Archer Exploration Corp. announced that it has entered into an agreement with Impala Platinum Holdings Limited ("Impala") to amend the terms of the Parkin option and joint venture agreement (the "Parkin Option"). Pursuant to the terms of the amended Parkin Option agreement, Archer may now acquire Impala's remaining 49.6% interest in the Parkin offset joint venture by making i) an initial cash payment of CAD 500,000 by June 30, 2023, and ii) a deferred cash payment of CAD 500,000 by December 31, 2023.

The Company has made the initial cash payment and intends to exercise the option by making the deferred cash payment by December 31, 20 23. Upon exercise of the Parkin Option, the Company will hold a 100% interest in the Milnet and Parkin East properties, a 98.5% interest in the Parkin property, and a 50% interest in the Parkin CBA property. The Company considers the Parkin Project to be a high exploration priority and will be a prime focus of exploration efforts in the Sudbury Basin.

The Parkin Project consists of four properties (Parkin, Milnet, Parkin CBA, and Parkin East) covering 25 km2 located on the northeast corner of the Sudbury Basin, approximately 45 km north-northeast of the City of Greater Sudbury, Ontario. The Parkin Project is being explored for high-grade polymetallic nickel, copper, and PGEs within the 9.5-km strike length of the Parkin Offset Dyke. The properties include the past-producing Milnet mine, the high-grade Milnet 1500 Zone, the historic near-surface Parkin resource (as defined below), the Malbeuf Zone, and a number of high-grade surface occurrences, which demonstrate that the Parkin Offset dyke is well mineralized and has the potential for significant grades of PGEs along with copper, nickel, and gold.

Offset dykes are a primary ore hosting environment in the Sudbury Basin, accounting for approximately one quarter of Sudbury's total mineral inventory and as such are compelling exploration targets. Ni-Cu-PGM sulphide mineralization found on Historic drilling on the Parkin property had delineated five mineralized zones along a 750 m strike length of the Parkin Offset Dyke. In 2002 a resource estimate was prepared, which included an Indicated Resource of 264,000 tonnes grading 0.70% Cu, 0.65% Ni, 0.62 g/t Pt, 0.80 g/t Pd and 0.23 g/t Au, and an Inferred Resource of approximately 87,000 tonnes grading 0.7% Cu, 0.4% Ni, 1.2 g/t Pt, 1.1 g/t Pd and 0.6 g/t Au (the "HistoricalResource Estimate").

Mineralization occurred from surface down to a depth of 200 m. The Historical Resource Estimate was prepared in compliance with NI 43-101 at the time and uses categories consistent with current requirements, however, due to the significant amount of additional exploration work (surface stripping and drilling), the Historical Resource Estimate is no longer current and should be considered historic. The Historical Resource Estimate was generated using available drill data and Gemcom software. The five mineralized zones were modelled using a minimum true width of 2.0 m and an NSR cut-off grade of CAD 40/tonne.

The NSR cut-off was calculated using USD 0.80/lb copper, USD 3.00/lb nickel, USD 10/lb cobalt, USD 450/oz platinum, USD 400/oz palladium, USD 270/oz gold, a USD 450/t smelter charge deduction and a concentration ratio of 30/(Cu%+Ni%). Grades were defined for each of the mineralized zones (block models) using a 35 m search and an Inverse Distance Squared method with a sample minimum and maximum of 1 and 15, respectively. These searches were confined to the modelled solids.

The Historical Resource Estimate is considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat it, or any part of it, as current mineral resources or reserves. The Company has determined the Historical Resource Estimate is reliable given that it is based on data collected with modern drilling and sampling methods and relevant to be included here in that it simply demonstrates the mineral potential of the Parkin property.

A qualified person has not done sufficient work to classify the Historical Resource Estimate as a current resource and the Company is not treating the Historical Resource Estimate as a current resource. Significant data compilation, re-drilling, re-sampling, data verification and a site visit may be required by a qualified person before the Historical Resource Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable.

In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. the Parkin properties is typical of that hosted by quartz diorite offset dykes in other parts of the Sudbury mining camp.

Examples include the prolific deposits at Vale's North and South Mines hosted by the Copper Cliff Offset dyke; Vale's new Totten mine in the Worthington Offset Dyke and KGHM International Ltd.'s discovery on its Victoria project, also hosted in the Worthington Offset dyke.