Nine Mile Metals (CSE:NINE) is going ahead with its third anniversary payment under an option agreement with privately held Fiddlehead Mining Corp, to purchase the remaining 50% of the Nine Mile Brook Project in Canada.
On 17 January 2025, the company received an extension until March and to maintain the option, Nine Mile was required to pay a C$50,000 cash and issue 3.33 million shares at $0.015.
In addition, Fiddlehead has agreed to add the annual C$150,000 minimum work expenditure commitment to the fourth year requirements.
Nine Mile says this allows the company to keep the deal in good standing and pursue its priority exploration at its flagship project. The company aims to discover additional high-grade volcanogenic massive sulphide lenses.
Director Gary Lohman says with abundant geophysical targets defined, drillhole section involves integrating the extensive dataset into a 3D model to best leverage the information.
“The Bathurst mining camp is structurally complex and having less than 1% outcrop, the team is committed to following the science and, in particular, the advanced geophysics to guide us to success,” Lohman says.
The Nine Mile Brook Project, covering 50.04km2, is located 100km southwest of the historical Brunswick 12 Mine — which is among one of the largest underground zinc mines globally.
Nine Mile Metals is a Canadian mineral explorer focused on critical mineral discoveries, particularly copper, lead, zinc, silver and gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Nine Mile Metals
