Shares of Decade Resources (TSXV: DEC) continued to soar Thursday as the company followed up on its announcement of a major copper discovery with a private placement financing backed by two insiders.
The financing comprises the issuance of 1.5 million units priced at C$0.20 each for gross proceeds of C$300,000. Each unit consists of one common share and another share purchase warrant with an exercise price of C$0.30.
Company directors Edward Kruchkowski and Randolph Kasum are expected to purchase the full amount of the placement.
Proceeds will be used by Decade to fund its Nobody Knows copper property in British Columbia, part of a 100% owned land package consisting of 48 contiguous mineral claims totalling 17,470 hectares. Also included are the Treasure Mountain and Dardanelle (presently farmed out) properties.
New copper discovery
The day prior to the financing, Decade announced that it has cored significant copper sulphide mineralization intercepts from the initial three diamond holes testing the recently discovered Nobody Knows No. 2 zone.
One drill hole intersected a total of 30 metres of visual sulphides, while the other two holes had abundant ground-up copper mineralization. A total of 500 metres of drilling were completed between the three holes.
According to Decade, the discovery drill holes show similarities to many of the world’s major sediment-hosted copper systems with the association of silver with copper.
“The Treasure Mountain – Nobody Knows properties have a great potential to host copper-silver deposits and/or copper-gold bearing stockworks,” the company said.
At present there are over 14 known copper-bearing areas, featuring numerous individual copper occurrences of which only part have been examined in the 2022 exploration program.
Shares of Decade Resources shot up 15.8% by 1:20 p.m. EDT Thursday following the latest set of developments. Earlier in the session, the stock hit a 52-week high of C$0.25. Its market value stands at C$16.1 million ($12m).
