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Crown Mining (TSXV:CWM) to raise $1M for drilling in California
  • Crown Mining (CWM) is looking to raise up to C$1 million to fund a drill program at its Moonlight-Superior Project in Plumas County, California
  • The company intends to issue 30 million units at a price of $0.05 each, consisting of one common share and one common share purchase warrant
  • Each warrant will be exercisable at a price of $0.10 per share for a period of three years
  • As announced on August 11, the company has identified a number of high-priority drill targets at the project, focusing on the Superior copper deposit
  • Crown Mining (CWM) is currently up 38.46 per cent to $0.09 per share at 12:08pm EDT

Crown Mining (CWM) is looking to raise up to C$1 million to fund a drill program at its Moonlight-Superior Project in California.

Under the terms of the placement, the Toronto-based company intends to issue 30 million units at a price of $0.05 each. These units will consist of one common share in Crown Mining and one common share purchase warrant.

Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.10, exercisable over a period of three years from the date of issuance.

As announced on August 11, 2020, Crown Mining undertook an in-depth review of historical exploration data, which led to the identification of several high-priority drilling targets at the Superior copper deposit, located within the Moonlight-Superior Project.

These targets will assess the potential for well-developed, high-grade vein and breccia-hosted gold and silver mineralisation, which could serve to expand the overall scope of the project.

Stephen Dunn, CEO of Crown Mining, said the review of the historic data confirmed the belief that the Moonlight-Superior Project sits within a tier-one copper exploration district.

"We are highly encouraged by the findings of this data review, which identifies substantial exploration potential in and around the Superior project area. Exploration data confirms high-grade copper mineralisation with associated high-grade silver, which has not been evaluated.

"Underground rock-chip channel assays show significant silver is associated with the copper mineralisation, the implications of this could be significant with respect to the overall project potential," he added.

Crown Mining (CWM) is currently up 38.46 per cent and is trading at $0.09 per share at 12:08pm EDT.


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