CaNickel Announces Expiry of Option Agreement for Sale of the Bucko Lake Mine to Cobalt One and Blackstone Minerals
CaNickel Mining (TSXV: CML) announced the expiration of the Option Agreement signed with Cobalt One Energy and Blackstone Minerals on December 4, 2023. The agreement had granted Cobalt One a 12-month exclusive option to purchase CaNickel's 100% owned Bucko Lake Mine Project, located 110 km southwest of Thompson, Manitoba.
The transaction's failure was attributed to recent nickel price weakness affecting Cobalt One and Blackstone Minerals' financing capabilities. Despite this setback, CaNickel's CEO Shirley Anthony highlighted that demand for Class 1 nickel is expected to grow due to the global transition to renewable energy systems by 2030. The company will now resume marketing the Bucko Lake Mine, which is described as one of the highest-grade nickel sulphide projects in North America, for sale to other interested parties.
CaNickel Mining (TSXV: CML) ha annunciato la scadenza dell'Accordo di Opzione firmato con Cobalt One Energy e Blackstone Minerals il 4 dicembre 2023. L'accordo aveva concesso a Cobalt One un'opzione esclusiva di 12 mesi per acquistare il Bucko Lake Mine Project di proprietà al 100% di CaNickel, situato a 110 km a sud-ovest di Thompson, Manitoba.
Il fallimento della transazione è stato attribuito alla recente debolezza del prezzo del nichel che ha impattato sulle capacità di finanziamento di Cobalt One e Blackstone Minerals. Nonostante questo contrattempo, il CEO di CaNickel, Shirley Anthony, ha sottolineato che la domanda di nichel di Classe 1 è attesa in crescita a causa della transizione globale verso sistemi energetici rinnovabili entro il 2030. L'azienda riprenderà ora la commercializzazione del Bucko Lake Mine, descritto come uno dei progetti di solfuro di nichel con il più alto grado in Nord America, per la vendita ad altre parti interessate.
CaNickel Mining (TSXV: CML) anunció la expiración del Acuerdo de Opción firmado con Cobalt One Energy y Blackstone Minerals el 4 de diciembre de 2023. El acuerdo otorgó a Cobalt One una opción exclusiva de 12 meses para comprar el Bucko Lake Mine Project, que se encuentra a 110 km al suroeste de Thompson, Manitoba.
El fracaso de la transacción se atribuyó a la reciente debilidad en los precios del níquel, que afectó las capacidades de financiamiento de Cobalt One y Blackstone Minerals. A pesar de este revés, la CEO de CaNickel, Shirley Anthony, destacó que se espera que la demanda de níquel de Clase 1 crezca debido a la transición global hacia sistemas de energía renovable para 2030. La empresa ahora reanudará la comercialización del Bucko Lake Mine, que se describe como uno de los proyectos de sulfuros de níquel de mayor grado en América del Norte, para su venta a otras partes interesadas.
CaNickel Mining (TSXV: CML)은 2023년 12월 4일 Cobalt One Energy 및 Blackstone Minerals와 체결한 옵션 계약의 만료를 발표했습니다. 이 계약은 Cobalt One에게 CaNickel 소유의 Bucko Lake Mine Project를 110km 남서쪽에 위치한 Thompson, Manitoba에서 12개월 동안 독점적으로 구매할 수 있는 옵션을 부여했습니다.
거래 실패는 최근 니켈 가격 약세로 인해 Cobalt One과 Blackstone Minerals의 자금 조달 능력에 영향을 미친 것으로 분석됩니다. 이 setback에도 불구하고 CaNickel의 CEO인 Shirley Anthony는 2030년까지 글로벌 재생 가능 에너지 시스템으로의 전환으로 인해 Class 1 니켈에 대한 수요가 증가할 것으로 예상된다고 강조했습니다. 이제 회사는 북미에서 가장 고품질의 니켈 황화물 프로젝트 중 하나로 설명되는 Bucko Lake Mine의 마케팅을 재개할 예정입니다.
CaNickel Mining (TSXV: CML) a annoncé l'expiration de l'Accord d'Option signé avec Cobalt One Energy et Blackstone Minerals le 4 décembre 2023. Cet accord avait accordé à Cobalt One une option exclusive de 12 mois pour acheter le Bucko Lake Mine Project, situé à 110 km au sud-ouest de Thompson, Manitoba.
Échec de la transaction a été attribué à la récente faiblesse des prix du nickel, affectant les capacités de financement de Cobalt One et de Blackstone Minerals. Malgré cet obstacle, la PDG de CaNickel, Shirley Anthony, a souligné que la demande pour le nickel de Classe 1 devrait augmenter en raison de la transition mondiale vers des systèmes d'énergie renouvelables d'ici 2030. L'entreprise va maintenant reprendre la commercialisation du Bucko Lake Mine, décrit comme l'un des projets de sulfure de nickel les plus riches en Amérique du Nord, en vue de le vendre à d'autres parties intéressées.
CaNickel Mining (TSXV: CML) gab die Auslaufzeit des am 4. Dezember 2023 unterzeichneten Optionsvertrags mit Cobalt One Energy und Blackstone Minerals bekannt. Der Vertrag hatte Cobalt One eine exklusive 12-monatige Option eingeräumt, das Bucko Lake Mine Project zu kaufen, das sich 110 km südwestlich von Thompson, Manitoba, befindet.
Das Scheitern der Transaktion wurde auf die jüngste Schwäche der Nickelpreise zurückgeführt, die die Finanzierungsmöglichkeiten von Cobalt One und Blackstone Minerals beeinträchtigte. Trotz dieses Rückschlags hob CaNickels CEO Shirley Anthony hervor, dass die Nachfrage nach Nickel der Klasse 1 aufgrund des globalen Übergangs zu erneuerbaren Energiesystemen bis 2030 voraussichtlich steigen wird. Das Unternehmen wird nun die Vermarktung des Bucko Lake Mine wieder aufnehmen, das als eines der hochwertigsten Nickel-Sulfid-Projekte in Nordamerika beschrieben wird, um es an interessierte Parteien zu verkaufen.
- Bucko Lake Mine is positioned as a high-grade nickel sulphide project in North America
- Strategic location advantages for North American market access
- Project validated for technical merits by Blackstone Minerals
- Failed sale option agreement with Cobalt One and Blackstone Minerals
- Weak nickel prices affecting project financing capabilities
- Need to restart marketing process for asset sale
Vancouver, British Columbia--(Newsfile Corp. - January 6, 2025) - CaNickel Mining Limited (TSXV: CML) ("CaNickel" or the "Company") announces that the Option Agreement it signed with Cobalt One Energy Corporation ("Cobalt One") and Blackstone Minerals Limited ("Blackstone Minerals") on December 4, 2023, pursuant to which Cobalt One had been granted the exclusive right and option for a 12-month period (the "Option") to purchase CaNickel's
"Recent nickel price weakness has unfortunately impacted the ability of Cobalt One and Blackstone Minerals to finance this transaction within the time period allotted in the Option," stated Shirley Anthony, Chief Executive Officer of CaNickel. "While we all had hoped for a different outcome, we are grateful to have worked with the Blackstone Minerals team to validate the technical merits of the Bucko Lake Mine and thank them for their tremendous efforts to complete a transaction over the past 13 months."
"Despite near-term challenges in the nickel market, demand for Class 1 nickel is expected to grow steadily in the coming years, driven by the global transition to renewable energy systems by 2030. In this context, and given a shifting geopolitical landscape, the Bucko Lake Mine represents an incredible opportunity to secure one of the highest-grade and most advanced nickel sulphide projects located strategically in North America. With the expiry of this Option Agreement and exclusivity period, the Company will resume marketing the asset for sale and invites all interested parties to learn more about the project at www.canickel.com or to contact me," concluded Ms. Anthony.
ABOUT CANICKEL
CaNickel Mining Limited is a Canadian junior mining company that currently owns the Bucko Lake Mine, currently on care and maintenance, near Wabowden, Manitoba. From 2009 to 2012, nearly 450,000 tonnes of mineralized material were mined to produce 6.9 million pounds of nickel before the mine was put on care and maintenance due to low nickel prices.
Further information is available at www.canickel.com or contact:
Shirley Anthony
Chief Executive Officer
Phone: 778-999-2771
Email: shirley@canickel.com
Website: www.canickel.com
CaNickel Mining Limited
Suite 720 - 320 Granville St.
Vancouver, British Columbia Canada V6C 1S9
Forward-Looking Statements
This press release may contain forward-looking statements including those describing the Company's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, most of which are beyond the control of the Company. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the Company's plans for the sale of the Project. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236085
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