A top mining investment firm is backstopping an emerging nickel player in the Sudbury Basin.
Toronto's Dundee Goodman Merchant Partners (DGMP) has formed a "strategic relationship" with Sudbury Platinum Corporation to grow the exploration company and get it publicly listed by year's end.
Sudbury Platinum (also known as SPC Metals) is a spinoff company of Transition Metals, a Sudbury-based exploration company overseeing more than 25 base and precious metals projects in Northern Ontario, the Maritimes and Western Canada.
The focus with Sudbury Platinum is exploration within the Sudbury Basin, the world's second largest nickel mining camp dominated by mining giants Vale, Glencore and KGHM.
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SPC is led by Scott McLean, the president-CEO of Transition Metals.
Dundee Goodman provided $1 million to help move the yardsticks on Sudbury Platinum's three area projects on top of the more than $2.1 million the Sudbury explorer recently raised through a private placement and a flow-through share offering.
The funds are mostly earmarked for exploration on the Janes property, an underexplored piece of ground 50 kilometres northeast of Sudbury that the company claims has the makings of a major high-grade nickel, copper, platinum group metals resource.
Sudbury Platinum's other local projects are Aer-Kidd and Lockerby, both 20 kilometres west of Sudbury in the Worthington area, on the site of some former nickel mines and close to KGHM's Victoria nickel deposit and Vale's Totten Mine.
“We are very pleased to be partnering with SPC’s exploration efforts in perhaps one of the world’s greatest mining camp right here in Canada’s Sudbury basin," said DGMP president-CEO Jonathan Goodman in an Aug. 25 new release put by SPC Metals.
"DGMP utilizes a disciplined approach to deploy capital in the mining space for the long term and our investment with some like-minded investors will ensure SPC has the ability to accelerate its exploration work. I look forward to the results that follow and an exciting future ahead for SPC.”
McLean was pleased Dundee Goodman has come aboard with financing.
"We view SPC as an important investment for the company given the significant brownfields projects it is exploring in the heart of the Sudbury Mining Camp.”
Transition's other spinoff company is Canadian Gold Miner with a package of properties covering 230-square-kilometres of prospective gold ground in the Timmins, Kirkland Lake and Larder Lake areas.
