Sterling Metals has recently made a significant move by exercising its option to acquire full ownership of the Adeline Copper-Silver Project in Labrador, Canada. The agreement, finalised with Chesterfield Resource, includes a cash payment of C$200,000 and the issuance of 8.5 million common shares in Sterling Metals. This acquisition is set to be completed by 30 June 2024, with Chesterfield maintaining a 5.46% interest in the company.
The Adeline Project, spanning a vast 44km x 11km basin, boasts numerous copper showings but has seen limited drilling and exploration. Sterling Metals conducted its inaugural drill programme last December, resulting in the confirmation of copper mineralisation in ten out of eleven holes. This success indicates the potential for a robust mineral system within the project area.
Mathew Wilson, CEO of Sterling Metals, expressed enthusiasm about the acquisition, highlighting the substantial copper and silver showings in the Adeline Project. He stated that with this project, the company now has exploration opportunities in two of the top ten mining jurisdictions in the world – Labrador and Ontario – as ranked by the Fraser Institute. Wilson sees this acquisition as strategically positioning Sterling Metals as a key player in the exploration sector, with the potential for leveraging rising copper and silver prices in the future.
The transaction presents a promising future for Sterling Metals as they plan to advance exploration work programmes on both projects to unlock further discoveries and solidify their position in the mining industry.
