Prime Meridian Resources (TSXV: PMR) this morning announced the expansion of its Kelly property. Situated just east of the Sudbury Basin of Ontario, the property is said to be focused on a platinum group metal-copper-nickel discovery.
The expansion announced this morning comes through recent staking, with the firm adding a further block of claims to the property to bring it to a total of 2,418 hectares in size. The recent additions bring the property slightly closer to the Sudbury Basin, with the outer edges just 20 kilometres from one of the most prolific regions of copper nickel and PGM mining camps globally.
Historical grab samples have been collected on the property, with the highest measuring 4.16 g/t palladium, 1.10 g/t platinum, and 0.6 g/t gold, while another measured 4.37 g/t palladium, 0.46 g/t platinum and 0.27 g/t gold. The main showing at the project meanwhile is said to be 1,500 square metres, while several smaller sulphide showings are said to be within “several hundred metres” of this showing. Strike is currently estimated at a length of 1,000 metres, with mineralization found alongside the Kukagami Lake Intrusion.
Outside of this property expansion, Prime Meridian also announced a small financing this morning. The firm is looking to raise gross proceeds of $0.7 million at $0.15 per unit, containing one common share and one common share purchase warrant, with warrants valid for 12 months at $0.25 per share. Up to 2.0 million flow through units will be offered under the financing, with those units priced at $0.20, with a half warrant at $0.30 that is valid for 12 months.
Funds from the financing are to be used for the exploration of the firms properties in Ontario.
Prime Meridian Resources last traded at $0.125 on the TSX Venture.
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