A private placement of up to $3.96 million has been arranged to fund a prefeasibility study on the Cuatro Hermanos copper property in Mexico’s Sonora state, reports Morgain Minerals (VSE).
The placement consists of 1.8 million units at 65 cents per unit. Each unit is comprised of one share, one A warrant and one B warrant. The series A warrants have a term of six months, and two A warrants can be exchanged for a share at $1.10. Series B warrants will have a term of 12 months, and two B warrants can be redeemed for a share at a price of $2.
Proceeds will be used to finance infill drilling to upgrade reserves at the Cuatro Hermanos property.
Based on widely spaced drill holes, the Main zone contains a sulphide resource of 212 million tons averaging 0.42% copper and 0.022% molybdenum. An additional 10.7 million tons of sulphide ore, grading 0.43% copper, 0.035% molybdenum and 0.11 oz. silver per ton, have been outlined in the Cactus-Sulphate zone. The property also contains 2.9 million tons of oxide reserves grading 0.49% copper.
Drilling is scheduled to begin immediately.
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