Copper Giant Resources (TSXV: CGNT) is set to substantially increase their landholdings in Colombia, with the firm this morning announcing that they will be acquiring a private Columbian entity whom holds 12 mining applications in the country.
The purchase, which will see 7.5 million shares issued at a price of $0.21 per each for a total figure of $1.6 million, is expected to add 53,474 hectares of claims to Copper Giant’s portfolio, bringing their total holdings to 136,425 hectares.
The additional claims are said to be contiguous to Copper Giant’s existing land package within the Jurassic porphyry belt, making the company one of the largest claims holders in the region. Copper Giant will now hold a 75 kilometre long corridor of claims in the area.
Geologically, the additional claims are said to have seen historical soil geochemistry and prospecting work, which identified the property as being analogous in scale to the corridor that hosts Warintza, Mirador, and Panantza-San Carlos in neighbouring Ecuador.
Separately, Copper Giant also indicated this morning that they have cancelled an at-the-market financing, after having raised $2.0 million in gross proceeds from the effort since the financing was first announced back in April.
Copper Giant last traded at $0.21 on the TSX Venture.
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