Peak Nickel Ltd has signed an “arm’s length” option agreement for Canadian explorer Winshear Gold Corp to earn 100% of its Portsoy nickel, copper and cobalt exploration licence in Aberdeenshire.
NEAR SURFACE
The 250km2 licence contains the Rodburn target as well as others yet to undergo drill testing.
Peak’s work from 2022 to 2023 includes 24 drill holes for 3,700m to test the North and South zones and expand the Rodburn target.
Under the option agreement, Winshear will complete a £3 million drilling programme for 1,000m over five years, with a minimum £300,000 spend each year.
The company will also undertake downhole electromagnetic surveying, metallurgy and costs.
Winshear will also issue 6.5m shares while Peak retains a 1% net smelter return.
Winshear paid Peak Nickel £65,000 upon signing the agreement.
Winshear chief executive officer and former Peak director Richard Williams said that Portsoy represented a “tremendous opportunity” to develop a new nickel-copper-cobalt project in Scotland.
“Nickel and cobalt are both listed on the UK’s Critical Minerals list and the EU’s Strategic Raw Materials list.
“Exploration completed to date at the Rodburn target within the Portsoy project has demonstrated the presence of near surface, high-grade nickel – copper – cobalt sulphide mineralisation.
“We have only scratched the surface of this system, and look forward to commencing the next drill programme as soon as possible.”
Mr Williams’ post as director with Peak ended on 4 August after 16 months.
He was previously CEO of Cornish Metals Inc which is advancing the South Crofty tin mine project towards production.