In this episode of the Capital Compass, we’re checking back in with Viridian Metals (USOTC:VIRMF), an explorer building momentum in one of the world’s most prospective emergent copper regions, Newfoundland and Labrador.
The company has now completed drilling at the Kraken Main Zone, advancing one of the shallowest and most accessible copper targets in the province. At the same time, Viridian has launched a new financing to build on recent market momentum as it pushes the program forward.
Ricki is joined for an update on drilling assays and next steps by Tyrell Sutherland, CEO of Viridian Metals.
Ricki: Thank you for joining us again. Tyrell, the last time we spoke, you had officially commenced drilling at the Kraken Main Zone, and I think you were around 18 holes drilled. Can you give us an update on what stage you’re at now on the ground?
Tyrell: So, drilling has officially wrapped on the ground. We recently moved out the last the drill rig and whatnot.
We completed a total of 30 drill holes this year, 23 of which intersected bedrock, and 19 of which intersected significant sulfide mineralization, many of which actually ended in mineralization in this Main Zone.
Ricki: And Kraken is known for its shallow mineralization and fast moving drill work. So what have you learned so far from those early holes and how is that helping you refine the target?
Tyrell: So, we actually built in-house a new drill system because the mineralization here is so shallow. So generally we’re looking at the top 50 meters. And with conventional drilling in Canada, that’s a type that you need very large drills to get out and do a very short hole isn’t really cost effective.
So, we built a new drill rig in-house that actually specializes in that zero to 30 meter space. Now what we’re starting to see in the drill core and have noticed is that we keep ending in mineralization.
And this is a little bit unexpected in that our drill section or mineralized zones are actually thicker than we had expected. We assumed that we’d see 15, 20 meter sections from surface, and we’re seeing in excess of 30 meter mineralized intercepts.
Ricki: Amazing. But I think the investors will want to know when should we expect the first batch of assays from this program. And how often do you anticipate results through the fall and into the winter as well?
Tyrell: So, we’re expecting the first assay results within the next 10 days or so, and we expect to then get regular drill updates out likely monthly to investors right through until March next year.
Ricki: Great. Well, switching up slightly now, Viridian is also moving to close the first tranche of its financing. So can you explain why you’re doing that now and how it positions the company heading into results?
Tyrell: So, this isn’t a financing that we were required to do, but there was significant market momentum that had built up over late October. Our share price had actually moved by over 50% within two weeks.
And it indicated to us that an investor was trying to gain a position in the company and just none of the insiders or existing shareholders were willing to sell.
So, we opened up a small financing, we’re going to close it in tranches, which allows us the flexibility to either close the financing early or continue on as necessary if there’s a few key individuals who are still looking to get in.
But it allows us to both broaden our distribution in the market a little bit, but without being overly dilutive.
Ricki: Amazing. Well, so looking ahead as well, beyond that then, what are the key milestones that investors should watch out for now that drilling has wrapped for the season as you advance both Kraken and your broader exploration plans in Labrador?
Tyrell: So as mentioned, within the next 10 days or two weeks, we’ll be getting drill results out. These are from the first five holes. We did put out a press release about them in September about visible sulfide mineralization within the core over significant widths.
Now we have a further 14 mineralized holes that we will be getting results from over January, February, and into March prior to getting back on the ground in like early Q2 2026 and start broadening out this horizon beyond that initial 300 meters we drilled this year and starting to test the full extent of this five kilometer long mineralized body.
Ricki: Well, Tyrell, thank you again for joining us and for the update today.
Tyrell: Thank you, Ricki. Always a pleasure.
This article is disseminated in partnership with Viridian Metals Inc. (USOTC:VIRMF). It is intended to inform investors and should not be taken as a recommendation or financial advice.
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