American Manganese Inc (CVE:AMY) (OTCPINK:AMYZF) (FRA:2AM) told investors it had applied for drilling and work permits as it prepares for a drill program at its Rocher Deboule copper-gold property in British Columbia.
The 2,565-acres property lies 8 kilometers (km) from Hazelton, and contains several occurrences over a 12km east, west direction. It is part of the Hazelton project, which includes three historic mines.
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The Rocher Deboule mine had historic production of 36,457 tonnes containing 2,167,780 grams silver, 133,676 grams gold and 2,557,433 kilograms of copper between 1915 and 1929.
Meanwhile, the adjacent Highland Boy mine produced 68 tonnes containing 1,089 grams silver, 124 grams gold and 4,760 kilograms of copper, and the nearby Victoria mine produced 51 tonnes, containing 7,341 grams gold, 7,710 kilograms of arsenic and 785 kilograms of cobalt between 1926 and 1940.
Notably, recent fieldwork involving rock and soil sampling of the western portion of the claims has revealed potential for Iron Oxide Copper Gold (IOCG) deposit types.
At the Rocher Deboule copper-gold property, American Manganese said it had:
- Completed and filed a NI43-101 technical report;
- Applied for drilling and work permits; and
- Established and developed a good working relationship with First Nations on land affected by drilling and work programs.
In the statement, American Manganese, which is focused on recycling spent lithium-ion batteries, also said it will not go ahead with the proposed spin-out of its BC mineral assets into a new company as originally announced in July, 2020.
"The company believes that AMY's current share structure makes it onerous to comply with the TSX Venture Exchange's policies with respect to spinouts, and that such a transaction will not necessarily increase shareholder value," it said.
Contact the author at giles@proactiveinvestors.com