- First Tellurium (FTEL) acquires drill for Deer Horn exploration
- Canadian Recon Manufacturing of Maple Ridge, BC, built the drill
- It was designed specifically for power and portability and is considered ideal for the needs at Deer Horn
- The consideration totalled 2,000,000 First Tellurium shares at $0.235 per share
- Overall, the company sees this purchase with many advantages attached
- First Tellurium (FTEL) is down 2.27 per cent, trading at C$0.22 at 12:25 pm EST
First Tellurium (FTEL) has purchased a new diamond drill to support drilling at the Deer Horn tellurium-gold-silver project in British Columbia.
New diamond drill
Canadian Recon Manufacturing of Maple Ridge, BC, built the drill. It was designed specifically for power and portability and is considered ideal for the needs at Deer Horn.
In addition, it has never been used and was purchased in a shares-only transaction from an Alaskan contractor.
The consideration totalled 2,000,000 First Tellurium shares at $0.235 per share.
The shares issued in connection with this asset purchase are subject to a hold period expiring June 11, 2023.
“This model was designed originally for drilling at a mineral project in Alaska,” said Phil McLean, owner of Canadian Recon.
“It’s easy to transport by helicopter, simple to set up, very powerful, and it drills to 900 meters. This is a turnkey setup and should allow First Tellurium to begin drilling quickly once conditions allow this summer,” added McLean.
First Tellurium President and CEO Tyrone Docherty noted there are numerous advantages to purchasing a drill for the Deer Horn Project, including logistics and economics.
“We will keep the drill on site, which also provides major savings in transport costs as well as mobilization time. Also, the drill’s easy portability by helicopter and ability to drill deep make it ideal for our plans at Deer Horn,” concluded Docherty.
In the foreseeable future, First Tellurium plans to test new targets identified during the 2022 season and pre-existing drill targets identified in the 2018 Preliminary Economic Assessment.
First Tellurium works to generate revenue and value through mineral discovery, project development, project generation and cooperative access.
First Tellurium (FTEL) is down 2.27 per cent, trading at C$0.22 at 12:25 pm EST.