Sprott takes substantial stake in Cerro de Pasco
Cerro de Pasco Resources (CDPR) has welcomed Eric Sprott as an investor in the company, the Peru-focused firm reported on Monday.
In a recent nonbrokered private placement of 32.98-million units at C$0.10 each, Sprott through 2176423 Ontario, acquired 20-million units. He also acquired 17-million shares from an existing shareholder of CDPR.
Sprott now owns or controls 37-million shares and 20-million warrants, representing about 9% of the outstanding common shares on a nondiluted basis and 13% on a partially diluted basis.
These securities were acquired for investment purposes.
The C$3.29-million raised through the placement will be used for the Quiulacocha tailings project, in Peru. The tailings facility, covering 115 ha, is estimated to contain 75-million tonnes of material processed from the 1920s to the 1990s.
The Quiulacocha facility is comprised of processing residues that came from the Cerro de Pasco openpit and underground mine. Reports indicate an estimated 458-million ounces of silver equivalent across silver, zinc, copper, lead and gold within the tailings. There is also evidence of additional valuable metals such as germanium, tellurium, indium, and gallium; this resource has not been confirmed yet.
Initially, these tailings resulted from the mining of 16-million tonnes of copper/silver/gold mineralisation with reported historical grades of up to 10% copper, 4 g/t gold and over 300 g/t silver and later from the mining of 58-million tonnes of zinc/lead/silver mineralised material with average historical grades of 7.41% zinc, 2.77% lead and 90.33 g/t silver.
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