GIGA: Advancing Turnagain with Fall Geophysics; Financing Closed
What you need to know:• Giga will begin a geophysics program at its Turnagain project targeting copper, platinum, and palladium potential near the existing resource.
• The Company recently closed its non-brokered private placement, raising C$690K across two tranches of flow-through and non-flow-through units.
• Initial results from the program are expected in early October, marking the first operational step under new CEO Scott Lendrum.
Yesterday, after market close, Giga Metals (GIGA:TSXV, GIGGF:OTC) announced that the Company will undertake a geophysics program at its flagship Turnagain project in northern British Columbia, following the closing of its C$690K non-brokered financing on August 28th (see below). Giga has retained Simcoe Geoscience Limited to complete a magnetotulleric (MT) survey, with work set to begin the week of September 15th. This marks the first operational step forward for the Company since the newly appointed CEO, Scott Lendrum, has taken over. We are excited for this fall’s program as the Company looks to highlight the copper, platinum and palladium mineralization potential in a part of the ultramafic complex adjacent to the already large nickel-cobalt resource. We are maintaining our BUY rating and target price of C$0.30/share on GIGA Metals Corporation.
The geophysical program will map subsurface geological structures adjacent to the known nickel-cobalt resource and is focused on identifying additional mineralization, including copper, platinum, and palladium, within the ultramafic complex. Initial results are expected in the first half of October. For more information on the Turnagain Ni-Co Project, read our initiation report here.
Closed Financing
On August 28th, Giga Metals announced the completion of its previously disclosed non-brokered private placement, issuing 3.68M non-flow-through units for C$294,000 and 4.40M flow-through units for C$396,414. Together with the first tranche, the financing raised total gross proceeds of ~C$690,000.
GIGA Metals is an exploration stage mineral resources company engaged in the acquisition and exploration of mineral properties, primarily in northern British Columbia. Co. has not yet identified any mineral resource on any of its properties that is of a commercially exploitable quantity.
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