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Sterling Metals Receives TSXV Approval for the Option to Acquire 100% of the Adeline Copper Silver Project
TORONTO, ON / ACCESSWIRE / March 22, 2023 / Sterling Metals Corp. (TSXV:SAG) and (OTCQB:SAGGF) (...
About this update from Sterling Metals Corp.
[{"type":"text","content":"Sterling Metals Receives TSXV Approval for the Option to Acquire 100% of the Adeline Copper Silver ProjectTORONTO, ON / ACCESSWIRE / March 22, 2023 / Sterling Metals Corp. (TSXV:SAG) and (OTCQB:SAGGF) (\"Sterling Metals\", \"SAG\" or the \"Company\") is pleased to announce that, further to its press release dated March 6, 2023, the Company has obtained approval from the TSX Venture Exchange with respect to the option agreement (the \"Agreement\") dated March 3, 2023 with Chesterfield Resources Plc. (\"Chesterfield\") and its wholly owned subsidiary Chesterfield (Canada) Inc. pursuant to which SAG has been granted the exclusive option to acquire a 100% interest in the Adeline Copper-Silver Project located in Labrador, Canada.Pursuant to the Agreement, the Company has made the initial cash payment of $300,000 to Chesterfield and issued Chesterfield 4,500,000 common shares at a deemed price of CAD $0.1725 per share (each, a \"Common Share\") in the capital of the Company. All securities issued will be subject to a statutory hold period of four months and one day from the issuance in accordance with applicable securities laws.\"It is a rare and amazing opportunity to hit the ground running with drill ready targets on an exploration project with district scale potential. We have all of the core targeting foundations such as regional magnetics, large ground geophysical targets, a multitude of copper showings across the property and most significantly a strong chargeability targets, which are often associated with accumulations of sulphides, adjacent to high-grade copper sulphide drill intercepts. Permitting for drilling has commenced and we look forward to our first phase of drilling at Adeline\" stated Jeremy Niemi, SVP of Exploration and Evaluation for Sterling Metals.Mathew Wilson, CEO of Sterling Metals commented, \"We are excited to complete the acquisition of the Adeline Project in Labrador, marking a significant milestone for Sterling as we pursue our discovery-driven strategy of greenfield projects in Newfoundland and Labrador, focused on critical metals like copper and silver. This potential sedimentary hosted basin of high-grade copper and silver is unique not only due to its vast scale and grade but also its location and proximity to infrastructure. We look forward to advancing towards a maiden drill program at Adeline whil...