Nine Mile Metals Maintains Nine Mile Brook Project Option with Third Anniversary Payment

Rhea-AI Summary

Nine Mile Metals (CSE: NINE, OTCQB: VMSXF) has maintained its option to purchase the remaining 50% of the Nine Mile Brook Project through a third anniversary payment to Fiddlehead Mining Corp. Instead of the required $50,000 cash payment, the company issued 3,333,333 common shares at $0.015 per share. The $150,000 annual work expenditure requirement has been deferred to the fourth year. The Nine Mile Brook Project spans 50.02 square kilometers across 229 mining claims, located 10km west of the Brunswick #12 Mine. Previous drill program results showed exceptional grades, including samples with up to 18.30% Cu, 2.45% Pb, 2.03% Zn, 173 g/t Ag, and 1.13 g/t Au. The company plans to resume exploration in Fall 2025, utilizing advanced geophysics and 3D modeling to guide their drilling program.

Positive

• Project maintains strategic option agreement through share issuance instead of cash payment
• Previous drill results showed high-grade mineralization with up to 18.30% copper
• Project located near world-famous Brunswick #12 Mine
• Company has extensive geophysical data and 3D modeling capabilities for future exploration

Negative

• Deferral of $150,000 work expenditure requirement suggests possible cash constraints
• Share issuance for payment may indicate limited cash availability
• Exploration activities delayed until Fall 2025

Toronto, Ontario--(Newsfile Corp. - June 18, 2025) - NINE MILE METALS LTD (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") announces that it has proceeded with its third anniversary payment under its option to Purchase the remaining 50% of the Nine Mile Brook Project, dated November 28^th, 2021, (the "Option Agreement") with Fiddlehead Mining Corp. ("Fiddlehead"). On January 17^th, 2025, the Company received an extension from Fiddlehead until March 28^th, 2025. To maintain the Option, the Company was required to pay $50,000 cash payment and complete $150,000 work in expenditures by the anniversary date. The company has successfully negotiated the cash payment and issued 3,333,333 common shares as payment, at a deemed price of $0.015. In addition, Fiddlehead has agreed to add the annual $150,000 minimum work expenditure commitment to the 4^th year requirements.

This successfully allows Nine Mile Metals to keep the Option Agreement in Good Standing and pursue its priority exploration of the Flagship Nine Mile Brook VMS Project and its goal to discover additional High Grade VMS Len's.

The Nine Mile Brook Project consists of 50.02 square kms over 229 mining claims, 10kms west of the World-Famous Brunswick #12 Mine. Below is a summary of the 2022 Drill Program Certified Assay Results, previously announced, displaying the exceptional grades of the Nine Mile Brook Lens. (see Table 1 below)

Table 1: Nine Mile Brook VMS Lens Drill Program Certified Assay Results

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/255935_b4b2fb843435382c_002full.jpg

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/255935_b4b2fb843435382c_003full.jpg 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/255935_b4b2fb843435382c_004full.jpg 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/255935_b4b2fb843435382c_005full.jpg

Drill Certified Assays: 

(Sample #683512) 18.30 % Cu, 0.40 % Pb, 0.17 % Zn, 119 g/t Ag, 0.84 g/t Au)
(Sample #683542) 15.42% Cu, 2.45% Pb, 2.03% Zn, 173 g/t Ag, 1.05 g/t Au)
(Sample #683534) 16.85% Cu, 0.98% Pb, 0.57% Zn, 125 g/t Ag, 1.13 g/t Au)

"The team is looking forward to returning to Nine Mile Brook in Fall of 2025. With abundant geophysical targets already defined, drill hole selection involves the integration of our extensive datasets including the UAV magnetics, I.P. and Borehole electromagnetics (BHEM) and previous drill hole data, into a 3D model to best leverage the information. The Bathurst Mining Camp is structurally complex and having less than 1% outcrop, the team is committed to following the science and in particular, the advanced geophysics to guide us to success," stated Gary Lohman, VPX & Director.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7335/255935_b4b2fb843435382c_006full.jpg

About Nine Mile Metals Ltd.:

Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) 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 four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East-West) VMS and the Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.

ON BEHALF OF NINE MILE METALS LTD.

"Patrick J. Cruickshank, MBA"
Chief Executive Officer and Director 
info@ninemilemetals.com 

"Jonathan Holmes"
Director
jonathan@ninemilemetals.com 

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 ("NI 43-101") and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company's Qualified Person and is not independent of the Company.

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek, "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255935

FAQ

What are the terms of Nine Mile Metals' third anniversary payment for the Nine Mile Brook Project?

Nine Mile Metals issued 3,333,333 common shares at $0.015 per share instead of a $50,000 cash payment, and deferred the $150,000 work expenditure requirement to the fourth year.

What were the highest-grade drill results from Nine Mile Metals' (VMSXF) Nine Mile Brook Project?

The highest-grade results included samples with up to 18.30% Cu, 2.45% Pb, 2.03% Zn, 173 g/t Ag, and 1.13 g/t Au.

Where is the Nine Mile Brook Project located and how large is it?

The Nine Mile Brook Project covers 50.02 square kilometers across 229 mining claims, located 10 kilometers west of the Brunswick #12 Mine.

When will Nine Mile Metals (VMSXF) resume exploration at Nine Mile Brook?

Nine Mile Metals plans to resume exploration at Nine Mile Brook in Fall 2025.

What exploration methods is Nine Mile Metals using at the Nine Mile Brook Project?

The company is using UAV magnetics, I.P., Borehole electromagnetics (BHEM), and previous drill hole data integrated into a 3D model to guide exploration.