Xander Resources begins exploration at Timmins

Nov 17, 2022

2022-11-17 11:29 ET – News Release

Mr. Deepak Varshney reports

XANDER RESOURCES BEGINS EXPLORATION WORK AT THE TIMMINS NICKEL PROJECT, ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND CLOSING OF ACQUISITION OF CLAIMS WEST OF CNC’S CRAWFORD PROJECT

Xander Resources Inc.’s technical team has mobilized and arrived on site in preparation for the start of drilling for its near-term drill program at its Timmins nickel project, located in Timmins, Ont. The Company has begun clearing access roads and the construction of drill pads in preparation for drilling.

The drill program will commence in the coming weeks and is anticipated to comprise between 2,500 and 4,000 metres with a focus on the Company’s “North Block” of claims, in particular near Canada Nickel Company’s (“CNC”) recently identified Reid Discovery which has already through early exploration delineated a mineralized footprint 90% as large as CNC’s Crawford Project where CNC has completed a preliminary economic assessment only 20 months after the commencement of exploration drilling that indicates 25-year mine with an after-tax NPV 8% of $1.2 billion.

Deepak Varshney, CEO of Xander Resources stated: “We are very excited to have boots on the ground and look forward to the start of drilling and beginning our journey in Timmins. Commencing exploratory drilling is an important milestone and we believe that this project is part of the journey we will need to take in North America to secure a domestic supply of nickel.”

The Company is also pleased to announce that, subject to the approval of the TSX Venture Exchange (the ” Exchange “), it is proceeding with a non-brokered private placement (the ” Private Placement “) of up to $600,000 through the issuance of up to 17,142,857 flow-through units (the ” FT Units “) at a price of $0.035 per FT Unit.

Each FT Unit will consist of one flow-through common share of the Company (the ” FT Shares “) and one transferable common share purchase warrant (a ” Warrant “) exercisable at $0.07 per common share (a ” Share “) for a period of two (2) years from the closing date of the Private Placement.

The FT Shares will qualify as flow-through shares for purposes of the Income Tax Act (Canada) . The proceeds raised from the sale of the Private Placement will be used by the Company to fund exploration programs that qualify as “Canadian Exploration Expenses” and “flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada) , and, in particular, Xander’s Timmins Nickel Project. The Company will renounce said expenditures to the investors for the taxation year ending December 31, 2022.

Finder’s fees may be payable on closing of the Private Placement to qualified parties in accordance with the policies of the Exchange.

The Company also announces that, further to its news release of October 21, 2022, it has received approval from the Exchange for the acquisition (the ” Acquisition “) of 100% interest in certain mineral claims located in Timmins, Ontario, and is proceeding with the issuance of 9,000,000 Shares to the vendors.

All securities issued in the Private Placement and Acquisition are subject to the Exchange hold period, plus a hold period of four months and one day following the closing date of the Private Placement and the Acquisition.

About Xander Resources Inc.

Xander Resources Inc. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada focused on developing accretive gold and battery metal properties within Canada. The company currently has a focus on projects located within the Provinces of Ontario and Quebec.

Xander is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Val-d’Or, Quebec, including the Senneville Claim Group which comprises over 100 sq. km and is contiguous in the south to Probe Metals’ new discovery, and contiguous in the north to Monarch Mining, in close proximity to Eldorado Gold’s (formerly QMX Gold) projects, and east of the North American Lithium Deposit, Great Thunder Gold’s Chubb Lithium property and East of the Sayona Quebec’s Authier Lithium Deposit, all in the Val-d’Or Mining Camp, plus its newly acquired nickel-sulphide project in Timmins, Ontario near Canada Nickel’s MacDiarmid and Crawford Projects.

We seek Safe Harbor.

https://xanderresources.ca/