Vancouver, British Columbia – December 20, 2024 – Nordique Resources Inc. (CSE: NORD) (the “Company” or “Nordique”) is pleased to announce that it has entered into a purchase and sale agreement dated December 20, 2024 (the “Agreement”) with certain arm’s length vendors, pursuant to which the Company will acquire a 100% interest in and to the Fairview Project (“Fairview” or the “Project”) located in south-central, British Columbia (the “Transaction”).
The Claims
The Fairview Project is comprised of two mineral tenures which cover a total area of 2,574-hectares. The Project is located approximately 50km west of the city of Kamloops in the Quesnel Terrane of the Intermontane Belt of British Columbia. Significantly, the Project borders to the north and west claims owned and operated by Fortescue Canada Resources Ltd., a wholly-owned subsidiary of Australian headquartered Fortescue Metals Group (ASX: FMG).
The Quesnel Terrane is a belt of Upper Triassic to Lower Jurassic volcanic rocks and co-magmatic intrusive rocks which represents an island arc and marginal basin assemblage of rocks. The Terrane is host to numerous copper (plus copper-molybdenum) porphyry deposits which includes the Highland Valley copper mine, New Afton, Copper Mountain and the past-producing Ajax mine. More specifically, the Project is covered by Eocene Kamloops Group volcanic and sedimentary rocks, upper Triassic Nicola Group volcanic rocks, with variable Lower Jurassic Quartz Diorite and Quartz-Feldspar Porphyry intrusives.
Mineralisation on the Project is widespread and covers multiple BC Mineral Files (“Minfiles”; including Fairview, P&L, Quinto III and Quinto) which are prospective for skarn-hosted copper-iron deposits with associated replacement-type and vein-type deposits with pyrite, chalcopyrite, sphalerite, galena, and native copper noted historically. Further information about the Project as well as planned next steps will be communicated to the market in due course.
The Transaction
Pursuant to the terms of the Agreement, upon closing of the Transaction, Nordique will acquire a 100% interest in and to the Project in consideration for the issuance to the vendors of an aggregate of 4,800,000 units of the Company (the “Consideration Units”). Each Consideration Unit will consist of one (1) common share of the Company (a “Share”) and one (1) common share purchase warrant of the Company (a “Warrant”). Each Warrant will be exercisable for one (1) additional common share at an exercise price of $0.07 per share for a period of five (5) years from the date of issuance.
All securities issued pursuant to the Transaction will be subject to a hold period of four months from the date of issuance pursuant to securities laws in Canada.
The Shares underlying the Consideration Units issued pursuant to the Transaction are expected to equal to approximately 28.6% of the total shares of the Company immediately following the Transaction (on a non-diluted basis).
Completion of the Transaction remains subject to the satisfaction of various conditions including, without limitation, the receipt by the Company of all necessary corporate and regulatory approvals and other conditions customary for a transaction of this nature.
The Transaction is an arm’s length transaction and there will be no changes to the Company’s board or management in connection with the Transaction. No finder’s fees will be paid in connection with the Transaction.
For more information, investors should review the Company’s filings that are available at https://www.sedarplus.ca.
For further information contact:
Damion Carruel
CEO and Director
Telephone: (236)-521-0626
Caution Regarding Forward-Looking Information
This press release includes “forward-looking information” that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the Project and the Company’s ability to complete the Transaction on the terms announced or at all. Such statements are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management’s best judgment based on information currently available.
The Canadian Securities Exchange has not in any way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
