Mining
Wednesday, November 13th, 2024 5:52 pm EDT
Key Points
- Launch of Silver47 on TSX Venture: Silver47 Exploration will begin trading on the TSX Venture Exchange under the symbol “AGA” on November 14, 2024, capitalizing on rising silver and gold prices.
- Flagship Red Mountain VMS Project: The company’s primary asset, the Red Mountain project in central Alaska, holds a large inferred mineral resource of 168.6 million ounces silver equivalent, with exploration potential between 500-900 million ounces.
- Financial Position and Share Structure: Silver47 is set to go public with a market cap of $40 million and 50 million shares outstanding, backed by significant shareholders like Eric Sprott and Crescat Capital.
Silver47 Exploration (TSXV: AGA) has announced that it will begin trading on the TSX Venture as of November 14. The silver explorer is set to trade under the symbol “AGA”.
“We are excited to bring Silver47 to the market at a time when silver and gold prices have made tremendous moves higher this year. Silver47 is well positioned to capitalize on this rising demand trend in metals,” commented Gary Thompson, CEO of Silver47.
Silver47’s flagship asset is the Red Mountain VMS project, which is located in central Alaska, 100 kilometres south of Fairbanks on state-managed lands. The project, which covers 620 square kilometres of prospective ground, is a district-scale polymetallic asset that contains significant upside potential. The project currently has an inferred mineral resource estimate of 168.6 million ounces silver equivalent at an average grade of 335.7 g/t silver equivalent, which was established in January 2024.
The exploration target meanwhile is said to be anywhere from 50 to 75 million tonnes, containing an estimated 500 to 900 million ounces of silver equivalent.
The property to date has seen 37,378 metres of drilling across two different zones, referred to as the Western Tundra Flats and Dry Creek, which are both found in the eastern VMS targets region of the property. The western portion of the property, where sedex targets exist, meanwhile is at an earlier stage of exploration. As a whole, Red Mountain contains 60 kilometres of prospective trend.
The company is set to go public with 50.0 million shares outstanding, and a market capitalization of $40.0 million, after having last raised funds at $0.80 per share in July. As of the end of July, the company had cash on hand of $4.0 million. Major shareholders are said to include Eric Sprott as well as Crescat Capital, among others.
“The objective of the Company is to rapidly grow its resource base toward a milestone development decision while generating new discoveries,” continued Thompson.
Silver47 is set to begin trading November 14 on the TSX Venture.
For more detailed information on the asset, please watch this video –
“Silver47 Technical update with CEO Gary Thompson and Crescat Capital’s Quinton Hennigh” https://www.youtube.com/watch?v=K_h-USkGLOU
