Business
Sterling Metals Provides Update to Shareholders
TORONTO, ON / ACCESSWIRE / September 7, 2022 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ...
About this update from Sterling Metals Corp.
[{"type":"text","content":"Sterling Metals Provides Update to ShareholdersTORONTO, ON / ACCESSWIRE / September 7, 2022 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) (\"Sterling Metals\" or the \"Company\") is pleased to share an open letter from Chief Executive Officer Mathew Wilson to shareholders of the company:Dear Fellow Shareholders,We are pleased to provide an update on our 2022 exploration program at the Sail Pond project in Western Newfoundland. Drilling and field exploration is progressing well even as our industry is contending with many difficult factors. Declining prices in both broader markets and metals have created a challenging investment environment while continued supply chain disruptions and staff shortages have negatively influenced the operating environment via higher costs and decreased efficiencies.At Sterling we have made every effort to account for this new environment and mitigate our risks. Sterling has a strong balance sheet. This year we raised $4.8M in capital allowing us to launch our phase 2 drill program with nearly $7M in working capital. We added to our in-house team to augment our strong advisor and consultant network. We switched assay labs to SGS Labs thinking that a larger company could weather the disruption better than a smaller one. Unfortunately, while we have seen gains in our operational capacity and feel confident in our balance sheet, we are still waiting on our first assay results. This is a frustrating development for us and many in the exploration industry. While this has impacted our ability to respond to drill results in an agile and nimble manner, we are working hard to ensure that our program goes ahead as planned. I am very pleased to provide an update on the company.BackgroundJust under one year ago we released results from a new polymetallic discovery at our flagship Sail Pond Project in the Great Northern Peninsula of Newfoundland. Sail Pond hosts an open-ended 12km trend outlined with mineralized outcrop, trenching, geophysical anomalies, and after last year, high grade sulfide mineralization in drill holes. The footprint of the Sail Pond Project combined with the high polymetallic grades found in the sulfides through drilling, established this as having significant potential for discovery. The primary zone of mineralization was named the Heimdall Zone to highlight its potential as a gatekeeper ...