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Nickel One Resources moves closer to PGE-copper-nickel acquisition in Finland

by Greg Klein | October 19, 2016

Nickel One Resources moves closer to Finnish PGE-copper-nickel acquisition

Over $10 million in previous work has gone into Lantinen Koillismaa.

Nickel One Resources’ (TSXV:NNN) Finland entry took another step forward with a binding letter agreement announced October 19. Already holding the Tyko project in western Ontario, Nickel One would get a 100% interest in Finore Mining’s (CSE:FIN) Lantinen Koillismaa platinum group element-copper-nickel project in north-central Finland. An LOI was announced in August.

The property would come through the purchase of Finore subsidiary Nortec Minerals Oy in a deal costing five million shares and 2.5 million warrants exercisable at $0.12 for two years. Nickel One has paid $50,000, which would be applied to a private placement of up to $100,000 into Finore following due diligence.

LK benefits from over $10 million in previous work.

(Update: The property was originally reported to have a 2013 resource estimate for two deposits. In a clarification dated March 22, 2017, Nickel One stated the estimates aren’t supported by a compliant 43-101 technical report and shouldn’t be relied on. On December 1, 2017, the company announced filing a 43-101 technical report that “shows there are no current mineral resources on the LK project.”)

The acquisition would bring Nickel One into “a mining-friendly jurisdiction with some of the best infrastructure in the world,” commented president Vance Loeber. The project also provides “a foothold in Finland from which we will be taking a hard look at other opportunities to continue to build a strong portfolio of projects,” he added.

Read more about Nickel One Resources and the Lantinen Koillismaa acquisition.

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