Kinross acquires 9.7% of Wolfden Resources
TSX-V-listed Wolfden Resources’ share price shot up 5% to C$0.18 apiece, following its announcement that Kinross Gold would take a 9.7% stake in the junior miner.
The subscription agreement entails a nonbrokered private placement of about 12.5-million common shares of Wolfden at a price of C$0.20 apiece for gross proceeds of C$2.5-million.
The majority of proceeds from the offering will be used to explore the company’s wholly-owned Pickett Mountain high-grade polymetallic deposit, in Maine, US.
Wolfden anticipated the transaction to be complete on, or around, March 29, but no later than May 1, subject to TSX-V approval.
As part of Kinross’ subscription, it has agreed to form an exploration committee with Wolfden.
Wolfden has been working on metallurgical studies, which includes follow-up of the footwall zone, which it discovered earlier this year, in a drill hole that intersected 4.1 m of 38.2% zinc equivalent, including 612 g/t gold and 0.5 g/t gold. One of the deeper holes hit 19.5 m of 33.1% zinc equivalent, including 269 g/t gold and 1.1 g/t gold.
Pickett Mountain is home to a zinc and other base and precious metals-rich volganogenic massive sulphide deposit. The mineral resource currently stands at 2.05-million tonnes grading 19.3% zinc equivalent of indicated resources.
Wolfden will continue definition drilling and technical studies to demonstrate the economic potential for an underground mine.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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