Welcome to our roundup of the most exciting mining investment, exploration, and development stories on Theassay.com from the last seven days.
Financing and M&A
In finance news over the last week, we heard that Blue Sky Uranium Corp. (TSXV: BSK) closed a second tranche of its non-brokered private placement financing, previously announced on 24 May 2022, and increased on 8 June 2022, for total gross proceeds of $906,750.
The company will use the proceeds of the financing for exploration programmes in Argentina and for general working capital.
New Exploration and Development
Cypress Development Corp. (TSXV: CYP | OTCQX: CYDVF | Frankfurt: C1Z1) shared an update on the progress of its feasibility study for its Clayton Valley Lithium Project in Nevada, U.S. The feasibility study, supported by Wood PLC and Global Resource Engineering, is projected to be completed in late 2022.
Highlights of the feasibility study includes a geotechnical study in progress, continued operation of the company’s pilot plant, a 500-ton bulk sample collected for further metallurgical material, a sonic drill programme has been completed consisting of 580m in eight drill holes and finally, a resource model updated with data from recently acquired property.
Golden Arrow Resources Corp. (TSXV: GRG) has commenced the first exploration programme at its new 100% held San Pietro Copper-Gold-Cobalt project in Chile. The company has retained two Chilean project geologists with extensive experience in geologic systems like those in and around San Pietro.
The programme has commenced with detailed surface mapping and sampling and is expected to include trenching and an updated geophysical programme in the next six months.
“We are pleased to have boots on the ground so quickly at this new and exciting project, particularly when they are occupied by such well-qualified individuals,” VP Exploration and Development, Brian McEwen, said.
“Our new geologists are supported by local field technicians and project management staff to ensure smooth operations as we ramp up our activities at San Pietro. We anticipate a busy and productive second half of the year as we refine targets for drilling and building resources.”
Falcon Gold Corp. (TSXV: FG | GR: 3FA | OTCQB: FGLDF) moved ground crews to its Gander North Project, Newfoundland, Canada, with initial permits having been granted for phase one exploration. This includes base line prospecting, soil sampling, trenching to vector high-priority targets for drill plan submission.
The project, covering an area of 10,150ha, is located 25km due east of Newfound Gold’s Queensway project and is contiguous with Gander Gold Corp.’s (CNSX: GAD) operations.
Karim Rayani, Chief Executive Officer, stated: “The recent soil sampling released by Sassy and world-renowned prospector Shawn Ryan is further validation our land positions are in highly prospective terrains; our interpretations show a high probability of continuation of a structural system runs through our ground.”
In drilling results, Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF) unveiled assay results from its infill drill programme at its Lagoa Salgada VMS Project in Portugal, which continue to support resource conversion for the ongoing feasibility study at the Venda Nova deposit.
The newly released drill hole assays have also outlined the discovery of a new copper-gold-rich semi massive sulphide lens east of the South Zone and confirmed the continuity of the stringer zone below the massive sulphide lens in the North Zone.
As of 14 June 2022, the company has reported results from 13 drill holes, totalling 4,749.9m.
Mark Brennan, executive chairman, stated: “As we complete our infill drilling campaign, we are encouraged to see continued evidence for strong resource conversion underpinning the ongoing feasibility study for Venda Nova.”
Similarly, Cannon Resources Ltd (ASX: CNR) received further positive assay results from recently drilled massive nickel sulphide intercepts in its diamond holes MFED117 and MFED118 at the Sabre prospect within the company’s flagship Fisher East Nickel Project in Western Australia.
Canadian junior explorer, Summa Silver Corp. (TSXV: SSVR | OTCQX: SSVRF | Frankfurt:48X), announced its common shares have been up-listed to the OTCQX from the OTCQB in the U.S. and are now trading on the OTCQX Best Market under the ticker symbol “SSVRF”.
Also in the News
Candente Copper Corp. (TSX: DNT) has appointed Giulio T. Bonifacio to the position of Executive Chair. In addition, the company has made a further senior management change with the appointment of Dale Found as Vice President, Chief Financial Officer.
“I am very excited to take on a more active role with Candente and work alongside Joanne Freeze, Chief Executive Officer, to advance the Cañariaco copper project,” Mr Bonifacio said.
Thanks for reading, and don’t forget to subscribe to The Assay Weekly newsletter.