An exploration company searching for gold near the north shore of Lake Superior has raised more than $1.1 million in financing.
Canadian Orebodies has closed a private placement through the sale of common and flow-through shares to continue exploration on its two massive gold properties in the Hemlo area.
The Toronto junior miner is one of the largest claim holders near Marathon with 24,000 hectares at its Pic Project and another 7,000 hectares at its adjoining North Limb Property.
Northfield Capital and renowned junior mining investor Robert Cudney have a 24.75 per cent ownership in the company.
“We would like to thank all our shareholders for their continued support, and in particular Northfield Capital Corporation and O3 Mining Inc. for their backing in this financing,” said interim CEO and CFO Fraser Laschinger in a March 3 release.
“We were pleased to raise more than our initial goal and look forward to getting to work on the Hemlo projects.”
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The company said its Pic Project contains a large gold system with numerous newly discovered high-grade showings. The property sits 40 kilometres northwest of Barrick's Williams Mine.
Gold was first discovered there in 1986 but the property had been largely devoid of any exploration for 20 years until 2017.
Heading into 2020, the company plans on moving forward under a new banner.
On the agenda for a shareholders meeting in early February was discussion of a company name change to Hemlo Explorers.
The renaming is to pay homage to the late Gordon McKinnon, the founding president, who died last August. His father, Don McKinnon, was the co-discoverer of Hemlo and was the company’s first chairman.
Details of the exact date of the name change have not been announced.
