Metallic brings Newcrest on board for Colorado copper project
Exploration and development company Metallic Minerals has raised C$6.3-million from Australia-headquartered Newcrest Mining, which made a 9.5% strategic equity investment in the junior. Metallic issued Newcrest 15 838 593 units at a price of C$0.40 each.
The company said it would use the proceeds from the placement to advance exploration on, and for acquisitions related to, the La Plata copper and silver project, located in Colorado, US.
Metallic and Newcrest would also establish a technical committee to act in a non-binding advisory capacity to the board of directors, providing management access to Newcrest’s substantial technical expertise in similar mining operations.
“We are pleased to welcome Newcrest as a cornerstone shareholder and look forward to collaborating with their technical team to advance the La Plata project. Preparations are under way for a first phase resource expansion drill campaign targeted to start in June focused on extending the high-grade copper and precious metals mineralisation announced in February of this year,” said Metallic CEO and chairperson Greg Johnson.
The La Plata 2022 inaugural National Instrument (NI) 43-101 mineral resource estimate identified a significant porphyry copper/silver resource containing 889-million pounds copper and 15-million ounces of silver. Results from 2022 expansion drilling intercepted the longest and highest-grade interval ever encountered at La Plata and one of the top intersections for any North American copper project in the past several years.
An updated NI 43-101 resource estimate for the La Plata project incorporating these results is expected in the second quarter.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
