Southern Empire Closes Private Placement Financing
12/02/21, 9:00 AM
Location
vancouver
Southern Empire Resources Corp. ("Southern Empire") (TSXV:SMP)(OTC PINK:SMPEF)(Frankfurt:5RE) is pleased to announce it has closed its previously announced non-brokered private placement financing by issuing 10,000,000 units of Southern Empire (each a "Unit") at a price of $0.10 per Unit for gross proceeds of $1,000,000 (the "Offering").
Company Info
Location
vancouver, washington, united states
Additional Info
Southern Empire is focused on the acquisition, exploration and development of metals and minerals deposits in North America.
In northeastern Durango State, México, Southern Empire has an option to acquire a 100-per-cent beneficial interest in the 1,750-hectare Pedro Gold Project where 2014 drilling by a subsidiary of Newmont Mining Corporation encountered epithermal gold mineralization within basal conglomerates of the Ahuichila Formation. At Pedro, permits are established for up to 25 drill holes with nine drill holes currently planned; please see Southern Empire's news release of July 27, 2021.
In the Cargo Muchacho mountains of Imperial County, California, Southern Empire owns 100 per cent of the historical gold-producing American Girl mine property and holds options to acquire a 100-per-cent interest in the adjacent 2,160-hectare (5,338-acre) Oro Cruz property located approximately 22.5 kilometres (14 miles) southeast of the operating Mesquite gold mine of Equinox Gold Corp.
At Oro Cruz, extensive historical drilling and large-scale open-pit and underground mining of the American Girl, Padre y Madre, Queen and Cross oxide gold deposits by the American Girl Mining Joint Venture (AGMJV; ultimately owned 53 per cent by MK Gold Company and 47 per cent by Hecla Mining Company) occurred between 1987 and 1996. During that time, gold was recovered by either heap leaching of lower-grade, or milling of higher-grade ores until AGMJV operations ceased in late 1996 because of declining gold prices leaving the Oro Cruz property with many gold exploration targets in addition to the historical inferred resource estimate, reported In 2011 by Lincoln Mining Corp., totalling 341,800 ounces gold based on 4,386,000 tonnes averaging 2.2 grams gold per tonne at a cut-off grade of 0.68 g/t Au (4,835,000 tons at 0.07 ounce gold per ton; Please refer to the Cautionary Notice Regarding the Oro Cruz Property Historical Resource Estimate below).