Eastern Metals (ASX: EMS) has unveiled plans to develop a number of new Canadian copper opportunities following its acquisition of Raptor Resources.
The company has emerged from a trading halt to reveal it is moving to change its name to Raptor Metals and that it is now focused on the copper resources of the Bathurst Mining Camp in New Brunswick, Canada.
Eastern Metals told shareholders it was now in the process of compulsorily acquiring all the outstanding shares in Raptor Resources after acquiring more than 90% of its issued shares.
$5 million capital raising
It also confirmed the successful completion of a $5 million capital raise to support its future fast-tracking of the new Canadian assets.
Managing Director Brett Wallace said the transaction has delivered a premium portfolio of advanced VMS assets in a Tier-1 jurisdiction.
“The acquisition of Raptor Resources represents a pivotal milestone for our company,” he said.
“With trading having now resumed under the code EMS (to become RAP), our strategy is clear: systematic exploration to delineate economic resources and deliver strong shareholder returns.”
“We will hit the ground running with drilling programs at Chester to commence imminently.”
Chester has an existing JORC-compliant mineral resource estimate of 6.6 million tonnes at 1.1% copper.
Additional opportunities
Turgeon, Arunta and Emu Lake offer significant greenfield potential and the portfolio is primed for systematic exploration to deliver shareholder value, Mr Wallace added.
The Turgeon project in particular has demonstrated strong potential for volcanogenic massive sulphide (VMS) deposits rich in copper, zinc, and other base metals.
A prospective geological corridor adjacent to past-producing VMS deposits has already been uncovered at Turgeon which is also located in a prime position within the Bathurst Mining Camp.
With the new capital, Eastern is preparing to conduct immediate exploration activities at the new projects.
Turgeon, also in a prime position within the Bathurst Mining Camp, has been identified as having early-stage discovery potential within a highly prospective geological corridor adjacent to past-producing VMS deposits.
