Welcome to our roundup of some of the most popular mining investment, exploration, and development stories on Theassay.com from the last seven days.
Financing and M&A
In financing headlines, we heard that Tinka Resources Ltd (TSXV & BVL: TK | OTCQB: TKRFF) closed its strategic private placement financing agreement with Nexa and Buenaventura. Under the private placement, the company has issued an aggregate of 50,563,210 common shares of the company at an issue price of C$0.22 per common share for gross proceeds to the company of C$11.12M.
The proceeds of the private placement will be used for development of the company’s Ayawilca project (including significant exploration and infill drilling programs, metallurgical programs, and other technical and environmental studies), the continued early-stage exploration of the Silvia project, and for working capital and general corporate purposes.
The President and CEO of Tinka, Dr. Graham Carman, stated: “The closing of the C$11M Private placement financing with Nexa and Buenaventura will enable the company to accelerate its work programs and advance Ayawilca as quickly as possible towards development.”
Siren Gold Ltd (ASX: SNG) entered into an agreement to acquire the Sams Creek Gold Project in New Zealand from Sandfire Resources Ltd for a consideration of A$250,000.
The Sams Creek Gold Project includes Sandfire’s 81.9% interest in Exploration Permit 40338 and Sandfire’s 100% interest in the Barrons Flat Exploration Permit 54454. OceanaGold Limited (OGL) will retain their 18.1% interest in Exploration Permit 40338.
British Columbia-based explorer, Northisle Copper and Gold Inc. (TSX-V: NCX) has increased the size of a previously announced $5.5M non-brokered private placement to $7M, consisting of $6.5M of flow-through common shares at a price of $0.40 each, and around $500,000 of flow-through common shares at a price of $0.31 each. The offering has been fully allocated and is anticipated to result in the issuance of around 18M shares.
Gross proceeds will be used by the company to fund exploration programmes on their 34,000-hectare land package in and around Northisle’s North Island copper and gold porphry project. These exploration expenses will be eligible for the recently announced federal 30% Critical Metals Exploration Tax Credit, and British Columbia’s 20% flow-through share tax credit.
New exploration and development
Bluestone Resources Inc. (TSXV: BSR) is continuing to progress the Cerro Blanco gold project in Guatemala.
Since the start of the year Bluestone has released the results of a robust Feasibility Study, advanced engineering and procurement activities and initiated construction of key offsite infrastructure.
“Our timeline had many activities advancing prior to the receipt of the environmental permit amendment. Important procurement vendor package negotiations have been completed to understand delivery times on critical long lead equipment,” President and CEO, Jack Lundin, said.
“We will adjust project activities to preserve capital and to reflect a more traditional approach where capital commitments do not occur until approval of the permit amendment is received. The company remains fully committed to advancing the Cerro Blanco project and will continue to advance the approval of the permit amendment.”
Drilling results
In drilling news, Galileo Mining Ltd (ASX: GAL) commenced a new RC drilling programme at the company’s 100% owned Callisto discovery within the Norseman project area in Western Australia.
The drill programme is focussed on the Callisto discovery where six drill holes reported to the ASX in May 2022 each intersected palladium-platinum-gold-copper-nickel sulphide intersections. NRC266 was additionally analysed for rhodium with positive results released to the market on May 27, 2022.
“It is great to be back drilling at Callisto so soon after the release of results from the first drill programme in May,” Managing Director, Brad Underwood, said.
Culpeo Minerals Ltd’s (ASX: CPO) recent drilling intersected high-grade copper mineralisation of 173m @ 1.05% Cu at its Lana Corina Project Chile, confirming the continuity of mineralization at depth.
The drilling also intersected a broad zone of high-grade molybdenum mineralisation which highlights the presence of a deeper mineralised source of the base metal system at the Project and provides new targets for exploration.
“This intersection in CMLCD003 confirms that the high-grade copper and molybdenum mineralisation which occurs within the near surface breccia hosted mineralisation at Lana Corina extends to depth,” Managing Director, Max Tuesley, said.
Westhaven Gold Corp. (TSXV: WHN) also obtained high-grade drill results from its ongoing campaign at its 100% owned 17,623-hectare Shovelnose gold property. Shovelnose is located within the prospective Spences Bridge Gold Belt (SBGB), which borders the Coquihalla Highway 30km south of Merritt, British Columbia.
“Drilling continues to expand the high-grade FMN Zone towards the South Zone which is located approximately two kilometres to the southeast,” President and CEO, Gareth Thomas, said.
Production updates
In production updates, Mongolian specialist Steppe Gold Ltd (TSX: STGO) has provided an operations update for May 2022.
May gold production showed a continued ramp up from April with another two gold pours in May for a total of approximately 3,800 oz Au (March 2022, 1,532 oz; April 2022, 3,370 oz).
IPO News
Finally, in IPO news, Lavras Gold Corp. (TSXV: LGC) celebrated its launch and new public listing by ringing the bell to open trading on the Toronto Stock Exchange on Monday, June 6.
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