Gladiator raises $12.6M for Whitehorse copper project

Gladiator Meals (TSXV: GLAD; OTCQB: GDTRF) has closed a non-brokered private placement for gross proceeds of approximately $12.6 million. The proceeds will be used primarily to fund exploration at its 100%-owned Whitehorse copper project 18 km southeast of Whitehorse, Yukon.

Diamond drilling is planned at Whitehorse to advance the Cowley Park and Chief’s Trend targets so that an initial resource estimate can be made and to advance new high-grade copper targets along the Whitehorse Copper Belt based on historical drilling and aeromagnetic surveying.

Gladiator issued 15 million charity flow-through shares at a price of $0.775 each and 2 million non-flow-through common shares at a price of $0.50 each. In connection with the closing, the company paid a cash finder’s fee of $24,000. Also, approximately 1.8 incentive stock options and 1.3 million restricted share units were issued to certain directors, officers and consultants of the company.

The Whitehorse property hosted a high-grade (1.5% copper) historical copper mine operated by Hudbay Mining. The mine operated from 1967-71 as an open pit and from 1972-82 as an underground mine. There has been no modern exploration since 1982, although 30 known deposits and prospect are known within a contiguous 35 x 5 km area.

Gladiator has confirmed broad widths and continuity of copper-molybdenum mineralization from near-surface consistent with historical results. The company also discovered a new copper-molybdenum zone from 204 metres. The area is 50 metres south and underneath the historical drilling area, highlighting the exploration upside of the Crowley Park target.

In November, Gladiator announced what it calls a “significant intercept” in hole CGP-047 of 98 metres at 1.49% copper beginning at 105 metres below surface, including 20 metres at 5.53% copper, or 14 metres of 7.67% copper.

More information is posted on www.GladiatorMetals.com.