IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Archer Exploration (CSE: RCHR) announced Friday it will complete a non-brokered private placement for C$2.27 million and a consolidation of its common shares, effective May 1, 2024.
It will also change its name to “NorthX Nickel Corp.” and expects to commence trading on the CSE under the new trading symbol “NIX” the same day.
The Canadian exploration and development company has an extensive portfolio of nickel-copper-cobalt-PGE (platinum group elements) assets across Quebec and Ontario.
The company’s flagship asset is the Grasset project located within the Abitibi greenstone belt, which has an indicated mineral resource of 5.5 million tonnes grading 1.53% nickel equivalent (based on 1.22% nickel, 0.13% copper, 0.03% cobalt, 0.26 g/t platinum and 0.64 g/t palladium).
It also holds a portfolio of 37 properties covering more than 300 km2 in the mining district of Sudbury, Ontario.
