Scientific Metals Corp. (“STM” or the “Company“) (TSX VENTURE:STM)(FRANKFURT:26X)(OTCQB:SCTFF) is pleased to provide the following corporate update:
In the first quarter of 2017, STM has achieved a number of significant milestones:
- The Company completed a $3.5M financing which is expected to fully fund the Company for its 2017 work program at the Company’s Iron Creek cobalt project.
- The Company has compiled and processed the exploration data resulting from 30,000 feet of historical drilling. This data was provided by previous operators at Iron Creek, namely Cominco, Hanna Mining and Noranda.
- The petro-lithium joint venture with MGX Minerals (previously announced) has now been completed. STM’s interest is fully carried for the upcoming year which gives the Company exposure to this exciting new project, while allowing the Company to allocate its resources fully on the Iron Creek cobalt property.
- Iron Creek project land package increased by 500 acres (see February 21, 2017 press release).
- Mining and drilling contractors have been hired and will shortly commence the STM 2017 work program on its Iron Creek cobalt project (more details below).
As quoted in the press release:
President Wayne Tisdale remarked: “With cobalt hitting five-year highs and the cobalt supply chain being increasingly scrutinized by companies such as Tesla and Apple, we are proud to present an ethical alternative. With the current American administration making it clear that home-grown solutions are to be preferred, we feel that STM is well-positioned to provide an overdue alternative. Additionally, the fact that STM’s Iron Creek project is on property that does not require an arduous and lengthy permitting process allows us to undertake our work program immediately.”