TORONTO, Aug. 2, 2019 /CNW/ - Nickel Creek Platinum
Corp. (TSX:NCP) ("Nickel Creek" or the "Company") is pleased to
announce that it will conduct a 2019 geophysics and sampling
program at its 100%-owned Nickel Shäw Project located in the
Yukon, Canada. The program
is designed primarily to test the Quill exploration target area,
which is along trend approximately 1.7 km to the southeast of the
main Wellgreen deposit. The main Wellgreen Deposit has a strike
length of 2.8 km, situated within a broader land position spanning
18 km. Schematics depicting the main deposit and exploration
targets, including Quill, can be found in the Company's corporate
presentation on the Company's website at
www.nickelcreekplatinum.com.
Following Mr. Cam Bell's review
of the Nickel Shäw Project (see news release dated June 5, 2019) and subsequent discussions with Mr.
Bell regarding his recommendations, the Company has concluded that
this program will be beneficial to the overall understanding and
knowledge of the mineral potential that may exist outside of the
main deposit area and within the Company's land position. The
Quill area is essentially an untested target and with the permits
now having been received, the Company plans to initiate a large
loop, transient electromagnetic survey in August 2019. The
program is being conducted by SJ Geophysics and will test for
massive or semi-massive sulfide mineralization in an underexplored
area of the property. Additionally, surface samples will be
collected in order to better understand spatial variability of
nickel content in olivine or serpentine. It is anticipated
that this study will determine areas where nickel in olivine has
interacted with sulfides and thus, prospective ground for future
exploration and the total cost of the program is estimated at
$0.2 million.
Nickel Creek is also advancing environmental baseline studies at
the Nickel Shäw Project and continues with its community engagement
program. The Nickel Shäw Project remains Nickel Creek's
flagship asset with a significant option on a mix of metals
including nickel, copper, cobalt, platinum group metals and gold.
Located in a favourable jurisdiction, this project is extremely
well positioned to benefit from the growing global demand in the
battery market.
In connection with funding the 2019 geophysics and sampling
program, the Company also announces that it intends to complete an
additional non-brokered private placement (to the private placement
previously announced on June 26,
2019) of up to 3,170,732 "flow-through" units of the Company
("FT Units") at a price of $0.0574
per FT Unit for aggregate proceeds of approximately $182 thousand. Each FT Unit will consist of one
(1) "flow-through" common share (each a "FT Share") and one (1)
common share purchase warrant (each a "FT Warrant"), with each FT
Warrant exercisable for one common share (each a "Warrant
Share") at an exercise price of $0.08
for a period of five (5) years from the date of issuance, subject
to adjustment upon certain customary events (collectively, the
"Flow-Through Offering"). The FT Shares and FT Warrants (and any
Warrant Shares, as applicable) will be subject to a statutory hold
period of four months and one day from the date of issuance. The
closing of the Flow-Through Offering remains subject to the
approval of the Toronto Stock Exchange and other customary closing
conditions.
The funds from the Flow-Through Offering will be used by the
Company to incur "Canadian exploration expenses" that will qualify
as "flow-through mining expenditures", each as defined under the
Income Tax Act (Canada).
In conjunction with the Flow-Through Offering, the TSX requires
the Company to issue a supplement to the Company's Management
Information Circular dated July 16,
2019.
About Nickel Creek Platinum Corp.
Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a
Canadian mining exploration and development company and its
flagship asset is its 100%-owned Nickel Shäw Project. The Nickel
Shäw Project is a large undeveloped nickel sulphide project in one
of the most favourable jurisdictions in the world, with a unique
mix of metals including copper, cobalt and platinum group metals.
The Nickel Shäw project has exceptional access to infrastructure
and is located three hours west of Whitehorse via the paved Alaska Highway, which further offers
year-round access to deep-sea shipping ports in southern
Alaska. The Company is also investigating other opportunities
for shareholder value creation.
The Company is led by a management team with a proven track
record of successful discovery, development, financing and
operation of large-scale projects. Our vision is to create value
for our shareholders by becoming a leading North American nickel,
copper, cobalt and PGM producer.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain information that may be
deemed "forward-looking information". Forward-looking information
can generally be identified by the use of forward-looking
terminology such as "may", "will", "expect", "intend", "believe",
"continue", "plans" or similar terminology, or negative
connotations thereof. All information in this release, other than
information of historical facts, including, without limitation,
statements relating to the Flow-Through Offering, and general
future plans and objectives for the Company and the Nickel Shäw
Project, are forward-looking information that involve various risks
and uncertainties. Although the Company believes that the
expectations expressed in such forward-looking information are
based on reasonable assumptions, such expectations are not
guarantees of future performance and actual results or developments
may differ materially from those in the forward-looking
information.
For more information on the Company and the key assumptions,
risks and challenges with respect to the forward-looking
information discussed herein, and about our business in general,
investors should review the Company's most recently filed annual
information form, and other continuous disclosure filings which are
available at www.sedar.com. Readers are cautioned not to place
undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE Nickel Creek Platinum Corp.