Cordoba secures $10m bridge loan from partner JCHX for Alacran project
The Alacran project is pegged as the Colombia's next major copper-gold mine.
Kiplin Metals (TSXV: KIP) saw its shares advance on Tuesday after arranging a private placement of up to 15 million units priced at C$0.20 per unit to raise gross proceeds of C$3 million. Each unit comprises one common share and a common share purchase warrant that is exercisable at C$0.25 for 12 months.
Net proceeds from the offering will be used by Kiplin for the upcoming exploration program on its Cluff Lake Road (CLR) uranium project, located in the Southwestern Athabasca basis of northern Saskatchewan.
The 531-hectare CLR property is located 5 km east of Cluff Lake Road, (Hwy 955), which leads to the historic Cluff Lake mine that produced approximately 62 million lb. of yellowcake uranium. It adjoins the eastern border of Fission 3.0’s Patterson Lake North project.
In November 2022, F3 discovered the JR high-grade uranium zone, and subsequent reports detailed intersections averaging 4.20% triuranium octoxide (U3O8) over 11.0 metres, including a high-grade interval of 9.8% U3O8 over 4.5 metres. This discovery, says Kiplin, signifies the presence of a basement-hosted uranium deposit in the Athabasca region, similar to Fission Uranium’s Triple R uranium deposit.
“We are encouraged by the increased activity and the presence of notable uranium projects in close proximity to our Cluff Lake Road Uranium project,” said Dr. Peter Born, director of Kiplin, in a news release earlier this month.
The company believes that the combination of multiple EM (electromagnetic) conductors, magnetic lineaments, radon gas, and radioactivity anomalies on the CLR property makes it a highly prospective location for the discovery of a basement-hosted uranium deposit.
Exploration between 2013-2017 at CLR led to the identification of the primary exploration target: a resistive anomaly, approximately 4 km long, trending generally north-south and concurrent with radon gas anomalies, a uranium decay product.
At present, the company is specifically reviewing similarities between its project and the Shea Creek deposit, located approximately 30 km northwest of CLR. Shea Creek has an indicated mineral resource of 67.66 million lb. of uranium (2.07 million tonnes grading 1.48% U3O8) and an inferred mineral resource of 28.19 million lb. of uranium (1.27 million tonnes grading 1.01% U3O8).
Shares of Kiplin Metals soared 22.5% by 11:20 a.m. EDT following the financing announcement. The Vancouver-based miner has a market capitalization of C$20.75 million.
