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With Metals One plc committing to advance the Rana Project in 2022, we're looking forward to the results of modern exploration work as we believe there is lots of upside and value remaining to be unlocked at the Rana Nickel Project."ĭavid Gaunt, P.Geo., a Qualified Person who is not independent of Electric Royalties, has reviewed and approved the technical information in this release.Įlectric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc & copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.Įlectric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. More than $150 million has been raised in 2021 by operators of our royalty assets to advance the projects. Showing Area 3 exploration potential (CNW Group/Electric Royalties Ltd.)īrendan Yurik, CEO of Electric Royalties commented, "Underexplored historically producing nickel mines like Rana in tier 1 jurisdictions are an excellent place to search for future nickel supply to fill the looming supply / demand gap in an ESG friendly way and with less risk than greenfield projects.
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Underexplored property with demonstrated exploration potential and near mine exploration potential with the mineralization reported to be open in several directions. Large historical drill database of 3,845 holes which demonstrates compelling near mine exploration potential. A qualified person under has not done sufficient work to classify the estimate as current mineral resources and the Company is not treating it as current.Īvailable maintained mine infrastructure includes power, roads, and conveyor from mine site to existing port facilities. The estimate is historical in nature and does not qualify as mineral resources under CIM Definition standards and NI 43-101. No classification of the estimate was reported. The project includes the past producing Bruvann Ni-Cu-Co mine which was in production from 1989 until 2002 and processed 8.2 million tonnes of ore at an average grade of 0.52% Ni, 0.1% Cu and 0.02% Co 1.Ī historical estimate of the remaining resource is 9.15 million tonnes at grades of 0.36% Ni, 0.09% Cu and 0.01% Co above a cut-off of 0.3% Ni 1. The area is well serviced by the country's main highway and benefits from nearby international airport facilities. The Rana Nickel Project is located on the Ofoten Fjord in Northern Norway which is ice-free year-round. Rana Nickel Royalty Acquisition Highlights The transaction remains subject to customary closing conditions including TSX-V approval. The Consideration Shares will be subject to a voluntary escrow lock-up agreement which provides that 50% of the common shares will be subject to a hold period of 4 months and one day, 25% for 8 months and the remaining 25% for 12 months.
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The Company will issue a total consideration of 2,000,000 common shares of the Company ("Consideration Shares") and $100,000 cash. (TSX-V: GEMC) to acquire a 1% net smelter revenue royalty on four exploration licenses totaling 25 square kilometers in the Råna mafic-ultramafic intrusion in Northern Norway, including the past producing Bruvann Nickel mine (the "Rana Nickel Project" or "Rana"). (TSXV: ELEC) (OTCQB: ELECF) ("Electric Royalties" or the "Company") is pleased to announce the signature of the definitive purchase agreement of the previously announced Rana Nickel Royalty acquisition (see news release dated October 19, 2021) with Scandinavian Resource Holdings ("SRH") and Global Energy Metals Corp.