Arizona Metals to acquire 107 acres at Kay mine
Arizona Metals Corp. has entered into a purchase option and sale agreement with an arm’s-length Arizona-based private company to acquire 100 per cent of six parcels of patented land totalling 107 acres, located 900 metres northeast of its Kay mine VMS (volcanogenic massive sulphide) project. The property includes the surface, mineral and water rights, among other rights and benefits.Read More
Marc Pais, chief executive officer of Arizona Metals, commented: “The acquisition of the property is another significant derisking step in moving the Kay mine closer to a production decision. Including the 71 acres of patented land that host our Kay mine deposit, this acquisition will increase our total holdings of patented land to 178 acres. The property will provide a base for the upcoming phase 2 drill program, as well as a significant area of private land (including a number of operating water wells) for any future development or production scenarios.”
The purchase agreement to acquire the property calls for total payments of $2.25-million (U.S.) to the vendor as consideration for a 100-per-cent interest in the property. Staged payments are to be made according to the following schedule, with the closing of the acquisition to occur no more than 30 days following completion of the final payment:
Upon entering into the purchase agreement: $200,000 (U.S.)
On or before March 31, 2021: $500,000 (U.S.)
On or before Dec. 31, 2021: the balance of $1.55-million (U.S.)
The terms of the purchase agreement include a due diligence period ending on March 31, 2021. The first payment will be held in escrow during this period, and is fully refundable should the corporation not be satisfied with the results of its due diligence investigations on the property, including an environmental assessment.
The consideration for the acquisition of the property will be financed with a portion of the net proceeds of the financing detailed below.
The company also intends to complete a non-brokered private placement of a minimum of 5,263,158 common shares of the company at a price of 95 cents per share for gross proceeds of a minimum of $5-million.
Net proceeds from the offering will be used to finance the acquisition of the property detailed above, further exploration the Kay mine project in Arizona, and general and administrative purposes.
The offering is subject to regulatory approval, including approval by the TSX Venture Exchange, and all securities to be issued pursuant to the financing are subject to a hold period under applicable Canadian securities legislation that expires four months and one day after the closing date of the offering.
Drill mobilization for Kay phase 2 program
Arizona Metals has contracted Boart Longyear to mobilize the first drill to the Kay mine project during the week of Jan. 4, 2021. Drilling under the phase 2 program will consist of up to 11,000 metres in 29 core drill holes. Drilling will start at the Kay mine deposit to test for new VMS lenses in anticlinal hinge zones identified to the north and south of recent drilling, as well as the up-plunge and down-plunge extensions of known hinges.
Drilling will begin at the Kay mine targets and progress to targets on strike (north and south) of the Kay mine, and then to Central and Western targets as permitting is completed. Permitting is currently under way for these targets and is progressing well.
Nighthawk appoints Roy as VP, exploration
Nighthawk Gold Corp. has appointed Richard Roy as the vice-president of exploration effective Jan. 1, 2021. Dr. Michael Byron (the former president and chief executive officer and a current member of the board of directors) will also provide consulting services during this transition. Nighthawk also announces engaging the services of Denise Lockett of Lockett Consultation Services Inc., who will manage the company’s stakeholder relations including licensing and permitting support.Read More
Mr. Roy brings over 30 years of experience in the mineral resource industry across three continents including extensive experience with underground deposits. Prior to joining Nighthawk, he most recently held the position of vice-president, new ventures, with Endeavour Mining Corp. upon the completion of the $1.6-billion acquisition of Semafo Inc. in March, 2020. Prior to that, Mr. Roy spent almost 11 years with Semafo Inc. (as the exploration manager and subsequently holding the position of vice-president, exploration), where he focused on target selection and prioritization and was part of the acquisition team looking at opportunities of a variety of grassroots to late-stage level projects. Mr. Roy has designed and implemented successful exploration programs and mine feasibility programs in Mexico and North America, including Nunavut, working for companies such as Aur Resources, Placer Dome and several other junior companies. He has been involved in the discovery of several gold deposits that ultimately reached the mining stage. Mr. Roy holds a BSc in geology from Concordia University in Montreal and is a member of the Ordre des Geologues du Quebec and is a qualified person in accordance with National Instrument 43-101 regulations.
Keyvan Salehi, president and chief executive officer, commented: “Richard brings a wealth of geological expertise having worked on grassroots, brownfield and operating projects throughout the course of his career. Richard will assume responsibility for targeting, prioritizing and planning our exploration programs at our flagship Colomac gold project and our high-grade, high-priority regional targets, as well as managing our camp operations. We are very pleased to welcome Richard to the team as we embark on one of our most aggressive exploration campaigns to date. His experience in managing remote exploration sites and managing up to 100 people with multiple reporting requirements will be beneficial to us as we look to significantly increase our efforts on our Indin Lake gold property. We also wish to welcome Denise Lockett (a former resident of Yellowknife, bringing over 30 years of experience in stakeholder relations, licensing and permitting), to provide support pertaining to stakeholder engagement within the Northwest Territories.”
Mr. Roy commented: “I am extremely excited to embark on this venture with Nighthawk. The Indin Lake gold property has all the key ingredients typically seen in world-class gold mining camps, namely regional-scale structures, pervasive and widespread hydrothermal alteration, and a variety of mineralization styles. The company’s previous exploration efforts have transformed Colomac and advanced a number of high-priority regional targets illustrating the robust nature of the camp. I look forward to joining the dedicated management team as we advance our core asset towards the PEA stage, in addition to maintaining focus on all the exciting regional opportunities within our land package in order to achieve our long-term plans of building one of Canada’s next top tier gold mining camps.”
Critical Elements hires Cantor as financial adviser
Critical Elements Lithium Corp. has engaged Cantor Fitzgerald Canada Corp. to pursue, engage and evaluate global strategic partners and investors to advance the Rose project to production, and will receive fees contingent upon the successful completion of such financing transactions.Read More
“With banking and institutional sales professionals located across the Americas, Europe and Asia, Cantor Fitzgerald brings significant mining and minerals experience and a global full-service investment banking suite that can assist us throughout the process of evaluating our alternatives and pursuing a thoughtful path forward,” stated Jean-Sebastian Lavallee, Critical Elements’ chief executive officer. “We look forward to working with the experienced Cantor Fitzgerald team as we prudently evaluate the strategic alternatives available to us.”
Critical Elements’ president, Dr. Steffen Haber, reiterated the corporation’s vision to become a large responsible supplier of lithium to the flourishing electric vehicle and energy storage systems industries. “Our Rose project features one of the purest lithium deposits globally. Quebec is strategically well positioned regarding the critical transitioning energy and e-mobility markets in Europe and the United States and boasts excellent infrastructure and human capital. Our co-operative relationship with the Cree Nation of Eastmain, the Grand Council of the Crees (Eeyou Istchee) and the Cree Nation government has been formalized through the Pikhuutaau agreement signed in July, 2019. We are excited by the anticipated receipt of provincial and national phase 1 permitting, detailed engineering and financing for the construction of the Rose mine and concentrator, and the delivery of engineering studies for phase 2 (a chemical plant for conversion of Rose spodumene concentrate to high-quality lithium hydroxide for use in lithium-ion batteries). We believe that Cantor Fitzgerald is ideally suited and motivated to work with us to embrace the opportunities apparent in today’s markets to maximize shareholder value.”
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