Cascadia Minerals’ (TSXV: CAM) shares soared on Monday after the junior miner announced a $3.2 million private placement led by Michael Gentile, who plans to raise his stake to 9.99% as one of the Yukon explorer’s largest shareholders.
Gentile is co-founder of Montreal-based Bastion Asset Management and serves as director for several junior resource companies. Cascadia’s other major shareholders include Hecla Mining (NYSE: HL) and Barrick Gold (TSX: ABX; NYSE: GOLD).
The financing will consist of 4.55 million units at 42¢ each for $1.9 million to fund general exploration, 2.15 million units at 47.5¢ for $1 million to fund British Columbia-based exploration, plus 725,000 common shares at 42¢ for $300,000, the company said in a release.
Shares in Cascadia Minerals gained 17% to close at 41¢ apiece on Monday, valuing the company at $19.6 million.
According to Cascadia’s CEO Graham Downs, the financing would allow the company to “significantly expand” the ongoing drill program at its flagship Catch property in the Yukon. The site’s first diamond drill hole this year intersected mineralization over 140 metres on a step-out from last year’s porphyry discovery.
Central Yukon
The 117 sq.-km-property is 56 km southeast of Carmacks in an underexplored part of central Yukon. Inaugural drilling in 2023 returned 116.6 metres of 0.31% copper with 0.30 gram gold per tonne from a new greenfield copper-gold porphyry discovery.
Downs added that the capital raise will also be used to test a “compelling copper-gold porphyry target” at its PIL property in the heart of B.C.’s Toodoggone region. The property covers 151.5 sq. km of underexplored land located 25 km northwest of the past-producing Kemess mine.
In addition to Catch and PIL, Cascadia also holds the Mack’s Copper, Milner, Idaho Creek and Sands of Time properties in Yukon, all of which have additional copper porphyry targets to explore.
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