Sterling Metals Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Sterling Metals Corp. is a mineral exploration company focused on Canadian exploration opportunities. The Company is currently advancing its 100-per-cent-owned Sail Pond Project located in the Great Northern peninsula of Newfoundland and recently acquired the Adeline Project in Labrador.

The 29,700-hectare Adeline project is a mid-stage exploration project covering an entire sediment-hosted copper belt, with demonstrated potential for important new copper discoveries with significant silver credits.

The 13,500-hectare Sail Pond project is a brand new discovery, first discovered in 2016 with no drilling prior, and consists of high-grade silver, copper, lead and zinc associated with quartz-carbonate veining, brecciated dolostone and 100-per-cent sulphosalt veining.

Both projects are easily accessible by road with nearby services and a 30-minute flight from each another.

Projects in Hand

Sail Pond Ag-Cu-Pb-Zn Project, Newfoundland

Project Summary

• High-grade, silver, copper, lead and zinc associated with quartz-carbonate and 100% sulfosalt veining
• Discovered in 2016, no prior drilling and ~$8,000,000 spent to date
• 12 km linear soil anomaly with grades in soil of up to 657 g/t silver and 0.68% copper
• Rock sample analysis from trenching of up to 4,526 g/t silver, 14.9% copper, 7.5% lead, 9.6% zinc and 0.9 g/t gold
• Two defined target zones – combined strike-length of 9 km open in all directions
• Large geophysical anomalies run directly beneath trend lines
• Large project area (13,500 hectare), road accessible and with nearby services and airport
• Sterling Metals has the option to earn 100% of this project.

Significant High-Grade Drill Results

• 4,413.58 g/t AgEq over 0.34 m (1,572 g/t Ag, 5.84% Cu, 29.2% Zn, 0.55 g/t Au, 7.8% Pb and 2.47% Sb)
• 3,499.1 g/t AgEq over 0.35 m (1,564 g/t Ag, 8.33% Cu, 12.83% Pb, 2.74% Sb and 3.93% Zn)
• 1,914 g/t AgEq over 0.28 m (848 g/t Ag, 3.24% Cu, 4.27% Pb, 1.02% Sb and 9.62% Zn)
• 1,485.3 g/t AgEq over 0.63 m (520 g/t Ag, 1.81% Cu, 6.93% Pb, 0.57% Sb and 10.86% Zn)

Sail Pond: Heimdall Zone

2022 Drilling Shows Potential for Growth

2023 Drill Program

• Drill for the feeder of the narrow high grade veins as will hopefully be indicated by the Orion 3D survey

Highlights of the Program

• Expanded mineralization down-trend
• Expand on new high-grade sulfosalt intercepts

Adeline Copper-Silver Project, Labrador

Comprising roughly 30,000 hectares and a 44-kilometre strike of copper-silver-rich terrain, the Adeline project is located in Labrador, Canada, close to road, rail and power infrastructure and within 500 kilometres of the Sail Pond project, allowing for strong economies of scale for exploration.

Possessing a robust early-stage exploration database, including regional airborne magnetics, ground induced polarization (IP), extensive geological mapping and over 250 surface samples assaying as high as 26.9% copper, Adeline exhibits strong geological comparisons with preferred epigenetic sediment-hosted copper deposits such as Udokan (estimated reserves of 1.2 billion tonnes at 2% copper). In addition to the land package, the Project has a 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% copper and 58.2 g/t silver over 7.9 metres on the edge of a large chargeability anomaly (2011; Playfair hole SL-11-10).

Proposed Work Program:

• 2,500-Metre Drill Program – Adeline: $2M
• Adeline Airborne Survey: $500K
• 2,500-Metre Drill Program – Sail Pond: $750K
• Technical Services: $1M

Top Ranked Mining Jurisdiction

Strong Economies of Scale for Exploration

Adeline Copper-Silver Project

• 29,700 ha, located within the Central Mineral Belt (CMB) in Labrador
• 145 km northwest of Happy Valley-Goose Bay, Labrador
• Access road within 70 km of the project (10min helicopter flight)
• Supported by network of roads, rail, deep water ports, airports, service centers, hydro-power, and a skilled workforce.

Sail Pond Ag-Cu-Pb-Zn Project

• 13,500 ha, located in the Great Northern Peninsula of Newfoundland
• Existing infrastructure: power, water, road access within 32 km of the St. Anthony regional airport

Newfoundland

• Ranks 8th in the Fraser Institute’s Global Rankings for Mining Investment Attractiveness (2020)
• Politically stable region with a transparent permitting, established mining and taxation laws
• Mining-knowledgeable First Nations Indigenous Groups
• World-class mining operations in Labrador include Vale’s Voisey’s Bay (Ni-Cu-Co mine) & Rio Tinto’s Carol Lake (Fe Mine)

Management

Management, Directors, and Advisors

Mathew Wilson, MFin, CFA, Chief Executive Officer and Director

Mr. Wilson has spent the last fifteen years as an active venture investor and executive. Over the last 7 years he has led drill campaigns and mine restarts on two continents and raised nearly $30M. He is also currently the Chief Investment Officer of EarthLabs, a venture investment fund focused on the junior resource space. Prior to this, he was a Principal at Pinetree Capital and has acted as CEO for private venture capital companies and as a director for public TSX venture listed companies.

Dennis Logan, CPA, CA, Chief Financial Officer

Mr. Logan has over 25 years of financial advisory and senior financial management and accounting experience, having spent 17 years in Investment Banking prior to transitioning into Public Company CFO roles.

Jeremy Niemi, P.Geo., SVP Exploration and Evaluation

Mr. Niemi is a geologist with 25 years of experience in the resource industry, both at corporate and operational levels. He is currently the Vice President, Exploration at Aurelius Minerals and a technical advisor at Maritime Resources. He was previously the Vice President, Exploration for GoldQuest Corporation. During his tenure at GoldQuest, he led the advancement of the Romero gold project from an initial inferred resource through to a Pre-Feasibility Study.

Chris Irwin, Corporate Secretary

Mr. Irwin practices securities and corporate/commercial law and has been the President of Irwin Professional Corporation since August, 2006.

Richard Patricio, Chairman

Mr. Patricio is the CEO and President of Mega Uranium Ltd. He is a qualified lawyer (Ontario) with over 15 years of experience working with and for public companies.

Stephen Keith, Director

Mr. Keith has over 20 years of experience working with mining and energy projects from concept to feasibility study, engineering design, project management and construction through financing and acquisitions.

Mark Raguz, Advisor

Dr. Neil O’Brien, Technical Advisor (key person – senior advisor and head of Adeline geology)

Dr. O’Brien is a consulting economic geologist and former mining executive with three decades of industry service including Board of Director roles in public and private mineral exploration companies. Dr. O’Brien has international experience on five continents in all stages of mineral exploration and development of economic mineral resource projects, mining project evaluation and strategic corporate development activities. He retired in 2018 from Lundin Mining Corporation as Senior Vice President, Exploration and New Business Development. Dr. O’Brien also provides consulting services and is non-executive director of other public companies.

Dr. Stephen Piercey, Technical Advisor

News Update

On February 14, 2024, Sterling Metals Corp. has entered into a definitive share purchase agreement dated Feb. 13, 2024, with Copper Road Resources Inc. and its wholly owned subsidiary, 100797918 Ontario Inc., to acquire a 100-per-cent interest in the Copper Road project, from Copper Road Resources, an arm's-length party to the company. Located 80 kilometres north of Sault Ste. Marie, Ont., Canada, Copper Road is a 24,000-hectare high-potential brownfield copper-molybedenum-silver-gold project associated with the Midcontinent Rift (MCR), which until 2021 had never been fully consolidated. Recent porphyry and breccia drill holes, as well as past copper production from two mines, suggest the potential for larger intrusion-related copper mineralization. The project benefits from its strategic proximity to substantial infrastructure. Transaction highlights:

• Accretive acquisition terms -- Sterling is acquiring 100 per cent of the project in consideration for 98 per cent of the current issued and outstanding shares of Sterling and $460,000 in cash payments, payable in two tranches (see below for details). Upon completion of the transaction, existing Copper Road and Sterling shareholders will own approximately 49 per cent and 51 per cent of the company, respectively.
• 24,000-hectare project surrounded by robust infrastructure -- the contiguous claims stretch 30 kilometres and includes the past-producing Coppercorp and Tribag copper mines, multiple near-surface porphyry and breccia drill intercepts, and several surface anomalies discovered via trenching and sampling. The Trans-Canada Highway crosses the project, and surrounding infrastructure includes hydroelectricity from the Montreal River, two copper smelters and the Port of Sault Ste. Marie.
• Positioned on an important geological copper belt in North America -- the MCR is home to numerous past-producing and present deposits around Lake Superior, including the prolific native copper deposits of the Keweenawan Peninsula in the United States, mined for more than 150 years. The porphyry mineralization at Copper Road has been sourced to the same age range as the primary mineralizing event within the MCR.
• Multiple breccia and porphyry zones drilled in 2023 -- recent drilling confirmed copper and molybdenum mineralization over long intervals in the heart of the project:
• Breccia zone drill highlights include up to 38.63 metres of 1.06 per cent copper (Cu) in R2301 and 50.17 m of 0.88 per cent Cu in R2304, from 76 m and 79 m downhole, respectively (see the table entitled "Select intercepts from 2023 drilling in the Richards breccia").
• Porphyry highlights include intercepts of up to 95 m of 0.2 per cent Cu and 0.048 per cent molybdenum (Mo) from four m downhole in JR2302 (see the table entitled "Select intercepts from 2023 drilling in the Jogran porphyry").
• Broadened Canadian copper exploration portfolio for a rising copper market -- with approximately $4-million in treasury, the project expands Sterling's existing Canadian copper footprint and leverages its strong technical team for maximum capital efficiency to discover Tier 1 copper projects in Tier 1 jurisdictions.

Mathew Wilson, chief executive officer of Sterling Metals, stated: "The Copper Road project is a compelling asset which for decades has seen fractured exploration until the consolidation of the land package by the Copper Road team in 2021. Difficult markets have made the project's advancement challenging but, together, with our first-class team and strong treasury, this land package can see a regional targeting approach that builds upon the success of the Copper Road team's consolidation, and recent porphyry and high-grade breccia discoveries."

Mr. Wilson, continued: "Importantly, the addition of the project complements our existing portfolio of Canadian exploration opportunities, and provides a suite of projects focused on extensive mineral systems, positioning us very well in anticipation of an upcoming copper super cycle. While our focus will shift primarily to advancing Copper Road upon closing of the transaction, we will remain committed to understanding Adeline's potential, providing the best leverage possible for our shareholders."

On December 08, 2023, Sterling Metals Corp. has released assay results from its inaugural drilling on the Adeline project in Labrador, Canada. A total of 1,930 metres of drilling were completed in 11 drill holes focused on testing the Ellis Main prospect and the Whiskey target. In addition to the drilling campaign, the company completed a surface sampling program from outcrops in the Whiskey area. Highlights:

Inaugural drilling across the 44-kilometre-by-seven-kilometre basin tested two initial targets on opposite ends of the basin, with 10 of 11 holes intersecting copper mineralization, underscoring the robustness of the system.

At Ellis, eight holes tested the historic mineralized grey bed at depth and along strike with the following results:

• ELS-23-007 intersected an extensive copper zone over a 150-metre-by-100-metre area, with 25 m at 0.24 per cent copper and 4.05 grams per tonne silver, including 2.6 m at 0.87 per cent Cu and 11.54 g/t Ag;
• While the grey bed unexpectedly thinned, drilling intersection a mafic sill, a rock type differing from initial expectations, though typical in systems of this nature;
• Notably, visuals confirmed six copper minerals across this 25 m wide zone with extensive copper oxides suggesting potential at depth of sulphide accumulations.
• At Whiskey located 25 km east of Ellis, three holes showed pinching of the grey bed with narrower mineralization including:
• WHS-23-010 intersected 3.1 m at 0.96 per cent Cu and 11.78 g/t Ag, including 0.7 m at 3.54 per cent Cu and 46 g/t Ag;
• WHS-23-011 which intersected 2.1 m at 1.20 per cent Cu and 16.43 g/t Ag and 0.6 m at 3.22 per cent Cu and 46 g/t Ag.
• Additionally, encouraging sampling of outcrops south of drilling in the Whiskey area showed additional emerging copper trends on the eastern portion of the basin with 17 samples grading higher than 0.5 per cent Cu and up to 2.44 per cent Cu.
• Camp was winterized prior to demobilization and a drill remains on site for a potential winter program.

Mathew Wilson, chief executive officer, stated: "The discovery of a big metal district requires a big metal system, which is exactly what we have at Adeline. The macro environment for copper remains very promising and even more so here at home in Canada. Our aim is to establish a copper project capable of putting Canada back on the copper map and this is just the first step. We are currently evaluating the data to identify a clear path to targeting both at Ellis and across the entirety of the 44 km by seven km system. With over $4-million in the treasury, we are confident our systematic approach to targeting will result in an efficient and successful program when we return to drill at Adeline."

On November 15, 2023, Sterling Metals Corp. has released assay results from its 2023 drilling on the Sail Pond silver and base metal project in the Great Northern Peninsula of Newfoundland. Despite drilling not being able to identify a potential economic trap of high-grade sulphides via the Orion 3-D survey, using structural interpretations the company intersected additional high-grade silver-copper mineralization, expanding the Heimdall trend by 200 metres. Key 2023 exploration highlights at Sail Pond:

• A total of eight drill holes covering 2,058 m were completed, focusing on four distinct target areas defined by the Orion 3-D geophysical survey.
• Drilling extended high-grade silver-copper mineralization 200 m beyond previous intersections and the area remains open to the north.
• The new extension of the Heimdall North zone, discovered through structural interpretation of the project lidar, graded 932 grams per tonne silver, 4.51 per cent copper over 0.3 m starting at 209 m depth in hole SP-23-085 and 303 g/t Ag, 1.26 per cent Cu and 5.59 per cent lead over 0.3 m starting at 279.9 m.
• The company is currently undertaking physical property studies using the relevant core from Sail Pond and its new structural understanding to delineate areas of interest for higher permeability where economic quantities of high-grade sulphides are trapped.

On July 13, 2023, Sterling Metals Corp. has commenced exploration activities at the Adeline copper project in Labrador, Canada. Located within the central mineral belt of Labrador, this wholly owned 44-kilometre-long sedimentary basin hosts over 250 surface copper-silver occurrences and has many similarities to other world-class, shale-hosted copper sulphide deposits. Sterling has compiled and layered 60 years of exploration data, including extensive showings, induced polarization (IP), magnetic survey, surface trenching and structural geology, to develop a number of priority targets that are expected to be drill tested later this summer. Highlights:

• Permits received for drilling and camp with construction and field activities commencing immediately;
• Drill pads set up at the Ellis Main prospect, where recent trenching was completed, and initial drilling is expected to commence;
• The Ellis Main prospect is exposed in a series of 11 trenches along the western end of Seal Lake and was the subject of historic work, including grab samples and drilling;
• The strongest historical mineralization occurred in hole SL-11-10 from 90.6 metres where 7.9 m at 1.76 per cent Cu and 56.2 grams per tonne Ag was intercepted 50 m down dip from a surface trench of 4.5 m of 2.5 per cent Cu, 94.3 g/t Ag;
• IP data collected by Noranda in the early 1990s show a large anomaly whereby SL-11-10 intercepted the edge of it. Drill pad preparation is beginning to test this anomaly as well as the others across the basin;
• Completed hyperspectral study with ALS Goldspot Discoveries Ltd., confirming Ellis as the primary target, providing support for numerous secondary targets and new priority areas of interest;
• Drilling contract with a minimum of 2,000 metres of diamond drilling with Logan Drilling Group International, which Sterling has worked with in the past.

On June 06, 2023, Sterling Metals Corp. has commenced its 2023 drilling program at the Sail Pond project located in the Great Northern Peninsula of Newfoundland. The drill program will test for potential large accumulations of high-grade silver and copper mineralization in six new anomalies identified in the recently completed Orion 3-D geophysical survey, including a potential source to the Heimdall North zone discovered in 2022.

"Since the discovery at Heimdall North our team has looked forward to getting back to the area to find the source of the incredible high-grade mineralization we intersected. Completing the Orion survey and highlighting a new geophysical target just below our discovery hole SP-22-064 only fuelled our desire to return to the Heimdall North zone," stated Jeremy Niemi, senior vice-president, exploration and evaluation. "The mineralization in hole 64 was essentially solid vein of high-grade copper and silver mineralization interpreted to come from a nearby larger source. This is an amazing target to kick off our 2023 campaign and we can't wait to see the core."

May 8, 2023, Sterling Metals Announces Results of 2022 Regional Drilling and Orion 3D Geophysical Survey at Sail Pond. Sterling drills 0.25 m of 496 g/t AgEq at Sail Pond

https://sterlingmetals.ca/may-8-2023/

April 17, 2023, Sterling Metals Announces Closing of Upsized Brokered Private Placement Financing

https://sterlingmetals.ca/april-17-2023/

April 4, 2023, Sterling Metals Announces Upsize to Brokered Private Placement

https://sterlingmetals.ca/april-4-2023/

March 29, 2023, Sterling Metals Announces $5M Brokered Private Placement Financing

https://sterlingmetals.ca/march-29-2023/

March 22, 2023, Sterling Metals Receives TSXV Approval for the Option to Acquire 100% of the Adeline Copper Silver Project

https://sterlingmetals.ca/march-22-2023/

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