A junior miner plans to use proceeds from a private placement to search for gold outside Snow Lake.
Copper Reef Mining Corp.announced Wednesday, April 5 that it had closed the first tranche of $250,000 of a non-brokered private placement financing up to a maximum offering amount of $400,000.
In a news release, the company said it intends to use proceeds from the placement primarily to fund exploration on the North Star-Gold Rock property, located 50 km by road west of Snow Lake.
Exploration will consist mainly of drilling the property’s Gold Rock vein as well as a new discovery area, the Flin Flon-based Copper Reef said.
A lesser portion of the proceeds will be used to complete a new resource for both the North Star and Gold Rock vein systems, and for corporate purposes, the company said.
Copper Reef said the drill program is fully permitted and will be supported by a provincial Mineral Exploration Assistance Program grant for $109,347 upon completion of exploration work totalling $218, 694.
