High-Tech Metals Limited Issues Retraction on Norpax Nickel Sulphide Deposit
HTM (HTM) Share Update August 2024 Friday 2nd
High-Tech Metals Retracts Norpax Nickel Sulphide Deposit Announcement
High-Tech Metals Limited (ASX: HTM) has issued a retraction regarding its previous announcement about the acquisition of the Norpax Nickel Sulphide Deposit.
Instant Summary:
- Retraction of statements on Norpax Nickel Sulphide Deposit.
- Emphasis on non-JORC compliant resource.
- Investors advised not to rely on previous statements.
- No independent validation of previous exploration results.
Retraction Details
High-Tech Metals Limited (ASX: HTM), a company focused on the exploration and development of its Werner Lake Cobalt Project, has retracted its previous statements regarding the acquisition of the Norpax Nickel Sulphide Deposit. The retraction specifically addresses the historical non-JORC compliant resource mentioned in the announcement dated 6 September 2023.
The company has emphasized that investors should not place reliance on the previous statements, as the results cannot currently be reported under the JORC (2012) Code. High-Tech Metals has not independently validated the previous exploration results of Norpax, and therefore, these results should not be regarded as reported, adopted, or endorsed by the company.
Company Background
High-Tech Metals Limited is an ASX-listed company primarily focused on the exploration and development of its flagship Werner Lake Cobalt Project in north-western Ontario. The project is located approximately 85 km north-northwest of Kenora, Ontario, and about 170 km east-northeast of Winnipeg, Manitoba. The project was acquired from Global Energy Metals Corporation (70%) and Marquee Resources Limited (30%).
Contact Information
For further information, investors can reach out to Sonu Cheema, Executive Director, at [email protected] or call +61 08 9388 0051. Additionally, Charles Thomas, Non-executive Chairman, can be contacted at [email protected] or the same phone number.
The retraction of the statements regarding the Norpax Nickel Sulphide Deposit may impact investor confidence in High-Tech Metals. The lack of independent validation and the non-JORC compliant resource could lead to a cautious approach from investors. This announcement may result in short-term volatility in the company's stock price as the market digests the news.
Investor Reaction:
Analysts are likely to react cautiously to this announcement. The retraction may raise concerns about the company's due diligence processes and the reliability of its previous statements. However, the company's focus on its Werner Lake Cobalt Project may still provide a solid foundation for long-term growth.
Conclusion:
Investors should carefully consider the implications of this retraction and monitor any further updates from High-Tech Metals. The company's commitment to transparency and adherence to reporting standards will be crucial in maintaining investor trust. As always, staying informed and conducting thorough research is essential for making sound investment decisions.