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
Lat week, European Lithium Limited (ASX: EUR | FRA: PF8 | OTC: EULIF) announced that it has completed the acquisition of 100% of the issued share capital of LRH Resources Limited, which holds 100% of the rights, title and interest in the Leinster Lithium Project in Ireland from Technology Metals plc in an all-script transaction.
Tony Sage, chairman of EUR, commented, “The acquisition shows our commitment to continue expanding in the European lithium sector and illustrates our capability to identify, secure and build in highly prospective lithium provinces, leveraging our world class exploration and project development expertise. This development is strategic for the European Union to establish the sustainable supply chains of the critical minerals essential for the transition to low carbon emission economy. By using our shareholding in CRML to purchase this asset demonstrates the value of our investment in Critical Metals Corp.”
In addition, to advance the development of the Leinster Lithium Project, the company has announced the appointment of geologist and international mining executive, Mr George Karageorge, as executive general manager exploration, effective immediately.
White Cliff Minerals (ASX: WCN) has acquired Victoria Copper Ltd, 100% owner of exploration licence L-2797. This granted exploration licence lies within the broader Rae Copper region, Nunavut, Canada and covers the historical Danvers copper deposit. Confirmation drilling and other verification work.
The acquisition brings 100% unencumbered ownership of the licence, proximal to the company’s’ existing claims at Rae and the licence contains a non JORC compliant, historic resource estimate of 4.16Mt at a grade of 2.96% Cu at a 2% cut-off Cu.
Records of resource drilling undertaken during 1967 and 68 had a maximum vertical depth of ~150m.
New exploration and development
White Cliff Minerals (ASX: WCN) Limited has also announced further results of the first project scale geophysical survey at the Rae Copper Project, Nunavut, Canada.
The Stark target, a newly identified anomaly sits along a known copper conduit, the Herb Dixon Fault. The Herb Dixon Fault forms the western boundary of the HULK sedimentary targets and extends south, to the company’s Vision District where rock chip assays included 64.02% (F005965), 62.02% (F005966), 55.01% (F005977), and 50.48% (F005959) copper.
The Stark target presents as a conductive signature over more than 14km strike length and up to 2.2km wide that is coincident within a well-defined structure.
A further western target at Hulk, West – Target D (Cliff) presents another target for large scale vein hosted systems with a strong conductivity anomaly, constrained within a major structure over 5.7km strike length and up to 1km wide which crosses the basalt-sediment contact.
Drilling results
Meanwhile, Asian Battery Metals (ASX: AZ9) has announced a significant expansion of its Oval Cu-Ni-PGE Project in Mongolia’s Gobi-Altai region, with the discovery of additional massive sulphide mineralization 500m northwest of its previous high-grade intercept.
The latest diamond drill hole, OVD025, has intercepted an impressive 3.6-meter zone of massive sulphide mineralization from 48.2m depth, containing substantial concentrations of valuable minerals: 12% chalcopyrite, 10% pentlandite, 65% pyrrhotite, and 6% pyrite. This intercept is particularly significant as it sits within a broader 12.4m zone of mineralization starting from 44.6m depth.
What makes this discovery particularly exciting is its location relative to the company’s previous high-grade intercept in hole OVD021, which returned exceptional grades of 8.8m @ 6.08% Cu, 3.19% Ni, 1.63g/t E3, and 0.11% Co. The presence of two massive sulphide zones 500m apart suggests the potential for additional discoveries within the mineral system.
Other news
Finally, Nagambie Resources Limited (ASX: NAG) announced it is entering into a trial arrangement to store Potential Acid Sulfate Soil (PASS) material from the North East Link Project. This material will be stored under water in the West Pit at the Nagambie Mine.
The PASS trial delivery arrangement is with EPH Environmental Pty Ltd (EPH). Nagambie is permitted to store PASS material in the West Pit at the Nagambie Mine as part of its rehabilitation efforts. To manage the PASS delivered by EPH trucks during the trial period, Nagambie is contracting VicCivil, an experienced Victorian earthmoving contractor. VicCivil will be responsible for conveying the PASS below water in the West Pit.
