Kore mulls South Cariboo exploration asset spin-out
TSX-V-listed Kore Mining is considering splitting its US development assets and Canadian exploration assets into separate publicly listed companies, the junior said on Tuesday, announcing the planned spin-out of its South Cariboo exploration assets.
The spin-out would create a pure-play exploration company with a high-grade gold discovery and strategic land position in British Columbia.
“With a dominant 1 000 km2 position in a highly prospective gold district, including the recent transformational high-grade discovery at FG Gold, Kore's South Cariboo gold assets are an exceptional gold exploration story. It is also a great time for the Cariboo gold district with Osisko's aggressive exploration and development activity attracting attention and capital. The spin-out would directly expose Kore shareholders to the value creation potential of this impressive exploration story,” said president and CEO Scott Trebilcock.
Kore will retain the US gold development pipeline assets with the Imperial gold project and the Long Valley gold project.
Trebilcock said the US assets were “simple, low-cost gold heap leach projects, each with their own robust returns and the potential to produce nearly 250 000 oz/y of gold”.
“Kore will remain attractive to investors looking for exposure to low cost gold development and potential mergers and acquisitions that quality assets can generate as the gold cycle matures."
A decision will be made in the coming weeks and a transaction could be completed as early as the first quarter of 2021.
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