Québec Nickel (CSE:QNI) has decided to change its name to Aurbis Resources, after signing a definitive purchase and sale agreement with Orogen Royalties to acquire the Ecru Project in Nevada, US.
The new name and ticker symbol ‘AURR’ signifies the focus on gold exploration. Québec Nickel will provide further updates on the name change once it receives regulatory approval for the proposed name change.
The Ecru Project consists of 112 mining claims and is situated north of the Pipeline-Cortez-Goldrush-Robertson deposit cluster, one of Nevada’s most prolific gold districts.
As part of the agreement, Québec Nickel will pay US$540,000 ($758,196) in cash and shares. The company will also grant Oregon Royalties a 2% net smelter return royalty on Ecru.
Québec Nickel has already paid Orogen Royalties a non-refundable commitment fee of US$25,000, which will be credited against the cash portion of the purchase price payable upon closing.
The transaction is expected to be completed within the next 30 days, subject to satisfying certain conditions.
Québec Nickel says the acquisition represents the company’s entry into a gold mining district, allowing it to leverage its technical and corporate expertise to create value by exploring and advancing this project.
Upon closing, Québec Nickel intends to advance Ecru through systematic technical review and disciplined exploration planning. A technical report will be prepared to support future evaluation and strategic decision-making.
Previous exploration activities include geophysical surveys, geochemical datasets and minor drilling which uncovered multiple untested targets. The targets include a potential shallow intrusive-related target with similarities to the Robertson deposit and possible lower plate carbonate host rocks at depth.
Both styles of mineralisation are recognised within the Cortex district.
In connection with the company’s growth strategy and acquisition, Québec Nickel has appointed Johan Lambrechts as CEO.
Lambrechts was previously the CEO for Antares Metals (ASX:AM5) and is an experienced geologist with over 23 years of exploration and resource development experience across Australia and Africa.
David Patterson, current CEO, will become Executive Chairman of the board. Patterson has over 30 years of experience in mining and exploration.
Québec Nickel is a mineral explorer focused on acquiring, exploring and developing critical metals projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Québec Nickel
