Power Nickel Inc (TSX-V:PNPN) said it has exercised its option to acquire 50% of the Nisk project, a high-grade Nickel PGM Project near Nemaska, Quebec.
The company also said it has informed its partner, Critical Elements Lithium Corp, about its intention to exercise the second option to acquire an additional 30% interest, bringing its ownership in the project to 80%.
The remaining obligation for the second option is the delivery of a NI 43-101 Technical Report, which includes a resource estimate, expected to be delivered in late Q3 or early Q4.
In a statement, Power Nickel CEO, Terry Lynch, expressed his enthusiasm, commenting: "Nisk has been an amazing success story for Power Nickel and Critical Elements ... We look forward to completing a Feasibility study on the project, which will be the last condition prior to entering a true 80:20 JV with our partner Critical Elements."
The company said it has also made strategic hires to support its goal of building Canada's first carbon-neutral nickel mine.
Kenneth Williamson, a seasoned professional geologist, has been appointed as vice-president - Exploration, while Duncan Roy, a highly experienced individual from the brokerage industry, has been hired as vice president - Investor Relations.
Commenting on the new hires, Lynch said: "As we move deeply into the continued exploration and development at Nisk we need to build our team ... We are confident Ken can hit the ground running and add a ton of value right away."
Regarding Roy, he said: "You cannot have a successful junior mining company if you cannot raise capital ... I would feel quite comfortable having Duncan present the Power Nickel investment and know that he will do a great job of hitting that correct level of expertise and optimism."
In addition to the personnel changes, the company announced a small hard-dollar private placement of $200,000, issuing up to 800,000 units at $0.25 per unit, consisting of one common share and one share purchase warrant.
Power Nickel also owns significant land packages in British Colombia and Chile and has recently acquired the Golden Ivan project in the Golden Triangle, which boasts significant mineral resources.
The company also owns properties in Chile with a 3% NSR royalty interest on any future production from the Copaquire copper-molybdenum deposit, bordering Teck's producing Quebrada Blanca copper mine.
Contact the author at jon.hopkins@proactiveinvestors.com