Best known for its copper and gold projects in Kazakstan, Ursa Major International (URS-T) has come home to acquire a 12.6% stake in Patricia Mines (PAT-V), owner of the Island Gold project situated 50 km northeast of Wawa, Ont.
Through a private placement with a wholly owned subsidiary, Ursa has bought 2 million Patricia units at 20cents per unit. Each unit consists of one share and one share purchase warrant that entitles Ursa to buy another Patricia share at 20cents for two years. Should Ursa exercise its warrants, its ownership of Patricia would rise to 18.4%
Ursa says it has acquired the units only for investment purposes.
Island Gold occupies the site of the past-producing Kremzar gold mine. Its Island-Lochalsh zone contains a measured and indicated resource of 408,000 tonnes grading 6.4 grams gold per tonne and an additional inferred resource of 475,000 tonnes of 6.6 grams gold. Four other mineralized zones on the property, including the Kremzar mine, contain an inferred resource of 656,700 tonnes of 7 grams gold.
Ursa has also announced the sale of two unrelated mineral properties in Ontario for cash proceeds of $375,000.
Meanwhile in central Kazakstan, Ursa says it is planning no further drilling or trenching at the Nirinsk licence, following disappointing results from the testing of gold-in-soil anomalies in zones 1 and 2.
Ursa’s chief asset in Kazakstan is its 94% interest in the Koktasjal deposit, which contains indicated resources of 71 million tonnes grading 0.52% copper, plus gold credits, along with inferred resources of 50 million tonnes at 0.41% copper, plus gold credits.
Be the first to comment on "Ursa Major buys stake in Patricia"