In a news release, Granite Creek Copper Ltd. (GCX:TSX.V) announced updates regarding its current exploration and financing programs.
Granite Creek Copper launched a fall drill program at its Stu copper-gold project in the Yukon. Plans call for 1,500 meters of diamond drilling to expand upon previous drilling done in 1980 on the high-grade A zone.
"Our technical team has spent a great deal of time compiling and interpreting data on the Minto Copper Belt, with a focus on the Stu and Carmacks projects, and this exemplary work has enabled us to quickly initiate our inaugural drill program just 18 months into the company's history," President and CEO Tim Johnson said in the release.
As for its private placement financing, the British Columbia-based explorer closed the first of two tranches, through which the issuance of flow-through and non-flow-through units and flow-through shares generated an aggregate US$1.8 million. The second tranche, for up to CA$604,000, is slated to close on Oct. 15, 2020.
Each unit consists of one Granite Creek common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one common non-flow-through Granite Creek share at an exercise price of $0.25 for two years after the private placement closes.
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