iMetal Resources (TSX-V:IMR) has entered into a non-binding letter of intent to acquire an antimony-silver-zinc mining concession in the Fojnica municipality of Bosnia.
As a due diligence process is being completed, iMetal will provide further information regarding the potential transaction with its vendors.
The Cemernica Mine hosts a historical estimate of 305,000 tonnes @ 4.05% antimony, 6% zinc, and 112 grams per tonne silver.
A program of verification underground sampling and diamond drilling is required to bring the historical estimate to a current mineral resource estimate.
The company also confirms a total of 15.35 million units were issued at C$0.10 per unit as part of a previously reported non-brokered private placement. As such, C$75,835.60 was raised.
The funds will be used for further exploration, as well as the potential transaction that is underway.
iMetal is now undertaking a further placement of units at a price of C$0.015. Each unit will comprise one share and one transferable share purchase warrant.
Each warrant entitles the holder to purchase one additional share at C$0.20 for a 24-month period.
iMetal Resources is a Canada-based junior mineral explorer focused on discovering and developing its resource portfolio of projects in Ontario and Québec.
Write to Aaliyah Rogan at Mining.com.au
Images: iMetal Resources
