Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Supreme Metals snaps up Otter Minerals for C$1mln

Tuesday, March 7, 2017 7:57
% of readers think this story is Fact. Add your two cents.

Shares in Supreme Metals Corp (CNSX:ABJ) opened higher on Tuesday after the Canadian explorer signed an arms-length deal to acquire Otter Minerals Ltd.

Supreme will pay C$40,000 in cash and issue 9mln shares (worth around C$990,000) to Otter shareholders as payment.

Should the deal go through as expected, Supreme will get its hands on Otter’s Helfrick property; a high grade cobalt-nickel-silver project in Ontario.

Helfrick consists of eight mining patents covering around 128 hectares.

According to an Ontario Department of Mines Report, a 3.7 tonne bulk sample from the Kerr claim yielded 14.7% cobalt, 9.2% nickel and 9 ounces per tonne of silver.

Cobalt is an important component of electric vehicle batteries and, as a result, demand for the metal is starting to pick up.

“The Helfrick Property has produced some very impressive historic cobalt values but was never the subject of any meaningful follow-up,” said chief executive Bob Komarechka.

“As commodity prices rise, the economics of narrow cobalt veins at high grades and potential areas of significant widths at lower grades, combined with nickel, silver and some potential gold values, make this property an exciting area to apply modern exploration techniques.”

Supreme shares gained C$0.01, or 5%, to trade at C$0.11 in early deals.

Story by ProactiveInvestors


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.