Pedro Resources Ltd. Updates the Previously Announced Acquisition Agreement with Voisey’s Bay West Nickel & Cobalt Corp.

Toronto, Ontario–(Newsfile Corp. – April 20, 2021) – Pedro Resources Ltd. (TSXV: PED.H) (“Pedro” or the “Company“) is pleased to announce that the agreement with Voisey’s Bay West Nickel & Cobalt Corp. (Voisey’s Bay or the Vendor).to acquire a 100% interest in 13 prospective mineral licenses, comprising 721 claims (18,025 hectares), 4.5 km south of Vale’s Voisey’s Bay Mine in the province of Newfoundland and Labrador, Canada is closer to being finalized.

The Company is working to obtain regulatory approvals and hopes to have the acquisition finalized this spring.

The Voisey’s Bay Mine has been in production since 2005 as an open pit (Ovoid) with underground operations (Eastern Deeps and Reid Brook) to commence 2021. The mine has proven and probable geological resources (2018) of 32.4 million tonnes ore grading 2.13 % Ni (691 kilotonnes (kt)), 0.96% Cu (312 kt) and 0.13% Co (42 kt). Since 2005 the mine has produced concentrates in excess of 600 kt of nickel, 400 kt of copper, and 12 kt of cobalt from the sulphide ore with production expected to continue into at least 2033[1]. The Company cautions investors that mineralization hosted on nearby or adjacent properties, such as the Voisey’s Bay Mine, is not necessarily indicative of mineralization hosted on the Property.

The land package was proposed by a consortium of former senior Vale employees and geology consultants who had worked on the Voisey’s Bay deposit and is based on regional compilations of geological and geophysical data incorporating the most recent Voisey’s Bay models. Portions of package had been explored in a reconnaissance manner between 1995 and 1998.

The Company will purchase from the Vendor all of the issued and outstanding common shares of Voisey’s Bay by issuing an aggregate of 8,000,000 common shares in the capital of the Company to the Vendors.

As part of due diligence for the transaction, Pedro commissioned a NI 43-101 technical report prepared by Mark Fekete, P. Geo and qualified person, entitled, “Technical Report on the Voisey’s Bay West Property, Labrador NTS Sheets 042D01, D02 and D07 56°17′ N. Lat., 062°50′ W. Long., for Pedro Resources Ltd.“. Mr. Fekete’s report noted that, the property merits additional exploration based upon the following conclusions:

  • The Property is located in an area with lithologies and regional structures favourable for Voisey’s Bay-type Ni-Cu-Co deposits but has not had seen any property-wide systematic mapping or rock sampling.
  • Compilations of historic airborne magnetic and electromagnetic surveys have identified numerous geophysical anomalies that remain untested by surface sampling or drilling.
  • Rock types favourable for the style of mineralization typical of the Voisey’s Bay deposits have been identified on the Property.

Nickel, copper and cobalt are key components in clean energy technologies particularly in the production of electric vehicles (EV). Brian Stecyk, Chief Executive Officer and Director, commented, “Pedro is very fortunate to be able to acquire a property of this magnitude, in such close proximity to a major producer, and with the potential to provide metals that will be so critical for a global Green Future.”

The acquisition is subject to all necessary corporate and regulatory approvals.

“Once approval is received and the acquisition is concluded an exploration program will be undertaken as recommended in the technical report. Activities will be subject to seasonal and Covid-19 access restrictions,” says Mr. Stecyk.

Qualified Persons Review

The technical and scientific information contained within this news release have been reviewed and approved by Dr. Derek Wilton, P.Geo., a consultant to Pedro and a Qualified Person as defined by National Instrument 43-101 policy.

About Pedro Resources Ltd.

Pedro Resources Ltd. is a Canadian exploration company listed on the TSX Venture Exchange focused on mineral exploration and development.

For further information, contact:

On behalf of the Board,
Brian Stecyk
Chief Executive Officer and Director
Tel: 780-953-0111

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future exploration work or drilling, and the expansion of the mineralization. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Pedro Resources Ltd.., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

[1] United States Securities and Exchange Commission Washington, D.C. 20549 – FORM 6-K – Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 for the month of June 2018 Vale S.A.

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