Additional Investment - Eagle Mountain Mining

RNS Number : 5069Z

Gunsynd PLC

21 September 2020

 

Gunsynd plc

("Gunsynd" or the "Company")

Additional Investment - Eagle Mountain Mining

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce that it has invested an additional A$131,000 (approximately £75,000) in Eagle Mountain Mining Limited ("Eagle Mountain"), an ASX listed copper-gold exploration and development company (ASX: EM2).

The Eagle Mountain investment was executed via on-market purchase:

· Purchase of 608,043 shares at an average price of AS0.22c

· Shares were purchased on-market since the completion of the Eagle Mountain capital raising on 27^th July 2020 at $0.13c and ceased on 18 September 2020.

· Gunsynd PLC now holds 2,146,505 shares in Eagle Mountain at an average cost of A$0.155c representing approximately 1.54% of its issued share capital.

About Eagle Mountain Mining Limited

Eagle Mountain Mining Limited (ASX: EM2), established in 2017, is a copper-gold explorer focused on the strategic exploration and development of advanced and greenfield projects in Arizona.

Arizona is at the heart of America's mining industry and home to some of the world's largest copper discoveries, now owned by major mining companies including BHP, Rio Tinto, Freeport McMoRan and Hudbay. Eagle Mountain's Oracle Ridge and Silver Mountain Projects are within the Laramide Arc which hosts many of these significant copper porphyry deposits.

Oracle Ridge is a high grade, advanced stage underground copper/gold/silver project. The project includes an NI43-101 resource of 11.7mt at 1.57%Cu, 17.47g/t Ag and 0.18g/t Au. Eagle Mountain believes there is significant potential to expand the known resources through additional drilling, along with exploration at depth to define the source of the mineralisation.

Peter Ruse, a director of Gunsynd, commented: "We are pleased to announce a further investment in Eagle Mountain, which offers further exposure to the copper sector via the development and exploration of the Oracle Ridge project in Arizona, USA. It has been pleasing to see the Eagle Mountain share price rise (reaching a 52-week high of A$0.33c during August 2020) following the capital raising and subsequent commencement of drilling at Oracle Ridge.

We continue to be encouraged by the robust backdrop to copper prices, which are currently sitting at around $6,750 a tonne, in light of the recent Chinese government stimulus and global economic recovery."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

The Directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

Gunsynd plc Hamish Harris/ Peter Ruse	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

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