Tartisan Nickel Corp. Signs Binding Letter of Intent to Purchase Sill Lake Lead-Silver Property, Ontario
Tuesday, March 26, 2019 8:15 AM
Not for distribution to U.S. news wire services or dissemination in the U.S.
TORONTO, ON / ACCESSWIRE / March 26, 2019 / Tartisan Nickel Corp. (CSE: TN; US-OTC: TTSRF; FSE: A2D) ("Tartisan", or the "Company") is pleased to announce that the Company has signed a binding Letter of Intent with Klondike Bay Resources Limited to purchase a 100% interest in certain claims in the Sault Ste. Marie Mining District in Ontario.
The claims are located in Vankoughnet Township, Sault Ste. Marie Mining District, Ontario and the purchase terms call for total cash payments of $25,000; the issuance of 500,000 common shares in the capital of Tartisan Nickel Corp. and a 2% net smelter return royalty (subject to a 1% buy-back provision for $250,000).
The Sill Lake Lead-Silver Project consists of 13 single cell mining claims and four boundary cell claims which represents 372.8 hectares. Lead-silver mineralization was discovered at Sill Lake in 1892, when a 30m adit was driven to a 17m internal shaft, with approximately 40m of lateral development to exploit a lead-silver vein. This was later defined by other explorers including some 3750m of diamond drilling along a defined steeply dipping mineralized trend some 850m in length, with mineralized widths varying between 1.5m and 4.5m. The Project has seen two distinct periods of underground development and production and it is estimated that 7,000 tonnes of ore containing lead and silver were mined. In 2010, a historical NI 43-101 Technical Report gave a measured and indicated mineral resource of 112,751 tonnes at 134 g/t silver; 0.62% lead, and 0.21% zinc. The historical resource estimate used a silver cutoff grade of 60 g/t; but no cutoff grade for the base metal content was used.
Tartisan CEO Mr. Mark Appleby noted, "The purchase of the Sill Lake Lead-Silver claims is in keeping with our strategy of acquiring advanced properties with long term potential. Sill Lake is an excellent project to generate shareholder value in the short term."
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company which owns a 100% stake in the Kenbridge Nickel-Copper Project in Ontario; a 100% interest in the Don Pancho Zinc-Lead-Silver Project in Peru just 9 km from Trevali's Santander mine. Tartisan also owns a 100% stake in the Ichuna Copper-Silver Project, also in Peru, contiguous to Buenaventura's San Gabriel property. Company financial strength is provided by a significant equity stake in Eloro Resources Ltd, which is exploring the low-sulphidation epithermal La Victoria Gold/Silver Project in Ancash, Peru.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN; US-OTC: TTSRF; FSE: A2D). Currently, there are 99,703,550 shares outstanding (105,803,550 fully diluted).
For further information, please contact Mr. D. Mark Appleby, President & CEO and a Director of the Company, at 416-804-0280 ([email protected]). Additional information about Tartisan can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
Jim Steel MBA P.Geo. is the Qualified Person under NI 43-101 and has read and approved the technical content of this News Release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
SOURCE: Tartisan Nickel Corp.