- Prime Meridian Resources Corp. (PMR) acquires Kelly Project expansion & financing
- The Kelly Project is located approximately 20 kilometres directly east of the Sudbury Basin
- Mineralization at the Kelly Project appears to be confined to a massive, hypersthene-bearing gabbro unit
- The financing will consist of up to 2 million units at $0.15, each unit consisting of one common share of the company and 1 common share purchase warrant
- Proceeds raised from the FT units will be used before 2023 for general exploration expenditures in Ontario that will constitute exploration expenses
- Prime Meridian Resources Corp. (PMR) is down 4 per cent and is trading at C$0.12 at 9:30 am ET
Prime Meridian Resources Corp. (PMR) has acquired, through staking, an additional block of claims.
The block is contiguous with its Kelly PGM-Cu-Ni Project, bringing the property’s total land position to 2,418 hectares.
The highest recorded historical grab samples on the Kelly Project are: 5.86 g/t 3E (4.16 g/t Pd, 1.10 g/t Pt, 0.6g/t Au), 5.1 g/t 3E (4.37g/t Pd, 0.46g/t Pt, 0.27g/t Au) 0.82 per cent Cu and 0.46 per cent Ni and 4.5 g/t 3E (3.76 g/t Pd, 0.47g/t Pt, 0.27g/t Au) 0.72 per cent Cu and 0.27 per cent Ni.
Copper and nickel are central metals for the EV and Alternative Energy revolution and platinum and palladium are used in catalytic converters for decreasing auto emissions. Platinum in particular is also used as a catalyst to improve the efficiency of hydrogen fuel cells.
The Sudbury Basin of Northern Ontario has historically been one of the world’s most prolific copper, nickel and PGM mining camps but the outlying areas have been generally underexplored.
The Kelly Project is located approximately 20 kilometres directly east of the Sudbury Basin and is host to regionally anomalous palladium (Pd), platinum (Pt), copper (Cu), nickel (Ni), and gold (Au) values, associated with sulphides hosted by rocks of the Nipissing Diabase.
At the Kelly Project, platinum-group metals (Pt, Pd, Au) and Cu-Ni sulphide (chalcopyrite, pyrrhotite and pentlandite) occur primarily as disseminations and blebs within medium-grained, relatively homogenous hypersthene-bearing gabbroic rocks of the Nipissing Diabase.
The main sulphide showing is exposed over approximately 1,500 square metres, with several sulphide showings within several hundred metres of the main showing.
Mineralization at the Kelly Project appears to be confined to a massive, hypersthene-bearing gabbro unit that extends for at least 1,000 metres along the northern edge of the Kukagami Lake Intrusion.
This massive gabbro unit dips southward at about 40 degrees with the mineralized regions occurring between 50 and 100 m above the basal contact. Numerous palladium, platinum, copper, and nickel geochem anomalies have been outlined along with numerous high priority IP anomalies, and remain largely untested.
As for financing, it also announced a non-brokered private placement financing for aggregate gross proceeds of up to $700,000.
Financing will consist of up to 2 million units at $0.15, each unit consisting of one common share of the company and 1 common share purchase warrant each warrant being exercisable for an additional common share at an exercise price of $0.25 for 12 months.
The financing will also include up to 2 million flow-through units at $0.20, each FT unit consisting of 1 flow-through common share of the company and one-half (1/2) of a common share purchase warrant, each full FT warrant being exercisable for an additional common share of the company at an exercise price of $0.30 for 12 months.
Proceeds raised from the FT units will be used before 2023 for general exploration expenditures in Ontario that will constitute exploration expenses, which will qualify as flow-through mining expenditures with the meaning of the Income Tax Act.
Prime Meridian Resources Corp. (PMR) is down 4 per cent and is trading at C$0.12 at 9:30 am ET.