NORTHX NICKEL CORP Stock Price, News & Analysis

NorthX Nickel (OTCQB: NXNIF) has completed several significant transactions and announcements. The company has closed the sale of its Sudbury Basin portfolio to Magna Mining, successfully converted subscription receipts from a $1.3 million private placement, and announced a leadership transition with the resignation of CEO Tom Meyer.

The company's focus shifts to its flagship Grasset Nickel property in Quebec, which hosts one of Canada's largest nickel sulphide deposits with an Indicated Mineral Resource of 5.5 Mt grading 1.53% NiEq. Recent drilling has revealed the new H1X Discovery Zone, showing significant intercepts including 1.29% Ni over 7.20 metres. The property's potential is further supported by a comprehensive airborne magneto-telluric survey identifying multiple promising anomalies.

NorthX Nickel Corp (CSE: NIX, OTCQB: NXNIF) has announced a definitive asset purchase agreement with Magna Mining (TSX: NICU) to sell its entire Sudbury Basin portfolio of nickel and base metal assets. Under the agreement, Magna will acquire all property, assets, rights, and obligations related to NorthX's Sudbury Properties for C$1.00. As part of the deal, Magna will assume liabilities for the Broken Hammer Project Mine Closure Plan, including approximately C$481,629 in financial assurance, while NorthX will provide C$500,000 to cover closure financial assurance.

Following this transaction, NorthX will focus exclusively on its flagship 100%-owned Grasset Project in Quebec's Abitibi Greenstone Belt. The transaction is expected to close by the end of Q1 2025, subject to customary closing conditions and regulatory approvals.

NorthX Nickel has provided an update on its Grasset Nickel Project in Quebec, Canada. The 2023-2024 exploration program led to the discovery of the H1X Discovery Zone, with notable drilling results including up to 2.97% Ni over 0.44 meters. The property-wide airborne magneto-telluric survey identified several untested conductive zones. The company plans further drilling to extend the H1X Discovery Zone and test new targets.

The 2023 program included 11 drill holes, achieving significant finds like the H1X, which is open for expansion. The H1X Zone features higher nickel grades than the existing resources. Sonic drilling also found strong geochemical anomalies, reinforcing the potential for future discoveries.

NorthX plans detailed reverse-circulation drilling and ground surveys to explore these findings. They also highlighted the need for more exploration to capitalize on the conductive zones identified by the airborne survey.

NorthX Nickel Corp. (CSE: NIX) (OTCQB: NXNIF) (FSE: 6YR) announced the results of its Annual General and Special Meeting of Shareholders held on June 25, 2024. Shareholders voted in favor of all business matters, with 12,737,439 common shares (44.75% of outstanding shares) participated. The number of directors was fixed at five, with over 96% support for each re-elected director. Tom Meyer, Simon Marcotte, Brian Penny, Adree DeLazzer, and Christian Kargl-Simard were re-elected. BDO Canada LLP was reappointed as the auditor with 99.72% approval, and the Omnibus Equity Incentive Compensation Plan was approved with 97.07% support.