- Write by:
-
Friday, February 12, 2021 - 5:39:07 PM
-
847 Visit
-
Print
Mining News Pro - Bullion major Gold Fields has invested another C$2.9-million in a Canadian company, which owns copper/gold/silver exploration assets in the Peruvian Andes.
Through its Gold Fields Nazca Holdings (GFNH) indirect subsidiary, Gold Fields purchased 5.81-million common shares in TSX-V-listed Chakana Copper at C$0.50 a share, giving it a 19.99% stake.
Prior to the private placement, GFNH held 16.8% of Chakana.
Gold Fields participated in a larger offering of Chakana shares, through which the exploration company raised C$7.09-million. Chakana could increase its private placement to a total of 24-million shares to raise C$12-million.
The junior intends to use the net proceeds of the private placement for the accelerated exploration and development of its Soledad project, in the Ancash region of Peru.
CEO David Kelley said that Gold Fields’ decision to increase its equity position was a “great endorsement” for the project.
“Combined with our current cash on hand, we now have $9.3-million to cover the aggressive 26 000 m drill programme this year to test numerous additional targets and to publish a maiden resource on several of the breccia pipes. A second drill rig will arrive on the property later this week to initiate the in-fill drilling programme on the recent discoveries announced at Paloma East and Paloma West. Scout drilling continues at Huancarama with the other drill rig where 22 holes have been completed to date. Resource drilling will start at Huancarama once the scout drilling is completed.”
Gold Fields stated that it acquired the Chakana shares for investment purposes.
Short Link:
https://www.miningnews.ir/En/News/610453
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
Imports of iron ore by China, the world’s biggest buyer, in 2024 are expected to be around 1.17 to 1.18 billion metric ...
First Quantum Minerals said on Monday it is looking forward to talks with Panama’s new government to find a resolution ...
BHP has put South Africa and its mining sector on the spot. The $140 billion Australian group’s ambitious swoop on rival ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
No comments have been posted yet ...