Welcome to our dedicated page for Pacific Bay Mine news (Ticker: PBMFF), a resource for investors and traders seeking the latest updates and insights on Pacific Bay Mine stock.
Pacific Bay Minerals Ltd. reports exploration and corporate updates for mineral projects in British Columbia. Its news centers on the 100% owned Haskins-Reed Critical Minerals Project in the Cassiar Region of northwestern BC, where reported project work references tungsten, copper, bismuth, silver, lead and zinc in polymetallic zones, historical drilling and underground workings.
Company updates also cover the Weaver Gold project in southern BC, including gold-silver exploration in quartz-carbonate vein systems and its option/joint venture arrangement with Aurwest Resources. Recurring corporate items include reporting-policy changes, management transitions, capital-structure disclosure and operating and financial results.
Pacific Bay Minerals (TSXV: PBM) announced that its previously proposed warrant extension will not proceed. The company had intended to extend the expiry of 7,365,873 warrants issued on July 20, 2022, with an exercise price of $0.10 that expired on July 20, 2025.
The TSX Venture Exchange declined to approve the extension because the market price exceeded the strike price of the warrants at the relevant times.
Pacific Bay Minerals Ltd. (TSXV: PBM) has announced a non-brokered private placement offering of up to 20 million units at $0.10 per unit, aiming to raise $2 million. Each unit includes one common share and one warrant exercisable at $0.15 for 24 months.
The proceeds will primarily fund the acquisition and exploration of the Pereira-Velho Gold Project in Brazil. The company also plans to extend the expiry of 7,365,873 warrants from July 20, 2025, to July 20, 2026, subject to TSXV approval. Additionally, Elton Pereira has transitioned from VP of exploration to country manager for Brazil.
Pacific Bay Minerals (TSXV: PBM) has announced a non-brokered private placement offering of up to 20 million units at $0.10 per unit, aiming to raise $2 million in gross proceeds. Each unit includes one common share and one warrant exercisable at $0.15 per share for 24 months.
The proceeds will primarily fund the acquisition and early-stage exploration of the Pereira-Velho Gold Project in Brazil. The company also announced that Elton Pereira has been appointed as Country Manager, Brazil, transitioning from his previous role as VP of Exploration.
The offering is expected to close around July 17, 2025, with a four-month hold period on securities. The company may pay 7% finder's fees in cash and warrants on completed subscriptions.
Pacific Bay Minerals (TSXV: PBM) has extended its LOI with Appian Capital Advisory to acquire the Pereira Velho gold project in Alagoas State, Brazil. The project encompasses 11 mineral claims totaling 14,596 hectares and features a historical resource estimate of 67,900 ounces of gold in Measured and Indicated categories (oxide) and 40,500 ounces in the Inferred category. The property benefits from excellent infrastructure, including proximity to highways, power grid, and skilled workforce from nearby Arapiraca city.
Preliminary metallurgical testing showed promising gold recoveries up to 94.8% for oxide material using heap leach processing. The company plans to initiate confirmatory drilling and metallurgical optimization studies in 2025 to support a maiden NI 43-101 compliant resource estimate and preliminary economic assessment.
Pacific Bay Minerals (TSXV: PBM) announced the resumption of trading on April 21st, 2025, following a halt since January 7th, 2025. The company is finalizing a definitive option agreement with Appian Capital Advisory to acquire 100% of the Pereira-Velho gold prospect in Alagoas, Brazil.
The project spans 14,596 hectares in the gold-rich Borborema Province. Technical reports confirm gold presence in quartz veins and pyrite-rich zones, with over 6,300 meters of previous drilling. Metallurgical tests indicate strong gold recovery potential from oxidized ores.
The acquisition terms include payments to Appian of CDN$710,000 in cash and CDN$700,000 in either shares or cash, split across two tranches. Appian will retain a 1.5% NSR, which Pacific Bay can buy back for USD $3.5 million. The company has proposed a US$1,560,000 exploration budget including drilling, lab assaying, and metallurgical tests.
Pacific Bay Minerals (TSXV: PBM) has announced key organizational changes and provided an update on its Brazilian project. The company has appointed Philip Ellard, CPA as its new Chief Financial Officer, replacing Leanora Brett, who will continue as Corporate Secretary. Ellard, who holds a Bachelor of Commerce Honours from UBC, brings expertise in financial reporting, go-public processes, and regulatory support services.
The company also updated shareholders on its Pereira-Velho Gold Project acquisition in Alagoas, Brazil. The TSX Venture Exchange is currently reviewing the proposed 100% interest option acquisition announced on January 7th, 2025. Trading of company shares remains suspended pending the Exchange's satisfactory review of technical information, which will be disclosed prior to trading resumption.
Pacific Bay Minerals (TSXV: PBM) has signed a non-binding Letter of Intent (LOI) with Appian Capital Advisory LLP to acquire 100% of the Pereira-Velho gold prospect in Alagoas State, Brazil. The project encompasses 11 mineral claims totaling 14,596 hectares.
The acquisition terms include CAD $710,000 in cash payments and CAD $700,000 worth of Common Shares or cash, to be paid in two tranches over one year. Appian will retain a 1.5% net smelter royalty, which can be purchased back for USD$3.5 million.
The project features mineralization at surface, hosted in fractured quartzites with low clay content, suggesting potential for a low-stripping ratio deposit. The area has access to infrastructure and an experienced local workforce. The transaction is subject to TSX Venture Exchange approval and completion of due diligence by January 31, 2025.
Pacific Bay Minerals has completed its field program at the Sphinx Mountain Rare Earth Element project in British Columbia. The program included geological mapping, prospecting, ground-based geophysics, and extensive sampling. A total of 189 soil samples, 25 stream sediment samples, and 3 rock samples were collected, with assays pending. The program aims to follow up on historic stream-sediment results that showed values up to 1.19% TREO (Total Rare Earth Oxides). The company plans to use these results to guide future exploration activities, including airborne geophysics and additional mapping to define drill targets.
Pacific Bay Minerals (TSXV: PBMFF) has appointed Elton L.S. Pereira as Vice President Exploration. Mr. Pereira, a Brazilian geologist, brings extensive international experience in mining exploration. He led the development of Brazauro Resources Corp.'s Tocantinzinho Gold Project in Brazil, which was sold to Eldorado Gold Corp. in 2010. He also spearheaded the discovery of TriStar Gold's Castelo de Sonhos gold project and has recently worked on nickel-copper-cobalt deposits in Bahia State, Brazil.
The appointment aligns with Pacific Bay's new focus on acquiring precious metal and critical mineral exploration projects in Brazil. As part of his compensation, Mr. Pereira will receive 500,000 incentive stock options at an exercise price of $0.05 per share, expiring in 3 years.
Pacific Bay Minerals announced that it will not proceed with the remaining balance of its non-brokered private placement initially announced on March 18 and 26, 2024.
The first tranche closed on May 13, where 2,600,000 units were issued at $0.05 per unit and 1,178,144 flow-through units at $0.07 per unit, generating a total of $212,470 in gross proceeds.