Argyle Resources files for 22 mineral lode claims, Idaho
Argyle Resources Corp. [CSE: ARGL; OTCQB: ARLYF; FSE: ME0] reported that its exploration partner, Rangefront Mining Services, has filed 22 mineral lode claims on the company’s behalf with the U.S. Bureau of Land Management (BLM) near Bovill, Idaho. The company is naming these consolidated claim blocks, the Bovill Silica Project.
The newly staked claims are strategically located in a region known for its rich deposits of silica and feldspar. Notably, a portion of the newly staked claims include a historical feldspar quarry, further supporting the prospectivity of the site.
The 22 lode claims have been submitted to the BLM for application processing, with finalization expected within approximately six weeks. Argyle and Rangefront will continue to evaluate the potential of the claims and explore opportunities to advance the project in alignment with the Company’s strategic growth initiatives.
“We are excited about the acquisition of these new claims, which add to our expanding portfolio of mineral assets,” said Jeff Stevens, CEO of Argyle Resources. “The historical mining activity in the region, coupled with our technical team’s expertise, presents a strong opportunity to unlock value from these properties.”
The company will provide further updates as the permitting process advances and as exploration activities commence on the claims.
The company closed its previously-announced non-brokered private placement for aggregate gross proceeds of $300,000 through the issuance of 555,555 units at $0.54 per Unit. Each Unit is comprised of one common share of the company and one common share purchase warrant with each Warrant entitling the holder to purchase one common share at a price of $0.65 for 24 months from the date of the closing.
The company intends to use the net proceeds of the Offering for expenditures on its mineral exploration properties, and for general working capital purposes. All securities issued under the offering are subject to a four-month and one-day hold period.
The company also announces it has granted 600,000 stock options to a consultant of the company, pursuant to its equity incentive plan, and has granted 1,250,000 restricted share units (RSUs) to certain directors, officers and consultants of the company.
Rangefront Mining Services is a leading provider of geological and exploration services, specializing in claim staking, permitting, and mineral assessment to support mining companies in advancing their projects.
In addition to the Saint Gabriel project, the company holds an option to acquire up to 100% of the Frenchvale Graphite Property in Nova Scotia, Canada and owns 100% interest in the Pilgrim Islands, Matapedia and Lac Comporté quartzite silica projects in Quebec.