Sterling Metals to purchase copper-silver project in Labrador

Mike Edwards   

News People in Process Adeline Copper-Silver Project Chesterfield Resources copper Labrador silver Sterling Metals

Sterling Metals Corp. of Toronto has announced that it has entered into an option agreement with Chesterfield Resources Plc. and its wholly owned subsidiary Chesterfield (Canada) Inc. and together with Chesterfield pursuant to which Sterling has been granted the exclusive option to acquire 100 percent of the Adeline Copper-Silver Project in Labrador.

Highlights of the Adeline Copper-Silver Project:

  • 297 km2 district-scale land position prospective for sediment-hosted high-grade copper and silver mineralization with 44 km of strike length of the target stratigraphic horizon (Adeline Island Formation);
  • Strong geological comparisons with preferred epigenetic sediment-hosted copper deposits such as Udokan (estimated reserves of 1.2 Bt at 2% Cu;
  • Robust early-stage exploration database including Mag/IP/Resistivity and over 250 copper samples assaying as high as 26.9% Cu;
  • Pipeline of exploration targets at different stages of development including two drill-ready targets at two key prospects, one of which has returned an encouraging intercept of 1.76% Cu and 58.2 g/t Ag over 7.9 m on the edge of a large chargeability anomaly (2011, Playfair hole SL-11-10); and
  • Project located close to road, rail, and power infrastructure and within 500 km of the Sail Pond project allowing for strong economies of scale for exploration.

Mathew Wilson (pictured above), CEO of Sterling Metals commented, “Our focus is to establish the foundation for a successful Canadian mining company in one of Canada’s most favourable yet underexplored districts. Canada was once a global leader in copper production but has since fallen off the map due to a lack of new high grade greenfield discoveries.

“As the country looks to enhance its domestic security of supply of critical metals, new large-scale high-grade discoveries in metals such as copper, silver, and to some degree zinc and antimony, sticks out as a key missing piece.

“With the option of Adeline, we will now have two assets that possess these attributes within a 30-minute flight of one other. We eagerly await the initial results of our Orion survey at Sail Pond which looks to show the true size potential at depth of the polymetallic, silver and copper rich system.

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