Collectively, these licences (Nefasit, Adi Dairo, Terer and Meli) cowl roughly 900 sq. km. of the possible Arabian Nubian Defend in northern Ethiopia. The licensed areas are situated on the identical geological setting as each the Bisha mine (Zijin Mining) and the Asmara initiatives to the north in Eritrea.
In Wednesday’s press launch, Solar Peak mentioned it can restart exploration on three of these licences (Nefasit, Terer and Meli) within the first half of 2024. Proposed work contains drilling to check a number of copper-gold VMS targets beforehand developed by the corporate.
The remaining licence (Adi Dairo), in addition to the 2 licences overlaying 550 sq. km. utilized for previous to the battle (Adi Mendi and Wokemba), are anticipated to have power majeure measures lifted at a future date, it added.
“We’re very pleased that the Tigray area is once more peaceable and secure,” Greg Davis, CEO of Solar Peak, mentioned within the launch. “Our Ethiopian staff primarily based out of Addis Ababa and Shire can be found and supportive for a return to exploration actions. A number of governmental and non-governmental businesses have been supportive of re-entering the area. We labored exhausting to maintain our in-country technical staff collectively, and we’re pleased with our staff’s resilience and dedication to the corporate.”
The corporate famous it that it not too long ago accomplished an in depth safety and security evaluation that confirmed low ranges of danger within the licensed space and for the kind of exploration drilling work to be achieved.
As for funding, Solar Peak mentioned it at present has roughly C$6.4 million in money, so no near-term financings are required for the deliberate drill packages.
By 3:30 p.m. ET, shares of Solar Peak Metals had traded 50.3% greater at C$0.50 apiece, a brand new 52-week excessive and the best since early 2021. This offers the corporate a market capitalization of C$42.5 million.