VANCOUVER, British Columbia, March 02, 2023- Arya Resources Ltd. (TSX-V: RBZ) (“Arya” or the “Company”) is pleased to announce that it has entered into a definitive agreement (the “Agreement”) dated effective February 28, 2023, pursuant to which it will acquire the Dunlop historical nickel (Ni), copper (Cu) deposit located 25 kilometres north from the town of La Ronge, along provincial highway 102, in northern Saskatchewan, Canada. See location map below.
ARYA DUNLOP PROJECT
The Nemeiben Lake ultramafic pluton, which hosts the Dunlop deposit, in the Churchill Province of the Canadian Shield in central Saskatchewan, is a small 1.6 km circular plug largely composed of concentric layers of clinopyroxenite, websterite, and wehrlite. Minor dunite and gabbro is present in the northwestern reaches of the pluton. Disseminated primary magmatic pyrrhotite, pentlandite, chalcopyrite, magnetite, and chromite occur throughout the deposit and reach proportions of further interest in the northern outcrops. A secondary assemblage, considered low-grade Ni-Cu of fine-grained oxides, sulphides, and native metals occurs in serpentinized and uralitized peridotites and pyroxenites and has not been fully evaluated.
As per the agreement, the Company can earn 100% interest in the Dunlop claims from North-Sask Ventures (the “Vendors”) by spending a total of $250,000 over 3 years, issue up to 600,000 shares; and upon completion of a 43-101 compliant resource estimate a cash payment of $25,000 and 1 million shares will be issued to the Vendor. The Vendor retains a 3% NSR on the Dunlop claims of which 2.5% of the NSR can be purchased for $2,000,000. The agreement is subject to Exchange approval and is deemed arm’s length.
“The Russian-Ukraine war impact on Russian Nickel-supply coupled with surging demand for battery-grade nickel-sulphide for energy storage uses, is creating a perfect storm for near-term nickel mines” commented Company CEO, Rasool Mohammad, “We have even seen lately that automobile companies are financing or creating partnerships with Ni-Cu projects.”
This news release has been reviewed by J Paul Sorbara, MSc. P.Geo., an independent Director of the Company who is acting as QP under the NI 43-101 requirements.
About the Company
Arya Resources Ltd (RBZ.V) is a tier-2 listed mining and mineral exploration Company. The Company is focused on acquiring, exploring and development of “critical minerals” as well as energy-metals projects including Gold, Uranium, Lithium and Rare Earth elements in stable jurisdictions.
On behalf of the Board of Directors:
Rasool Mohammad, CEO
Telephone: (604) 868-7737
Corporate Presentation – https://aryaresourcesltd.com/pdf/ARYA-PresentationFeb212023AuU.pdf