- CMC (CMB) has optioned its Terra Nova property in Newfoundland to Highbank Resources (HBK)
- Highbank may earn up to an 80-per-cent interest in the property
- CMC will receive cash and 1.5M Higbank shares as consideration
- Terra Nova grab samples include 6,812 ppb gold, 159.6 g/t silver, 1,562 g/t copper and >1,000 g/t tungsten
- Highbank Resources acquires, explores and develops mineral resource properties in Canada
- CMC Metals is a growth-stage exploration company focused on opportunities for polymetallic deposits in Yukon, British Columbia and Newfoundland
- Highbank Resources (HBK) is unchanged trading at $0.05 per share
- CMC (CMB) is down by 6.67 per cent trading at $0.14 per share
CMC (CMB) has optioned its Terra Nova property in Newfoundland to Highbank Resources (HBK).
Highbank may earn up to an 80-per-cent interest in the property.
Terra Nova comprises 71 claims (6 licenses) located 30 km northwest of Port Blandford within the Gander Zone, which houses Newfound Gold’s Queensway Gold Project. The property has the potential to host mesothermal gold-polymetallic deposits, including a 12 sq. km alteration area with limited exploration to date.
The property is comprised of five mineralized showings with the following standout grab samples:
- 354 ppb gold, 43.8 g/t silver, 2.33 per cent copper and >1,000 g/t tungsten at Copper Vein
- 6,812 ppb gold, 159.6 g/t silver, 1,562 g/t copper and >1,000 g/t tungsten at Nancy’s Gold Vein
- 953 ppb gold, 59.8 g/t silver, 7.2 per cent lead and >1,000 g/t tungsten at Galena
A March 2022 ground magnetometer survey has helped the company identify areas of potential mineralization, variations in the near-surface geology, and demagnetized zones indicative of hydrothermal activity.
CMC will receive cash payments totalling $60,000 up to five years after the agreement and 1.5M Highbank shares within 12 months of TSXV approval. It will also receive a 2-per-cent net smelter returns royalty related to mineral products from conventional mining on the property.
“This joint venture with Highbank provides CMC and our prospector partners with the best opportunity to undertake further exploration on the Terra Nova property and thereby add value to our shareholders,” stated John Bossio, CMC’s Chairman.
Highbank Resources acquires, explores and develops mineral resource properties in Canada.
CMC Metals is a growth-stage exploration company focused on opportunities for polymetallic deposits in Yukon, British Columbia and Newfoundland.
Highbank Resources (HBK) is unchanged trading at $0.05 per share as of 1:28 pm EST.
CMC (CMB) is down by 6.67 per cent trading at $0.14 per share as of 1:28 pm EST.
