The “Golden Triangle” may be one of the most prolific mining areas in the world. Estimated to hold about 219 million ounces of gold, about 87.7 million pounds of copper, and about 1,342 million ounces of silver, it could offer substantial opportunity for Metallis Resources Inc. (TSXV: MTS)(OTCQB: MTLFF)(FSE: 0CVM), Seabridge Gold Inc. (NYSE:SA)(TSX:SEA), Eskay Mining Corp. (TSXV:ESK)(OTC:ESKYF), Tudor Gold Corp. (TSXV:TUD)(OTC:TDRRF), and Skeena Resources Ltd. (TSX:SKE)(OTC:SKREF).
Better, “Over 130 million ounces of gold, 800 million ounces of silver and 40 billion pounds of copper have been discovered in the Golden Triangle and this is only scratching the surface. Exploration results by numerous junior explorers have made it clear that the Golden Triangle is metal-rich with further significant discovery potential,” as reported by Resource World.
One of the Companies Operating in the Golden Triangle is Metallis Resources Inc.
Metallis Resources Inc. (TSXV: MTS)(OTCQB:MTLFF)(FSE:0CVM) just announced it has closed the first tranche of its previously announced non-brokered placement of up to $3.5 million. The First Tranche has resulted in the issuance of 5,970,000 flow-through units for gross proceeds of $2,985,000 and 761,111 non-flow-through units for gross proceeds of $342,500.
Metallis’ President and CEO Fiore Aliperti stated “The closing of this first tranche is a critical step in preparation for our 2021 drill season, and we expect to close the remainder within the next week. As previously reported, all our key exploration contracts have now been signed and the geological team is finalizing the last of the data analysis that will help detail the 3D model of the Cliff Porphyry Corridor.” He went on to add “the remaining task will be to hold a series of drill plan meetings. These meetings will involve the Technical Advisory Board inclusive of recent additions Charlie Greig and Dr. Michelle Campbell. They will help establish the initial drill targets of the 2021 drill program. It is our plan to be on the ground in June this year which is a short time away.”
Flow-through units consist of one flow-through common share and one-half of one non-flow-through non-transferable share purchase warrant with each full warrant exercisable at $0.70 per share for two years. Non-flow through units consist of one common share and one-half of one non-transferable share purchase warrant with each full warrant exercisable at $0.65 per share for two years. The flow-through shares will qualify as “flow-through shares” for the purpose of the Income Tax Act (Canada). The proceeds of the flow-through private placement will be incurred on “Canadian exploration expenses” (within the meaning of the Act). The Company will renounce these expenses to the purchasers with the effective date no later than December 31, 2021, and as required under the Act.
The proceeds from the non-flow-through units will be used for both exploration and general corporate purposes.
Aventus Capital Corp. acted as a finder in association with certain subscriptions in the First Tranche. The Company will pay Aventus $12,000 in cash finders fees and will issue 24,000 finder’s warrants exercisable at $0.50 per share for two years from the date of issuance. Shares and warrants issued on closing will be subject to a trading hold period expiring four months plus one day from the date of issuance.
Other related developments from around the markets include:
Seabridge Gold announced that it has sold its residual interests in its previously owned Red Mountain project located in northwestern British Columbia for US$18 million in cash to Sprott Resource Streaming and Royalty. Cantor Fitzgerald Canada Corporation acted as financial advisor to Seabridge on the sale.
Eskay Mining Corp. announced that it has commenced its 2021 exploration program with a property wide SkyTEM Survey across its 100% owned Consolidated Eskay precious metal-rich volcanogenic massive sulphide project in the Golden Triangle, British Columbia. SkyTEM is a powerful helicopter supported electromagnetic technique that differentiates electrically resistive and conductive rocks in the subsurface. It is particularly helpful in recognizing areas of relatively conductive altered and sulphide-bearing rocks associated with stockwork VMS mineralization. Both the TV and Jeff targets that were successfully drilled by Eskay in 2020 stand out as discrete conductive features in a small SkyTEM test survey conducted last season. Many more as yet undrilled anomalies were identified by that survey.
Tudor Gold Corp. announced that the Company has completed a non-brokered private placement of 1,000,000 flow-through common shares at a price of $3.60 per FT Share and 2,000,000 non-flow-through common shares at a price of $3.00, for aggregate gross proceeds of $9,600,000 with the Company’s joint venture partner Teuton Resources Corp.
Skeena Resources Ltd. reported diamond drill core results from the 2020-2021 campaign of exploration drilling at the Snip gold project located in the Golden Triangle of British Columbia. The exploratory program was focused upon resource expansion and delineating additional mineralization in previously unexplored areas of the near mine environment. The surface-based program was comprised of ten drill holes totaling 5,366 metres.
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