Investee Company update – Richmond Hill Resources
Investee company Richmond Hill Resources signs exclusivity agreement to acquire Quebec copper exploration project.
- Gunsynd shareholding in Richmond Hill 5.9%
- Gunsynd shares held in Richmond Hill 3,590,594 ordinary shares
- Saint Sophie Project area 87 square kilometres
- Highest copper grade from drilling 32% Cu
- Gunsynd loans outstanding £153,552
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Gunsynd Plc (AIM: GUN) notes a Corporate update from Richmond Hill Resources PLC ("Richmond Hill") (AQSE: SHNJ).
"Richmond Hill (AQSE: SHNJ), is pleased to announce that it has signed a letter of intent with Three Mile Beach Ltd ("Three Mile") with respect to the acquisition by Richmond Hill of the legal and beneficial interest of certain mineral exploration licences in Quebec ("Proposed Transaction").
In consideration for Richmond Hill undertaking and incurring fees, expenses and other costs in connection with the due diligence investigations in relation to the Proposed Transaction, Three Mile has agreed to grant to Richmond Hill a 60-day period of exclusivity to allow Richmond Hill to conduct due diligence and to decide whether to proceed with the Proposed Transaction.
Project Details
The Saint Sophie Copper Project spans 87 square kilometres and is located in the Beauce region of Quebec, 60 Km South of The Becancour Battery Park and 150 Km North-East of Montreal. The project is comprised of multiple worked indices and historic mines of high-grade native copper, hosted in sedimentary rock and epithermal vein systems, with 146 claims spanning 87 square kilometres.
Highlights
More than 14 worked indices and historic mines with copper grades over 55%
Highest copper grades from drilling and indices: include 1.25t of ore @32% Cu, trench containing 42% cu and grab sample at 55% Cu
Also, high grade discoveries of silver, gold (9 g/t au trench sample) and molybdenum
Drilling discovered 13 metres and 6.70 metres of Pendlandite"
At 31 Jan 2025, Gunsynd had loans outstanding (including interest) of £153,552 and holds 3,590,594 ordinary shares representing approximately 5.9% of the issued share capital of Richmond Hill.
Peter Ruse, Director of Gunsynd, commented:
"Having worked directly in Mineral exploration in the province of Quebec, Canada, I am encouraged by the proposed acquisition of the Saint Sophie Copper project that may present a promising future for Richmond Hill to seek out a high-grade ore body in a sought-after, tier-1 mining jurisdiction. The property has numerous historic mineralised occurrences and has had very little modern exploration."
Gunsynd looks forward to providing further updates from Richmond Hill in relation to the transaction.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.