Welcome to a selection of the most prominent mining stories over the last seven days on Theassay.com. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing
In the financing world, we heard that Mako Gold Ltd (ASX: MKG) has received binding commitments for a placement to raise A$3.1M before costs.
The placement was strongly supported by existing shareholders and introduced several new, high quality international investors to the Mako share register. The significant interest received provides strong validation of the company’s flagship Napié Project and Tier-1 management and exploration team that has demonstrated a track record of success in West Africa.
Prominent North American resource fund, Dundee Goodman Merchant Partners, corner-stoned the placement with a binding commitment to subscribe for c.7.5M shares and will maintain their holding of 9.9% in Mako’s pro-forma issued capital following completion of the placement.
Revival Gold Inc. (TSXV: RVG | OTCQX: RVLGF) reported that it has retained its 51% controlling interest in its Diamond Mountain phosphate project located in Utah, USA and allowed the previously announced agreement to vend its interest to Xplore Resources Ltd. (TSXV: XPLR) to expire.
Diamond Mountain is an advanced stage exploration project consisting of approximately 550ha of state claims. The June 7 2022, agreement to vend the company’s participation in Diamond Mountain was subject to Xplore completing a minimum C$5M financing by September 30th, 2022, customary closing conditions and receipt of all necessary regulatory approvals, including TSX Venture Exchange approval.
Exploration and development
Exploration and development news kicked off with Horizonte Minerals Plc (AIM: HZM | TSX: HZM), announcing that it has awarded Wood Plc the principal engineering contract to undertake a feasibility study for Horizonte’s 100%-owned Vermelho nickel-cobalt project.
Jeremy Martin, CEO of Horizonte Minerals, commented: “We are pleased to be working with Wood Plc to deliver the feasibility study for the Vermelho project. The commencement of the feasibility is an important step forward in unlocking Vermelho’s significant value.
There are very few nickel resources of this scale and quality at an advanced stage of development, leaving Vermelho well positioned to capitalize on the growing demand for sustainable critical metals.”
Vermelho is a large high-grade, long mine life, scalable resource, designed to be a low-cost producer of nickel and cobalt for the battery industry.
Over in Western Australia, Kairos Minerals Ltd (ASX: KAI) has identified new gold and lithium targets at its 100% owned Croydon Project in Western Australia’s Pilbara Region.
The targets have been identified by the successful geochemical sampling programme in which 1,304 soil samples were collected at 200m x 80m and 800m x 160m spacing and submitted for Ultrafine+TM analysis at the Labwest Laboratory in Perth.
Drilling results
In drilling news, Defense Metals Corp. (TSXV: DEFN) has identified high-grade Rare Earth Elements (REE) in assay results from an additional two core drill holes, totalling 717m, collared from the same site within the northern area of Defense Metals’ 100% owned Wicheeda REE Deposit in British Columbia.
Infill drill hole WI22-68 (-55o dip / 220o azimuth), the deepest hole to date on the Wicheeda Project at 395 metres, was drilled southwest within the northern area of the deposit and yielded a broad mineralized intercept of high-grade dolomite carbonatite averaging 3.58% total rare earth oxide (TREO) over 124m; including an exceptionally high-grade zone of 6.70% TREO over 18m that included one 3.0m sample yielding 8.58% TREO.
The good news continued with Krakatoa Resources Ltd (ASX: KTA) obtaining promising results from a recent resource drilling assays at its 100% owned King Tamba critical metals project located approximately 70km from Mt Magnet, Western Australia.
All outstanding assay results for the recent King Tamba Reverse Circulation (RC) drilling have now been received. Multiple broad zones of rubidium mineralisation have been identified across the project area, including an exceptional intersection from drillhole DAL005 totalling 70m at 0.23% RbO2 from 82m downhole.
Tinka Resources Ltd (TSXV: TK | BVL: TK | OTCQB: TKRFF) also announced results for five holes in the company’s ongoing 2022 drill programme at its Ayawilca project in Central Peru.
Dr. Graham Carman, Tinka’s president, and CEO stated: “The zinc grades intercepted in drill hole A22-195 are exceptional, backing up our belief that the Zinc Zone at South Ayawilca remains open along strike to the northeast. Drilling for the rest of 2022 will target additional high-grade zinc mineralization and an increase in the Measured and Indicated zinc resources at South and West Ayawilca. A second drill rig, which we expect to mobilize within the next few days, will speed up the drilling and enable the company to drill simultaneously at both South and West Ayawilca.”
Also in the news
To round things up, Libero Copper & Gold Corp. (TSXV: LBC) has appointed Sunil Sharma to the position of chief financial officer and Michelle Borromeo to the position of vice president investor relations.
Mr Sharma has over 20 years of experience in finance and accounting with public and private companies, having started his career in public practice. He has extensive experience in producing mines and mineral exploration companies.
Ms Borromeo has over 15 years of investor relations, corporate development, and strategic communications experience within the natural resource and renewable energy sectors. She joined Libero Copper in April and has now been appointed vice president investor relations.
