Montana-focused Silver Bow Mining aims to raise roughly $50 million (C$68 million) in its initial public offering Wednesday on the NYSE-American exchange.
The private exploration company plans to list about 4.3 million common shares at $10 to $13 apiece under the ticker symbol “SBMT”, according to a note on Monday from MarketBeat. Silver Bow filed a registration statement with the U.S. Security and Exchange Commission in January.
The offering comes almost eight months after Silver Bow released an initial resource for its main brownfield Rainbow Block project, located in the historic Butte silver-copper mining district. Butte is around 90 km northwest of state capital Helena.
49M oz silver
Rainbow Block hosts about 11.5 million tons grading 4.28 silver oz. per ton, 0.05 oz. gold, 4.59% zinc and 1.25% lead for 49.2 million inferred ounces silver, 550,000 oz. gold, 1.05 billion lb. zinc and 287 million lb. lead.
The resource is hosted in more than 40 veins that sit within 305 metres of the surface and above the current water table, Silver Bow says.
Past-producer site
The project sits on past-producing ground just north of Butte and includes thousands of kilometres of underground workings that go deeper than 1,200 metres below surface.
Butte was the scene of a silver boom in the 19th century and later became one of the most important copper districts in the world.
Between 1881 and 2019, the district produced 11.2 million tons of copper, 702 million oz. of silver, 2.2 million tons of zinc and 2.9 million oz. of gold.
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