Mr. Nelson Baker reports
MINERAL MOUNTAIN ANNOUNCES CLOSING OF SECOND TRANCHE OF PRIVATE PLACEMENT
Mineral Mountain Resources Ltd. has closed the second tranche of the private placement announced previously on April 5, 2022, issuing 485,000 units at a price of 10 cents per unit for gross proceeds of $48,500.
Each unit consists of one common share and one common share purchase warrant. Each warrant can be exercised for a one-year period from the closing date at 25 cents per warrant share.
The securities issued pursuant to the private placement are subject to applicable resale restrictions, including a four-month hold period from date of closing of the private placement under applicable Canadian securities laws. Net proceeds from the financing will be used to advance the Standby mine gold project and for general working capital.
About the Standby mine gold target
All geologic, geophysical and drill results to date suggest a Homestake ledge-type target exists at Standby and is potentially of large scale. Mineral Mountain's goal is to extend the Standby mine gold mineralization downplunge through systematic stepout drilling along strike and downplunge in the Upper Tail to discover an ore centroid at depth.
Mineral Mountain's two previous core drilling campaigns between 2018 and 2020 extended known gold mineralization from the bottom of the historic Standby mine workings from 130 metres below surface to a total plunge length of 850 metres.
Jeff Hrncir, the company's chief geologist, commented, "Confirming the existence of an ore centroid at Standby would be a game-changing discovery for Mineral Mountain Resources and set the stage for future resource delineation drilling."
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