Welcome to our pick of mining investment, exploration, and development news from the last week on Theassay.com. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing
To start things off, Blue Sky Uranium Corp. (TSXV: BSK) has announced a non-brokered private placement financing of up to 10,000,000 units at a price of C$0.10 per unit for gross proceeds of C$1,000,000.
“As more permits to conduct exploration work are being granted for the undrilled Cateo Cuatro and Ivana East targets, we want to be sufficiently funded to continue our exploration programme in the Ivana area of the Amarillo Grande Project.
“These targets represent some of the most prospective areas for discovering additional uranium resources to add to our already significant Ivana deposit,” said president and CEO, Nikolaos Cacos.
KEFI (AIM: KEFI) finalized the costings and finance plan by all the Tulu Kapi syndicate lead contractors, investors, and lenders for the updated US$320M Tulu Kapi Gold Project in Ethiopia.
The agreement is currently being processed for final reviews and entry into definitive documentation to be signed as soon as possible, with the expectation to achieve this next month.
It remains that financing is to be almost entirely at the project or subsidiary level and remains consistent with previous guidance. The detailed breakdown of the sources and uses of the US$320M project funding will be announced at the time of signing definitive documentation.
“The Tulu Kapi Gold Project is designed to world-leading standards technically, socially, environmentally and in terms of financing arrangements acceptable to international capital markets,” said Harry Anagnostaras-Adams, executive chairman of KEFI.
Exploration and development
In exploration and development news, we heard that Arafura Rare Earths Ltd (ASX: ARU) has welcomed the granting of Access Authorities associated with the 100% owned Nolans Neodymium-Praseodymium (NdPr) Project in the Northern Territory by the Department of Industry, Tourism and Trade of the Northern Territory government.
The access authorities include corridors for the construction of the process plant site and village access roads, mine access road and borefield access tracks, and pipeline routes linking all the granted mineral leases for the project.
Rumble Resources Ltd (ASX: RTR) has reported “outstanding” initial flotation test work results from a sighter programme focused on the transition/fresh sulphide ores selected from the Chinook and Tonka Prospects at the Earaheedy Project in Western Australia.
“This is an exciting step forward for the project,” said Rumble’s managing director, Shane Sikora.
“The metallurgical test work carried out on the zinc sulphide dominant mineralization has returned exceptional recoveries and grades via a simple and straightforward flotation process delivering a clean and highly marketable bulk concentrate.
“It compares favourably to current zinc producers and is positioned in the higher end of globally reported benchmarks.”
Surge Copper Corp. (TSXV: SURG) has commenced a Preliminary Economic Assessment (PEA) on the Berg Project located in central British Columbia.
The company has engaged Ausenco Engineering Canada Inc. to lead the PEA which will utilize an updated mineral resource estimate to be completed by Tetra Tech Canada Inc. The PEA is anticipated to be completed during the second calendar quarter of 2023.
“The Berg Project represents a potentially globally unique opportunity to develop a long-life project with high outputs of metals critical for the energy transition including copper, which is critical in nearly all electrification applications, molybdenum, which is critical in large-scale geared wind turbines and gas pipelines, and silver, which is a key component in solar photovoltaic cells, located in a region with zero-carbon-emissions grid hydroelectricity, and negligible water supply issues,” CEO Leif Nilsson, said.
Drilling results
To kick off some drilling news, Cerrado Gold Inc. (TSXV: CERT | OTCQX: CRDOF) has announced a discovery of a new mineralized zone, named E3, located approximately 150m to the east of the company’s previously outlined East Zone and new assay results from an ongoing infill/condemnation and extensional drill programme at its Serra Alta deposit at its Monte do Carmo Project located in Tocantins State, Brazil.
The drill programme commenced in Q4 2021 with the aim to upgrade the bulk of the project’s resources into measured and indicated categories, target new satellites, extensional zones, condemn areas of project infrastructure, and support an ongoing feasibility study.
Similarly, Iceni Gold Ltd (ASX: ICL) discovered gold nuggets in the north Guyer area in Western Australia, coinciding with the UFF+ gold anomaly 14UF003.
The company said the presence of the gold nuggets provides physical evidence that supports the UFF+ results.
Finally, to round things up, Tinka Resources Ltd (TSXV: TK | OTCQB: TKRFF) announced results from four recent drill holes from the company’s ongoing infill and resource expansion drill programme at the Ayawilca zinc project in Peru. The drill holes reported (A22-193, 197, 198, and 200) are from the West Ayawilca area and all have intersected high-grade mineralization.
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