Vancouver, BC - TheNewswire - October 27, 2020 - Nevada Energy Metals Inc. (the "Company"), (TSXV:BFF) (OTC:SSMLF) (Frankfurt:A2AFBV) is pleased to announce that it has entered into two Purchase and Sale Agreements, both dated October 23, 2020 with J. Malcolm Bell (the "Vendor") for a 100% interest, subject to a 2% NSR, in each of two nickel exploration projects located in British Columbia, Canada
The Mount Sidney Williams Group consists of five claim blocks in four groups with a total area of 6,125.32 hectares in the area surrounding Mount Sidney Williams, in close proximity to the Decar project of FPX Nickel Corp (TSXV:FPX), located 100km northwest of Fort St. James BC in the Omineca Mining Division. The mineral claims are partially underlain by rocks of the Trembleur Ultramafic Unit, which consist of variably serpentinized harzburgite, dunite, orthopyroxenite, serpentinite, carbonate-talc rocks and listwanite. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite, and as low-sulphur minerals including heazlewoodite, bravoite and siegenite. Nickel-cobalt mineralization is generally very fine-grained and disseminated. Chromite is generally low grade and disseminated, but occasionally occurs in small, high grade pods. Systematic, ground-based exploration work began in the Mount Sidney Williams area claims under the direction of Ms. Ursula Mowat in 1987, continuing intermittently until 2012. Ms. Mowat is a recipient of the H.H "Spud" Huestis Award (2015), along with Peter Bradshaw and Ron Britten of FPX Nickel Corp. Ms. Mowat has retained all original maps and file data from this 25-year period. Pursuant to the terms of the Agreement the Company will issue 2,500,000 shares to the Vendor.
The Mitchell Range Group area claim consist of two contiguous claim blocks covering 3,134.70 hectares with demonstrated metallic mineralization including nickel, cobalt, and chromium. Nickel-cobalt mineralization has not been well-explored, but the presence of awaruite has been documented. Chromite is generally low grade and disseminated, but occasionally occurs in several well-documented but small, high grade pods. Ms. Mowat completed a preliminary field work program over the area of the Mitchell Range claims in 2004, and confirmed the presence of elevated nickel, cobalt and chromium values in rocks and stream sediments. Pursuant to the terms of the Agreement the Company will issue a further 2,500,000 shares to the Vendor.
The areas of both mineral claim groupings were included in Geoscience BC's QUEST-West project, including multiparameter geophysical surveys, regional stream sediment re-analyses and data compilations between 2008 and 2009. This modern exploration framework combined with Ms. Mowat's historical data and knowledge will be particularly useful for optimizing success in the Company's future exploration programs.
The Agreements are subject to TSX Venture Exchange ("Exchange") approval. Finder's fees will be paid on behalf of the transaction in accordance with Exchange policies. All securities issued in connection with transaction and finder's fees will be subject to a four month and a day hold period in accordance with applicable securities laws.
All scientific and technical information in this press release has been prepared under the supervision of Jacques Houle, P. Eng, a consultant and a qualified person within the meaning of National Instrument 43-101. Readers are cautioned that the information in this press release regarding the property of FPX Nickel Corp is not necessarily indicative of the mineralization on the property of interest. The QP has been unable to verify the information in this press release about the Decar property, (such information was publicly disclosed in their PEA dated Sept. 9, 2020) and the QP believes it is reliable.
Nevada Energy Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. Previously, the Company's main exploration focus has been directed at lithium brine targets located in the mining friendly state of Nevada. The Company has 100% ownership in 77 placer claims in Clayton Valley, only 250m from Rockwood Lithium, the only brine-based lithium producer in North America.
On Behalf of the Board of Directors
Robert Setter, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the contents of this news release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. Availability of financing, and general business conditions are all factors that could cause actual results to vary materially from forward-looking statements.
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