Chesterfield Resources plc noted its potential purchaser of the Adeline copper project has earmarked C$2m (£1.18m) for summer exploration on the asset in Labrador, eastern Canada.
ACTIVITIES
Sterling Metals aims for a 2,500 metre drill campaign in addition to the C$500,000 (£296,000) airborne survey planned over the licence area.
The finance will come from the Canadian company’s C$6.476 million (£3.8m) fundraise announced today, taking its total cash position to C$7.75m (£4.5m).
STAKE
Chesterfield owns 4.5m shares in Sterling which it received in addition to an initial C$400,000 (£236,686) in the agreement announced on 6 March 2023.
The company said that as of close of business on 15 May, Chesterfield’s stake in Sterling was valued at C$562,500 (£332,840).
“To put this into context, this means Chesterfield holds a 4% stake in Sterling which at close of business on 15 May had a market capitalisation of C$13.96m (£8.26m), a valuation amply supported by its strong cash position and nothwithstanding the imminent exploration activity.”
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