Tocvan Ventures Corp. (CSE:TOC) said it has closed the second tranche of its previously announced non-brokered private placement for gross proceeds of $266,000.
Under the offering, the company issued an aggregate of 266,000 units at $1.00 per unit. Each unit consists of one common share 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.
Proceeds from the offering will be used to advance the Pilar Gold-Silver Project in Sonora, Mexico, Tocvan noted.
“With a first phase of trenching complete and drilling set to begin, we remain focused on the advancement of Pilar and are excited to announce the recent financing will provide the capital to see us through to our next phase of exploration,” said Tocvan VP Exploration, Brodie Sutherland in a statement.
READ: Tocvan Ventures raises gross proceeds of $471,225 from first tranche of private placement
Tocvan pointed out that a trenching program was completed earlier in December to evaluate key target areas with channel sampling followed by a series of column leach studies on representative sites across the Main Zone. Results of channel samples are expected in mid-January and will be used to select the representative mineral sample for the programmed column tests.
Planned drilling of between 5,000 to 8,000 meters, estimated between now and July of 2022, will focus on continued step-out drilling along the Main Zone and new 4-Trench Trend, following up on Phase II step-outs highlighted by JES-21-50 which intersected 39.7 meters (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,” added the company.
The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the northwest part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench.
Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 22,700 m of drilling have been completed to date.