Blake Morgan, CEO and Director of Western Star Resources (CSE: WSR), joins me for an introduction to this gold, silver, copper exploration company operating in British Columbia and the Yukon, in Canada. This is a fairly new company that just started trading in February of last year, and has groundwork planned for 3 different 100% owned exploration properties and drilling planned for 1 and possibly 2 of the projects this year
Blake outlines the work that exploration team has planned for their flagship Western Star Property, following up on 8 mineral showings for gold, silver, copper, and lead over a 6km mineralized trend southeast of the Revelstoke mining district in British Columbia. After having the team hit the ground for more chip and channel samples, and then awaiting those assays, the plan is then to drill a grid of 30 holes to about 100 meters depth, for a 3,000 meter program to kick off in late April or early May. The drilling permits are already in hand.
Next we discussed the Mount Anderson Project in Bennett Lake, Yukon, and focused on gold, silver, zinc, and copper where a prior operator outlined very high grade mineralization and did an IP survey revealing 9 drill target areas. The team at Western Star Resources is going to again do some of their own chip and channel samples to verify these showings, and then if the permits come back and the market cooperates, then they also plan on doing an initial drill program here later in the year after drilling the Western Star Property. We also quickly reviewed the Toad River iron ore and copper project in B.C., and that there will only be limited ground work completed on it this year, looking toward optionality on this project with other larger companies.
Currently an $800,000 capital raise is underway, which will provide the funds to finish all the soil, chip, and channel sampling to further hone the exploration targets and get them drill ready at both projects. It is important to highlight the news from January 2nd, where the Company has secured a $5Million institutional equity capital facility from Crescita Capital LLC. This is the capital the Company will use and draw down and fund the majority of the exploration over a 3 year period, at their team’s discretion, and in a better price environment. Another point that Blake reviews is the tight share structure the company has with over 20% management stake, a 45% stakeholding by close shareholders, leaving only a 35% retail float available for trading.
If you have any questions for Blake regarding Western Star Resources, then please email me at Shad@kereport.com.
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