Business
SIDEX Invests in Carube Copper
Ottawa, Ontario--(Newsfile Corp. - August 22, 2017) - Carube Copper Corp. (TSXV: CUC) an...
About this update from C3 Metals Inc.
[{"type":"text","content":"SIDEX Invests in Carube CopperFunding of $100,000 to Advance Fiedmont Platinum-Palladium ProjectOttawa, Ontario--(Newsfile Corp. - August 22, 2017) - Carube Copper Corp. (TSXV: CUC) announced today that it will initiate an exploration program to advance its Fiedmont Platinum-Palladium Project (Fiedmont) in Quebec with funds provided through an equity placement with SIDEX, Limited Partnership (SIDEX), a Quebec fund that invests in prospective early stage exploration projects under its Field Action 2017 program.Jeff Ackert, Carube Copper's President and CEO noted: \"The funding by SIDEX will help us develop drill targets on this highly prospective palladium and platinum- project. The drill target potential is extremely favourable as historic channel sampling at Fiedmont has yielded up to 6.8g Pt+Pd/t over 1m and drilling has intersected up to 1.5g Pt+Pd/t over 5m. Although not a core asset of the company, we believe that this exploration program, with the price of palladium soaring to more than US$940 an ounce since last September, will no doubt attract some third party interest.\"The $100,000 private placement in Carube Copper by SIDEX consists of 1,250,000 units @$0.08 per unit. Each unit is comprised of one common share in the capital of the company and one half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.13 for a period of two years from the closing date. SIDEX will have the right for a period of 18 months to invest in any future financings in order to maintain its proportional interest in Carube.The proceeds are to be used exclusively for the continuing exploration of the Fiedmont Platinum Palladium Project, which consists of 54 claims covering 23 square kilometres, accessible via paved roads, 30 kilometres from Val d'Or, a major mining and service centre. The Fiedmont Project:Exploration at has identified three large differentiated intrusions where prospecting trenching and drilling has identified palladium (Pd) and platinum (Pt) zones in association with nickel (Ni) plus numerous other potential Pd + Pt prospective areas with humus sampling at Fiedmont. The nature of the Platinum group elements (PGE) mineralization and its potential size is similar to Canada's only successful primary PGE mine, the Lac des Iles mining complex in northwestern Ontario. The prop...