First Atlantic Nickel Closes Option Agreement with Core Critical Metals on Lucky Mike Project
First Atlantic Nickel (FAN.V) reported Wednesday the initial closing of its agreement granting Core Critical Metals (CCMC.V) an option earn up to 80% of the Lucky Mike copper-silver-tungsten property in British Columbia.Under the terms, Core Critical Metals must spend C$16 million on exploration and complete $650,000 in cash/share payments to acquire an 80% interest in two stages.First Atlantic will retain a 20% participating interest, which will be carried until the delivery of a feasibility study on the project while retaining the rights to a mining royalty.The project is subject to an underlying 2% net smelter returns royalty, which can be bough back for $1 million for up to five years.The company said it plans to establish a special committee of independent directors to evaluate strategic alternatives on the project stake.
