Metals Update 24/8/2020

Cerro de Pasco closes final tranche of financing

Cerro de Pasco Resources Inc. has closed the final tranche of a non-brokered private placement offering for gross proceeds of $338,439 and issued 1,128,130 common share units of the company at a price of at a price of 30 cents per unit.

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Dolly Varden closes $10-million private placement

Dolly Varden Silver Corp. has closed its previously announced private placement of units of the company, pursuant to which the company issued 14,084,500 units at a price of 71 cents per unit for aggregate gross proceeds of approximately $10-million. The offering was led by Mackie Research Capital Corp., as sole bookrunner, and Eventus Capital Corp., as co-lead agents.

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Cantex Mine closes $3M final tranche of financing

Further to its news releases of July 27 and Aug. 14, 2020, Cantex Mine Development Corp. has closed the final tranche of its non-brokered private placement of flow-through and charity flow-through shares. In this closing, the company issued 1,578,948 charity flow-through shares for gross proceeds of $3,000,001. These shares were sold at a price of $1.90 per share.

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Los Andes Copper 1:10 share rollback

Pursuant to a special resolution passed by directors on July 1, 2020, the company has consolidated its capital on a one-new-for-10-old basis. The name of the company has not been changed.

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GR Silver Mining issues 427,375 shares for debt

GR Silver Mining Ltd. has received TSX Venture Exchange approval to the share-for-debt transactions previously announced on July 7, 2020, and consequently has issued 427,375 common shares to settle an aggregate debt of $203,003. All shares issued in conjunction with the debt settlements are subject to a hold period expiring Dec. 18, 2020, in accordance with applicable securities laws and the policies of the TSX-V.

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IsoEnergy private placement

The TSX Venture Exchange has accepted for filing documentation with respect to the following non-brokered private placement announced July 23, 2020.

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Taylor refreshes Auryn Resources buy

Jay Taylor, in the Aug. 14, 2020, edition of Gold, Energy & Tech Stocks, refreshes his buy of Auryn Resources Inc., recently $3.02. Mr. Taylor said buy nine times from March 16, 2015, to May 14, 2020, at prices ranging from $1.25 to $3.19. Assuming a $1,000 investment for each of the nine buys, the $9,000 position is now worth $15,281. Auryn explores for gold and copper in Canada and Peru. On July 29, It announced plans to spin out its Peruvian projects into two new companies, acquire Eastmain Resources (a Quebec gold explorer) and rename itself Fury Gold Mines. Shareholders of Auryn will receive, for every share held, about 0.7 of a share of Fury Gold and one share of each spinout company. Mr. Taylor calls the deal “very positive for shareholders.” He notes that COVID-19 has delayed important permitting progress in Peru, with the result that the Peruvian potential was not really reflected in the share price. The spinout companies will have a clearer focus on these “very promising” projects. In Canada, Fury Gold will be a “robust” explorer with projects in Nunavut, British Columbia and Quebec. “I think this restructuring will add value for shareholders,” concludes Mr. Taylor. Auryn remains a buy.

Highgold warns holders about fraudulent website

On Friday, Aug. 21, 2020, The Globe and Mail, a Canadian national newspaper, issued a news item that included reference to a fraudulent website of nearly the same website address as Highgold Mining Inc. HighGold Mining Inc. is in no way associated with this fake website. The company’s management urges shareholders, stakeholders and other news outlets to please check your information sources or news copy thoroughly to avoid confusion and passing on incorrect information from fake websites.

Nighthawk drills 5.1 m of 3.59 g/t Au at Leta Arm

Nighthawk Gold Corp. has released assay results for three drill holes (1,065 metres) completed at the Diversified deposit, part of the Leta Arm gold project, located within its Indin Lake gold property, Northwest Territories, Canada.

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Generation Mining hires Vital for drilling at Marathon

Generation Mining Ltd. has contracted Vital Drilling Services to complete a 5,000-metre drilling program along the western margin of a portion of the company’s Marathon palladium copper project in Northwestern Ontario. The drill and crew began mobilizing to site on August 19, 2020 and it is anticipated that drilling will commence shortly. The exploration drill program is designed to test two areas of interest.

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Globe says MacLean calls Galway his favourite explorer

The Globe and Mail reports in its Friday, Aug. 21, edition that Paradigm Capital analyst Don MacLean is again calling Galway Metals one of his favourite explorers. The Globe’s David Leeder writes in the Eye On Equities column that Mr. MacLean says Galway has delivered beyond his expectations.

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Globe says HighGold, Crestview abused in COVID-19 scams

The Globe and Mail reports in its Friday, Aug. 21, edition that Canadian securities regulators have uncovered dozens of scams related to COVID-19. The Globe’s Mark Rendell writes that a North American Securities Administrators Association task force, formed in April, has uncovered 244 scams to date.

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Eskay Mining accelerates expiry of 1.14M warrants

Further to its press release dated May 15, 2020, announcing the extension of the expiry dates of the warrants issued pursuant to the June, 2018, private placement, the expiry date of the remaining 1,142,000 2018 warrants exercisable at 40 cents per share has been accelerated as a result of the fact that Eskay Mining Corp.’s common shares have closed at a price of at least 60 cents for 10 consecutive trading days as of Aug. 21, 2020. The remaining 2018 warrants will expire if they are not exercised by Sept. 23, 2020.

Brixton Metals to acquire Metla property from Stuhini

Brixton Metals Corp. has entered into a purchase agreement to acquire a 100-per-cent interest in the Metla mineral claim group of 6,413 hectares from Stuhini Exploration Ltd. for consideration of 1.2 million common shares of Brixton and $42,000 in cash (subject to the acceptance of the TSX Venture Exchange). The Metla claims will be subject to a 1-per-cent net smelter return royalty interest in favour of Stuhini.

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Millrock’s Alaska acquisitions receive TSX-V OK

Millrock Resources Inc. has received approval from the TSX Venture Exchange for two arm’s-length property transactions in Alaska, announced on July 29, 2020.

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