Pampa Metals Preps for Drilling with New C$3 Million Capital Raise

Pampa Metals (CSE:PM) is gearing up to conduct drill testing at its highly promising Block 4 copper project in Chile, and is fundraising up to C$3 million to finance the campaign.

“With respect to the Block 4 property, and specifically the Buenavista target, we think we've found a significant anomaly, (with the) size, scale and in the right location, that is very compelling, and we look forward to drill testing that for the first time this year,” Pampa Metals President and CEO Joseph van den Elsen said.

The company earlier announced that several geological, geochemical and geophysical anomalies at the Buenavista target suggest a potential cluster of porphyry copper-molybdenum systems. The area has never been drilled before, but has received magnetics, induced polarization, trenching, soil sampling, age dating and various service mapping programs, according to van den Elsen.

Pampa Metals’ 100 percent owned, 6,600 hectare Block 4 project is located along the Domeyko Mineral Belt in Chile, a top copper-producing country that accounts for roughly a quarter of the world’s copper supply.

The company recently launched a non-brokered private placement to raise up to C$3 million in capital to fund its planned 2,100 meter drilling program at the Block 4 property.

“We also have a provision in there for some due diligence on some other opportunities. So we're looking at becoming a bit more active with our portfolio. And where appropriate, we're going to look to bring in new assets to sort of build out the story and hopefully acquire some more advanced assets at the same time,” van den Elsen said.

The chief executive said he is confident his company is in the ideal jurisdiction for copper exploration.

“Our role is not going to be in monetizing or developing copper projects. Our focus is on finding things of size and scale, and seeking to drive shareholder returns through discovery,” he explained. "So if we find something significant along our locations, we think that would be very attractive to a number of logical third-party buyers, and that would be our monetization strategy for our shareholders."

Watch the full interview with Pampa Metals president and CEO Joseph van den Elsen above.

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