CSE New Listing - Pike Mountain Minerals Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2019) - Pike Mountain Minerals (CSE: PIKE) is one of the latest new listings on the Canadian Securities Exchange, following its Initial Public Offering.
The company raised gross proceeds of $439,000 from the placement of 4,390,000 shares priced at $0.10 per share, which included an over-allotment of 390,000 shares. Haywood Securities acted as agent on the offering.
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In August 2018, the company entered into an option agreement with Eastland Management Ltd to earn a 100% interest in the Otter property, subject to a 3.0% net smelter return royalty. To earn its 100% interest, Pike Mountain is paying $20,000, issuing 800,000 shares and completing $650,000 in exploration work over the next three years.
The Otter Property lies 20 kilometres northwest of Princeton, British Columbia and consists of 6 claims totaling 2,825 hectares. Access is 37 kilometres north along Provincial Highway 5A from Princeton to the Pike Mountain Forest Service Road. The Otter Property, which is being explored for low sulphidation epithermal precious metals deposits, lies within the Spences Bridge Gold Belt, which stretches from Princeton northwestward to Lillooet.
Mineral exploration for precious metal bearing epithermal quartz veins was initiated in 2001, which resulted in a number of significant vein discoveries, including: Shovelnose Mountain, Prospect Valley, Ponderosa, Sullivan Ridge and Nic in the Merritt area and Skoonka Creek further to the north in the Lytton area.
Multi-year grid soil sampling along a 5 kilometre section of the lineament highlighted a 50 to 200 metre wide gold-in-soil anomaly along the entire 5 kilometre length sampled meaning the anomaly remains open in both directions. A Phase I program of prospecting and mapping, combined with a 100 hour excavator trenching program, is recommended to locate the causative structures of the Grid E soil and IP anomalies to allow the location of drill collars for a Phase II 1000 metre drill program.
For more information, please contact W John Meekison, Director, at 604-649-8778.
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