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.
New exploration and development
Over the previous week, Marvel Discovery Corp. (TSXV: MARV | Frankfurt: O4T | OTCQB: MARVF) has commenced a detailed regional and property specific structural geophysical interpretation of its Saskatchewan uranium projects, the Highway and KLR Zones. The interpretation includes advanced technology leveraging machine learning to transform the mineral discovery process.
The claims coincide with a regional-scale NNE-trending shear zone that forms the tectonic boundary between the Mudjatik and Wollaston Domain of the Hearne province. The shear zone can be mapped from regional aeromagnetic images and has a strike length of at least 400km extending beneath the Athabasca Basin. The highly prospective Athabasca Basin is home to numerous uranium deposits whose locations are controlled by the positions of major faults in the underlying crystalline basement rocks.
Marvel is preparing for its next phase of drilling and is currently in preparation with drill contractors.
Defense Metals Corp. (TSXV: DEFN | OTCQB: DFMTF | FSE: 35D) has provided a progress update with respect to its 2023 site infrastructure geotechnical investigations. The work is being completed by SRK Consulting (Canada) Inc., one of the principal consultants for the preliminary feasibility study (PFS) regarding its Wicheeda Rare Earth Element (REE) Project, located near Prince George, Canada.
“It is great to see our technical consulting teams making significant headway with the Wicheeda site investigations,” Craig Taylor, CEO of Defense Metals, commented. “Defense Metals has assembled a world class team of experts who have both the experience and technical skills to bring this project through pre-feasibility.”
The SRK geotechnical investigation includes geotechnical engineering (waste rock, tailings, contact water pond, and site infrastructure geotechnical investigation), tailings alternative assessment prior to advancing into PFS-level design of a preferred alternative, and geochemical characterization (to support mine planning/waste management and to develop preliminary water chemistry predictions for the main mine facilities).
Drilling results
Additionally, American West Metals Limited (ASX: AW1 | OTCQB: AWMLF) has provided a further update on the diamond drilling activities at the Storm Copper project, Somerset Island, Nunavut.
Diamond drill hole ST23-04, the fourth drill hole of the programme, has been completed in an untested area of the Storm project and over 2km west of the recent Thunder zone discovery.
The main interval of visual sulphide copper mineralization intersected within ST23-04 is an 18.5m thick zone containing chalcopyrite and chalcocite, which is interpreted to correlate with the same distinctive sediment-hosted mineralized horizon as encountered within diamond drill holes ST22-10, ST23-01, ST23-02, and ST23-03.
Dave O’Neill, managing director of American West Metals, commented, “The outstanding 100% success rate of the diamond drilling at continues at Storm, with the fourth diamond drill hole intersecting another thick interval of visual copper sulphides. This exceptional strike rate across a very broad area is further evidence of a truly regional scale copper system.”
Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF) has provided an update on its exploration and development activities underway at the company’s wholly owned Enchi Gold Project in Ghana.
Diamond drilling at the Nyam Gold Deposit, targeting high-grade mineralization in the upper portions of the sulphide mineralization, has intersected 3.28g/t Au over 11.0m, within a broader zone of 1.58g/t Au over 26.3m.
Nyam is one of the currently identified deposits at Enchi where drilling continues to highlight the potential for longer-term resource growth from delineating high-grade underground resources in the sulphide mineralization. In addition to drilling, results of metallurgical testing on sulphide mineralization from Nyam confirmed excellent gold recoveries averaging 91.7%.
Additional exploration work underway at Enchi includes trenching on several kilometre-scale gold anomalies which continues to advance early-stage targets towards the drill testing stage, and further metallurgical test work of both the oxide and sulphide mineralization.
Other company news
Meanwhile, NuLegacy Gold (TSXV: NUG | OTC: NULGF) has provided updates on its flagship Red Hill property in the Cortez gold-trend of Nevada (~7km south-east of Barrick’s multi-million-ounce tier one Goldrush gold deposit).
NuLegacy is planning a fall financing for circa C$2M with 80%+ of the net proceeds allotted towards drilling reverse circulation (RC) drill holes at Red Hill, preferably before year-end 2023.
The balance of net proceeds from the financing will be used for general corporate and working capital purposes. Full details of the financing to be determined within the context of the market are expected to be announced within the next several weeks.
Lastly, Steppe Gold Ltd. (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has announced the filing of its updated preliminary economic assessment, regarding its wholly-owned Tres Cruces Oxide Gold Project located in Peru.
Chairman, and CEO of Steppe Gold, Bataa Tumur-Ochir commented, “We are delighted to announce this updated technical study for the Tres Cruces project. Tres Cruces is strategically located in a highly prospective geological belt that hosts the Lagunas Norte and La Arena mines, both with multi-million-ounce gold production.”
Highlights of the technical report include:
- Metallurgical test work returned average recoveries of 82% Au, confirming design assumptions
- Construction costs escalated 4.5% based on market data to reflect inflationary pressures
- The initial capital expenditure estimate increased by US$6M to US$131M driven by equipment and labour costs
- Operating costs rose 3.6% due to consumables, reagents, contract mining services
- Life of mine operational expenditure estimate is now US$297M, up 3.6% from the preliminary economic assessment dated effective March 14, 2022
- Operational expenditure per tonne processed is now estimated at $19.93/t
- At US$1700/oz gold, the after-tax net present value is US$158M with 30.9% IRR
