Colossus Resources (TSXV:CLUS), with early stage mineral exploration properties in Ontario, started trading on the TSX Venture Exchange, following its IPO. The company has an option to acquire a 100% interest in the Master Copper Project, the company’s flagship project, located in the Sault Ste. Marie Mining Division of Ontario.
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Video Transcript:
Colossus Resources (TSXV:CLUS) is one of the latest new listings on the TSX Venture Exchange, trading under the symbol “CLUS”, following its initial public offering.
The company raised gross proceeds of $802,000 from the placement of 3,208,000 units priced at $0.25, with each unit consisting of 1 share and one-half a warrant, with each full warrant exercisable of $0.40 for 24 months.
Canaccord Genuity acted as agent for the offering.
The shares are trading at $0.27.
The company has an option to acquire a 100% interest in the Master Copper Project, the company’s flagship project, located in the Sault Ste. Marie Mining Division of Ontario.
The property is situated 50 km northeast of Bruce Mines, Ontario, the site of the first copper mine in North America in 1842.
The Master Copper Property, consisting of 15 mining claims, covering approximately 1,143 hectares, is located 38 km west of Elliot Lake and approximately 90 km east of Sault Ste. Marie.
It is accessible via a series of all-weather roads and ATV trails.
The main vein system, known as Master Copper, has been the focus of the vast majority of historic work.
The mineralized vein system has been traced over approximately 500 to 600 metres.
A number of parallel veins are known from scattered outcrops and drill intercepts to the south and west of Master Copper.
The main Master Copper trend hosts the adit that can be intermittently traced on surface for 680 metres.
For more information on the history of the property and the recommended work programs, please refer to the NI 43-101 Technical Report filed on Sedar.
For more information on the company’s secondary properties, please visit the company’s website www.ColossusResources.com, contact Harry Katevatis, President and CEO, by email at info@ColossusResources.com.
