Welcome to a roundup of some of our financing, exploration, and development stories on Theassay.com over the last week. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing and M&A
Over the previous few days, Denarius Metals Corp. (Cboe CA: DMET | OTCQX: DNRSF) has taken steps to strengthen its operational leadership as it advances its Zancudo Project in Colombia and its Aguablanca Project in Spain toward the commencement of production.
Effective immediately, Mr. Federico Restrepo-Solano, a director of the board since October 2022, has been appointed as the company’s chief operating officer and Mr. Mateo Restrepo Villegas, a director of the board since January 2024, has been appointed as president, Zancudo Metals, a wholly owned subsidiary of Denarius Metals operating in Colombia.
Messrs. Restrepo-Solano and Restrepo Villegas will both maintain their positions on the company’s board of directors. Mr. Francisco Sole has been appointed to the audit committee to replace Mr. Restrepo Villegas. The company’s audit committee comprises Mr. Paul Sparkes (chair), Ms. Patricia Herrera Paba, and Mr. Sole, all independent directors of the company.
Steppe Gold Ltd. (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has announced the successful completion of the previously announced transaction between Steppe Gold and Boroo Gold LLC, whereby Steppe Gold has acquired all of the issued and outstanding common shares of Boroo Gold from an indirect, wholly owned subsidiary of Boroo Pte Ltd. Concurrently with the closing of the Boroo Gold Transaction, Steppe Gold also sold the Tres Cruces Oxide Project to Boroo Singapore for approximately C$12M in cash.
Steppe Gold chairman and CEO, Bataa Tumur-Ochir commented, “We are very pleased to complete the acquisition of Boroo Gold and become Mongolia’s leading primary gold producer. This transaction accelerates our path to becoming a multi-asset Mongolia-focused mining group and, importantly, immediately provides strong cash flow to support our growth plans.”
“It further provides flexibility to lower the cost of the project financing of the ATO Phase 2 Expansion. We emerge from this transaction as a stronger company with current positive cash flow and financial strength to deliver on our ambitious growth plans in Mongolia. The combined group will have the scale and depth to both accelerate and optimize development and exploration and exploit economies of scale in operations and procurement.” Added Mr. Tumur-Ochir.
New exploration and development
Also, Killi Resources Limited (ASX: KLI) has announced the results of the ground geophysical survey (IP) at the 100% owned Mt Rawdon West Project. Significant chargeability anomalies have been identified from the pole-dipole IP survey where five lines were completed at the Kaa Prospect.
IP line 3600N was completed sub-parallel to the 1.8km long high-grade copper-gold trend recently determined at surface, with assays returning up to 238g/t Au, 5.4% Cu, and 907g/t Ag. Multiple IP anomalies were determined along this section and coincide with known surface copper-gold mineralization from old workings of the historical Wonbah Copper Mines and rock chip assays.
IP line 4000N was completed parallel to the 1.8km trend, 400m to the north-east which has limited outcrop. The results of the line identified a 1,000m x 400m chargeable anomaly which extends from just beneath the surface to 300m depth and remains open. The anomaly has not been recognized previously as it is located beneath alluvial cover, along strike from the gold in soil anomaly recently reported.
The company will now complete a diamond drill campaign of 1,000m to drill test the targets identified from the IP survey, and beneath the high-grade copper and gold surface results. Targets are shallow, with diamond drilling planned from surface to ensure all possible information is acquired.
Drilling results
Rumble Resources Limited (ASX: RTR) has discovered high-grade tungsten from diamond core drilling at its Western Queen South deposit. Systematic pXRF analysis of drill hole WQDD013 led to ultraviolet scanning which highlighted very significant zones of scheelite. Wet analysis of the main visible scheelite zone has confirmed the discovery as very high-grade tungsten skarn style mineralization.
Notably, drill-hole WQDD013 yielded significant results, including 4m at 4.58% WO3 and 0.72g/t Au from 174.85m. This includes a section of 2.05 meters at 8.71% WO3 and 1.38 g/t Au from 176.85m, and a further 0.65m at 18.35% WO3 and 2.97g/t Au from 176.85m.
A strong, continuous tungsten anomaly has been outlined over a 2km stretch from drillhole XRF data, paralleling the Western Queen Shear and known high-grade gold mineralization. Tungsten has been found at the surface between the Western Queen South and Western Queen Central open pits, with widths reaching up to 20m.
Other news
American Lithium Corp. (TSXV:LI | Nasdaq: AMLI | Frankfurt:5LA1) has appointed Paul Charlish as Chief Financial Officer (CFO) effective 1 August 2024.
Mr. Charlish, most recently served as vice president finance and corporate secretary of American Lithium, and has over 35 years of financial experience, including audit and tax in public practice, as well as financial reporting and tax for public companies. He has extensive knowledge of financial reporting in accordance with IFRS, risk management, international tax, ICFR/SOX and internal controls, as well as in-depth knowledge of public equity offerings in Canada. During his career, Mr. Charlish has been a key member of successful management teams in the position of CFO and corporate secretary and has also played an instrumental role in mergers, acquisitions, spinouts and divestments for public companies.
Mr. Charlish replaces Philip Gibbs who is retiring and will continue to assist the Company in an advisory role.
