Central Timmins Exploration Corp. announced the closing of a flow-through financing deal with Goldcorp, issuing 5,000,000 common shares to raise $1 million. It represents a 9.74 per cent stake in the company.
The money is earmarked for the company's upcoming exploration program in 2019.
The junior miner's land position covers 79,000 hectares, spread out among four properties to the west, northwest and south of the city, along the Destor-Porcupine Fault Zone, a prospective area for gold and base metals like silver and zinc.
The company began trading on the TSX Venture Exchange in October.
Central Timmins struck a second deal with Goldcorp, selling nine "non-core" patented claims of 327 acres in Delore Township, near Timmins, to the gold miner for $258,624.
In a Dec. 21 statement, company president Charles Gryba said the financing deal and the sale of the properties provides them with the capital to do some grassroots exploring in the Timmins area.
"CTEC has identified...