Nine Mile Metals (CSE:NINE) has proceeded with the third anniversary payment under an option to purchase the Wedge Project in Canada, with Slam Exploration.
The company has approved and paid the required C$40,000 cash, as well as authorised and issued 300,000 shares, as part of the deal. The option agreement has one remaining payment anniversary in February 2027, requiring C$50,000 cash and 400,000 shares.
Vice President of Exploration Gary Lohman says this completes a crucial stage in completing the purchase agreement.
“Our advancement of the entire project including the Wedge Mine, West Wedge and Tribag high-priority volcanic massive sulphide (VMS) targets is an example of our technical and financial commitment to this priority project for Nine Mile Metals,” Lohman says.
“Assay results reported to date further demonstrate the hidden quality of the Wedge and we look forward to expanding on our recent success at the Wedge and the inaugural drill program along trend at the West Wedge and Tribag.”
CEO Patrick Cruickshank says the Wedge Mine and clustering targets on trend have quickly become a priority project.
“In 2024, drilling extended the deposit to the east and our recent drilling shows the deposit has high grade copper mineralisation at depth and to the southwest,” Cruickshank says.
“We are defining the next phase of drilling at the Wedge and the west extension. Once we complete the BHEM surveys and Mike Defrusne, President at Apex Geoscience, leading our technical team, integrates these new holes into our live 3D model, we will announce our phase three drill program at the Wedge Mine, unlocking the value and test the overall size and scale of this high-grade deposit.”
Nine Mile Metals is a Canadian mineral explorer focused on VMS discoveries in the Bathurst Mining Camp located in New Brunswick, Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Nine Mile Metals
