Rambler Metals and Mining has added a new project to its stable of gold- and copper-producing mines.
Rambler Metals and Mining’s Nugget Pond Crown Pillar is pictured in this submitted photo. Rambler has bought a 50 per cent stake in the Little Deer project.
— Photo courtesy Rambler Metals and Mining
George Ogilvie, president and CEO of Rambler, announced at the provincial mining industry’s annual Resource Investors Forum on Tuesday that the company’s conditional offer for a 50 per cent stake in the Little Deer copper deposit and Whalesback mine, together known as the Little Deer project, had been accepted by Cornerstone Capital Resources.
“Those are copper deposits consisting of almost four million tonnes, grading over two per cent copper,” Ogilvie told the forum at the Sheraton hotel Tuesday morning.
Cornerstone sold its stake for C$550,000, consisting of $200,000 in cash and $350,000 in common shares of Rambler.
“If you look at that on our acquisition cost-per-pound of copper in the ground, for the indicated resources, for our 50 per cent share, that works out to one cent per pound of copper in the ground,
so quite a favourable deal for Rambler and its shareholders,” said Ogilvie.
The Little Deer project is less than 140 kilometres from the company’s Nugget Pond base and precious metals processing facility on the Baie Verte Peninsula, which the company bought in 2009 to process ore from its Ming Mine site, 40 kilometres away, which started commercial production last year.
It’s the company’s success with Ming that has it hoping for a similar experience with Little Deer. Earlier this summer, Rambler picked up the Krissy’s Buckle property, 40 kilometres from Nugget Pond.
Future priorities for the company are paying down debt and optimization of the milling, crushing and grinding circuit in Nugget Pond, and continuing to explore the Ming mine and Krissy Buckle properties, Ogilvie said.