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Fort St. James Nickel Closed the Option on the Porcupine Property from Great Atlantic Resources

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The Porcupine property, which covers approximately 1,280 hectares, is a precious metal – base metal – rare earth elements property, located in central New Brunswick, Canada.

Additional Information:

Company: Fort St. James Nickel
Website: http://www.FTJjminerals.com
Stock Symbol: TSXV: FTJ.H
Date Published: Oct 10, 2017
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Fort St. James Nickel has closed the option on the Porcupine property from Great Atlantic Resources.

The Porcupine property, which covers approximately 1,280 hectares, is a precious metal – base metal – rare earth elements property, located in central New Brunswick, Canada.

The property is approximately 95 kilometres and a one hour drive east from the town of Miramichi, the largest town in northeastern New Brunswick.

Silver and base metal bearing float and bedrock is reported in this region, with some boulders containing elevated gold.

A trench on a 2 kilometre anomaly exposed 20 metres of mineralized zone up to 12% zinc, 18% lead, a 6 ounces per ton silver.

For more information on the property, please refer to the NI 43-101 Technical Report filed on Sedar.

To earn a 100% interest in the property, Fort St. James Nickel must make the following staged payments over 4 years:
$150,000 cash payments
500,000 common shares
$425,000 in deemed value of common shares,
along with $1,000,000 in exploration expenditures over 4 years, with a minimum of $150,000 each year.

Great Atlantic will retain a 2.0% net smelter return royalty, of which Fort St. James may acquire 1% for $1 million.

As the TSX Venture Exchange treated this as a fundamental acquisition, trading was halted on August 21st, when the acquisition was announced.

The shares are expected to begin trading later this week.

The shares last traded at $0.215 and with 14.5 million shares outstanding, prior to this acquisition, the company was capitalized at $3.1 million.

For more information, please visit the company’s website, www.FTJjminerals.com, contact Barry Brown, President, at 604-488-3900, or email office@FTJminerals.com.

I’m Megan Edwards for Investmentpitch Media