Toronto, Ontario--(Newsfile Corp. - April 9, 2024) - Mink Ventures Corporation (TSXV: MINK) ("Mink" or the "Company") today announced that it has completed the 80% earn in, on its 40 km2 Montcalm Nickel Copper Cobalt Project. The final assessment credit transfers occurred in late March and Mink's 80% interest in the 196 claims is now recorded on title through MLAS. The project surrounds Glencore's former Montcalm Mine located approximately 65 km northwest of Timmins, Ontario. The Company also reports the successful completion of a second phase of surface geophysical surveys in the SW Target Area which detected multiple, new induced polarization (IP) anomalies. Some of the higher priority IP anomalies are associated with strong magnetic "bullseye" anomalies and/or historical untested electromagnetic anomalies. (See Figures 1-3.) Numerous surface and 3D borehole IP targets remain to be drill tested across the fully permitted nickel copper cobalt project.
Natasha Dixon, President and CEO, commented, "I commend our exploration team, and our technical suppliers and contractors, who have worked very hard within tight timelines, to safely, complete the exploration work programs required by Mink to earn its 80% interest, now registered on title, and ensure the claims remain in good standing with significant banked assessment. Within 14 months, the Company completed two drill programs along with significant downhole 3D IP and surface IP geophysical surveys which generated numerous new targets over a sizeable property; they interpreted the data, wrote and filed the reports to meet the assessment timelines; and secured non-dilutive OJEP funding which covered about 14% of the expenditures."
Mink is well positioned next to the Montcalm Mine with historical production of approximately 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2010). The mine ceased production in June 2009 and the last estimated reserve as of January of 2009 was 2,800,000 tonnes grading 1.26% Ni, 0.59% Cu, and 0.05% Co. (Ontario Mineral Inventory Record MD142B09NE00007). Mink's proximity to the former mine with extensions of the mine lithology on Mink's exploration lands and numerous untested targets demonstrates the potential for new discoveries.
CURRENT RATIONALE FOR MONTCALM PROGRAM AND RECENT PROGRAM DISCUSSION
Target development on Mink's Montcalm project is reliant on geophysical methods due to extensive overburden coverage in the area. Historical work at the Glencore mine site demonstrated that in addition to the higher-grade Ni Cu Co lenses at the mine, there is potential for disseminated mineralization. In some instances, this type of mineralization is associated with a magnetic high and no coincident electromagnetic (EM) response as demonstrated in exploration Hole MAC9731 (see Figure 2) on the mine property.
Numerous magnetic targets of this nature are present on Mink's claims both within the Hook Zone and across the South Target Area of the property representing valid exploration targets. The recent surface IP survey in the South Target Area outlined a series of new IP targets with high priority targets associated with strong magnetic "bullseye" targets. Utilization of IP surveying proximal to magnetic anomalies demonstrates a reliable technique for outlining new targets possibly representing potential new zones of mineralization. Both disseminated and/or stringer mineralization as well as massive mineralization responds well to IP surveying and Mink's new approach in this area utilizing both borehole IP and surface IP surveys rather than EM has proven successful in generating significant new targets.
Mink's claims cover very prospective geology including approximately 10 km2 of the gabbro phase of the Montcalm gabbro complex which hosted the former Montcalm mine. The Hook Zone magnetic anomaly shown in Figure 2 is located within the gabbro phase and represents a highly prospective area of interest. Mink's project has excellent access and infrastructure including an all-weather road to the property, a series of logging roads throughout, as well as a power line, and proximity to the Timmins Mining Camp, enabling cost-effective mobilization and exploration.
Qualified Person:
Mr. Kevin Filo, P. Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo approved the technical data disclosed in this release.
Figure 1: Location Map
Figure 2: Montcalm Property Compilation Map
Figure 3: Compilation Map Detailed Showing Yellow IP Anomalies and Red Magnetic "Bullseye" Targets
About Mink Ventures Corporation:
Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for critical minerals (nickel, copper, cobalt) at its Warren and Montcalm projects, in the Timmins, Ontario area. Mink's flagship Montcalm Project, covers 40 km2 adjacent to Glencore's former Montcalm Mine which had historical production of 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2010). Its Warren Ni Cu Co Project is located 35 km away. Both projects have excellent access and infrastructure with an all-weather access road and power as well as its proximity to the skilled labour and facilities of the Timmins Mining Camp. The Company has 18,810,534 shares outstanding.
For further information about Mink Ventures Corporation please contact: Natasha Dixon, President & CEO, T: 250-882-5620 E: ndixon@minkventures.com or Kevin Filo, Director, T: 705-266-6818 or visit .
Forward-Looking Statements
This press release includes certain "forward-looking information," including, but not limited to, statements with respect to the Warren Project, the exploration work required to exercise the option, and the prospectivity of the Warren Project and the Montcalm Project. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mink to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of exploration work; inability to raise the money necessary to incur the expenditures required to retain and advance the Warren Project and Montcalm Project; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; accidents, labour disputes and other risks of the mining industry; political instability, or delays in obtaining governmental and stock exchange approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Mink's filings with Canadian securities regulators available on SEDAR+. These forward-looking statements are made as of the date hereof and Mink disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
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 adequacy or ac curacy of this release.
