CSE New Listing - Lodge Resources Inc. Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2019) - Lodge Resources Inc. (CSE: LDG) is one of the latest new listings on the Canadian Securities Exchange. The company, through its wholly owned subsidiary, has an option to acquire a 100% interest in the 664-hectare Comstock property, subject to a 2% NSR.
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To exercise the option, Lodge will make cash payments of $315,000, issue a total of 600,000 shares and complete a minimum of $600,000 in expenditures over four years.
The Comstock property is located within the regional Quesnel Trough, a 30 to 60 kilometer wide belt of producing and past productive porphyry copper mineral deposits stretching from the US border in the south to the northern British Columbia border. The property is located between two producing mines, the Copper Mountain porphyry copper-gold mine 80 kilometres to the south with a reported production of 40,000 tonnes per day, and Canada's largest mine, the Highland Valley Copper mine 53 kilometres northwest with a reported production of 147,000 tonnes per day.
Since 1896 when shafts were sunk on three copper-iron showings, the Charmer, the Islander, and the Victoria, exploration has progressively continued to 2018. The exploration was successful in the determination of two main mineral zones over significant lengths with a discontinuous and/or continuous exposure over limited lengths.
A Technical Report recommends an exploration program of geophysical, geochemical, and geological surveys that should take two months to complete, at an estimated to cost of $101,230.00.
The company completed its IPO, raising gross proceeds of $350,000 from the placement of 3.5 million shares priced at $0.10 per share, with PI Financial acting as agent for the Offering.
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