Lake Winn Resources (TSX-V:LWR) has proposed a name change to Northern Critical Minerals as part of its renewed focus on critical and strategic minerals.
The name change is intended to reflect the company’s focus on its flagship Little Nahanni Pegmatite Group (LNPG) Project, located near the Northwest Territories and Yukon border in Canada.
CEO Patrick Power says the proposed name change aims to “better represent the company’s main focus”.
“Little Nahanni provides exposure to lithium, tantalum, and tin,” Power says.
“Our focus is to advance an exploration and drill program on LNPG that better defines the scale and potential of this pegmatite system.”
The company intends to conduct drilling at the project this year to test the Alpha Prime target, which was recently identified as a ‘high-priority’ pegmatite target extending 7km in strike length and approximately 80 to 120m in width.
Geophysics and soil sampling indicate potential continuation of the known Nahanni pegmatite system into underexplored ground.
Drill permits are in place for the campaign, with the next phase of exploration expected to commence in fall 2026.
Meanwhile, Lake Winn has also entered a definitive option agreement to acquire 100% interest in the Silver Switchback Copper-Silver Project in the Omineca Mining Division in British Columbia.
The company will issue 2.8 million shares at an issue price of $0.055 each for the acquisition, combined with a total cash payment of C$435,000 ($444,205).
The vendor will retain a 2% net smelter royalty following the completion of this acquisition. Lake Winn can repurchase 1% from the vendor for C$500,000.
Located 55km east-southeast of Terrace, British Columbia, the Silver Switchback Project comprises eight mineral claims across 2,561 hectares.
Previous sampling at the project returned ‘high’ values of silver and copper, associated with elevated gold, lead, zinc, and bismuth.
Sampling from narrow sulphide veins returned peak values of up to 1,975 parts per million silver, 17.01% copper, 483 parts per billion gold, and 0.17% lead from a total of 49 rocks collected in 2020.
Lake Winn will focus on advancing the Switchback Property through a focused 2026 work program. The campaign will include property maintenance, soil sampling, trenching, and assays.
Cashing up
As a part of the company’s renewed focus, Lake Winn will raise C$3 million through a non-brokered private placement to fund the 2026 exploration campaign at the LNPG Project, as well as the initial cash payment obligations for the Silver Switchback Project option agreement.
The offering will consist of company units, with each unit comprising one share and one purchase warrant.
The pricing of the offering is yet to be determined as it is announced concurrently with a debt settlement.
Lake Winn directors have approved the settlement of up to C$497,653 of accrued debt through the issuance of common shares.
Pursuant to the debt settlement, the company would issue up to 7.65 million common shares at a deemed price of $0.065 per debt settlement share to certain creditors of the company.
Certain insiders of the company are also participating in the debt settlement and will be issued 1.74 million debt settlement shares.
The proposed name change, option acquisition, debt settlement, and placement are each subject to approval from the TSX Venture Exchange.
Lake Winn Resources is focused on advancing its wholly owned Little Nahanni Pegmatite Group Project, located in the Northwest Territories, Canada.
Write to Maddison Elliott at Mining.com.au
Images: Lake Winn Resources
