Ecuador government inks investment agreements with Adventus, Atico

If successful, AstroForge would be the first private company to visit an M-type asteroid and operate in deep space.

Net proceeds will be used to further explore the High Lake gold property.

The deal is being done through a 50-50 partnership with Saudi Arabian company MSB Holdings.

Over an approximate 20-year mine life, the Santo Tomas project would have total payable copper production (in concentrate) of 4.75 billion lb.

The company has nearly tripled its measured and indicated resource at the Cactus porphyry project.

At the base case, the project's after-tax net present value (at 5% discount) is calculated at $212.4 million with an internal rate of return of 22.8%.

Measured and indicated resources are estimated at 2.8 million tonnes grading 7.908% graphite.

The Volcanic team discovered significant concentrations of bonanza-grade and visible gold within a 250 x 570-metre zone, at the prospect, notably in quartz veins.

New Found is part of a central Newfoundland gold exploration surge.