Flying Nickel Mining (TSXV:FLYN; OTCQB:FLYNF) has signed an agreement to sell its Minago nickel project in Manitoba to the Norway House Cree Nation (NHCN) for $8 million. The deal includes the surrender of over 17.5 million Flying Nickel shares held by NHCN, which represents about 11.4% of the company’s outstanding shares. The transaction, structured under British Columbia’s business corporations act, also involves a $500,000 escrow deposit.
Following the sale, Flying Nickel proposes to rebrand as “CleanTech Vanadium Mining,” pending shareholder and regulatory approval. The company currently owns interests in both vanadium and nickel projects, with assets in Nevada and Manitoba.
Minago is a project located in the Thompson nickel belt, which is Canada’s second-largest nickel belt, boasting over five billion pounds of historical nickel production. The platinum-nickel mineralization at the Minago project continues to extend both at depth beyond 350 metres and along strike. The mineral resource estimate (MRE) comprises 722 million Ibs. of measured and indicated contained nickel and 319 million Ibs. of inferred contained nickel, with a grade of 0.7%.
NHCN is one of the largest Indigenous communities in Manitoba with a growing population of 8,000 community members.
More information can be found at www.FlyNickel.com.
