Mitre Mining changes name to Andean Silver to reflect Chilean pivot with Cerro Bayo project
Mitre Mining’s (ASX: MMC) recent acquisition of the Cerro Bayo silver project in Chile is not only impacting the company’s share price; it has now led to a change of name to Andean Silver.
The change has been implemented following shareholder approval and confirmation from the Australian Securities and Investments Commission, with new branding including an updated website already in place.
The next step will be the commencement of trading under its new name and ASX code ‘ASL’, Andean Silver (ASX: ASL), on 11 July 2024.
Rapid resource growth
“The new name reflects our company’s position as a rapidly growing silver and gold explorer through its Cerro Bayo project in Chile,” chief executive officer Tim Laneyrie said.
“We have enjoyed immense success since acquiring this outstanding asset late last year.”
“In a relatively short period, we have not only doubled the existing resource but have also commenced our maiden drill campaign and established a strong pipeline of new targets hosting extensive mineralised veins.”
“Andean Silver is well-positioned for ongoing resource growth.”
Market support
Mitre’s share price has surged on the back of ongoing exploration success since announcing plans to acquire Cerro Bayo in early December 2023 and completing its acquisition in late February 2024.
The company successfully raised $10 million in early May with a placement receiving strong domestic and overseas institutional support from new investors and existing shareholders.
That funding will help pay for a second rig that is being imported into Cerro Bayo as Mitre accelerates its exploration work, with the company continuing to identify new walk-up drill targets throughout the broader Cerro Bayo district.
The newly-discovered Guanaco veins sit proximal to the existing Guanaco mining area, which has seen limited systematic exploration over the last 20 years.
Mitre is also chasing the deep potential at Guanaco, which was mined predominantly by shallow open pits with limited underground operations, with historical drilling intercepting mineralisation to around 50m below surface with vein widths up to 4m wide.