ASX:CP8

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Canadian Phosphate Confirms Nine Kilometers Strike Continuity at Canada Project

Canadian Phosphate (ASX:CP8) confirmed around 9 kilometers of strike continuity at its Wapiti Project in British Columbia, with drilling extending phosphate mineralization along the eastern limb of the Red Deer Syncline, according to a Wednesday filing with the Australian bourse.The company has completed 18 holes spanning 2,638 meters, with first assays expected in September, while exploration has shifted to the western limb, using historical drilling to guide new targets, per the filing.The company will increase funding and expand drilling beyond the previously planned 3,000 meters, supported by light detection and ranging, orthoimagery, mapping and sampling to enhance resource potential and geological confidence, the filing said.The company has deferred the Barnes bulk sample to the second quarter of 2027, opting instead to use about 30,000 tonnes of previously mined phosphate rock in Montana to meet near-term customer demand while redirecting funding to its Wapiti exploration program, the filing added.

ASX:CP8

Asia77d ago

Canadian Phosphate to Conduct Follow-On Placement

Canadian Phosphate (ASX:CP8) agreed to conduct a follow-on placement to raise a further AU$350,000 at AU$0.14 per share after securing about AU$5 million under its renounceable rights issue, according to a Wednesday filing with the Australian bourse.The total amount raised will be roughly AU$5.2 million upon completion of the follow-on placement, with the company issuing 37.2 million shares and 18.6 million new options exercisable at AU$0.25, expiring June 26, 2028, the filing said.Proceeds will be used for the development of the company's phosphate assets in Canada and the US, per the filing.

ASX:CP8

Asia100d ago

Canadian Phosphate to Acquire Utah Phosphate Project for Up to $3 Million

Canadian Phosphate (ASX:CP8) said it has signed a binding agreement to acquire the Diamond Mountain phosphate project in Utah, US, from Revival Gold and Utah Minerals Resources for total consideration of up to $3 million, according to a Monday Australian bourse filing.The total consideration includes upfront consideration of $1.5 million and deferred consideration of up to $1.5 million.The company said a foreign estimate reports 26.8 million tonnes of measured and indicated resources and 23.1 million tonnes of inferred resources, averaging 19.67% phosphorus pentoxide in a seam averaging 4.4 meters in thickness, adding that the estimate is not reported in accordance with the JORC Code.Following completion of the acquisition, the company intends to undertake a detailed technical review and validation of the foreign estimate, advance exploration and resource definition programs, and evaluate development pathways, it said.

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