- Write by:
-
Tuesday, September 15, 2020 - 11:27:54 PM
-
609 Visit
-
Print
Mining News Pro - Kodiak Copper has announced a $7.9 million private placement financing with Teck Resources, which will grant the diversified miner a 9.9% stake in the copper-focused junior.
The placement includes 1 million common shares, issued at C$1.95 each, in addition to 3 million flow-through shares, placed through a charity flow-through, at an average price of C$2.82 per share, for total gross proceeds of C$10.5 million.
“We view Teck’s investment as a strong endorsement of the MPD project and Kodiak’s management,” Claudia Tornquist, Kodiak’s president and CEO, said in a release.
“With the proceeds of this private placement, we will be able to expand on the momentum of our recent Gate zone discoveries, and test other porphyry targets across the MPD property through 2020 and 2021.”
Kodiak has granted Teck an equity participation right to maintain its share in the company; closing is expected around Oct. 6.
The company’s wholly owned 78.5-sq.-km MPD project in south-central B.C. lies within a producing copper-gold porphyry belt. Last year’s drill program at the site led to the discovery of the Gate zone, which returned a highlight intercept of 763.6 metres of 0.21% copper, 0.07 g/t gold and 0.77 g/t silver, including several higher-grade intervals, from bedrock surface.
Earlier this month, Kodiak also reported the discovery of a “central high-grade copper-gold zone within the wider copper-gold mineralized envelope of the Gate zone,” according to Chris Taylor, Kodiak’s chairman.
A 282-metre-long section of mineralized and altered drill core returned 0.7% copper, 0.49 g/t gold and 2.64 g/t silver (1.16% copper-equivalent), starting at 263 metres. This includes a 45.7-metre central section of 1.41% copper, 1.46 g/t gold and 5.56 g/t silver (2.75% copper-equivalent).
The Gate zone lies underneath a 1-km by 300-metre copper-in-soil target. Drilling is ongoing at MPD.
Midday Monday, Kodiak’s stock was up 33% on the TSXV. The company has a C$89 million market capitalization.
Short Link:
https://www.miningnews.ir/En/News/600352
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Cocoa extended its surge — gaining more than $700 per ton in a single day and surpassing $9,000 for the first time ever ...
Ivanhoe Electric (NYSE American: IE) (TSX: IE) terest in the Samapleu-Grata nickel-copper project in Côte d’Ivoire after ...
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese ...
The Democratic Republic of the Congo overtook Peru as the world’s second largest copper producer in 2023, though it ...
The United States is looking to Africa to help loosen a Chinese stranglehold on battery metals and reduce Russia’s ...
Democratic Republic of Congo and Chinese investors on Thursday signed an agreement reached in January that revises some ...
South African coal miner Exxaro Resources is considering potential deals to acquire copper and manganese assets as part ...
Copper prices soared on Wednesday to their highest in seven months after Chinese smelters, which process half of the ...
No comments have been posted yet ...