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
American West Metals Limited (ASX: AW1 | OTCQB: AWMLF) has successfully acquired 80% of the Storm Project from Aston Bay Holdings Ltd (TSXV: BAY), after completing the exploration expenditure requirement of C$10M.
On 9 March 2021, the two companies entered into an option agreement whereby American West was granted the exclusive right and option to acquire an 80% interest in the Storm Project if the target was completed. That exploration expenditure was completed during the 2023 drilling programme and American West has now completed the option.
Additionally, the company will undertake a further drilling programme in 2024 with the aim to expand the footprint of copper mineralization, particularly around the new discoveries, Thunder and Lightening Ridge.
Over the last week, Golden Arrow Resources Corporation (TSXV: GRG | FSE: G6A | OTCQB: GARWF), has announced a non-brokered private placement financing of up to 21.5M units at a price of C$0.07 each for proceeds of C$1.505M. Each unit will consist of one share and one transferrable share purchase warrant. Each warrant will entitle the holder to purchase one additional share at C$0.15 each for three years from the date of issue.
This is subject to regulatory approval and all securities are subject to a four-month hold period under applicable Canadian securities laws. Directors, officers, and employees may participate in a portion of the financing. A commission may be paid on a portion of the financing. The proceeds will be used for general working capital and exploration on all its properties.
New exploration and development
Renforth Resources Inc. (CSE: RFR | OTCQB: RFHRF | FSE-9RR) has concluded its August/September prospecting programme at Surimeau in Quebec, Canada with the discovery of new, previously unrecorded battery metals mineralization.
The company explains that the discovery is in an albitized shear zone on surface level just northeast of Lalonde along with numerous pegmatites not previously mapped or sampled in the southern part of the property. Additional samples were taken, and others have been delivered for assay with results still pending.
Renforth has proceeded to file permit applications to drill in the central area of Victoria for this fall. The purpose of the programme is to tighten the company’s drill pattern within the 2.2km of the mineralized horizon drilled in the central area, a requirement as they move towards an initial resource statement.
Also, Iceni Gold Limited (ASX: ICL) has provided an update following managing director George Karageorge’s first site visit. The site visit was conducted by the new managing director along with the senior management team.
Advanced preparations for the company’s stage three reverse circulation (RC) drilling programme set to commence at priority gold targets in October of this year. George inspected previously identified Monument lithium anomalies while on the property.
“It was a great pleasure to work with the Iceni Team on site at 14 Mile Well over the past seven days. The onsite access and infrastructure are second to none in Western Australia and the highly focused team is currently preparing for the launch of the first 10,000m of RC drilling to get underway soon,” said George.
Drilling results
Wildcat Resources Limited (ASX: WC8) has received the first assay results from maiden drilling at the Tabba Tabba Lithium Tantalum Project, Pilbara, near Port Hedland.
Initial results from 21 RC holes confirmed that pegmatite bodies contain significant widths and grades of lithium mineralization. Tabba Tabba is located in proximity to some of the world’s largest hard-rock lithium mines, including 47km from Pilbara Minerals’ (ASX: PLS) Pilgangoora Project.
Wildcat’s initial batch of assays comprised 17 holes from the northern pegmatite cluster and four holes from the central pegmatite cluster. Initial scout drilling commenced in the north of the mining leases, and this confirmed shallow north easterly dipping, stacked pegmatites. The exploration programme proceeded south to the central area where multiple, wide, sub-vertical dipping pegmatites were intercepted, and a second rig was added.
North Arrow Minerals Inc. (TSXV: NAR) has reported initial lithium assays from spodumene pegmatites discovered in July at the company’s 100% owned LDG Property, Northwest Territories, and that mobilization is underway for a fall exploration programme at the property.
Highlights of the results include:
- Five of seven representative grab samples from the SD4 spodumene pegmatite have returned from 1.10% Li2O to 2.17% Li2O
- Seven of eight rock sawn channel samples from the SD2 spodumene pegmatite have returned from 0.40% Li2O to 1.70% Li2O
Other company news
Finally, Ionic Rare Earths Limited (ASX: IXR) has appointed DRA Global (ASX: DRA) to support its 60% owned Makuutu Heavy Rare Earths Project, Uganda.
DRA Global is an international multi-disciplinary engineering, project delivery, and operations management group focused on the mining, minerals, and metals industry.
The company will focus on the optimization of mining pit design and operations and conduct a detailed review of the stage one definitive feasibility study, and phase two of the demonstration plant. A further objective is to identify opportunities for overall project enhancement and any further work required to attain the Class Two estimate accuracy.
