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Sector:  Mining, Base Metals, PGE, Precious Metals  :

 

News Release -  December 9, 2022 4:52 PM ET    - Editorial Release

 

 

Québec Nickel Corp. Announces Closing of First Tranche of Private Placement, Advancing Ducros Ni-Cu-PGE-Au Project, Abitibi, Québec

 

NEW YORK, NY, December 9, 2022 /Sector Newswire/ -- Québec Nickel Corp. (CSE: QNI) (OTCQB: QNICF) (Frankfurt: 71B) today announced that it has completed the closing of a first tranche of its brokered private placement.

 

This news falls on the heels of an update of its recent exploration activities at its Ducros Ni-Cu-PGE-Au Project, 80 kilometres northeast of Val-d’Or, Québec.

 

Below is copy of both news release followed by a listing of URLs compiled by Sector Newswire for further insight on Québec Nickel Corp.

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Copy of December 9, 2022 News Release:

 

Québec Nickel Corp. Announces Closing Of The First Tranche Of Its Previously Announced Private Placement

 

Vancouver, British Columbia, December 9, 2022 – Québec Nickel Corp. (CSE: QNI) (“Québec Nickel Corp.” or the “Company”) is pleased to announce that it has completed the closing of a first tranche of its brokered private placement (the “First Tranche”) by issuing a total of: (i) 9,575,000 units (each a “Unit”), at a price of $0.20 per Unit; (ii) 4,433,367 national flow-through shares (each, a “National FT Share”), at a price of $0.24 per National FT Share; and (iii) 10,612,000 Quebec flow-through shares (each, a “Quebec FT Share”), at a price of $0.25 per Quebec FT Share. The aggregate gross proceeds raised from the First Tranche is $5,632,008.08.

All National FT Shares and QC FT Shares issued in the private placement are subject to a four-month hold period expiring on April 10, 2023. Of the Units issued, a total of 4,900,000 were issued pursuant to applicable prospectus exemptions in accordance with National Instrument 45-106 – Prospectus Exemptions or in Québec pursuant to Regulation 45-106 – respecting Prospectus Exemptions (collectively, “NI 45-106”) and are also subject to a four-month hold period expiring on April 10, 2023. The balance of 4,675,000 Units were issued to purchasers’ resident in all provinces of Canada, except Québec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”).

Each Unit is comprised of one common share (“Common Share”) in the capital of the Company and one-half (1/2) of a Common Share purchase warrant (“Warrant”) of the Company. Each whole Warrant entitles the holder thereof to acquire one additional Common Share at a price of $0.30 for a period of two (2) years from the closing date (the “Closing Date”) of the First Tranche. The National FT Shares and the Quebec FT Shares will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).

The Company will use the private placement proceeds from the Units for general working capital and exploration purposes and will use the proceeds from the National FT Shares and the Quebec FT Shares exclusively to fund exploration work on its properties located in the Province of Québec.

The Company is pleased to have received support and participation from its existing shareholders in the private placement. David Patterson, CEO further acknowledges the new participation and support from three Quebec-based institutional funds for this financing, SIDEX L.P., Société de Développement de la Baie-James and CDPQ. “This demonstrates why Quebec is consistently ranked as one of the best places for mineral exploration.” The Company would like to thank all participants to the financing.

As a result of the closing of the private placement, there are now 98,307,205 common shares of the Company issued and outstanding. The private placement is subject to final acceptance by the Canadian Securities Exchange.

The private placement was led by a syndicate of agents, with EMD Financial Inc. acting as sole bookrunner and including Canaccord Genuity Corp. (collectively, the “Agents“). In connection with the private placement, the Agents received a $298,720 cash commission and 1,477,222 non-transferable compensation options (each, a “Compensation Option”). Each Compensation Option entitles the holder thereof to acquire one Common Share at a price of $0.30 until December 9, 2024.

The insiders’ (“Insiders”) participation for $260,000.08 is exempt from the formal valuation and minority shareholder approval requirements provided under Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“Regulation 61-101”) in accordance with Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101. The exemption is due to the fact that neither the fair market value of the private placement, nor the consideration paid by such Insiders exceeds 25% of the market capitalization of the Company.

The Company may close a second tranche of its private placement on or before December 29, 2022.

 

 

ABOUT QUEBEC NICKEL CORP.

Québec Nickel Corp. is a mineral exploration company focused on acquiring, exploring, and developing nickel projects in Québec, Canada. The Company owns a 100% interest in the Ducros Property, consisting of 280 contiguous mining claims covering 15,147 hectares within the eastern portion of the Abitibi Greenstone Belt in Québec, Canada. Additional information about Québec Nickel Corp. is available at www.quebecnickel.com. 

On behalf of the Board of Directors

David Patterson
Chief Executive Officer and Director

1 (855) 764-2535 (QNICKEL)
info@quebecnickel.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the CSE policies) accepts responsibility for this release’s adequacy or accuracy.

CAUTIONARY AND FORWARD-LOOKING STATEMENTS

This news release contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Québec Nickel’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Although Québec Nickel believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature, forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

...Click here to see full copy of this release from source

 

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Copy of November 17, 2022 News Release:

 

Québec Nickel Provides An Update Of Its Work Programs At The Ducros Ni-Cu-PGE Project, Abitibi, Québec

 

 

Drilling at the Fortin Sill Ni-Cu-PGE Zone continues, and multiple geophysical targets identified at the Ducros Gabbro target to be drilled this winter.

Vancouver, British Columbia, November 17, 2022 – Québec Nickel Corp. (CSE: QNI; FSE: 7lB; OTCQB: QNICF) (“QNI” or the “Company“) is pleased to provide an update of its recent exploration activities at its Ducros Ni-Cu-Co-PGE-Au Project, 80 kilometres northeast of Val-d’Or, Québec.

Highlights:

  • Drilling at the Fortin Sill Zone continues with two drills, targeting extensions of the Ni-Cu-PGE zone, testing anomalies similar to the geophysical fingerprint of the Fortin Sill Zone as well as exploring the mineralized system at depth.

  • Inaugural drilling program at the Ducros Ultramafic Sill Complex (DUSC) completed with permissive rock types encountered in all holes.

  • Multiple coincident geophysical anomalies identified at the Ducros Gabbro and DUSC target areas that will be drilled this coming year as part of a planned 20,000 metres exploration drilling program.

2022 Diamond Drilling Program Update

Fortin Sill Zone

Drilling at the Fortin Sill Zone and the immediate area continues with two surface drills. The focus of drilling is the interpreted extensions of the nickel-copper-PGE zone, evaluating multiple geophysical anomalies that have similar expressions as that at the Fortin Sill Zone, as well as exploring the mineralized system at depth. As previously reported, a second drill was mobilized to the Fortin Sill Zone drilling program in October following the Company’s drilling success, including a 8.43 metre-long intersection assaying 1.85% Ni, 1.65% Cu (3.50% Ni + Cu), 576 ppm Co and 3.27 g/t Pt-Pd-Au in hole QDG-22-29 (see August 30, 2022 News Release). Core logging and sampling are in progress and results are pending for over 50% of the samples submitted to the assay lab for this phase of work.

Ducros Ultramafic Sill Complex

As announced on September 19, 2022, exploration drilling began in the central portion of the Ducros property at the Ducros Ultramafic Sill Complex (DUSC). The objective of the Phase I drill program at the DUSC was to obtain the first ever geological information from this ~2 kilometres wide by ~10 kilometres long exploration target area. This area is interpreted to be underlain by significant volumes ultramafic to mafic dikes and sills that have been injected into an extensive package of sulphide-bearing clastic metasediments and metavolcanics. As the target area is covered by variable thicknesses of overburden and contains little to no outcrop exposure, the current geological interpretation of the DUSC target area is derived from Québec Government geology maps that are in turn based on interpretations of historical airborne geophysical datasets.

The Company is happy to report its Phase I drilling program at the DUSC target has been successfully completed and the drill contractor has demobilized from the area. Over 3,650 metres in 10 holes were drilled along an east-west fence. This fence of holes spans more than 800 metres across the interpreted north-south strike of the regional geological trend. These holes targeted strong magnetic high geophysical features with well-defined flanking and/or coincident electromagnetic conductive anomalies, as highlighted by the VTEMTM airborne survey completed in Q2 2022 (see news release from April 27, 2022 for reference) and further refined by high-resolution drone magnetic surveys (refer to news release from June 13, 2022). All drill holes encountered rock types that support the geological interpretation of the DUSC, including but not limited to thick mafic to ultramafic intrusive units, graphitic metasedimentary seams, sulphide +/- oxide facies iron formation, felsic to intermediate metavolcanics and related breccias as well as sequences of silicified +/- sulphide-bearing exhalative/volcanogenic/volcanoclastic rock units. Core logging and sampling is in progress and assay results from the Phase I DUSC drilling will be reported when available.

As previously reported, due to the saturated ground conditions along portions of the existing access trail into the DUSC target area, the Company engaged the services of Northern Mat & Bridge (NM&B) to facilitate the mobilization of the drill and support equipment to the work area. NM&B, a Canadian company with an office in Montreal, Québec, specializes in providing safe, environmentally benign, and cost-effective temporary access solutions to otherwise impassable terrain for reasons such as poor ground conditions, weather, sensitive farm/grass lands and traditional land use areas. Utilizing the expertise and services of NM&B supports Québec Nickel’s philosophy of minimizing the impact of its work programs on the environment. NM&B have returned to the Ducros project and have begun the process of removing the temporary environmental matting along the access trail into the DUSC t
arget area.

2023 Drilling Program Planning

The Company is also pleased to report it has received the final results of the fixed-wing airborne gravity survey completed by Xcalibur Multiphysics in September (see the October 12, 2022 News Release for reference). The 2,054 line-kilometre Falcon Gravity system survey was flown at a 100-metre line spacing and covers the entire Ducros property. In addition, final data from the additional 3,000 line-kilometers of high-resolution drone magnetic surveys have also been received from Vision4K and have been incorporated into the geophysical database. The integration and modelling of these new datasets, in conjunction with the previously acquired VTEMTM data has led to the identification of multiple high-priority drill targets at both the Ducros Gabbro and DUSC target areas.

At the Ducros Gabbro target, multiple coincident geophysical anomalies (magnetic highs + electromagnetic anomalies +/- anomalous gravity signatures) occur along and within the distinctive geophysics of the southeast edge of the gabbroic intrusion as well as within the southern tail of the gabbroic body (Figure 1). At the DUSC target area, numerous similar geophysical anomalies have been identified through the analyses of the updated dataset (Figure 1).

With these data sets and new Ni-Cu-PGE drill targets in hand, and with the positive drilling results returned from the Fortin Sill Zone to date, planning is currently underway that will see 20,000 metres of new drilling completed at all three targets in 2023.

Figure 1. Plan map of Québec Nickel’s Ducros property (red outline) showing the merged total field VTEMTM and drone magnetic data sets overlain on top of Québec Government geology. 2023 drilling target areas are indicated by dashed outlines. Drill targets comprise coincident geophysical anomalies (VTEM conductive features +/- magnetic highs responses +/- gravity features).

Geology Studies

As part of the ongoing work to support the drilling and geology programs at the Ducros project, several representative outcrop and core samples from the Fortin Sill Zone drilling were delivered to IOS Services Géoscientifiques (IOS), of Chicoutimi Québec, during the summer for thin section petrographic analyses. The results from the first batch of 15 core samples have been received and are highlighted by the positive identification of coarse grained pentlandite as the nickel-hosting sulphide phase at Fortin Sill (Figure 2). In addition, the work by IOS has identified enstatite as the dominant pyroxene silicate mineral phase within the host rocks to the Fortin Sill Zone mineralization (Figure 2). As such, the host rocks at Fortin Sill Zone are classified as gabbronorites.

Additional representative core samples have been collected from more recent drilling and will be submitted for petrographic studies.

 

 

Figure 2. A – Photo of NQ diameter core sample E947410 from drill hole QDG-22-10 collected at 35.89 metres hole depth displaying several percent sulphides within the gabbronorite host rock; B – transmitted light thin section image of the same core sample as supplied by IOS showing the distribution of pyrrhotite (dark red), copper-bearing chalcopyrite (orange) and the nickel-bearing sulphide phase pentlandite (magenta) hosted by an enstatite dominated gabbronorite rock.

In addition to the thin section work completed by IOS, five additional mineralized core samples from more recent drilling at the Fortin Sill Zone were provided to the Mineral Deposit Research Unit (MDRU) of the University of British Columbia for a mineral (nickel) deportment study using its Brunker M4 Tornado micro-X-ray fluorescence spectrometer (micro-XRF). The provided samples represent the range of styles and concentrations of sulphide mineralization encountered at the Fortin Sill Zone to date; ranging from patchy disseminated through coarse blebby to heavy net texture pyrrhotite-chalcopyrite. Elemental maps of silicon, sulfur, iron, nickel, and copper were produced at a resolution of 40 microns per pixel and illustrate the nickel in the provided samples is contained within sulfides and not within silicate phases (Figure 3).

 

 

Figure 3. A – Photo of NQ diameter core sample E5738444 from drill hole QDG-22-29 collected at 39.00 metres hole depth displaying heavy net texture sulphide mineralization within the gabbronorite host rock; B – image of the same core sample generated by MDRU’s micro-XRF system showing the nickel (light teal colour) is hosted with the sulphide component of the sample (dark blue) and copper (pink phase) is also hosted with the sulphide component (chalcopyrite). Coarse blebs of pentlandite (nickel-bearing sulphide) identified by the symbol “Pn”.
 

Data Room & Confidentiality Agreements
 
The Company also reports a digital data room has been created and populated with all pertinent Ducros project information collected to date and multiple Confidentiality Agreements have been executed with interested third parties allowing them access to the data.

Core Processing & QAQC

Québec Nickel has implemented a quality assurance and quality control (“QAQC”) program for its Ducros Project to ensure best practices for logging, sampling, and analysis of its drill core, as well as for the collection and analyses of rock samples. This includes the regular insertion of geochemical blanks, duplicates and multiple Ni-Cu-PGE-Au certified reference material standards (CRMs) into the sample stream.

 
Drill core is collected by Ducros Project personnel daily from the drill rigs and transported in secured core boxes to QNI’s core logging facilities in Val d’Or. Logging is completed on laptops and data are captured using fit-for-purpose computer software.

Core destined for geochemical analyses is identified and labeled by core logging geologists and is then sawed in half by a diamond blade. One half of the NQ-diameter core sample is placed in a labeled and secured sample bag. The remaining half of the core sample is returned to its core box for archiving. All core samples are transported from QNI’s logging facilities to AGAT Laboratories’ sample preparation facility in Val-d’Or in secured and numbered rice bags by project personnel.

AGAT Laboratories is accredited to the ISO/IEC 17025:2017 and ISO 9001:2015 standards. Analysis for precious metals (gold, platinum, and palladium) is completed by Fire Assay with an ICP-OES finish while analyses for nickel, copper, and 41 other elements are performed using AGAT’s 4 Acid Digest – Metals Package, with an ICP-OES finish.

 

QUALIFIED PERSON

Gary DeSchutter, M.Sc., P.Geo., Vice-President of Exploration for Québec Nickel Corp., and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed and approved the scientific and technical content of this news release. 

ABOUT QUEBEC NICKEL CORP.

Québec Nickel Corp. is a mineral exploration company focused on acquiring, exploring, and developing nickel projects in Québec, Canada. The Company owns a 100% interest in the Ducros Property, consisting of 280 contiguous mining claims covering 15,147 hectares within the eastern portion of the Abitibi Greenstone Belt in Québec, Canada. Additional information about Québec Nickel Corp. is available at www.quebecnickel.com

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

On behalf of the Board of Directors

David Patterson
Chief Executive Officer and Director

1 (855) 764-2535 (QNICKEL)
info@quebecnickel.com

CAUTIONARY AND FORWARD-LOOKING STATEMENTS

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market, or business conditions. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates, opinions, or other factors should change.

...Click here to see full copy of this release from source


  

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Sector Newswire has identified the following URLs for additional DD on Québec Nickel Corp.:

 

Company website: www.quebecnickel.com

 

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SEDAR: URL

 

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Recent site visit review by Mining Analyst, Eric Lemieux: URL

Excerpt: "We estimate for the 7 intersections disclosed by QNI in the Fortin Sill system an average of 4.95m @ 0.72% Ni, 0.78% Cu, 1.32 g/t Pt-Pd-Au"

 

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Recent Mining Journal review: https://miningmarketwatch.net/qni.htm

Excerpt: Québec Nickel Corp. (CSE: QNI) (OTCQB: QNICF) (Frankfurt: 71B) is a Canadian-based mineral exploration company focused on advancing its 100%-owned Ducros Ni-Cu-PGE Property in Québec, located in the prolific Abitibi Greenstone belt. The Abitibi region is world renown for world-class gold-copper deposits, however QNI has what is rapidly developing as one of Canada's most exciting nickel sulphide plays, increasingly described in mining circles as a "big unicorn" for the fact it is an outlier with grades ~4 - 5 times what is found in the region for nickel, but also spectacular elevated copper, cobalt, platinum, palladium, and gold (PGE stands for Platinum Group Elements).

Québec Nickel Corp. was formed in 2020 to specifically tackle Ducros, its maiden 20,000 m multi-phase drill program began in Q1-2022. The Fortin Sill Ni-Cu-PGE deposit is rapidly developing, starts at surface and appears amenable to a high-grade open pit scenario. There is currently 2 drill rigs active on the Fortin Sill Ni-Cu-PGE Zone completing the planned 20,000 m, to date the company has reported on 29 holes, and has numerous core assays pending at the lab to report near-term. Besides its main focus of ongoing continuity drilling at the Fortin Sill deposit, the company is juxtaposing exploration, also looking at targets that are highly prospective for new discovery in other areas of the property (e.g. its Ducros Ultramafic Sill Complex has recently received over 3,650 metres in 10 holes spanning 800 m across the interpreted north-south strike of the regional geological trend (assays are pending).

QNI currently has a nominal market cap of ~C$17.7M (~98.3 million shares trading near ~C$0.18). See Dec. 9, 2022 news announcing the partial closing of new $10 million financing, majority of the company shares are institutionally held, the company is well capitalized and financed to accomplish key objectives thru 2023. The share price of QNI appears poised for upside revaluation as continued news flow occurs, and as the significance of what Québec Nickel Corp. possesses is better appreciated by the market.

The geological team leadership, directors, and board of advisors are an impressive who's-who of nickel expertise with career accomplishments across the spectrum from nickel exploration & discovery, development, and major production (see CV's at the bottom of this article). Gary DeSchutter, M.Sc., P.Geo., is Vice-President of Exploration for Québec Nickel Corp., he started his career with Falconbridge and transitioned to Anglo American for 6 years as part of their global nickel generation team. Gary joined Québec Nickel in February-2022 -- in-short, he picked Québec Nickel because he knows nickel and was attracted by the anomalous Nickel-Copper-Platinum Group Element (PGE) occurrences and elephant-size potential at Ducros.

 

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This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL(s).

 

 

SOURCE: Sector Newswire editorial

editorial@SectorNewswire.com

 

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