Gunsynd PLC Additional Investment -- Eagle Mountain Mining (5069Z)
September 21 2020 - 2:00AM
UK Regulatory
TIDMGUN
RNS Number : 5069Z
Gunsynd PLC
21 September 2020
Gunsynd plc
("Gunsynd" or the "Company")
Additional Investment - Eagle Mountain Mining
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it
has invested an additional A$131,000 (approximately GBP75,000) in
Eagle Mountain Mining Limited ("Eagle Mountain"), an ASX listed
copper-gold exploration and development company (ASX: EM2).
The Eagle Mountain investment was executed via on-market
purchase:
-- Purchase of 608,043 shares at an average price of AS0.22c
-- Shares were purchased on-market since the completion of the
Eagle Mountain capital raising on 27(th) July 2020 at $0.13c and
ceased on 18 September 2020.
-- Gunsynd PLC now holds 2,146,505 shares in Eagle Mountain at
an average cost of A$0.155c representing approximately 1.54% of its
issued share capital.
About Eagle Mountain Mining Limited
Eagle Mountain Mining Limited (ASX: EM2), established in 2017,
is a copper-gold explorer focused on the strategic exploration and
development of advanced and greenfield projects in Arizona.
Arizona is at the heart of America's mining industry and home to
some of the world's largest copper discoveries, now owned by major
mining companies including BHP, Rio Tinto, Freeport McMoRan and
Hudbay. Eagle Mountain's Oracle Ridge and Silver Mountain Projects
are within the Laramide Arc which hosts many of these significant
copper porphyry deposits.
Oracle Ridge is a high grade, advanced stage underground
copper/gold/silver project. The project includes an NI43-101
resource of 11.7mt at 1.57%Cu, 17.47g/t Ag and 0.18g/t Au. Eagle
Mountain believes there is significant potential to expand the
known resources through additional drilling, along with exploration
at depth to define the source of the mineralisation.
Peter Ruse, a director of Gunsynd, commented: "We are pleased to
announce a further investment in Eagle Mountain, which offers
further exposure to the copper sector via the development and
exploration of the Oracle Ridge project in Arizona, USA. It has
been pleasing to see the Eagle Mountain share price rise (reaching
a 52-week high of A$0.33c during August 2020) following the capital
raising and subsequent commencement of drilling at Oracle
Ridge.
We continue to be encouraged by the robust backdrop to copper
prices, which are currently sitting at around $6,750 a tonne, in
light of the recent Chinese government stimulus and global economic
recovery."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's ability to execute
and implement future plans, and the occurrence of unexpected
events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
The Directors of Gunsynd accept responsibility for this
announcement.
For further information please contact:
Gunsynd plc
Hamish Harris/ Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDGGDCSXDDGGG
(END) Dow Jones Newswires
September 21, 2020 02:00 ET (06:00 GMT)
Gunsynd (LSE:GUN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gunsynd (LSE:GUN)
Historical Stock Chart
From Oct 2023 to Oct 2024