Mining News: CopperBank funds Pyramid drilling

CopperBank Resources Corp. May 12 reported the closing of a C$1.4 million non-brokered private placement that included the issuance of 17.5 million common shares at C8 cents each. In April, CopperBank announced plans to carry out a roughly US$750,000 exploration program at Pyramid, a copper-molybdenum-gold project on Aleut Corporation lands on the Alaska Peninsula. The program, slated for mid-2017, is expected to include 1,500 meters of drilling. The company’s objective is to expand the current resource at Pyramid in advance of infill drilling planned for 2018. Expansion of high-grade resources around hole PY11-16, which cut 155 meters of 0.71 percent copper, 0.18 grams per metric ton gold and 0.018 percent molybdenum, is the primary target area for this year’s drilling. The bottom 34 meters of this hole returned 0.844 percent copper, indicating the depth extension of this deposit.

–SHANE LASLEY