Vancouver, British Columbia--(Newsfile Corp. - April 5, 2023) - ArcPacific Resources Corp. (TSXV: ACP) (the "Company") is pleased to announce that it has entered into a purchase agreement dated March 29, 2023 (the "Purchase Agreement") with an arm's length party (the "Vendor") to acquire an undivided 100% interest, subject to 2% Net Smelter Royalty ("NSR") , in and to 96 mineral claims within 2,400 hectares located 60 kilometres west of the town of Nain in Newfoundland and Labrador, Canada, commonly referred to as the TL Nickel North property (the "Property").
The Property is located in the Churchill province of Labrador and straddles a major regional contact between early Archean quartzo-feldspathic gneiss with inter-layers of mafic gneiss and paragneiss on the west and granitic units of the middle Proterozoic Nain Plutonic Suite (NPS) to the east and northeast. Within the Property area, these units are cut by younger diabase dykes which appear to follow a major east-west trending structural break. At least 4 areas show elevated nickel values (up to 2000 ppm Ni) in outcrop and have not been followed-up or drill tested. Electromagnetic (EM) anomalies also exist in the Property area and coincide with the elevated nickel values at surface.
The Company is planning to further evaluate these untested targets as a joint program with the anticipated TL Nickel Property exploration program this field season.
Adrian Smith, CEO of ACP comments, "The addition of the TL Nickel North Project to the TL Nickel Project greatly increases our land holdings in the area where previous exploration has identified significant nickel mineralization. The TL Nickel North Project is located along the same regional trend as the Company's TL Nickel Project where 2008 drilling identified significant Nickel mineralization at surface including 14 metres of 1.02% Nickel, 0.51% Copper, 0.03% Cobalt, 0.35 g/t Au + PGE (see release dated Nov 23, 2022). We see excellent potential to expand on these mineralized areas and are excited to begin work on our growing land package in the Voisey's Bay region of Labrador."
The Company will earn a 100% interest (subject to 2% NSR) in the Property by the issuance of 1,500,000 common shares to the Vendor and payment of cash consideration of $20,000 within 5 days of receipt of approval from the TSX Venture Exchange.
The Company has the right to buy back half of the NSR equal to 1.0% for $1,000,000 at any time, in addition, the Company shall have the right of first refusal on the remaining 1.0% NSR.
The Purchase Agreement remains subject to receipt of approval of the TSX Venture Exchange. All securities issued will be subject to a four month and one day hold period in accordance with Canadian Securities laws.