Mineral exploration project generator Rainy Mountain Royalty, which acquires early stage exploration projects and delivers them drill-target ready to joint venture (JV) partners, is considering opportunities outside Canada, the TSX-V-listed company has revealed.
In a news release issued on Monday, Rainy Mountain stated that it was seeking to expand its base metal and gold holdings and reported that it was considering “more advanced” projects outside Canada.
In particular, Rainy Mountain has recently investigated a potential transaction to acquire a large land position in Namibia, covering old copper/gold/silver mine producers, the firm reported.
Currently, Rainy Mountain holds multiple property interests in Ontario and is focused on shear-hosted gold and base metals properties with associated gold and silver credits.
The company’s largest exploration project is the Marshall Lake copper/zinc/silver/gold exploration property, in Ontario, in which JV partner Copper Lake Resources (CPL) has recently earned 75% by spending $4-million on exploration. CPL has the option to increase its interest to 87.5% by taking the Marshall Lake property to bankable feasibility stage.
Rainy Mountain's most recent focus has been on the optioned gold exploration property, the Brunswick property, south of Timmins, Ontario. Having spent more than $1.1-million since 2016, the company is considering whether to invite a potential JV partner to participate in continuing exploration efforts on the property.