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Fort St. James Nickel signs LOI to acquire base/precious metal property in New Brunswick and announces private placement

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The company plans to acquire a 100% interest in the Nepisiguit Base/Precious Metal property located within the famous Bathurst Mining Camp of northern New Brunswick, one of Canada’s oldest mining districts for VMS deposits. The company has announced both regular and flow-through non-brokered private placements, with the regular units, the company intends to raise gross proceeds of up to $270,000 and with the flow-through units, the company intends to raise gross proceeds of up to $250,000.

Additional Information:

Company: Fort St. James Nickel
Website: http://www.FTJminerals.com
Stock Symbol: TSXV: FTJ
Date Published: May 25, 2021
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Fort St. James Nickel has signed a LOI to acquire a base/precious metal property in New Brunswick from a private company.

The company plans to acquire a 100% interest in the Nepisiguit Base/Precious Metal property located within the famous Bathurst Mining Camp of northern New Brunswick, one of Canada’s oldest mining districts for VMS deposits.

The approximately 4,800-hectare property, located approximately 30 kilometers southwest of the city of Bathurst, has excellent access with logging roads transecting the property.

The property borders Trevali Mining’s Heath Steele Property, site of the historic Heath Steele Mine.

Copper, lead and zinc mineralization and geochemical/geophysical anomalies are reported in various regions on the property.

Diamond drilling during late 2020 by the private company consisted of four drill holes totalling 705 meters within the central region of the property.

The drill program tested an area of pyrite-rich float and magnetite iron formation float/outcrop, anomalous for lead with samples up to 0.36% lead.

All four holes intersected pyrite-rich to semi-massive pyrite intervals with one hole also intersecting magnetite iron formation.

The company has 30 days to conduct due diligence and is currently sampling this core for gold assay and multi-element including copper, lead, zinc and silver analysis with a view to negotiating a definitive agreement.

The geology of the property is favorable for VMS deposits, being predominantly underlain by Tetagouche Group rocks which have hosted historic mines including the Brunswick No. 6, Brunswick No. 12, and Heath Steele Mines.

Fort St. James Nickel has compiled historical information on the property and identified numerous target areas for VMS deposits.

The company has announced both regular and flow-through non-brokered private placements.

With the regular units, the company intends to raise gross proceeds of up to $270,000 through the issuance of up to 1.5 million units priced at $0.18 per unit, with each unit consisting of 1 share and 1 warrant.

With the flow-through units, the company intends to raise gross proceeds of up to $250,000 through the issuance of up to 1 million units priced at $0.25 per unit, with each unit consisting of 1 share and one-half a warrant.

With both offerings, each full warrant is exercisable at $0.30 for 12 months, subject to an acceleration clause.

The proceeds will be used for exploration on the New Brunswick property and for general working capital purposes.

The shares are trading at $0.25.

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

I’m Megan Edwards for Investmentpitch Media