Key26 Nov 2018 13:36
Raised £4 million before expenses to develop what the directors consider to be a highly prospective portfolio of zinc assets in Ireland and gold projects in Sweden and to identify and acquire additional exploration opportunities that have potential to significantly re-rate though exploration
Strategy to create shareholder value through early generative exploration and discovery and advance projects via joint venture and industry partnerships
Industry backing at company and project level: Osisko Gold Royalties, has invested £1.47 million in the placing to become a 18.9% shareholder; and Centerra Gold has a Strategic Alliance with Erris to explore a portfolio of gold properties within a common Area of Interest in northern Sweden
Dynamic work programme planned with regular news flow from drilling reports and results, mapping, sampling and petrographic studies across key projects:
Abbeytown - a high grade, shallow, district-scale zinc exploration target in a proven mineral district in County Sligo, Ireland - extension updates due
Brannberg - a large-scale gold target with historic drill results and high-grade float in the Skellefte mining district, northern Sweden - geophysical surveys to be completed prior to drilling
Karingberget - a silver, gold, copper and zinc project in Sweden with known deposits and in which Centerra Gold has made an election to invest $1m (the first $0.4m of which has already been invested) to earn 51% - ongoing drilling
Focus on building pipeline of base or precious metal exploration assets in proven mineral districts and in favourable European jurisdictions
Strong market fundamentals
Zinc in a period of sustained supply deficit, while demand continues to grow - Ireland represents a supportive jurisdiction with large scale historic zinc production
Gold likely to remain well supported in current economic climate given its 'safe haven' status