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, Denarius Metals Corp. (Cboe CA: DMET | OTCQX: DNRSF) has signed a binding letter of intent with Europa Metals Ltd. (AIM: EUZ) to acquire 100% of the issued and outstanding shares of Europa Metals Iberia S.L., a wholly owned Spanish subsidiary of Europa which holds the Toral Zn-Pb-Ag Project in the Leon Province, Northern Spain. The closing of the transaction is expected to occur no later than 31 October 2024.
The company and Europa entered into a definitive option agreement dated 22 November 2022 pursuant to which the company was granted options to acquire, in two stages, up to an 80% ownership interest in EMI. In conjunction with its commitments under the first option, the company has been carrying out an exploration programme at the Toral Project since the beginning of 2023 and, to date, the company has funded approximately US$3.1M through a loan agreement dated 22 November 2022 between the company, Europa and EMI. In 2023, the company carried out a drilling campaign which comprised approximately 6,200m of validation and infill drilling in nine holes completed within the Toral Project’s known Indicated mineral resource area.
All holes completed were successful in intersecting mineralization adjacent to selected, previously reported high grade intersections within the Toral Project’s indicated resource block. In addition, the formal application for a mining licence was also filed with the local authority in 2023 as required under the option agreement.
New exploration and development
Bastion Minerals (ASX: BMO) has been busy behind the scenes, paving the way for the development of its highly prospective high-grade ICE copper project in the Yukon Territory, in western Canada.
To start, BMO held productive meetings with YESAB, an independent federal board established in 2003, which conducts environmental and socio-economic assessments of projects before they enter the approval process and make recommendations to decision bodies which are responsible for project approvals. The assessment includes environmental, economic, and cultural considerations, focusing particularly on First Nations engagement.
Executive chairman, Mr Ross Landles, said, “We would like to thank the staff of the Yukon agencies and government departments for receiving us and discussing our plans regarding the exciting ICE project. Their extensive experience will help us move forward with the project.”
Additionally, Lotus Resources Limited (ASX: LOT | OTCQX: LTSRF) has announced the results of the scoping study for its Letlhakane Uranium Project in Botswana, which has confirmed the project’s potential to support an economically viable long-life operation under a variety of uranium price scenarios.
Lotus is developing Letlhakane in parallel with planning for the restart of production at the Kayelekera Uranium Project in Malawi in 2025 and aims to become a globally significant U3O8 producer when combining both assets.
The scoping study shows that Letlhakane can support ~3Mlbpa over an extended life-of-mine with flexibility to adjust production with uranium price fluctuations.
Drilling results
Locksley Resources Limited (ASX: LKY) has announced results of a holistic review of mineral potential outside of the known high-grade REE mineralization within the Mojave Project, California. The holistic review identified six rock chip samples grading >0.5% Sb, including two samples grading 11.2% Sb and 8.3% Sb.
The samples had been collected from the historic Desert Antimony Mine, located on the North blocks, during reconnaissance sampling for REEs. In addition, four samples returned copper >0.5%, including one sample assaying 4.12% Cu to the south-east of the Desert Antimony Mine.
Over the last 12 months, Locksley Resources has completed three surface sampling programmes at the Mojave Project, CA, located 45 minutes from Las Vegas. A total of 223 rock chip samples and 43 stream sediment samples have been collected throughout the Mojave Project’s El Campo Lease, North Block, North-East Block, and South Block. Given the proximity of the Mountain Pass REE Mine rare-earth elements (REE) have been the main focus of exploration during these programmes.
Other news
Finally, Wesdome Gold Mines Ltd. (TSX: WDO | OTCQX: WDOFF) has announced the appointment of Ronald ‘Jono’ Lawrence as senior vice president, exploration and resources, effective 1 January 2025.
Anthea Bath, president, and CEO, commented, “We are thrilled to welcome Jono to Wesdome’s senior leadership team. With an exceptional track record in mineral exploration and resource expansion, combined with his extensive global technical expertise in both greenfield and brownfield exploration, Jono will play a critical role in advancing our strategic initiatives and maximizing the value of our assets. His leadership and technical insight, particularly in orogenic greenstone belts, will significantly enhance our ability to achieve high-quality reserve replacement and drive resource growth.”
