Kinross invests in Wyoming-focused gold explorer

Kinross Gold (NYSE: KGC) (TSX: K) has made an investment in Wyoming-focused explorer Relevant Gold (TSXV: RGC) with the purchase of 5.1 million shares at a price of C$0.30 apiece, for a total of C$1.53 million.The shares acquired represent 9.9% of Relevant’s equity capital, and Kinross will have the right to increase its ownership by 19.9% as per a standard investor rights agreement. The transaction came with warrants to buy half the number of common shares at C$0.35 per share.Shares of Relevant Gold traded 6.7% higher by 11:20 a.m. ET Thursday on the investment announcement, giving the Vancouver-based junior a market capitalization of C$20.4 million.“Kinross’s strategic investment represents a strong vote of confidence in our team’s Wyoming exploration vision and ability to execute in the field- we are thrilled to welcome them as a major shareholder and strategic partner,” said Relevant Gold’s CEO Rob Bergmann.He added that this investment marks “a key milestone” for the company as it looks to expand its technical depth, strengthen its corporate structure and bolster its treasury.The Kinross investment is separate from the private placement that Relevant completed last month, under which it sold approximately 5.78 million units at C$0.25 per unit for proceeds of C$1.44 million. The units also contained one share and one-half warrant.Proceeds from both placements will go towards exploration on the company’s mineral properties. Relevant currently holds five district-scale projects spread across two gold camps comprising more than 40,000 acres (161.9 sq. km.) in west-central Wyoming. Its flagship asset is the 38.8-sq.-km. Golden Buffalo project that historically produced 500 oz. of gold from a 20-metre trench. Drilling in 2022 produced 83.8 grams per tonne gold over 1 metre, with shear-hosted gold mineralization encountered in over half of the holes; rock chip also assayed up to 160 g/t gold. Relevant’s team believes the Golden Buffalo shear zone, whose strike length was extended to approximately 800 metres, has mineralogy similar to that of the Abitibi region in Canada, which is known for its gold production.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com