Nickelex Signs Agreement to Acquire 100% of the Arlington Gold Property, British Columbia

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Vancouver, British Columbia--(Newsfile Corp. - April 23, 2024) - Nickelex Resource Corporation (TSXV: NICK) ("Nickelex" or the "Company") has signed a letter agreement with Origen Resources Inc. ("Origen") on April 19, 2024 (the "Arlington Agreement"), to earn a 100% interest in nine claims, totaling 3,583.89 ha, located within the Boundary District of south-central British Columbia (the "Arlington Property").

The Arlington Agreement, which is subject to TSX Venture Exchange ("Exchange") acceptance ("Regulatory Approval"), provides that Nickelex may earn a 100% interest in the Arlington Property by meeting the following obligations to Origen, all by the first anniversary of Regulatory Approval:

  • making cash payments totaling $130,000 ($30,000 of which is reimbursement of costs associated with the Bond posted in regards to the current drill permit to be assigned to Nickelex);

  • incurring exploration expenditures of $250,000 on the Arlington Property; and

  • issuing shares to Origen valued at $200,000 within 7 days of Regulatory Approval; and issuing additional shares to Origen valued at $200,000, or 2 million shares, whichever is greater in aggregate value, by the first anniversary of Regulatory Approval.

Origen will retain a royalty of 2% of net smelter returns, provided that the Company may purchase 1% of such royalty at any time for the price of $1,000,000.

About the Arlington Property, Greenwood MD, B.C.

The Arlington Property is located in the West Kettle River Valley, south-central British Columbia, 17 km north of Beaverdell and 65 km south of Kelowna B.C. (see Location Map). The property consists of nine claims covering 3,583.89 hectares located in the Greenwood Mining Division. Historic work in the area was driven by the early success and discoveries made in the Beaverdell and Carmi Mining Camps during the late 1890s. Previous exploration on the Arlington property was conducted from the early 1970's to 1996 and from 2015 to 2021. In 2020/21, the Fresh Pots and Blockchain mineral claims were staked by Origen to encompass ground geologically similar to the adjoining Arlington claims. Origen conducted ground surveys on the Fresh Pots claims, consisting of soil and rock-chip sampling, ground magnetic surveys and geological mapping. It completed ~2,000 soil sampling surveys in 2021/22 which revealed a strong gold anomaly approximately 2,000 meters in a N-S direction and 1,000 meters in an E-W direction. The values ranged from 15 - 2300 ppb Au, with associated anomalous values of Cu, Co, Ag, and As. The Freshpots claims area has never been drilled before Origen conducted a back-pack drill hole (20 - 30 meters deep) in 2022. Assays from the core graded 2.18 ppm Au, 11.34 ppm Ag and 0.35% Cu over 0.70 m.


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