Investors eager to capitalize on the silver and copper commodities should take stock of what is happening in Peru. The latest offering in the DealRoom has a unique play in just this order.
Newrange Gold Corp. (TSXV:NRG) is currently focused on the acquisition of a past-producing mine in a prolific district for silver development & production.
The project:
The proposed acquisition of the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Central Peru will provide opportunities for mine site exploration, development, and production for the company.
In October 2022, the company signed a share purchase agreement with Great Panther Mining Limited to acquire a 100 percent interest in the Coricancha Mine.
With an operating history dating back to 1906, the property’s historic resource (mostly in upper levels) is approximately 80 per cent precious metals and 20 percent base metals. Drilling in 2015, 2016 and 2021 showed potential to significantly increase its high-grade resources.
This past-producing mine is located in a prolific district of the Central Polymetallic Belt and boasts near-term production potential. The company is working toward a phased restart beginning in 2024. It is all part of the company’s proven business strategy to acquire an under-explored mine with a production history and bring it back online. Drill to expand the resource base and extend the mine life while also exploring new discoveries with near-term production potential.
Coricancha Processing Plant highlights:
- 600 tpd – Pb, Zn, Cu & Aspy con’s
- Flotation circuits followed by BIOX & CIL
- Silver reports mostly to Cu & Pb con’s, gold to Cu and Aspy (BIOX)
- Tailings and water treatment plants
The deal:
In order to fast-track their exploration program and give greater access to capital, Newrange has announced a non-brokered private placement to raise gross proceeds of up to $10,080,000.
The placement will consist of up to 56,000,000 units priced at C$0.18 per unit (Post-Consolidation). Each unit consists of one common share and one-half share purchase warrant. Each whole warrant can be exercised for an additional share at $0.27 for a period of 36 months. The warrants are subject to an acceleration clause.
A finder’s fee of up to 7 per cent in cash and 7 per cent in warrants may also be paid.
The net proceeds raised will be used for the acquisition of a 100 per cent interest in the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Central Peru and general working capital.
All securities to be issued will be subject to a statutory four-month hold period.
To view or participate in the Newrange Gold Corp. Deal Room offering, click here.
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