Toronto-based McAdam Resources (TSE) has secured $200,000 in flow-through funding to continue exploration work at its Spud Valley gold property on Vancouver Island, B.C.
The $200,000 is being raised by private placement agreements with two individuals. According to McAdam, the share pricing was related to the market trading price of its shares on The Toronto Stock Exchange. McAdam shares have traded at around 29 cents recently. The TSE has granted conditional approval of the private placement, subject to the filing of all required documentation.
Situated on Vancouver Island, the Spud Valley property has been estimated to contain 243,000 tons of reserves (all categories) averaging 0.314 oz. gold per ton. The company is driving exploration drifts and bulk sampling on the deposit’s Linton north vein. McAdam’s goal is to prove sufficient ore to justify a 200- to 250-ton-per-day mine with output on the order of 15,000- 25,000 oz. gold per year.
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