Silicon Metals agrees aggregate permit acquisition in Ontario
Canadian miner Silicon Metals has signed two separate definitive agreements for the acquisition of a 100% ownership and interest in the AP6453 aggregate permit and surrounding mining claims in the Sudbury district of Ontario, Canada.
The acquisition includes known quartz-rich pegmatite mineralisation and sets the stage for commercial extraction of high-purity quartz material.
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The active aggregate permit allows for quarrying of high-purity quartz, feldspar and mica.
Located in an easily accessible area requiring minimal rehabilitation, the permit covers 6.77 hectares (ha) with an initial extraction capacity of 3,000 tonnes (t) per year.
Silicon Metals is also exploring options for expansion.
In addition to the permit, Silicon Metals has secured additional mining claims totalling 111.35ha, which may host multiple quartz-rich pegmatite bodies.
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By GlobalDataThe terms of the definitive option agreement with Geotek Exploration and Prospecting include a series of cash payments and common share issuances upon the achievement of certain milestones, including approval from the Canadian Securities Exchange (CSE).
Silicon Metals is obligated to make a cash payment of C$25,000 ($18,257.4) to the optionor within 15 business days from the effective date of the agreement.
Upon receiving approval from the CSE, Silicon Metals must pay an additional C$25,000 in cash and issue 500,000 common shares within five business days.
A separate definitive purchase agreement has been made with a third-party vendor for 100% ownership of five mining claims encompassing the permit area.
Silicon Metals must issue 100,000 common shares within 15 business days following CSE approval.
The company also intends to issue up to 16 million non-flow-through units at C$0.05, each to raise up to C$800,000. These funds will be used for the development of the permit and claims, and for general working capital purposes.
Silicon Metals CEO Morgan Good stated: “We are more than excited to further add diversified assets to our growing portfolio, particularly in Ontario as they increase Silicon’s ability to develop its business model and provide a potential pathway to a non-dilutive way of adding capital to the company. We are optimistic … news sets the stage for an aggressive advancement in the company’s 2025 and 2026 plans, overall increasing shareholder value.”
Silicon Metals has received LiDAR data for the Ptarmigan project, with internal analysis and modelling now underway.
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