EV Minerals Corp. [EVM-CSE] shares began trading Monday on the Canadian Securities Exchange.
Trading has begun after EV raised $735,000 from two tranches of a non-brokered private placement offering priced at 10 cents per share. The company said net proceeds were earmarked for the company’s EV Nickel project in Saguenay, Que.
“EV Minerals checks off important boxes that investors are looking for in exploration companies. We have a running start with our historically explored EV nickel-copper-cobalt project in Quebec that shows excellent potential for further exploration,’’ the company said in a press release. “Our goal is to immediately begin to review historical findings and begin new exploration this summer.’’
The company currently has 77.1 million common shares outstanding. As the shares were trading at 15 cents early Monday, that leaves EV Minerals with a market cap of $11.6 million.
The EV project consists of 32 mineral claims covering 1,792 hectares and hosts an historic resource of 5.6 million tonnes of grade 0.21% nickel, 0.11% copper and 0.03% cobalt. The estimate is currently not compliant with NI 43-101 standards of disclosure. It was initially discovered in 1987 with a major drilling program completed in 1989.
However, EV has said it believes that the historic estimate is both relevant and reliable and the company is now poised for resource-stage development, in the hope that it can fulfill a growing global demand for nickel, copper and cobalt.
The historical resource was delineated by 160 holes (15,924 metres) down to maximum depths of 150 metres below surface. Exploration drill hole DH 158 located east of the resource block and situated along a high priority geophysical anomaly returned 6.5 metres of grade 0.80% nickel, 0.33% copper, 0.06% cobalt, including 2.5 metres of grade 1.3% nickel, 0.29% copper, and 0.08% cobalt.
In March, 2023, the company released the results of electromagnetic and total magnetic intensity surveys that were completed as part of a fall 2022 exploration program. EV said 73 lines were flown covering 305.8 line-kilometres at 100-metre spacing. The two main magnetic trends identified are consistent with conductive trends (Western and Eastern). The Western Trend encompasses the historic resource, while the Eastern Trend remains largely untouched.
“Our initial plan when flying the AirTEM was to update original geophysical surveys and test the consistency of the anomalies previously identified,’’ said EV Minerals President and CEO Nicholas Konkin. “We are pleased to have discovered an additional anomaly and confirm the geophysical consistency,” he said.
The company has said it will commence follow-up work on both the Western and Eastern Trends as part of the next phase of exploration.
