Welcome to our roundup of 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
Our roundup this week starts withVoyager Metals Inc. (TSXV: VONE) and Cerrado Gold (TSXV: CERT) closing a non-brokered private placement between the two companies. Voyager intends to use the proceeds to advance its Mont Sorcier feasibility study and for working capital and general corporate purposes.
The private placement is being completed in conjunction with a proposed business combination with Cerrado Gold Inc. Under the terms of the private placement, Voyager has issued 31,024,294 common shares at a price of C$0.1523 each for total proceeds of C$4,724,999.98.
Cerrado subscribed for 24,294,156 common shares for approximately C$3.7M, meaning it will now hold approximately 19.6% of the issued and outstanding common shares.
“This is a strategic move by St George to deliver a step-change in exploration opportunities in the world’s premier hard-rock lithium address of Western Australia,” Executive Chairman, John Prineas, said, “Several of the projects being acquired are located in regions that have delivered very significant results for other explorers and led to the confirmation of high-grade deposits being developed or already underpinning mining operations. Exploration ground in these regions is highly sought after.”
New exploration and development
There was plenty of exploration and development news, starting with Ionic Rare Earths Limited (ASX: IXR) receiving strong results from its Definitive Feasibility Study (DFS) for Stage 1 development of its Makuutu Rare Earths Project in Uganda.
“The outcome of this study, which focuses solely on the central Makuutu zone, provides the required inputs for Rwenzori Rare Metals Limited to now finalize the Mining Licence Application for RL 1693.” IonicRE’s Managing Director, Tim Harrison, said.
Water well drilling at UNWH-03 has been completed to a depth of 300m, with a six-inch tricone bit, four-inch steel slotted pipes and gravel packed.
The company has now deployed the Solinst pumps, bailers, and various hydro geological testing equipment on site, to ensure that brine samples will be collected from its three water wells for analysis in the coming week.
“The high-grade gold in quartz veining and the gold bearing specimen stone discovered at Everleigh are strong indicators for the presence of reef gold mineralization,” Technical Director, Dave Nixon, said.
There was also an influx of drilling news, starting with Galileo Mining Ltd (ASX: GAL) continuing to grow its exciting palladium-nickel Calisto discovery with new assays from recent drilling within the company’s wholly-owned Norseman project in Western Australia.
“Today’s results are firm confirmation of our view that we have only just started to comprehend the full extent and potential of our Callisto discovery,” Managing Director, Brad Underwood, said.
The positive results are supporting Kuniko’s target of preparing a maiden JORC resource estimate, two additional historic drill holes have been selected and cut for modern assay analysis.
Kincora Copper’s (ASX: KCC) first drill holes into three prospects at the Trundle project in NSW, Australia have intersected significant zones of mineralization at shallow depths.
“Kincora’s first three drill holes from the current drill programme at Trundle have been very encouraging, with all having intersected zones of potential ore grade mineralization at relatively shallow depths,” John Holliday, Technical Committee chair, and Peter Leaman, VP of exploration, said.
Also in the news
Finally, to round up this week’s roundup, we heard that Pan Global Resources Inc. (TSXV: PGZ | OTCQB: PGZFF) has qualified for trading on the OTCQB Venture Market in the United States under the symbol “PGZFF”.
The company has stated that its listing on the TSXV and the trading of its shares on the OTCQB contributes to its growing reputation and affords investors lower-barrier access to trading.
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