Tocvan Ventures Corp. (CSE:TOC) said it has closed the first tranche of its previously announced non-brokered private placement of units, raising gross proceeds of $471,225 which will be used to advance the Pilar Gold-Silver Project in Sonora, Mexico.
The company issued an aggregate of 471,225 units at a price of $1.00 each, consisting of one common share in the capital of the company and one-half common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $1.50, for a period of 24 months from the closing of the offering, Tocvan said.
“We are now on the ground in Mexico with our exploration team and we are very much looking forward to this next phase of exploration,” said Tocvan VP Exploration, Brodie Sutherland in a statement. Sutherland is currently in Mexico to initiate the next phase of exploration in Sonora.
READ: Tocvan Ventures back on Pilar Project in Mexico with at least 5000 metres of drilling
Tocvan said it will be evaluating surface mineralization with trenching and channel sampling followed by a series of column leach studies on representative sites across the Main Zone. Drilling is planned with between 5,000 to 8,000 meters estimated between now and July of 2022 and will focus on continued step-out drilling along the Main Zone and new 4-Tench Trend, following up on Phase II step-outs highlighted by JES-21-50 which intersected 39.7 metres (m) at 0.96 grams per ton (g/t) gold including 1.5m at 14.6 g/t gold.
Exploration drilling will continue to evaluate target areas along the Triple Vein Zone. Surface exploration work will continue with trenching and sampling along the southeastern extension of the Main Zone.
In December 2021, an exploration program of surface mapping and sampling will be conducted at the El Picacho Gold-Silver Project in Sonora, Mexico. The program aims to advance key target areas towards trenching and ultimately drill targeting.
“I will be updating on our progress over the next few weeks as we begin trenching for detailed metallurgical analysis at our Main Zone and exploration of key target areas. At the same time, we look to rapidly move towards our next phase of drilling. Despite recent market volatility the Company’s exploration program will go forward as planned and I will be on-site at Pilar to oversee the start,” added Sutherland.
Tocvan also said it has set January 31, 2022, as the date for its Annual General Meeting. It encouraged shareholders to take part at the event in order to vote on the spin-out of the wholly-owned Rogers Creek Property in British Columbia into a new company focused on copper assets, Cascade Copper.