Metallic Minerals (TSXV: MMG) announced today that it has completed its 2021 exploration programs at the Keno Silver project in Yukon. The mining firm also reported that resource investor Eric Sprott has exercised all held share warrants for gross proceeds of $1.6 million.
The exploration program at the property that started in June entailed 53 drill holes covering 6,200 metres. The results were able to, among others, expand the extent of drill-defined mineralization, conduct follow-up drilling at new discovery areas, and complete first-pass reconnaissance drilling. The program also involved induced polarization geophysics to determine the potential scale of newly identified mineralized systems.
According to the company, the surveys have also revealed 35 high-priority targets that it plans to investigate in the upcoming 2022 program.
The firm also recognized Sprott’s exercise of his warrants acquired during the private placement conducted in October 2019 through his investing arm 2176423 Ontario Ltd. After the transaction, the Canadian investor now holds 21.5 million shares in the company, effectively owning over 16% equity and maintaining his position as the largest shareholder.
Metallic Minerals last traded at $0.47 on the TSX Venture.
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