Coeur Mining Advances Silvertip with Flow-Through Shares; Solitario Finds High-Grade Gold; Hecla Appoints Director And More: Tuesday's Top Mining Stories
Top Stories for Feb. 27, 2024:
1. Coeur Mining Inc. (NYSE:CDE) arranged a private placement of 7,704,725 flow-through common shares of approximately $25 million (C$34 million).
The proceeds will be used for qualifying Canadian Exploration Expenditures, to conduct an exploration and mineral evaluation program on its Silvertip Property in British Columbia to determine the presence and quality of silver, lead and zinc on the property.
The flow-through offering will be privately placed with investors in certain provinces in Canada and is expected to close on or about March 8, 2024.
2. Solitario Resources Corp. (NYSE:XPL) discovered a new area of high-grade gold mineralization on its Golden Crest Project in South Dakota named Wild Rose.
Rock sampling has shown gold values up to 52.9 grams per ton and out of 101 reconnaissance surface grab samples, 34 have contained gold values above 1.0 grams per ton.
President and CEO Chris Herald said, “Wild Rose, combined with the downpour zone to the southwest, represents a four-kilometer-long structural corridor with significant alteration and high-grade gold values at surface. Similar to other previously discovered Golden Crest mineralized areas, Wild Rose was first recognized by the presence of altered carbonate float rock in the tracks of an existing jeep road. Detailed follow-up work during the later part of the 2023 field season delineated its current surface footprint. We anticipate that additional work between Downpour and Wild Rose will demonstrate these two zones are one in the same."
3. Hecla Mining Company (NYSE:HL) appointed Mark P. Board as a Director, effective Feb. 23, 2024.
4. Steel Dynamics, Inc. (NASDAQ:STLD) announced that its board of directors approved a first-quarter cash dividend of 46 cents per common share, an 8% increase compared to its 2023 quarterly rate.
The dividend is payable to all shareholders as of the close on March 31, 2024, and will be issued on or about April 14, 2024.
Chairman and Chief Executive Officer Mark D. Millett commented, “We are pleased that our board of directors took this action, based on our confidence in the current and anticipated future strength of our cash flow generation capability and our strong financial position.... We have consistently grown our cash dividend to shareholders in alignment with our structural growth initiatives, maintaining a strong cash dividend growth profile. We believe this action reflects the strength of our capital structure and liquidity profile.”
Photo: Shutterstock