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
Over the last seven days, we saw that Lotus Resources (ASX: LOT) launched a non-underwritten two tranche placement to raise A$110M (before costs) at A$0.25 per share to power ahead with the accelerated restart of its Kayelekera Uranium Project in Malawi.
CEO, Greg Bittar, commented: “We are seeing terrific overseas institutional interest in Lotus and our plans to be the next global uranium producer with the accelerated restart plan for the Kayelekera Uranium Project and development plans for our larger Letlhakane Uranium Project in Botswana.”
Additionally, Elevate Uranium (ASX: EL8) received binding commitments for a two-tranche placement of fully paid ordinary shares to raise A$25M (before costs) at A$0.325 per new share.
The company has received strong support from one of the strategies of leading Australian fund manager, Paradice Investment Management Pty Ltd. Paradice has committed to subscribe for new shares in the placement resulting in a pro-forma holding of 9.9% (~A$12.4M) in Elevate Uranium on completion of the offer.
Finally, Suvo Strategic Minerals (ASX: SUV) Limited received firm commitments for A$2.0M (before costs) under an oversubscribed placement at A$0.048 per share. The company has thanked its existing investors who participated in the placement and welcomes the shareholders of PERMAcast and other new institutional investors to its register as it drives development and commercialization activities with respect to its licenced low carbon cement IP.
New exploration and development
Next up, exploration and development, starting with Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) receiving exploration permits and commencing a maiden drill programme at the Eagle gabbro target, located within the company’s MM copper/nickel project in southeastern Manitoba. The Eagle gabbro is located at the eastern end of the >20km long Mayville-Eagle complex – host to the Company’s 32.0Mt Mayville Cu-Ni (PGM) deposit.
Over in the US, Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF) announced an updated mineral resource estimate for its flagship Santa Fe Mine, a past-producing open pit, heap leach, gold and silver mine, located in Nevada’s prolific Walker Lane.
Kimberly Ann, founder, executive chair, CEO, and president of Lahontan Gold Corp commented, “Lahontan is excited by the results of this updated MRE for the Santa Fe Mine, particularly the large growth of indicated resources and the continued expansion of the shallow Slab and Calvada oxide gold and silver deposits. The MRE will form the basis of a preliminary economic assessment of the Santa Fe Mine.”
Moving on, Altona Rare Earths (LSE: REE) announced that its Kabompo South Project is prospective for IOCG copper mineralization, through geophysical and geochemical works.
Cedric Simonet, CEO of Altona, commented, “The data assessment carried out by Klaus and his team has clearly outlined a geological context favourable to IOCG mineralization.”
Chesapeake Gold Corp. (TSXV: CKG | OTCQX: CHPGF) provided a metallurgical update for its Metates gold-silver project located in Durango State, Mexico, and an update regarding the latest developments on the company’s intellectual property rights.
Over the past year, Metates massive intrusive samples were tested by a variation of crush size and pH conditions together with a proprietary mix of reagents to achieve higher oxidation rates. The samples were oxidized to specific duration targets (i.e. 0 days, ~126 days, ~146 days, and ~204 days) to establish an oxidation to precious metal recovery curve. This curve will be the basis for evaluating the optimal duration of oxidative leach and realized precious metals recoveries relative to the cost trade-off for the Technology process and working capital requirements.
Also in the news
To round things up, White Cliff Minerals Limited (ASX: WCN) has snapped up additional licence area in the northern-adjacent boundary of its Rae Copper-Silver Project, Nunavut, Northern Canada. Preliminary geophysical results confirm prospectivity for district scale sediment-hosted copper potential.
Troy Whittaker, managing director, commented, “After initial review of the preliminary geophysical information it became obvious, that is was strategically necessary to secure the adjacent northern blocks to the existing licence area which contain potential anomalous areas.”
The acquisition expands the total project area to 1,198 km², which represents an increase of approximately 20%. Initial processing of preliminary data from the recently completed MobileMT geophysics survey suggests that the newly acquired area is prospective for sedimentary-hosted copper. The project now encompasses more than 72km of strike length of the prospective Rae Group Sediments.
