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     105  0 Kommentare Sterling Metals Exercises Option to Acquire 100% of the Adeline Project in Labrador and Provides Exploration Update

    TORONTO, ON / ACCESSWIRE / June 18, 2024 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling" or the "Company") is pleased to announce that pursuant to the option agreement dated March 6, 2023, with Chesterfield Resource Plc. …

    TORONTO, ON / ACCESSWIRE / June 18, 2024 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling" or the "Company") is pleased to announce that pursuant to the option agreement dated March 6, 2023, with Chesterfield Resource Plc. ("Chesterfield"), it has exercised its option to acquire 100% of the Adeline Copper-Silver Project located in Labrador, Canada.

    Chesterfield and Sterling have committed to complete the sale of by June 30, 2024, for the following consideration: a cash payment of CAD$200,000 and the issuance of an additional 8,500,000 common shares (each, a "Common Share") in the capital of the Company. As a result of this transaction, Chesterfield will hold a total of 12,692,000 shares of Sterling, a 5.46% stake in the Company. All securities issued will be subject to a statutory hold period of four months and one day from the issuance in accordance with applicable securities laws.

    Mathew Wilson, CEO of Sterling Metals, commented, "Since early 2023, we have recognized the significant potential of the Adeline Project, due to its large scale and substantial copper and silver showings across the 44km basin. With the Adeline Project now firmly in our portfolio, we are strategically positioned with two large-scale copper and silver exploration opportunities in Labrador and Ontario, both of which are ranked among the top 10 mining jurisdictions in the world by the Fraser Institute this year. This acquisition not only enhances our strategic advantage as an explorer but also provides substantial leverage to rising copper and silver prices as we advance work programs on both projects to drive future discoveries."

    Exploration Update

    The Adeline Project has many copper showings across the extent of the property, however, drilling and systematic exploration is sparse over the 44km x 11km basin. In December 2023, the Company completed its inaugural drill program consisting of 11 holes with 10 holes intersecting copper mineralization, underscoring the robustness of the system. Figure 1 below shows select surface highlights from past drilling and sampling work conducted by predecessors, and the Company.

    Figure 1: Select sample and diamond drill hole highlights at the Adeline Project, covering the 44km basin

    To assist in improved targeting and the identification of larger accumulation of copper sulfides, the Company examined several exploration initiatives including the role of hydrocarbons within the sedimentary rocks in triggering the accumulation of copper mineralization.

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    Sterling Metals Exercises Option to Acquire 100% of the Adeline Project in Labrador and Provides Exploration Update TORONTO, ON / ACCESSWIRE / June 18, 2024 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling" or the "Company") is pleased to announce that pursuant to the option agreement dated March 6, 2023, with Chesterfield Resource Plc. …