logo-loader

Sphinx Resources buys former producing nickel copper mine in Quebec

Published: 15:41 02 Jun 2015 BST

nickel-pure-350
The Marbridge underground mine produced 774,227 tonnes of ore grading 2.28% nickel and 0.1% copper between 1962 and 1968 and is the only nickel mine in the Abitibi region so far

Sphinx Resources (CVE:SFX) has acquired the Marbridge high grade nickel-copper mine  from Royal Nickel Corp, it told investors.

The Marbridge underground mine produced 774,227 tonnes of ore grading 2.28% nickel and 0.1% copper between 1962 and 1968 and is the only nickel mine in the Abitibi region so far.

It consists of eight claims and two mining concessions for a total area of 5.8 sq km within the municipality of La Motte just east of the Preissac project, from where the firm recently revealed high grade mineralisation had been hit.

Sphinx will acquire 100% interest by issuing 2mln shares to RNC at a deemed price of $ 0.035 per share, which will be subject to a four month hold period.
RNC will also receive a 2% net smelter return royalty (NSR).

Sphinx can buy the  full 2% NSR for $2mln, while the eight mining claims also remain subject to a 2% NSR for Jefmar Inc.

Sphinx can purchase 50% of the Jefmar Royalty for $1mln, it said.

The firm said there was "significant potential" for the discovery of high grade Ni-Cu-PGE sulphide deposits typical of the Raglan (Quebec) and Kambalda type deposits (Western Australia) at the Marbridge and Preissac projects.

The firm also revealed that the Preissac and Marbridge projects have been renamed the Somanike project following the signing of a cooperation agreement between Sphinx and the Abitibiwinni first nation.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

1 hour, 14 minutes ago