Sun Peak Metals Corp. reports exploration and corporate updates for a mineral exploration portfolio focused on volcanogenic massive sulphide and gold systems in Saudi Arabia. Company news centers on its 100%-owned Safra, Halahila and Al Miyah projects, additional exploration licenses in the Arabian-Nubian Shield, and field programs using geological mapping, rock and soil sampling, trenching, gravity surveys, Time Domain Electromagnetic surveys and diamond drilling.
Recurring releases also cover completed portfolio expansion through the Saudi Discovery Company acquisition and Saudi licensing awards, assay results from gossans and artisanal workings, qualified-person review of technical disclosure, board and stock option matters, and other capital-structure or governance updates for SUNPF.
Sun Peak Metals (TSXV:PEAK, OTCQB:SUNPF) has announced favorable assay results from its 2020 drill program, suspended due to the Tigray regional conflict in Ethiopia. The program involved 11 holes at the Meli Main Target, 2 at the Meli Far-West, and 10 at the Anguda Southern Limb. Key findings include ML-013 intercepting 8.89 meters averaging 2.22% copper, 2.76 g/t gold, and 31.8 g/t silver, and MW-001 intercepting 15.84 meters averaging 1.90 g/t gold. These results indicate high-grade mineralization and extend the known VMS zones. The current drill program, announced in April 2024, aims to explore further within the Anguda VMS System, with initial assay results expected by June 2024.
CEO Greg Davis expressed satisfaction with the retrieval of intact drill cores and the confirmation of large VMS systems. VP of Exploration David Daoud noted the significant copper, gold, silver, and zinc content, highlighting the potential for large VMS deposits similar to those in the Arabian-Nubian shield.
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Sun Peak Metals Corp. (TSXV:PEAK)(OTCQB:SUNPF) announced the grant of 2,150,000 incentive stock options to its directors, officers, employees, and consultants. The options are exercisable over a five-year period at an exercise price of $0.26, equivalent to the closing share price on February 21, 2023. This grant is part of the Company’s shareholder-approved stock option plan, aimed at aligning the interests of stakeholders and incentivizing performance growth.
Sun Peak Metals Corp. (TSXV:PEAK)(OTCQB:SUNPF) has suspended all exploration activities on the Shire Project in Ethiopia due to ongoing conflict. While a peace agreement announced in November 2022 has prompted positive developments, further stability is necessary before operations can resume. The company has approximately CDN$7.8 million in cash and continues to monitor the situation closely. Sun Peak is also exploring other opportunities both within Ethiopia and globally. Management is optimistic about future prospects but acknowledges that they will only resume activities when it is safe to do so.
Sun Peak Metals Corp. (TSXV:PEAK, OTCQB:SUNPF) announced positive outcomes from its Annual General and Special Meeting held on June 10, 2022. Shareholders supported management's director nominees, re-appointed auditors, and approved a new 10% rolling stock option plan alongside a new equity incentive plan. The Option Plan allows for stock options equal to 10% of the company's outstanding shares, while the Equity Plan reserves up to 8,709,863 common shares for various share units. These plans comply with new share-based compensation policies from the TSX Venture Exchange.
Sun Peak Metals Corp. (OTCQB:SUNPF) has announced that its common shares are now eligible for electronic delivery and settlement through the Depository Trust Company (DTC) in the United States. This DTC eligibility will enhance the speed and efficiency of stock transfers, thereby reducing transaction costs for investors. The company remains current in its financial reporting and adheres to the OTCQB standards, which promote transparency and regulatory compliance. For more information, investors can visit www.sedar.com.
Sun Peak Metals Corp (TSXV:PEAK)(OTCQB:SUNPF) has provided an update regarding its activities in Ethiopia, reaffirming its commitment to the Shire Project. The company has declared force majeure due to ongoing unrest in the Tigray Region, which has suspended exploration work. Sun Peak has appointed Zelalem Yibrah and David Middleditch to its Technical Advisory Board to aid future exploration efforts. The company retains approximately CDN$8.5 million in cash and is pursuing new exploration license applications in Ethiopia.
Sun Peak Metals Corp has announced its common shares will begin trading on the OTCQB Venture Market under the symbol SUNPF starting March 4, 2021. This move aims to enhance the company’s visibility and reach within the U.S. investment community. To qualify for the OTCQB, companies must meet specific financial reporting and management certification standards. Additionally, Sun Peak is working to achieve DTC eligibility for its shares, enabling faster and more cost-effective electronic transactions for U.S. investors.