Nine Mile Metals Ltd. reports mineral exploration developments for volcanogenic massive sulphide, or VMS, targets in the Bathurst Mining Camp of New Brunswick, Canada. The company focuses on copper, lead, zinc, silver and gold mineralization across the Wedge VMS Project, Nine Mile Brook VMS Project, California Lake VMS Project and Canoe Landing Lake East-West VMS Project.
Company news commonly covers drill program summaries, certified assay results, copper-equivalent mineralization intervals, geological modeling, borehole electromagnetic surveying and metallurgical or bulk-sample work. Technical releases reference Canadian NI 43-101 mineral project disclosure standards and describe exploration activity tied to critical minerals used in electric-vehicle and green-technology supply chains.
Nine Mile Metals (CSE: NINE, OTC: VMSXF) has successfully completed its private placement offering, raising a total of $388,653. The company issued 6,309,699 units at $0.021 per unit in the second tranche, generating proceeds of $132,503. Each unit includes one common share and one warrant, with warrants exercisable at $0.05 for 60 months.
Company directors participated in the second tranche, purchasing 1,217,857 units for $25,575. The proceeds will support general and administrative obligations. All securities issued are subject to a four-month and one-day hold period, with no commissions paid. The offering includes both the original placement of $157,500 and a previously announced debt conversion.
Nine Mile Metals (VMSXF) has completed its second anniversary payment for the Wedge Project option agreement with Slam Exploration The company paid $9,000 in cash and issued 200,000 common shares, plus an additional 1,000,000 shares at $0.021 per share in lieu of partial cash payment on February 24, 2025.
The Wedge VMS Project spans 35.83 km² and includes the Wedge Mine, West Wedge, and Tribag Targets within an 8km VMS Exploration Trend. The company has completed geophysics work and modeled targets for an upcoming drill program at the West Wedge and Tribag Targets.
According to VP Exploration Gary Lohman, drilling is scheduled for mid to late May 2025, depending on road and water access conditions. The Tribag area shows promising potential with VMS mineralization exposed in surface trenches above the Target Plates B1, C1-C4, and D1, suggesting possibility of a larger system at depth.
Nine Mile Metals (CSE: NINE, OTC: VMSXF) has announced significant changes to its management and board structure. Jimmy Jeon, CPA, has been appointed as Chief Financial Officer, effective February 10th, 2025, while Brett Wallace, LLB, an experienced geoscientist and lawyer, joins the Board of Directors from February 17th, 2025.
The company has also engaged Marrelli Support Services Inc. (MSSI) to provide comprehensive financial services support. This consolidation of financial services aims to enhance operational efficiency by streamlining four advisory relationships into one.
Several departures were announced, including James Bordian (CFO and Director), Charles Malette (President, Director, and Corporate Secretary), and Terry Fields (Director). The restructuring is positioned to support Nine Mile's 2025 drill program and corporate strategy execution.
Nine Mile Metals (CSE: NINE, OTC: VMSXF) has completed the first tranche of a private placement financing, raising $25,000 in cash and converting $231,150 in debt. The company issued 12,197,619 units at $0.021 per unit. Each unit includes one common share and one purchase warrant, exercisable at $0.05 per share for 5 years.
A director and officer participated, purchasing 1,190,476 units in cash ($25,000) and 1,369,048 units ($28,750) through debt conversion. The majority of units (11,007,143) were issued to settle convertible loans due December 14, 2024, including interest. The cash proceeds will be used for general working capital. All securities are subject to a four-month and one-day hold period.
Nine Mile Metals (CSE: NINE, OTC: VMSXF) has announced a private placement of up to 18,507,143 units at $0.021 per unit. Each unit consists of one common share and one purchase warrant, allowing holders to acquire one common share at $0.05 for 5 years from issuance.
The placement includes up to 7,500,000 units for cash proceeds of up to $157,500, intended for operating expenses and working capital. Finders may receive 7% cash commission and 7% share purchase warrants. Additionally, 11,007,143 units will be issued to settle Convertible Loans due December 14, 2024, and interest, totaling $231,150.
The issued shares will have a four-month-and-one-day hold period, and the placement won't create new insiders or control persons. No funds will be used for management fees.
Nine Mile Metals (VMSXF) has identified seven new high-priority TDEM VMS drill targets at the Tribag and West Wedge zones through a Time Domain Electromagnetic Survey conducted by EarthEx Geophysical Solutions. The survey covered 17.4-line kilometers, revealing significant conductors along the same magnetic trend as the historic Wedge Mine.
Previous mineral occurrences in the area have shown promising results, with surface samples at Tribag returning 12.6% Zn, 7.22% Pb, and 0.53% Cu. Historic drilling at West Wedge reported assays up to 0.78% Cu, 5.35% Pb, 12.9% Zn, 70.62 g/tonne Ag, and 1.37 g/tonne Au over 3.75m.
Six of the seven modeled target plates (B1, C1, C2, C3, C4, and D1) are at modest depths of 300-450m, while plate A1 is larger and deeper. The company plans to prioritize these targets for a Spring 2025 drilling program.
Nine Mile Metals (CSE: NINE, OTC: VMSXF) has completed a non-brokered private placement raising $160,000 through the issuance of 4,571,429 flow-through units at $0.035 per unit. Each unit includes one flow-through common share and one warrant, allowing purchase of one common share at $0.05 for 5 years.
Finders and brokers received 320,000 warrants (exercisable at $0.035 for 5 years) and $11,200 in cash. The proceeds will fund work programs at the company's Wedge and California Lake properties, qualifying as Canadian Exploration Expenses for flow-through mining expenditures. The securities have a four-month and one-day hold period.
Nine Mile Metals (CSE: NINE, OTC: VMSXF) has announced a non-brokered private placement to raise up to $300,000 through the issuance of up to 8,571,428 flow-through units at $0.035 per unit. Each unit includes one flow-through common share and one warrant, allowing purchase of an additional common share at $0.05 for five years.
The company may pay finder's fees up to 7% in cash and issue finder's warrants up to 7% of securities sold. Finder's warrants will be exercisable at $0.035 per share for five years. Proceeds will fund exploration activities, including drilling, core sample splitting, assays, and surveys. All securities will have a four-month and one-day hold period.
Nine Mile Metals has completed a private placement financing, raising $53,332 through the issuance of 1,066,640 units at $0.05 per unit. Each unit consists of one common share and half of a warrant, with each full warrant allowing purchase of one common share at $0.08 within 24 months. Charles MaLette, the Company's President, acquired 400,000 units. The proceeds will be used for operating expenses, including legal and audit fees and general working capital. All securities are subject to a four-month hold period.
Nine Mile Metals has initiated a diamond drill program at California Lake South to test Priority Plate Target A. The program includes three important drill holes (A-B-C), with Plate A being a deep, large conductor spanning 600 meters in length. The first drill hole will reach a maximum depth of 850 meters at an azimuth of 110 degrees and -60 degrees dip. Plates B and C are also high-priority targets, with Plate B being shallow and Plate C extending 700 meters in length with a 500-meter depth. The drilling parameters for all plates have been designed by EarthEx Geophysical Solutions.