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 past week, Steppe Gold Ltd. (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has entered into a share exchange agreement pursuant to which Steppe Gold will acquire all of the issued and outstanding common shares of Boroo Gold LLC from an indirect, wholly owned subsidiary of Boroo Pte Ltd.
Bataa Tumur-Ochir, chairman and CEO of Steppe Gold, commented, “We are very pleased to announce the agreement to acquire Boroo Gold. This transaction accelerates our path to a multi-asset Mongolia-focused mining group and, importantly, immediately provides strong cash flow to support our growth plans, further improved with the recent strong gold prices.
Additionally, pursuant to separate definitive share purchase agreements each between one of Steppe Gold’s wholly owned subsidiaries, on the one hand, and Boroo Singapore or one of its affiliates, on the other hand, each dated 11 April 2024, Steppe Gold will sell the Tres Cruces Oxide Project Boroo Singapore for approximately C$12M in cash payable over the next 18 months beginning as of the closing date.
New exploration and development
Denarius Metals Corp. (CA: DMET | OTCQX: DNRSF) has announced the results of its pre-feasibility study that supports the restart of the Aguablanca Nickel-Copper Project located within the Monesterio municipality, Extremadura, Spain, approximately 88km SW from the company’s Lomero Project. The company owns 50% of the Aguablanca Project through its wholly-owned Spanish subsidiary, Alto Minerals S.L.U.
Some of the highlights from the PFS includes the restart of the existing 5,000tpd plant and de-water the open pit mine and underground mine development will culminate in first production of nickel-copper concentrates in early 2025. Only 50% of the processing plant’s capacity is deployed for the Aguablanca Project, preserving the opportunity to use the remaining capacity for the planned development of the company’s nearby Lomero Project.
Meanwhile, Ionic Rare Earths Limited (ASX: IXR) has announced that its 100% owned UK subsidiary, Ionic Technologies, continues to receive numerous requests from various magnet REO supply chain participants and potential strategic partners to run both end-of-life (EOL) magnet material and swarf and magnet production waste streams trials through its rare earth recycling plant.
IonicRE’s managing director, Tim Harrison, stated “It is exciting to report that both the supply chain appetite and progress at our demonstration plant in Belfast has been excellent. We now have a wonderful showcase for the industry to see first-hand, how we can provide an immediate option for secure, sustainable, alternative magnet rare earths for a fraction of the capital required for new mine and refinery capacity, let alone a substantially reduced technical and deliverability risk profile.
Drilling results
Elevate Uranium Limited (ASX: EL8 | OTC: ELVUF) has announced that the JORC Inferred MRE for its Koppies Uranium Project in Namibia has increased to 57.8Mlb U3O8.
Notably, the Koppies resource has expanded by 20%, and the company’s Namibian resources have grown by 10% since November 2023. Koppies is characterized by its shallow near-surface nature, with 50% of mineralization occurring within 7m of the surface.
Currently, an infill drilling programme is underway to elevate the JORC category from inferred to indicated, starting in February 2024. Additionally, three drill rigs are actively converting inferred resources to indicated resources, while two more rigs explore potential satellite projects within trucking distance of Koppies. Lastly, metallurgical test work samples will be collected from Koppies in April/May for subsequent testing using the company’s U-pgradeTM beneficiation process.
Other company news
Lastly, Ascendant Resources Inc. (TSX: ASND | OTCQX: ASDRF | FRA: 2D9) has announced that it has strengthened its management team with the appointment of Mr. Guy Lauzier who has been appointed as technical adviser for its Lagoa Salgada project.
Mr. Lauzier will work with the management team to enhance the design, construction, and delivery of the Lagoa Salgada VMS Project, located on the Iberian Pyrite Belt, in Portugal.
Mark Brennan, chairman, stated, “We are extremely pleased to welcome Guy to the Ascendant team. Guy brings a wealth of engineering experience in mine design, mine planning, construction, and mine optimization, particularly on similar VMS projects and projects located within the Iberian Pyrite Belt that will add to the technical capabilities of the Ascendant team in advancing our Lagoa Salgada project final feasibility stage and into development.”
Mr. Lauzier is a mining engineer with over 45 years’ experience in both underground and open pit mining. His previous experience includes a tenure at projects located on the Iberian Pyrite Belt including MATSA – Trafigura, as project manager specializing in project design, control, and construction of a 2.2Mtpa processing plant.
