Welcome to our roundup of some of the most read-worthy mining investment, exploration, and development stories on Theassay.com from the last week.
Financing news
In finance news over the last seven days, we heard that Grid Metals Corp. (TSXV: GRDM) is undertaking a non-brokered private placement of securities of the company to raise gross proceeds of up to C$8,520,000.
The offering will include cornerstone investments by AMCI – a globally diversified mining and investment group specializing in the natural resource industry and Primero Group – a highly specialized engineering and operations company. Churchill Strategic Investments Group Pty Ltd of Perth Australia will be an investor and will act as a finder in the private placement.
“With the electrification and decarbonization dynamic accelerating globally Grid Metals is looking to meet its capital needs by aligning with strategic investors that will assist in not only providing capital but industry expertise in the lithium and base metals sectors as well.” said Robin Dunbar President and CEO of Grid.
Similarly, Newrange Gold Corp. (TSXV:NRG) has now closed a non-brokered private placement for gross proceeds of $300,000.
Approximately 20% will be used towards field logistics at the North Birch and Argosy Projects in Ontario, with the remainder going to general working capital including due diligence on a potential acquisition.
New exploration and development
In new exploration and development news, Hot Chili Ltd (ASX: HCH | TSXV: HCH | OTCQX: HHLKF) has received approval from Chile’s Central Authority Electrical Regulator for the company’s application for connection to the Maitencillo sub-electrical power station, located 17km from the centre of its Costa Fuego senior copper development in Chile.
Connection to Maitencillo is a key step forward for the development of Costa Fuego, providing access to Chile’s national energy grid and its multiple renewable energy providers.
As part of the company’s pre-feasibility studies for Costa Fuego, Hot Chili have engaged with several electrical market providers and advisors. Several non-binding long-term power quotes have been received and Hot Chili expects to start a binding process to select one or more electrical providers for the Costa Fuego copper hub in Q4 2022.
Surge Copper Corp. (TSXV: SURG) has received a new exploration permit covering its Berg Property and several contiguous 100% owned properties in the northern part of the district in Canada.
Two skid-mounted drill rigs and one helicopter-supported drill rig are being mobilized to this area to focus on drill testing priority targets during the second phase of the 2022 field exploration programme.
During the first phase, Surge conducted district-wide reconnaissance exploration to confirm and advance multiple targets for drill testing, while two drill rigs conducted exploration target drilling on the Ootsa Property.
Drilling results
In drill results, American West Metals Ltd (ASX: AW1) drilled a major copper discovery at the Storm Copper Project on Somerset Island, Nunavut, Canada.
“This is a game changing discovery at the Storm Copper Project. Exploration drilling has intersected stratiform copper sulphide mineralization at depth which supports our geological assumptions that there is a major copper system lying below the high-grade near surface mineralization,” Dave O’Neill, Managing Director, said.
“The new copper mineralization is associated with a large EM plate that is one of six untested plates, most of which are located in highly prospective positions – below or adjacent to the known high-grade copper prospects and fault system.
“The importance of this discovery for the project cannot be overstated, as it has hugely positive implications for the copper endowment within the project area.
Barton Gold Holdings Ltd (ASX: BGD) received high-grade assay results from the remaining three holes of its 3,267m May 2022 drilling at the Tarcoola Gold Project in South Australia.
The mineralized assays are from the company’s Perseverance West gold zone located at the southern end of the shallow open pit Perseverance Mine and confirm further western extensions of mineralization.
Nova Minerals Ltd (ASX: NVA) also intersected further broad, shallow, and high-grade gold results at the RPM North Deposit, within the company’s flagship Estelle Gold Trend, located in the prolific Tintina Gold Belt in Alaska.
“I am pleased to report shallower high‐ grade broad mineralization from our drilling at RPM,” CEO, Christopher Gerteisen, said.
“This programme is part of a targeted program designed to allow for further increases to potential Measured and Indicated Resources in the next MRE on the high-grade RPM deposit.”
Also in the news
To round things up, Libero Copper & Gold Corp (TSXV: LBC) has appointed Paul Taggar as Chief Financial Officer, replacing Lisa Peterson.
Mr Taggar is based in Vancouver and will oversee all accounting and finance operations, while driving sustainable performance that supports Libero’s growth.
He is a CPA with over 15 years of experience within the mining, commodities, and professional services industries. He previously worked for Fronteer Gold until its acquisition by Newmont Mining.
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