NetworkNewsBreaks – First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) to Begin Deer Horn Drill Program, Announces Private Placement Financing
First Tellurium (CSE: FTEL) (OTCQB: FSTTF) has scheduled its drill program in Deer Horn to begin later this month; the program will focus on the Pond zone copper-gold porphyry target. According to the announcement, the objective of the program will be to intersect disseminated mineralization and help locate the main mineral zone in the subsurface. Information obtained from the program will be combined with results from work conducted over the past two years to inform a larger drill program scheduled for 2024. The company will also be conducting an Induced Polarization (“IP”) geophysical survey this month, which will be following up on successful rock sampling, channel sampling and prospecting. “Our prospecting, mapping and sampling over the past two years has given us an extensive base of information to support the drilling and IP survey,” said First Tellurium president and CEO Tyrone Docherty in the press release. “What we have learned is that both the copper-gold porphyry target and gold-silver-tellurium vein system extend much farther than we first understood. Even more important is the discovery last month that the two mineralized systems are connected, supporting the premise that the property could support a large copper-gold porphyry across ground that has never been explored.”
In addition, First Tellurium announced a nonbrokered private placement. The placement is designed to raise up to $600,000 through the sale of an estimated five million flow-through shares at $0.12 and up to $400,000 through the sale of up to four million units at $0.10. First Tellurium president, CEO and director Tyrone Docherty will participate in the offering through his private company, Docherty Capital Corp., which is considered a related-party transaction. “I continue to be a major investor and big believer in the future of the Deer Horn Property, especially with the results of the past two years,” said Docherty. “We’ve kept this financing deliberately small, believing that the upcoming drilling and IP will allow us to conduct subsequent financings on better terms.”
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First Tellurium (CSE: FTEL) (OTCQB: FSTTF) has scheduled its drill program in Deer Horn to begin later this month; the program will focus on the Pond zone copper-gold porphyry target. According to the announcement, the objective of the program will be to intersect disseminated mineralization and help locate the main mineral zone in the subsurface. Information obtained from the program will be combined with results from work conducted over the past two years to inform a larger drill program scheduled for 2024. The company will also be conducting an Induced Polarization (“IP”) geophysical survey this month, which will be following up on successful rock sampling, channel sampling and prospecting. “Our prospecting, mapping and sampling over the past two years has given us an extensive base of information to support the drilling and IP survey,” said First Tellurium president and CEO Tyrone Docherty in the press release. “What we have learned is that both the copper-gold porphyry target and gold-silver-tellurium vein system extend much farther than we first understood. Even more important is the discovery last month that the two mineralized systems are connected, supporting the premise that the property could support a large copper-gold porphyry across ground that has never been explored.”
In addition, First Tellurium announced a nonbrokered private placement. The placement is designed to raise up to $600,000 through the sale of an estimated five million flow-through shares at $0.12 and up to $400,000 through the sale of up to four million units at $0.10. First Tellurium president, CEO and director Tyrone Docherty will participate in the offering through his private company, Docherty Capital Corp., which is considered a related-party transaction. “I continue to be a major investor and big believer in the future of the Deer Horn Property, especially with the results of the past two years,” said Docherty. “We’ve kept this financing deliberately small, believing that the upcoming drilling and IP will allow us to conduct subsequent financings on better terms.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
