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.
New exploration and development
We saw plenty of exploration and development news over the last seven days, starting with Renforth Resources Inc. (CSE: RFR | OTCQB: RFHRF | FSE: 9RR) announcing an update on its rare element exploration programme at the Surimeau property in Quebec, Canada. J J Minerals Inc., commissioned by Renforth, has identified 11 rare-element enriched pegmatites and anomalies which have lithium mineralization potential.
Renforth conducted grab sampling and mapping from May to July 2022 with a total of 229 samples sent to assay labs. This mapping and sampling focused on the southern part of the property.
11 anomalies (A to K) were identified based on elevated Li, Rb, Cs, Be, Nb, Ta, and Sn contents within the assayed samples. Of the 11 rare-element anomalies identified by J J Minerals, clusters A and D have the most potential to host lithium mineralization.
The Mt Lyell north 1km long Au zone has been identified as a significant new discovery, with previous trench results including 3.0m @19.1g/t Au, 7.0m @13.8g/t Au, and 8.0m @6.2g/t Au.
Three new trenches have been excavated at the northwest and southeast ends of the one km long soil anomaly confirming the presence of gold an all three trenches returning; 2.4m @3.2g/t Au (LYTR010), 1.0m @6.0 g/t Au (LYTR011), and 2.0m @3.1g/t Au (LYTR012). All 10 trenches at Mt Lyell north have intersected mineralization greater than 1.9g/t Au.
In drilling results, Argentina Lithium & Energy Corp. (TSXV: LIT) successfully completed a ninth exploration hole at its Rincon West project in Salta Province, Argentina, returning a 258m interval ranging from 287mg/l to 402mg/l lithium.
Two portions of this interval were not sampled, one length of 42m and a second length of 33m.
“Our ninth exploration hole has returned the highest peak lithium value and longest concentrated brine interval reported to date on the Rincon West project,” Miles Rideout, vice president of exploration, said.
Additionally, Pan Global Resources Inc. (TSX-V: PGZ |OTCQB: PGZFF)announced positive assay results for two new diamond drill holes at the Cañada Honda target, at the company’s 100%-owned Escacena project in the Iberian Pyrite Belt, southern Spain.
Cañada Honda is one of more than 14 gravity anomalies in the Escacena project, which includes the copper-tin-silver discovery at the La Romana target.
Holes CHD03 and CHD04, drilled on the same section, show a vector down-dip with increasing gold and copper within a continuous zone of massive sulphides and sulphide-stockwork mineralization, wide open at depth and along strike. Grades of up to 5.3% Cu over 0.6m, and up to 5.2g/t Au over 1m intervals were reported and potential for scale is indicated by the proximity to a large untested gravity anomaly and adjacent DHEM conductor anomaly.
Other company news
In other news, Cerrado Gold (TSXV: CERT) has announced its operational and financial results for Q1 2023 at its Minera Don Nicolas (MDN) gold project in Santa Cruz province, Argentina. The company has also reported on its ongoing activities at the Monte Do Carmo (MDC) gold project in Brazil.
Q1 2023 MDN operational highlights include gold production of 13,951 GEO, a 3% improvement year-on-year. Also, an operating margin of US$6.8M and operating cash flows of US$17.3M, and AISC of US$1,145/oz.
Mark Brennan, CEO and chairman, stated, “These results demonstrate another solid quarter of production and operating performance from the team at MDN. We are now looking forward to the next stage of growth at MDN from the ramp up of our initial heap leach project at Las Calandrias which is on schedule for first gold production in June.”
Mr Bataa Tumur-Ochir is a founding director of Steppe Gold and he has led the company as CEO since December 2019. He is also now the largest shareholder of the company, on a partially diluted basis. “I am excited to take on the role of chairman as we embark on an exciting period for Steppe Gold. Completion of financing for our Phase 2 Expansion is our top priority and advancing the dual listing on the Hong Kong Stock Exchange,” Mr Bataa Tumur-Ochir commented.