Metallic Minerals – $6.3 Million Strategic Equity Investment by Newcrest Mining To Help Fund Exploration At La Plata Project
Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to recap the news out May 10th, announcing a $6.3 million strategic equity investment by Newcrest Mining Limited to further advance the La Plata copper-silver-gold-platinum group element alkalic porphyry project in Colorado, USA. We discussed the encouraging exploration results from last year’s drill program, released 3 months back on February 28th, which highlighted significant amounts of copper, silver, gold, platinum, palladium, and even rare earth elements and tellurium. The exploration team is in planning to get this year’s exploration program mapped out, with plans to start up drilling in late June, and a resource estimate update is planned for later this year.
Next we pivoted over to the ongoing work underway to bring to the market the inaugural resource estimate at the Keno Silver Project in the Yukon. The final results from the prior drill 3,265 meter drill program were released on April 10th, focused on target extension drilling at the advanced-stage targets (Caribou, Formo and Fox) in anticipation of an inaugural NI 43-101 mineral resource estimate for the Keno Silver project later in 2023.
We also revisited the production royalty agreement at its Australia Creek property in the Klondike Gold District of Canada’s Yukon Territory. This is with Little Flake mining, a company owned and operated by Parker Schnabel of Discovery Channel‘s top-rated television series, “Gold Rush.” Mining will be starting in June on their first royalty deal in their Klondike Alluvial gold claims and this can expand into more royalties along their on 5 ½ miles of claims.
If you have any follow up questions for Scott on Metallic Minerals, then please email us at Fleck@kereport.com or Shad@kereport.com.
Click here for a summary of the recent news out of Metallic Minerals.
Yep, now that you mention it, those gaps will likely get filled and should have waited to add another tranche at those levels. I’m looking at the $2.95-$3 gap as an area where I’d add a little more.
It was nice to see Colorado jump up to the #5 best mining jurisdiction out of so many, on the Fraser Institute report. This is more wind in the sails of the La Plata project near Durango Colorado.