Coeur raising $25 million via flow-through shares for Canadian project
Coeur Mining (NYSE: CDE) is offering approximately 7.7 million flow-through shares to raise C$34 million ($25m) with which to advance exploration at its Silvertip silver-zinc-lead property in British Columbia, 16 km south of the Yukon border.
Coeur acquired the Silvertip mine and mill in 2017 but ceased mining and processing in 2020. During that time, the company spent over C$100 million at the site. The highest-grade drill intercept returned 4.9 metres at 1,261 g/t silver, 22.4% zinc, 22.0% lead, 0.13 g/t gold, 0.2% copper, 70 ppm indium, 60 ppm gallium and 0.08% tin.
At the end of 2022, the property had measured and indicated resources of 6.4 million tonnes grading 265 g/t silver, 9.68% zinc and 5.12% lead. In terms of contained metal, those numbers represent over 60 million oz. of silver, almost 1.4 billion lb. of zinc and 722.2 million lb. of lead.
The inferred resource is 1.7 million tonnes grading 239 g/t silver (14.4 million contained oz.), 10.09% zinc (378 million lb.) and 4.43% lead (166 million lb.).
The Silvertip exploration project is located within the traditional territories of the Kaska and Tahltan Nations, and Coeur has signed participation agreements with both of them.