- Musk Metals has retained Minroc Management Limited to conduct a detailed exploration program on its Pluto properties
- The company is issuing up to 4,166,666 units on a flow-through basis for gross proceeds of up to $500,000
- Exploration will focus on the west block of the two Pluto properties and will include sampling and detailed drone magnetics
- Gold and Copper mineralization from 88 samples returned up to 1,070 ppm Cu and 0.405 g/t Au
- Musk will issue up to 4,166,666 units on a flow-through basis for gross proceeds of up to $500,000
- Musk Metals Corp. (MUSK) opened trading at C$0.09 per share
Musk Metals (MUSK) is conducting an exploration program on its Pluto properties and has announced a flow-through private placement offering.
Musk Metals has retained Minroc Management Limited to conduct a detailed exploration program on its Pluto properties.
The company is issuing up to 4,166,666 units on a flow-through basis for gross proceeds of up to $500,000.
Pluto Properties exploration program
Exploration will focus on the west block of the two Pluto properties and will include sampling and detailed drone magnetics in the northern part of the property, currently not covered by geophysics, correlating with recent Gold and Copper discoveries previously announced by the company. Gold and Copper mineralization from 88 samples taken out of bedrock and subangular boulders throughout mineralized regional structures returned up to 1,070 ppm Cu and 0.405 g/t Au.
The Kapunapotagen Shear Zone, hosting the Opemiska Cu/Au deposits to the east and the Lac Dolomieu Cu occurrence to the west of the Pluto properties, runs through the northern boundary of both the West Block and the East Block at Pluto. Program highlights include the West Block where samples from a mineralized structure returned grades of 0.405 g/t Au in tectonized ultramafics in bedrock, nearby float from a local silicified metasediment returned 1,070 ppm Cu.
Based on observations throughout the program, deformation (and its intensity) observed within the various lithologies the extrapolated thickness or the width of the deformation zone is at least 300 meters, further indicating that this is more of a regional structure. The gabbro-pyroxenite complex found near the highway may represent part of the “Ventures Sill”. This is the same structure that hosts the Opémiska Cu-Au mine in Chapais, and may also be related to the much closer Dolomieu Ag-Cu mineralized occurrence, which lies about 1km east of the West Block (also close to the highway). This area, with its large amount of outcrop, observed mineralization (including both Cu and Zn sulphides) and potential structural and striking relationship to a major local deposit and is a high priority for this current field program.
Musk Metals CEO and Director, Nader Vatanchi commented on the program.
“We are excited to be underway with a follow-up exploration program to further define our recent Gold and Copper mineralization discoveries. This program is designed to provide Musk Metals with more samples and sufficient data to establish targets for a drill program at our Pluto properties.
Musk Metal anticipates an active period with multiple work programs in close proximity to recent significant discoveries in British Columbia, Ontario and Quebec, as well as the evaluation of additional near-term acquisitions.”
Both of the Pluto properties are made up of a series of crustal-scale deformation zones and highly prospective sedimentary-volcanic rock contacts. The properties are located approximately 40km west of the Chibougamau mining camp and 15km west of the Chapais mining camp (6.5 M oz Au; 2.7 B lbs Cu of historic production). The Chibougamau camp has historically been mined and explored for Cu-Au mineralization but the recent discovery of the Nelligan deposit (IAMGOLD – Vanstar Resources) highlights the regional potential for orogenic gold mineralization which has been overlooked in the past.
Flow-through offering
The company is also pleased to announce a non-brokered private placement consisting of the issuance of up to 4,166,666 units at a price of $0.12 per unit for gross proceeds of up to $500,000.
Each unit will consist of one flow-through share and one-half of one non-flow-through share purchase warrant. Each warrant entitles the holder to purchase one additional share at a price of $0.14 for a period of two years following the closing of the offering.
All securities issued will be subject to a statutory hold period expiring four months and one day after closing of the offering.
Gross proceeds will be used for or exploration expenditures in connection with the company’s mineral projects located in Quebec.
The company may pay finder’s fees in cash or securities or a combination of both, as permitted by the policies of the Canadian Securities Exchange.
Musk Metals is an exploration company focused on the development of highly prospective, discovery-stage mineral properties located in some of Canada’s top mining jurisdictions.
Musk Metals Corp. (MUSK) opened trading at C$0.09 per share.
