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About Metallic Minerals Corp (MMNGF)
Metallic Minerals Corp (OTCQB: MMNGF) is a resource-stage mineral exploration company specializing in the discovery, development, and advancement of high-value precious and base metal projects in North America. The company operates in two of the most prolific mining regions: the historic Keno Hill silver district in Canada's Yukon Territory and the La Plata copper-silver-gold-platinum group element (PGE) district in southwestern Colorado.
Core Business Model and Operations
Metallic Minerals employs a systematic and entrepreneurial approach to mineral exploration, focusing on expanding resources and advancing projects toward development. Its business model hinges on leveraging decades of technical expertise, strategic partnerships, and state-of-the-art exploration techniques to identify and develop tier-1 mineral assets. The company generates value through resource expansion drilling, systematic exploration campaigns, and the development of royalty-based revenue streams from alluvial gold projects in the Yukon.
Flagship Projects
- Keno Silver Project (Yukon, Canada): Metallic Minerals holds the second-largest land position in the historic Keno Hill silver district, adjacent to Hecla Mining's operations. The district is renowned for its high-grade silver production, with over 300 million ounces of past production and current measured and indicated resources. The company's inaugural resource estimate added 18.2 million ounces of silver equivalent in 2024, with significant potential for further resource expansion and new discoveries across its 171 km² property.
- La Plata Project (Colorado, USA): This district-scale project features a significant porphyry copper-silver resource, with an NI 43-101-compliant estimate of 1.2 billion pounds of copper and 17.6 million ounces of silver. The project also shows strong potential for gold, platinum, and palladium mineralization, supported by extensive geophysical and geochemical data. The U.S. Geological Survey has identified the La Plata mining district as a critical minerals resource area, further underscoring its strategic importance.
- Alluvial Gold Royalty Portfolio (Yukon, Canada): Metallic Minerals is one of the largest holders of alluvial gold claims in the Yukon. The company collaborates with experienced operators to generate royalty revenue while advancing its broader exploration objectives.
Competitive Positioning
Metallic Minerals distinguishes itself through its strategic land holdings in high-grade mining districts with existing infrastructure, including road and power access. Its partnerships with major industry players, such as Newmont Corporation, provide technical expertise and financial backing for advancing key projects. The company's leadership team brings a proven track record of discovery, permitting, and project financing, further strengthening its position in the competitive mining sector.
Industry Context and Market Relevance
The demand for precious and base metals, particularly silver, copper, and critical minerals like platinum group elements, continues to grow due to their essential roles in renewable energy, electrification, and industrial applications. Metallic Minerals' focus on these commodities aligns with global trends, positioning the company to capitalize on the increasing need for sustainable and ethically sourced mineral resources.
Commitment to Responsible Development
Metallic Minerals is committed to responsible and sustainable resource development. The company actively engages with local communities, First Nations, and Tribal groups to ensure its projects are developed in a socially and environmentally responsible manner. Its operations adhere to stringent regulatory standards, including NI 43-101 compliance, to maintain transparency and trust with stakeholders.
Conclusion
With its focus on high-potential mining districts, strategic partnerships, and a systematic approach to exploration, Metallic Minerals Corp represents a compelling opportunity in the resource exploration sector. The company's expertise, combined with its significant land holdings in North America's most prolific mining regions, positions it as a key player in the discovery and development of critical and precious metal resources.
Metallic Minerals has launched its 2022 exploration and drilling campaign at the La Plata silver-gold-copper project in Colorado. This follows the earlier release of a new NI 43-101 compliant mineral resource estimate revealing 889 million pounds of copper and 15 million ounces of silver. The current drill program aims to expand known mineralization in the Allard area and support resource growth for 2023. Additionally, the company has applied for a warrant extension for 9,587,500 warrants set to expire on August 13, 2022, to February 13, 2023.
Metallic Minerals (MMNGF) has launched its 2022 field activities at the Keno Silver project in Yukon, a prime silver district. The program includes 3,000 meters of diamond drilling targeting established deposits and new discoveries. The company aims to advance its resources to formal NI 43-101 standards. Recently, Hecla Mining acquired Alexco Resource Corp, enhancing the district's appeal. Additionally, Metallic raised $4.65 million from private placements to fund exploration. The Keno district boasts a history of over 300 million ounces of silver production, underscoring its potential.
Metallic Minerals has successfully closed a second non-brokered private placement financing, raising $617,820 through the issuance of 1,471,000 units at $0.42 per unit. This includes 846,000 flow-through units for $355,320 and 625,000 non flow-through units for $262,500. Proceeds from the flow-through component will fund eligible Canadian Exploration Expenses. The warrants included allow holders to acquire common shares at $0.50 for a period of 30 months. An insider participated by acquiring 25,000 NFT units.
Metallic Minerals has filed a National Instrument 43-101 technical report for the Allard Cu-Ag Porphyry Deposit, revealing an inaugural resource of 889 million pounds of copper and 15 million ounces of silver (Inferred). This milestone is seen as significant for the company's growth prospects. The project team is preparing for further exploration activities, including geophysical surveys and additional drilling. The report, authored by an independent Qualified Person, is available on SEDAR and the company’s website.
Metallic Minerals has successfully completed a non-brokered private placement financing, generating $4,032,000 through the sale of 9,600,000 units at $0.42 each. Each unit comprises one flow-through common share and a half warrant, exercisable at $0.50 for 30 months. Proceeds will fund exploration at the Keno Silver Project in Yukon and other projects. CEO Greg Johnson highlighted the addition of new institutional investors, while the company awaits TSX-V approval.
The financing includes participation from an officer, considered a related-party transaction.
Metallic Minerals has released final assay results from its 2021 drilling at the Keno Silver Project in Yukon, confirming high-grade silver-gold-lead-zinc mineralization at the Formo deposit. Highlights include drill hole FOR21-05, which returned multiple intervals exceeding 1,000 g/t silver equivalent. The results indicate strong potential for resource expansion in the Formo target area, which remains open for further exploration. Plans are underway to define an inaugural resource estimate while continuing exploration efforts, with updates expected soon.
Metallic Minerals Corp. has announced a non-brokered private placement offering of 9,600,000 flow-through units priced at $0.42 per unit, yielding gross proceeds of $4,032,000. The funds will primarily support Canadian Exploration Expenses at its Keno Silver project. Each unit includes a flow-through share and a half warrant, with warrants exercisable at $0.50 for 30 months. Closing is anticipated around June 8, 2022, pending regulatory approval. CEO Greg Johnson expressed optimism about the exploration prospects and investor interest.
Metallic Minerals has established a dedicated Community & First Nations Relations team to enhance relationships with local communities and governments. Lindsay Wilson has been appointed as Manager, Community and Investor Relations, collaborating with Lauren Blackburn, who manages regulatory and permitting efforts. This initiative aligns with the company’s commitment to environmental, social, and governance (ESG) practices. The team will participate in the Arctic Indigenous Investment Conference on May 4-5, promoting indigenous partnerships and economic growth in the north.
Metallic Minerals has announced its inaugural NI 43-101 mineral resource estimate for the La Plata project, which includes the Allard copper-silver porphyry deposit. The estimate reveals 115.7 million tonnes of resource at an average grade of 0.39% copper equivalent (0.35% Cu and 4.02 g/t Ag), equating to 889 million pounds of copper and 14.975 million ounces of silver. The deposit remains open to expansion and is located in a historically productive mining district. Upcoming exploration plans aim to further define and expand this resource.
Metallic Minerals announced further exploration results from its Keno Silver project in Yukon, Canada. The 2021 field program included drilling, mapping, and soil sampling, revealing silver mineralization in 10 of 12 holes. Key highlights include:
- 24 high-grade intervals over 100 g/t Ag Eq, with a peak of 1,049 g/t Ag Eq.
- Notable broad zones of continuous mineralization, including 112.8 m of 36.5 g/t Ag Eq.
- Identification of new conductive features for further exploration.
Excitement builds for the 2022 season with targeted core drilling expected to advance resource definitions.
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