as applicable) the following:
a)
|
an exploration
program on the Midlothian Property having a cumulative value of
$2.5 million (within four years), including first-year
expenditures of $500,000; and
|
b)
|
additional cash
payments and share issuances totaling $1 million and 350,000
shares, respectively, comprised of the following:
|
|
i.
|
$100,000 and 35,000
shares (within 18 i.months);
|
|
ii.
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$200,000 and 70,000
shares (within 27 months);
|
|
iii.
|
$300,000 and 105,000
shares (within three years); and
|
|
iv.
|
$400,000 and 140,000
shares (within four years).
|
LAURION and CGM will retain a net smelter returns royalty of
4.00% for gold and 2.00% for nickel with a commercial production
payment of $4.0 million.
LAURION's President and Chief Executive Officer, Cynthia Le Sueur-Aquin, states: "The inclusion
of Canada Nickel to our arrangement with CGM is a positive
development for the project located on the Midlothian Property. By
granting an option to Canada Nickel, LAURION aims to continue to
realize value on the property and create value for its stakeholders
through the efforts of both CGM and Canada Nickel, without any
significant cash commitments by LAURION."
Canada Nickel's stated focus is to advance the next generation
of high quality, high potential nickel-cobalt projects to deliver
the metals needed to power the electric vehicle revolution and feed
the high growth stainless steel market. (See Canadian Nickel's
press release dated November 22,
2021.)
About LAURION Mineral Exploration Inc.
The Corporation is a junior mineral exploration and development
company listed on the TSXV under the symbol LME and on the OTCPINK
under the symbol LMEFF. LAURION now has 242,565,253 outstanding
shares of which approximately 81% are owned and controlled by
Insiders who are eligible investors under the "Friends and Family"
categories. LAURION's emphasis is on the development of its
flagship project, the 100% owned mid-stage 47 km2
Ishkoday Project, and its gold-silver and gold-rich polymetallic
mineralization with a significant upside potential. The
mineralization on Ishkoday is open at depth beyond the current
core-drilling limit of -200 m from
surface, based on the historical mining to a -685 m depth, in the past producing Sturgeon
River Mine. The Brenbar Property, which was acquired in 2020 and is
contiguous with the Ishkoday Property, hosts the historic Brenbar
Mine. LAURION believes the mineralization to be a direct extension
of mineralization from the Ishkoday Property.
Website: http://www.LAURION .ca
Follow us on Twitter: @LAURION_LME
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements, which
reflect the Corporation's current expectations regarding future
events, including with respect to LAURION's business, operations
and condition, LAURION's and Canada Nickel's objectives,
strategies, beliefs and intentions, statements regarding the
Midlothian Property and the 4.0% net smelter royalty, and the
ability of Canada Nickel to complete the option milestones and
commitments, as contemplated by the new Midlothian agreement. The
forward-looking statements involve risks and uncertainties. Actual
events could differ materially from those projected herein.
Investors should consult the Corporation's ongoing quarterly and
annual filings, as well as any other additional documentation
comprising the Corporation's public disclosure record, for
additional information on risks and uncertainties relating to these
forward-looking statements. The reader is cautioned not to rely on
these forward-looking statements. Subject to applicable law, the
Corporation disclaims any obligation to update these
forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
SOURCE Laurion Mineral Exploration Inc.