Up On Cripple Creek, GreenBank Acquires Minority Stake in Gander Exploration
Wednesday, March 21, 2018
Fans of the eclectic rock band the Grateful Dead surely have the tune in the title strumming through their heads as they read the news Wednesday morning that GreenBank Capital Inc. (CSE:GBC)(OTCPK:GRNBF) is acquiring a 19.9% stake in privately-held Gander Exploration. The transaction is not the typical type most would associate with an acquisition, as Gander is issuing GreenBank the 19.9% interest as a settlement of $99,500 in management fees.
A Google search turned up no results for a Gander Exploration website. GreenBank said in today's news release that the company's flagship property is Cripple Creek in Newfoundland, comprised of 65 claims 25 kilometers of the town of Gander. Across 2011 to 2013, Capstone Mining (TSX:CS) explored Cripple Creek, with assays from a 10-hole drilling program highlighted by cuts of 9.28 meters of 2.98% copper, 3.6 meters of 4.74% copper and 0.16 grams per tonne gold.
Capstone's findings built upon grab samples of others in 2005 that assayed up to 19.8 g/t gold, 10.2% copper and 21.9 g/t silver at the project.
Gander's portfolio also contains the Dudder Laker property about 40 kilometers north of Gander and the Blue Wind property about 5 kilometers still further north. Although limited, exploration data from Dudder is supportive of additional exploration programs, including drill intercepts up to 7.0 g/t gold of 2.8 meters within a wider cut of 9.8 meters grading 3.86 g/t gold. No exploration work has ever been conducted at Blue Wind.
Upon closing the acquisition, GreenBank CEO Danny Wettreich will take the position of Chairman of the Gander Board of Directors. The plan is for GreenBank to continue to provide merchant banking services to Gander with a goal of listing the company on the Canadian Securities Exchange in the future.
Shares of tightly-held GreenBank are trading up 4 cents at $1.40 as of 11:38 AM in Toronto.
Copyright © 2018 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Other Penny Stock Movers
Are We On The Cusp Of A New Pot Sector Rally?
Auryn Expands High-Grade Zone
Ionix Rides Financial Figures to Sharp Stock Rise
Nocopi Rockets on Q3 Figures