Giga Metals to Buy Back Mitsubishi's 15% Interest in Turnagain Project

en.Wedoany.com Reported - On September 28, Giga Metals announced that Mitsubishi Corporation has exercised its sell option under the Turnagain joint venture agreement signed in August 2022, intending to sell its approximately 15% interest in the Turnagain Project back to Giga Metals for a nominal consideration. The transaction is expected to close on or around October 12; upon closing, Giga Metals will hold a 100% interest in the project.

The Turnagain Project is located in northern British Columbia, Canada. Its core asset is the Horsetrail nickel-cobalt sulfide deposit, and it also has copper, platinum and palladium mineralization potential in areas such as the Attic Zone. The project was previously held 85% by Giga Metals and 15% by Mitsubishi Corporation, with the two parties establishing a joint venture relationship in 2022.

Giga Metals is currently adjusting its exploration focus at Turnagain. The company stated that, affected by continued uncertainty in the nickel market, it will at this stage allocate more resources to evaluating copper mineralization potential, as approximately 80% of the Turnagain ultramafic system remains underexplored. The ongoing multi-phase exploration program focuses on known copper mineralization and the potential of the Attic Zone.

The 2023 pre-feasibility study had designed an approximately 30-year concentrator operating life for Turnagain. The project remains at the pre-development stage, and the nickel-cobalt resource base continues to be retained. After completing the buyback of Mitsubishi's interest, Giga Metals will independently control subsequent exploration, technical evaluation and project advancement arrangements.