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 seven days, Green Technology Metals Limited (ASX: GT1), a Canadian-focused multi-asset lithium business, has announced a corporate investment subscription of A$8M, and a framework agreement executed with world leading South Korean EV battery metals producer, EcoPro Innovation Co., Ltd.
This will provide a foundation for partnering in co-operation across GT1’s projects as part of GT1’s strategy to become the first integrated lithium producer in Ontario.
Managing director, Cameron Henry, commented, “Our journey with EcoPro Innovation has been over 12 months in the making, during which time our teams have dedicated countless hours working jointly on understanding and expanding on GT1’s strategy to be the first integrated lithium chemical supplier in Ontario. Attracting a top-tier partner like EcoPro along with the investment at a premium provides further validation of our company, team, assets and ability to progress our assets and projects towards production.”
New exploration and development
Meanwhile, Electrum Discovery Corp. (TSXV: ELY | FRA: R8N | OTC: ELDCF) has announced results from recent rock chip sampling and remote sensing mapping at its Timok East copper-gold project in the Republic of Serbia.
21 rock-chip samples were collected from float, sub-crop, and outcrop exposures at the Bambino anomaly, returning assay values from trace (12 samples < 100ppm Cu) to 1.85% Cu and 1.27g/t Au. Consequently, significant copper mineralization (>1000ppm Cu) has now been confirmed in seven rock samples over 550m strike across the Bambino area.
Furthermore, the company has identified additional notable copper mineralization between the contact of an outcropping intrusive felsic dyke and surrounding metasediments, located 400m southeast from the northern soil anomaly. One rock chip sample was taken at this contact returning assay grade of 7.55% Cu. This underscores the prospectivity of underexplored northern section of the property and outlines targets for follow-up mapping and sampling.
Drilling results
Anax Metals Limited (ASX: ANX) has provided an update on drilling at the Evelyn deposit, part of the Whim Creek Project, located 115km southwest of Port Hedland.
Managing director, Geoff Laing, stated, “We have redoubled our efforts to deliver leveraged growth outcomes at Whim Creek. A high-grade copper and zinc resource has already been delineated at Evelyn and highly prospective proximal exploration targets are key targets for growth. It is pleasing to again see the familiar massive mineralization that this deposit delivers. We look forward to providing ongoing updates on the near mine exploration along with our regional consolidation strategy.”
The company recently announced that it was commencing a drilling programme at Evelyn of up to 1,700m. Processing of the first two holes have been completed and both have intersected zones of disseminated, stringer, and massive sulphides consisting of chalcopyrite (Cu), sphalerite (Zn), galena (Pb), pyrite, and pyrrhotite, up to 13.5m thick.
The best visual intersection from the drilling programme to date is from Hole 24AED002A which encountered a strongly mineralized zone between 176.45 and 189.9m. The hole was designed to increase drill spacing in a portion of the Evelyn resource that is currently classified as inferred.
Other news
In addition, Silver Storm Mining Ltd. (TSXV: SVRS | OTCQB: SVRSF | FSE: SVR) has announced drill results from its Phase 2 diamond drilling programme at the company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico. Results from the 14 holes are from the Rosarios and San Carlos Zones, within the Rosarios mine.
Greg McKenzie, president, and CEO, commented, “We are pleased with the high-grade results within Central Rosarios, now with six intercepts exceeding 1,000g/t AgEq. It is important to recognize this area was predicted to be blank. The results reported today extend the high-grade mineralization up to 128m below the indicated and inferred resources identified by SRK and we anticipate the drilling will have a positive impact on future mineral resources, both in terms of tonnage and grade.”
Numerous high-grade intercepts were encountered within the Rosarios Mine underneath and in proximity to previous mined stopes. The current drill results, when combined with historical holes drilled by First Majestic, are expected to have a positive impact on future mineral resources.
