African Metals Corporation

Description

African Metals Corporation is a metal and mining exploration company domiciled in British Columbia, Canada.

The mining firm is listed on the NEX Board of TSX Venture Exchange, with common stocks trading under ticker of ‘AFR.H’. In addition, it has reportedly applied for transfer its listing from NEX to a Tier 2 issuer on the TSX Venture Exchange in May 2021.

African Metals Corporation is engaged in the acquisition, exploration, and development of metal properties.

In April 2019, the mining firm entered into an acquisition agreement with Frederick Private Equity Corporation, wherein the company might acquire a majority stake of 51 per cent in the Silver Bell St Lawrence Project by making an optional payment of US$10,000 annually.

The company claims that it will invest significantly on the exploration activities in four years, including a minimum spend of $2 million in the first year.

The Vancouver-based firm owns and operates Silver Bell St Lawrence Project (SBSL) located in the Montana’s Virginia City Mining District. The SBSL Project covers a total area of 390 acres with the several mining claims. It comprises two past-producing gold-silver mineral properties:
• Silver Bell Mine on the west
• St Lawrence Mine on the east

The company claims that in past approximately 0.22 ounces per ton gold and 3.8 ounces per ton silver with smelter receipt representing shipments of some high-grade ore in small quantities were produced.

The metal and mining firm has filed an updated technical report for the project.

Simeon Tshisangama acquired a total of nearly 1.23 million Africa Metals’ stocks through private placement on May 21, 2021. According to the press release, the purchase transaction accounts for C$0.075 price per share of the company considering an aggregate amount of C$92,250. The acquisition transaction was finally approved by TSX Venture Exchange on May 25, 2021.