Welcome to our roundup of investment, exploration, and development stories on Theassay.com over the last seven days. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing
Last week’s news started with Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF) increasing the size of an offering of units of the company, which was first announced in February.
Under the amended terms of the offering, Beacon Securities Limited has agreed to sell on a best-efforts private placement basis, up to 20,910,000 units at a price of C$0.11 per for aggregate gross proceeds of up to C$2,300,100.
Thomson Resources (ASX: TMZ) has undertaken a one for one Non-Renounceable Entitlement Offer at A$0.002 per new share to raise approximately A$1.74M.
The funds will be used for further work across the company’s project portfolio, review value accretive projects, and working capital.
Tudor Gold Corp. (TSXV: TUD) also closed a non-brokered private placement raising gross proceeds of C$400,000 through the issuance of 320,000 units of the company at an issue price of C$1.25 per Unit.
The proceeds of the private placement will be used for general operating expenses. The securities comprising each of the units will have a hold period of until 15 June 2023. The closing of the private placement is subject to the final approval of the exchange.
Exploration and development
In exploration news, we heard that Canadian outfit Intrepid Metals Corp. (TSXV: INTR) has entered into a definitive agreement with Cave Creek Copper Inc. (CCCI), and its shareholders, to acquire all of the issued and outstanding shares of CCCI.
CCCI holds certain exploration properties located in the Courtland-Gleeson area of Cochise County, Arizona, US.
Intrepid is focused on exploring for potential high-grade copper, silver, lead, and zinc mineral projects in proximity to producing mines in south-eastern Arizona, US.
The company has already acquired several drill-ready projects, including the Tombstone South and the Mesa Well properties. Historical drilling at Tombstone South has identified high-grade mineralization and shares geological similarities to the Taylor Deposit, which was purchased for C$1.3B in 2018, and Mesa Well is situated within the heard of the Laramide Copper Porphyry Belt.
Rumble Resources Limited (ASX: RTR) has defined multiple high-grade feeder zone targets at Tonka-Navajoh Prospects and the newly defined Navajoh Southeast Trend at the Earaheedy Project, located 110km north of Wiluna, Western Australia.
The new high priority targets were interpreted following recently completed soil geochemical and airborne gravity gradiometer surveys at the Earaheedy Project.
St George Mining Limited (ASX: SGQ) has commenced an expanded drill at its flagship Mt Alexander Lithium Project in Western Australia’s Goldfields.
John Prineas, St George Mining’s executive chairman, said the company is undertaking the programme with confidence underpinned by the return of encouraging first assays from the maiden lithium drilling campaign carried out in 2022.
“I am pleased to report that the St George team is on the ground at Mt Alexander and has kicked off the 2023 drill programme, in line with our promise to shareholders,” Mr Prineas said.
Drilling results
Defense Metals Corp. (TSXV: DEFN) successfully completed its flotation tests on variability samples and a master composite (MC) prepared from drill core obtained from its wholly owned Wicheeda Rare Earth Element (REE) deposit located in British Columbia, Canada.
“Flotation tests on variability samples from the dominant lithological unit of the Wicheeda REE deposit gave an average of 81% recovery to a concentrate assaying 45% rare earth oxide,” Defense Metals’ metallurgical advisor, John Goode, said.
“Wicheeda is one of the few rare earth deposits under development from which a high-grade mineral flotation concentrate can be produced at recovery rates like those obtained by current rare earth producers. High-grade concentrates at high recoveries are a critical requirement for positive production economics.
Galileo Mining Ltd (ASX: GAL) also obtained positive initial metallurgical test work results from the Callisto palladium-nickel-copper-platinum-gold-rhodium discovery within the company’s wholly owned Norseman project in Western Australia.
“The initial metallurgical test work from Callisto shows that the disseminated sulphide mineralization responds very well to sulphide flotation at industry standard conditions,” managing director, Brad Underwood, said.
Thanks for reading, and don’t forget to subscribe to The Assay Weekly newsletter.
