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District Copper Announces Conditional Acquisition Approval for Stony Lake East
Dec. 10, 2018 09:02AM PST
Precious MetalsThe company said that the conditional approval requires that the company raise, by way of a private placement, no less than C$400,000 in order to fund the first phase of a recommended exploration program on the property.
District Copper (TSXV:DCOP) has announced that it has received TSX conditional approval for its proposed acquisition of the Stony Lake East property, located in the province of Newfoundland, on amended terms that eliminate the minimum work requirements as set out in the company’s news release of August 15th, 2018.
The company said that the conditional approval requires that the company raise, by way of a private placement, no less than C$400,000 in order to fund the first phase of a recommended exploration program on the property. This will include airborne geophysics, GIS, orthophoto imagery, and follow-up interpretation of the resulting data.
President and CEO of District Copper, Jevin Werbes said:
“We are pleased to have conditional approval for the Stony Lake East project. Through our due diligence, we have identified a number of un-explored large-scale gold targets. The lithologies and alteration observed on the ground suggest a potential for additional gold environments. Moreover, drill results from Sokoman Iron’s Moosehead project, located immediately to the north of the Stony Lake East project, have indicated high-grade orogenic gold mineralization and looks to be a sizeable discovery. Our company looks forward to closing the placement and beginning exploration immediately thereafter.”
Click here to read the full District Copper (TSXV:DCOP) press release.
