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Sterling Metals to acquire copper-silver project in Canada

Published by , Editorial Assistant
Global Mining Review,

Sterling Metals Corp. has announced that pursuant to the option agreement dated 6 March 2023, with Chesterfield Resource Plc., it has exercised its option to acquire 100% of the Adeline Copper-Silver Project located in Labrador, Canada.

Chesterfield and Sterling have committed to complete the sale of by 30 June 2024, for the following consideration: a cash payment of CAN$200 000 and the issuance of an additional 8 500 000 common shares in the capital of the Company. As a result of this transaction, Chesterfield will hold a total of 12 692 000 shares of Sterling, a 5.46% stake in the Company. All securities issued will be subject to a statutory hold period of four months and one day from the issuance in accordance with applicable securities laws.

Mathew Wilson, CEO of Sterling Metals, commented, “Since early 2023, we have recognised the significant potential of the Adeline Project, due to its large scale and substantial copper and silver showings across the 44 km basin. With the Adeline Project now firmly in our portfolio, we are strategically positioned with two large-scale copper and silver exploration opportunities in Labrador and Ontario, both of which are ranked among the top 10 mining jurisdictions in the world by the Fraser Institute this year. This acquisition not only enhances our strategic advantage as an explorer but also provides substantial leverage to rising copper and silver prices as we advance work programmes on both projects to drive future discoveries.”

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Copper mining news Silver mining news Canadian mining news