Nine Mile Metals acquires West Nine Mile from Windfall

Feb 9, 2023

2023-02-09 12:41 ET – News Release

Also News Release (C-WIN) Windfall Geotek Inc

Mr. Patrick Cruickshank of Nine Mile reports

NINE MILE METALS ACQUIRES WEST NINE MILE BROOK PROJECT AND ENGAGES ARTIFICIAL INTELLIGENCE COMPANY WINDFALL GEOTEK

Nine Mile Metals Ltd. has purchased the West Nine Mile Brook project from Windfall Geotek Inc. and further engaged its AI (artificial intelligence) services to be applied to its entire project portfolio in the world-famous Bathurst mining camp (BMC), New Brunswick, Canada.

Highlights:

West Nine Mile Brook property (29 claim units covering 6.3 square kilometres (km));
On the southern boundary of the folded mineralized Nine Mile synform;
Identified three high-priority target nodes (A, B and C) similar to those defined by EarthEx at Nine Mile Brook;
Host rocks the same as those identified at the Wedge deposit (previously milled by Cominco, 1,503,000 tonnes (t) (2.88 per cent copper (Cu), 1.6 per cent zinc (Zn), 0.65 per cent lead (Pb) and 20 grams per tonne (g/t) silver (Ag)).

Located along the southern boundary of the Nine Mile synform, three never-tested, high priority targets have been identified along a well defined geological contact. Host rocks include volcanics and sediments of the Little River formation which also forms the structural footwall of the Cu, Pb, Zn and Ag wedge deposit (Cominco milled 1,503,000 t, grading 0.65 per cent Pb, 1.6 per cent Zn, 2.88 per cent Cu and 20.0 g/t Ag). Additional small deposits are also present along parallel structures to the northwest. No drilling has been conducted along this prospective trend. There is a highly identified mineralized trend that should continue through the new property and be associated with the three high-priority magnetic highs (nodes).

Patrick J. Cruickshank, MBA, chief executive officer and director, states: “This acquisition of West Nine Mile Brook is a valuable addition to our Nine Mile Brook VMS [volcanic massive sulphide] portfolio. The Nine Mile mineralized synform continues through our new property and has never been tested. We have identified three high-priority targets within the folded trend and, as you can see, numerous VMS occurrences have been discovered on this trend and nodes. We are committed to continuing to enlarge our geophysical footprint in the BMC and add quality value for our shareholders through growth and acquisition strategies. Our work with Windfall Geotek and its proprietary artificial intelligence analysis will be applied to our entire project portfolio (Nine Mile Brook, California Lake and our Canoe Landing Lake (E&W). Working with EarthEx Geophysical Solutions Inc., Windfall and our entire technical team is focused on increasing shareholder value and driving our exploration program to success. This analysis complements and carries all our programs to the leading-edge advanced stages in our future programs here at Nine Mile Metals.”

Dinesh Kandanchatta, chairman of Windfall, added: “We are excited to work with Patrick and the Nine Mile Metals team on this project. Technologies such as ChatGPT are expanding the art of the possible with AI. Visionaries like Patrick are leading the expansion of AI adoption in the exploration sector. This multiyear program represents what is possible when AI-driven technology companies and exploration companies work together.”

Windfall is an artificial intelligence company that has been in business for over 15 years developing its proprietary (AI) and data mining techniques. Windfall Geotek has a multidisciplinary team that includes professionals in geophysics, geology, artificial intelligence and mathematics. It combines available public and private datasets, including geophysical, drill hole and surface data. The algorithms designed and employed by Windfall are calculated to highlight areas of interest that have the potential to be geologically similar to other base or precious metal deposits.

The Company acquired the West Nine Mile Brook claim from Windfall in exchange for the issuance of 232,143 shares of the company. The consideration shares are subject to a four-month hold period as required pursuant to applicable securities laws. The mineral claim is located in Bathurst mining camp, New Brunswick, Canada. The claim is subject to a 2-per-cent net smelter return (NSR), with the right to purchase back 50 per cent of the 2-per-cent NSR for $500,000. Windfall is an arm’s-length party to the company.

The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved by Gary Lohman, BSc, PGeo, director who acts as the company’s qualified person and is not independent of the company.

About Nine Mile Metals Ltd.

Nine Mile Metals is a Canadian public mineral exploration company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst mining camp, New Brunswick, Canada. The company’s primary business objective is to explore its three VMS projects: Nine Mile Brook VMS project; California Lake VMS project; and the Canoe Landing Lake VMS project.

We seek Safe Harbor.

https://ninemilemetals.com/