Central Timmins Exploration Corporation announced the closing of a flow-through financing deal with Goldcorp, issuing 5,000,000 common shares to raise $1 million. It represents a 9.74 per cent stake in the company.
The money is earmarked for the company’s upcoming exploration program in 2019.
The junior miner’s land position covers 79,000 hectares spread out among four properties to the west, northwest and south of the city, along the Destor-Porcupine Fault Zone, a prospective area for gold and base metals like silver and zinc.
The company began trading on the TSX Venture Exchange in October.
Central Timmins struck a second deal with Goldcorp, selling nine “non-core” patented claims of 327 acres in Delore Township, near Timmins, to the gold miner for $258,624.
In a Dec. 21 statement, company president Charles Gryba said the financing deal and the sale of the properties provides them with the capital to do some grassroots exploring in the Timmins area.
“CTEC has identified approximately 20 exploration targets outside of the historical mine areas held mainly by Goldcorp, McEwen Mining Inc. and Tahoe Resources Inc. The Goldcorp investment also provides us with access to the expertise of Goldcorp, a global leader in the mining industry and one of the largest holders of historical exploration data in the Timmins Camp.”
Gryba was the co-founder of Claim Post Resources (now known as Canadian Premium Sand) which sold its Timmins exploration properties to Central Timmins, then a new private company, for $350,000 cash in December 2017. Canadian Premium Sand is focused on advancing an oil and natural gas sand frac deposit in Manitoba.