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 week, Anax Metals Limited (ASX: ANX) has advised that it has received firm commitments from institutional, sophisticated, and professional investors to raise approximately A$2.54M (before costs) via the issue of 169,650,712 new fully paid ordinary shares at an issue price of A$0.015 per share.
Anax’s managing director, Geoff Laing, commented, “We are very pleased to have had such strong support for this raise. Whim Creek is poised to become a first mover base metals producer in the Pilbara and with both copper and zinc having enjoyed significant price upswings this year, our robust project and processing hub platform continues to grow in value.”
Net proceeds of the placement will be principally used for soil and auger sampling, geophysics, and RC drilling over VMS targets at the Evelyn Project, geophysics and RC drilling at the Mons Cupri South prospect, and geophysics at the Whim Creek deposit.
New exploration and development
Prime Mining Corp. (TSX: PRYM | OTCQX: PRMNF | Frankfurt: 04V3) has reported significant open pit expansion and new underground resources in its 2024 mineral resource estimate at the company’s Los Reyes Project, located within the prolific Sierra Madre gold-silver belt in the state of Sinaloa, Mexico.
The MRE was prepared independently by John Sims CPG, president of Sims Resources LLC.
Indicated resources have increased 49% to 2.2M AuEq and inferred resources have increased 11% to 0.8M AuEq ozs compared to the May 2023 MRE.
Substantial resource growth from higher-grade open pit and underground zones has validated the company’s strategy of targeting a high-recovery, high-margin milling operation. Milled indicated resources have grown 48% to 1.93M AuEq ozs at 2.08 g/t AuEq and milled inferred resources have grown 19% to 0.74M AuEq ozs at 2.05 g/t AuEq.
Also, Burley Minerals Limited (ASX: BUR) has commenced a mapping and rock-chip sampling programme at its 100% owned Cane Bore Iron Project. Cane Bore is located within the world class Pilbara Province of the Western Australia and located less than 100km by sealed road from the Onlsow and the Port of Ashburton.
The Cane Bore exploration licence area is adjacent to the sealed Northwest Coastal Highway, intersecting the Onslow Road. The Cane River area was historically explored for iron resources in the late 1960s, but only wide-spaced sampling of surface materials was reported. More recent reconnaissance work, using satellite imagery, multi-spectral imagery, topographic data, and extrapolation of known regional resources, indicates the potential to delineate more than 30 linear km of CID mineralization.
Drilling results
African Gold Ltd (ASX: A1G) has announced the results from the recently completed DDD049 diamond drill hole, second out of six drilled on the Blaffo Guetto prospect, on the company’s Didievi Gold Project in Cote d’Ivoire.
The results returned a thick, high-grade gold intersection of 65.0m at 5.6g/t of gold from 177m, confirming distribution of the gold mineralization an additional 85m along the southwesterly plunging high-grade gold trend. The mineralization remains open at depth.
Africa Gold’s managing director, Mr Phillip Gallagher, said, “65.0m at 5.6g/t of gold from 177m is a spectacular result from the recent diamond drilling programme on the Blaffo Guetto prospect. Excitingly, it is an extension of previous mineralization and remains open at depth, plus it has extended our target area which this diamond drilling was designed to test. This is a fantastic result that has shown that the resource modelling that the design of this diamond drilling programme was based on is proving to be accurate.”
Finally, White Cliff Minerals Limited (ASX: WCN) has announced the final batch of assay results from rock chip samples taken during its 2024 maiden field programme at the company’s Rae Copper Project in Nunavut, Canada. These results indicate widespread outcropping, high-grade copper throughout the licence areas and appear to have significant lateral extent.
Final assay results confirm multiple large-scale, high-grade copper occurrences at both Rocket and Thor project areas. At Rocket, host to the historic Cu-TAR occurrence, three parallel chalcocite dominant vein systems were sampled along a strike length exceeding 380m within an area of ±400m x 200m.
Within the broader Rocket project area, the PC140 vein system, around 5km north-west of Cu-Tar, along a major structural trend returned copper grades of 13.45% Cu (F005955), 12.85% Cu (F005954), and 7.15% Cu (F005957) from a limited sampling campaign over >200m.
At the Thor System, host to the historic HALO occurrence a total strike length of over >800m of copper mineralisation was identified and sampled, with high-grade results from 16 rock chip samples over >400m demonstrating continuity in the mineralised structural trend.
