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SKRR Exploration Inc
Symbol SKRR
Shares Issued 63,675,911
Close 2022-06-07 C$ 0.06
Recent Sedar Documents

SKRR to acquire Nickel Peak claim group in B.C.

2022-06-07 09:50 ET - News Release

Mr. Sherman Dahl reports

SKRR EXPLORATION INC. ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE A 100% INTEREST IN THE NICKEL PEAK CLAIM GROUP, OMINECA MINING DISTRICT OF BRITISH COLUMBIA

SKRR Exploration Inc. has entered into a non-arm's-length share purchase agreement dated June 6, 2022, to acquire all of the issued and outstanding shares of 1364991 B.C. Ltd., which owns a 100-per-cent interest in the Nickel Peak 1 and Nickel Peak 2 claim blocks, located north of the Decar nickel project of FPX Nickel Corp., an advanced project targeting awaruite, a nickel-iron alloy mineral, hosted by serpentinized ultramafic intrusive rocks of the Trembleur ultramafic unit.

The Nickel Peak group spans 3,874.5 acres (1,568 hectares) and is approximately 110 kilometres northwest of Fort St. James, B.C., in the Omineca mining district. Metallic mineralization includes nickel, cobalt and chromium with the documented presence of awaruite. Assays by Acme Analytical Laboratories Ltd. in 2005 returned up to 1,826 parts per million and 1,734 parts per million nickel with 1,113 parts per million chromium.

Nickel Peak

Sample results from an isolated mag anomaly on Nickel Peak 1 claim block documented the presence of awaruite and returned up to 1,240 parts per million nickel in 2008 (master ID: 093N081399) and up to 771.4 parts per million nickel in 1983 (master ID: 093N833085) contiguous to the east side Nickel Rock Resources Inc. and Surge Battery Metals Inc.' Nickel 100 group.

These highly prospective Nickel Peak group claims are contiguous to the east of Surge Battery Metals and Nickel Rock Resources' Nickel 100 group that cover 18 British Columbia Minfile chromite occurrences, some of which are reported to be mineralized with nickel, platinum/palladium group and other rare, highly valuable elements.

Nickel-cobalt mineralization has not been well explored, but the presence of awaruite has been documented. Geologist Ursula Mowat completed a preliminary fieldwork program over the area of the Nickel 100 claim group in 2004 and confirmed the presence of elevated nickel, cobalt and chromium values in rocks and stream sediments. Ms. Mowat is the recipient of the 2015 H.H. (Spud) Huestis Award for Excellence in Prospecting and Mineral Exploration granted by the Association of Mineral Exploration in British Columbia (AME B.C.). AME B.C. is both a large and successful industry association representing the mineral exploration industry in British Columbia.

Sherman Dahl, chief executive officer of SKRR, stated: "We are excited to begin exploration on the Nickel Peak group this 2022 season. Recent spikes in demand for nickel is fuelled by the meteoric rise in electric vehicles and the need for this important metal in the manufacturing of batteries that power them. Nickel prices have risen sharply this year with a massive 250-per-cent spike in early March of 2022; forecasts call for continued rise in nickel demand with more and more electric vehicles and battery-powered devices coming to market.

"The acquisition of our Nickel Peak group of claims represents yet another example [of] SKRR's continued mission to build a world-class base and precious metal company and promise to drive value for shareholders. These Nickel Peak claims are situated in an active world-class nickel camp and represent tremendous blue-sky potential with multiple historic high-grade nickel samples and assays that have been underexplored until now. SKRR will be a leader with a diversified portfolio of high-quality, long-life assets. The SKRR team has done an incredible job over the last few years of drilling, exploring, discovering and positioning the company for success."

Nickel Peak group -- property highlights:

  • World-class jurisdiction: British Columbia's Omineca mining division is host to multiple world-class mining projects, including the nearby Decar nickel project of FPX Nickel, an advanced project targeting awaruite, a nickel-iron alloy mineral, hosted by serpentinized ultramafic intrusive rocks of the Trembleur ultramafic unit.
  • High-grade historic nickel assays and sampling: Assays by Acme Analytical Laboratories Ltd. in 2005 returned up to 1,826 parts per million and 1,734 parts per million nickel with 1,113 parts per million chromium. Sample results from an isolated mag anomaly on the SKRR's Nickel Peak 1 claim block documented the presence of awaruite and returned up to 1,240 parts per million nickel in 2008 and up to 771.4 parts per million nickel in 1983.
  • Strong blue-sky potential: There is a documented presence of awaruite, high-grade historic nickel sampling and assays in an underexplored area of an active nickel camp.

Terms of the agreement

Pursuant to the terms of the share purchase agreement, SKRR will, subject to TSX Venture Exchange approval, acquire all of the issued and outstanding shares of 1364991 B.C. Ltd., a non-arm's-length private British Columbia company that holds an undivided 100-per-cent interest in the Nickel Peak 1 and Nickel Peak 2 claim blocks. As consideration for SKRR's purchase of the shares of 1364991 B.C., SKRR will issue three million common shares, on a pro rata basis, to the shareholders of 1364991 B.C. All SKRR common shares issued pursuant to the share purchase agreement will be subject to a voluntary hold period of four months from the closing date.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy, PGeol, a director of the company and a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. McElroy verified the data disclosed, including a review of the sampling, analytical and test data underlying the information and opinions contained therein. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Nickel Peak group.

About SKRR Exploration Inc.

SKRR is a Canadian-based precious metal explorer with properties in British Columbia and Saskatchewan -- some of the world's highest-ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson corridor in Saskatchewan in search of world-class precious metal and base metal deposits. The Trans-Hudson orogen, although extremely known in geological terms, has been significantly underexplored in Saskatchewan. SKRR is committed to all stakeholders, including shareholders, all its partners and the environment in which it operates.

We seek Safe Harbor.

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