Mining is one of the biggest industries in Canada, generating C$97 billion in 2018 — or 5 percent of the country’s GDP. The country is one of the world’s largest producers of uranium and gold but at one time, over 100 years ago, it was a top silver producer as well. In the early 1900s the country boasted two of the greatest silver discoveries in the world. Keno Hill, in the Yukon, and the Cobalt District in Ontario, contributed over 15 percent of the world’s silver. Since then, there has not been a discovery that comes close to equaling the significance of these two deposits and Canada no longer finds itself in the top 10 of silver producing countries worldwide.
In recent years, preliminary work has been completed on a small project in Newfoundland that has led to comparisons with these great silver districts from the past. Sterling Metals (TSXV:SAG) is a mineral exploration company currently exploring this exciting new potential district. Named after the shape of a pond on the project which local lore suggested resembled a Sail, the company presently has the option to earn a 100 percent interest after C$500,000 in spending by September 23, 2021 and another C$1 million by September 23, 2023.
Sterling Metals CEO Mathew Wilson describes the Sail Pond project as “A completely new discovery that while early, shows a potential district sized footprint with world class silver and copper grades on surface along at least a 12 kilometer strike.”
Over the last three years, approximately C$1.5 million has been spent preparing this project for drilling. Work is currently being completed by its partner Goldspot Discoveries (TSXV:SPOT) to use advanced technology to combine the datasets and determine the best drill locations. This drilling will hope to uncover the source of the surface footprint, of which grab samples have yielded up to 6,784 grams per tonne of silver equivalent. The company is fully funded for an aggressive initial drill program this spring and projects to earn 100 percent of this project this year.
Currently, Sterling Metals’ shareholder portfolio includes Altius Minerals (TSX:ALS), which serves as a 19 percent shareholder and partner, as well as many close insiders, company management and institutional owners which make up approximately 50 percent of the current shares outstanding.
Sterling Metals’ experienced and dedicated management team has primed the company to take advantage of Newfoundland’s favorable silver and copper macro environment. With years of combined experience in the mining, energy and finance sectors, the team is ready to advance its rare and exciting silver exploration project.
Sterling Metals’ Company Highlights
- Sterling Metals is a mineral exploration company primarily focused on exploration and mining opportunities in Canada.
- The company is currently working on advancing its flagship Sail Pond silver and base metals project in Newfoundland. The 13,500 hectare asset has never been drilled and hosts unique high-grade silver and base metal potential over a 12 kilometer strike length
- Since 2017, there has been approximately C$1.5 million on the project via surface sampling, trenching and geophysics which has led to drill targets which will be drilled in the spring of 2021.
- The company has the option to earn 100 percent ownership of the Sail Pond project by spending C$1.5 million over 3 years and granting a 2 percent NSR
- Initial work combines a district sized soil footprint with high grade grab samples up to 4526 g/t silver, 14.9 percent copper, 0.9 g/t gold, 7.5 percent lead, 9.6 percent zinc and 5 percent antimony.
- With 41 million shares outstanding and a large insider ownership, the company is fully funded for its initial drill program this spring which will take advantage of Newfoundland’s favorable mining and economic conditions.
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