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Pacific Bay Minerals Ltd. (PBMFF) is a Canadian mineral exploration company focused on acquiring, exploring, and developing mining projects. With properties in British Columbia, including Wheaton Creek Gold, Haskins Reed Polymetalic, and Weaver Gold, the company is committed to discovering and developing precious and transitional metals. President & CEO, Reagan Glazier, leads the company in its exploration endeavors, aiming to unlock the full potential of its projects.
Pacific Bay Minerals (TSXV: PBM) has announced key organizational changes and provided an update on its Brazilian project. The company has appointed Philip Ellard, CPA as its new Chief Financial Officer, replacing Leanora Brett, who will continue as Corporate Secretary. Ellard, who holds a Bachelor of Commerce Honours from UBC, brings expertise in financial reporting, go-public processes, and regulatory support services.
The company also updated shareholders on its Pereira-Velho Gold Project acquisition in Alagoas, Brazil. The TSX Venture Exchange is currently reviewing the proposed 100% interest option acquisition announced on January 7th, 2025. Trading of company shares remains suspended pending the Exchange's satisfactory review of technical information, which will be disclosed prior to trading resumption.
Pacific Bay Minerals (TSXV: PBM) has signed a non-binding Letter of Intent (LOI) with Appian Capital Advisory LLP to acquire 100% of the Pereira-Velho gold prospect in Alagoas State, Brazil. The project encompasses 11 mineral claims totaling 14,596 hectares.
The acquisition terms include CAD $710,000 in cash payments and CAD $700,000 worth of Common Shares or cash, to be paid in two tranches over one year. Appian will retain a 1.5% net smelter royalty, which can be purchased back for USD$3.5 million.
The project features mineralization at surface, hosted in fractured quartzites with low clay content, suggesting potential for a low-stripping ratio deposit. The area has access to infrastructure and an experienced local workforce. The transaction is subject to TSX Venture Exchange approval and completion of due diligence by January 31, 2025.
Pacific Bay Minerals has completed its field program at the Sphinx Mountain Rare Earth Element project in British Columbia. The program included geological mapping, prospecting, ground-based geophysics, and extensive sampling. A total of 189 soil samples, 25 stream sediment samples, and 3 rock samples were collected, with assays pending. The program aims to follow up on historic stream-sediment results that showed values up to 1.19% TREO (Total Rare Earth Oxides). The company plans to use these results to guide future exploration activities, including airborne geophysics and additional mapping to define drill targets.
Pacific Bay Minerals (TSXV: PBMFF) has appointed Elton L.S. Pereira as Vice President Exploration. Mr. Pereira, a Brazilian geologist, brings extensive international experience in mining exploration. He led the development of Brazauro Resources Corp.'s Tocantinzinho Gold Project in Brazil, which was sold to Eldorado Gold Corp. in 2010. He also spearheaded the discovery of TriStar Gold's Castelo de Sonhos gold project and has recently worked on nickel-copper-cobalt deposits in Bahia State, Brazil.
The appointment aligns with Pacific Bay's new focus on acquiring precious metal and critical mineral exploration projects in Brazil. As part of his compensation, Mr. Pereira will receive 500,000 incentive stock options at an exercise price of $0.05 per share, expiring in 3 years.
Pacific Bay Minerals announced that it will not proceed with the remaining balance of its non-brokered private placement initially announced on March 18 and 26, 2024.
The first tranche closed on May 13, where 2,600,000 units were issued at $0.05 per unit and 1,178,144 flow-through units at $0.07 per unit, generating a total of $212,470 in gross proceeds.
On May 13, 2024, Pacific Bay Minerals announced the closing of the first tranche of its non-brokered private placement, generating gross proceeds of $212,470. The tranche included 2,600,000 Hard Units at $0.05 each and 1,178,144 Flow-Through Units at $0.07 each. Each unit features one common share and one warrant. The funds will support the exploration of critical mineral projects in British Columbia and cover general corporate expenses. Insiders acquired a portion of these units, which qualifies as a 'related party transaction.' Regulatory approvals, including final TSXV approval, are pending.
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