VANCOUVER, BC, March 22,
2023 /CNW/ - SKRR Exploration Inc. (TSXV: SKRR)
(FSE: B04Q) ("SKRR" or the "Company") is pleased
to announce it has entered into a definitive arm's length
acquisition agreement with Fathom Nickel Inc. (CSE: FNI)
("Fathom") dated March 21,
2023 (the "Acquisition Agreement") for the
disposition of SKRR's 100% owned Watts Lake zinc property (the
"Property"). The Property consists of 24 mineral claims
comprising a total of 13,708.11 hectares and is approximately 65 km
north-east of the town of La Ronge,
Saskatchewan and 20km northwest of the community of
Missinipe, SK.
Terms of the Acquisition
Agreement
Under the terms of the Acquisition Agreement, Fathom will
acquire a 100% interest in the Property by making the following
cash and share payments to SKRR:
- an initial cash payment of C$75,000;
- 2,000,000 common shares in the capital of Fathom; and
- an additional cash payment of C$75,000 within 60 days of the execution of the
Acquisition Agreement. The Acquisition Agreement provides for an
underlying 2% net smelter return royalty in favour of Edge
Geological Consulting Inc. (subject to a buy down to 1% for
C$1,000,000).
The common shares to be issued pursuant to the Acquisition
Agreement will be subject to a four month hold period from the date
of issuance in accordance with applicable securities laws.
Sherman Dahl, President and CEO
of SKRR, commented:
"SKRR is an asset-rich project generator,
having acquired numerous high potential precious metal, and
strategic base and battery metal projects, primarily focused in the
province of Saskatchewan. Working
with strong groups like Fathom Nickel Inc. allows SKRR to unlock
hidden value within our company. Multiple occurrences of
near-surface mineralization, including the historic Borys Lake lead-zinc deposit, along an extensive
>14km conductive trend, make Watts Lake a very exciting
property. There is not only potential for further mineralization
potential but, as VMS deposits often occur in clusters, and
numerous mineralized showings associated with structural conductive
features on the property, there is good potential for further
discoveries. Located in one of the World's top mining
jurisdictions, the shallow depth, favorable geology and proximity
to major infrastructure, means there is the potential to fast-track
exploration and development activity."
Watts Lake Property
Highlights
- World-Class Jurisdiction: Saskatchewan is consistently ranked globally
as a top mining investment jurisdiction.
- Large Land Package in a Favorable Geological Setting:
Watts Lake is a large contiguous land package consisting of 13,708
ha in the established, deposit endowed La Ronge Domain, of
Saskatchewan. The Property is
strategically located near important infrastructure, including
within 20km of major provincial highway network.
- Historic Borys Lake Lead-Zinc Zones: The Borys Lake
Corridor is anchored by the shallow depth historic Borys Lake lead-zinc deposit, including all four
known drill hole delineated zones; Mac, Main, Will A/Will B and Sam
zones. The main zone was interpreted to have an approximate
strike length of 975 m and widths
varying from 5.3 to 19.5 m with
the zinc to lead ratio being approximately 10:1. Mineralization is
open along strike and at depth.
- Strong Blue-Sky Potential: Watts Lake project area
covers multiple, parallel basement conductive corridors, identified
by a 2008 airborne versatile time-domain electromagnetic (VTEM)
geophysical survey, including the entire approximately 14km-long
Borys Lake conductive corridor, as
well as significant portions of parallel corridors. The conductive
corridors have numerous drill intersected and surface identified
mineralized occurrences of zinc, copper, and silver as well as
anomalous gold, nickel and cobalt.
See Fathom's news release dated March 22,
2023 for additional details regarding Fathom, the
transaction and the Property.
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Ross McElroy P.Geol, a director of the Company
and a "Qualified Person" as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects.
About SKRR Exploration
Inc.:
SKRR is a Canadian-based precious and base metal explorer with
properties in British Columbia and
Saskatchewan – some of the world's
highest ranked mining jurisdictions. The primary exploration focus
is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious
and base metal deposits. The Trans-Hudson Orogen – although
extremely well known in geological terms has been significantly
under-explored in Saskatchewan.
SKRR is committed to all stakeholders including shareholders, all
its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking
Information
This news release contains "forward–looking information or
statements" within the meaning of applicable securities laws, which
may include, without limitation, statements that address the
Property and the Acquisition Agreement, other statements relating
to the technical, financial and business prospects of the Company,
its projects and other matters, and the Company's plans and goals.
All statements in this news release, other than statements of
historical facts, that address events or developments that the
Company expects to occur, are forward-looking statements. Although
the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
statements. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
the environment in which the Company will operate in the future,
including the price of metals, the ability to achieve its goals,
the ability to secure equipment and personnel to carry out work
programs, that general business and economic conditions will not
change in a material adverse manner, that financing will be
available if and when needed and on reasonable terms. Such
forward-looking information reflects the Company's views with
respect to future events and is subject to risks, uncertainties and
assumptions, including the risks and uncertainties relating to the
interpretation of exploration results, the interpretation of
technical and scientific data, risks related to the inherent
uncertainty of exploration and development and cost estimates and
the potential for unexpected costs and expenses and including
those filed under the Company's profile on SEDAR at www.sedar.com.
There is a possibility that future exploration, development or
mining results will not be consistent with the Company's
expectations. Factors that could cause actual results to differ
materially from those in forward looking statements include, but
are not limited to, continued availability of capital and financing
and general economic, market or business conditions, adverse
weather or climate conditions, decrease in the price of metals,
equipment failures or failure to obtain the necessary equipment,
failure to maintain all necessary government permits, approvals and
authorizations, the impact of Covid-19 or other viruses and
diseases on the Company's ability to operate, failure to maintain
community acceptance (including First Nations), increase in costs,
litigation, and failure of counterparties to perform their
contractual obligations. The Company does not undertake to update
forward–looking statements or forward–looking information, except
as required by law.
SOURCE SKRR EXPLORATION INC.